Q Talk

[katie1859]

It's not a silly topic.
In this time we are in where economics are awful it's good to join in with others. Each one teach one.
I was reading a story of a local man who died and he was a silent millionaires upon death. It became exposed bc he had no legacy of family.
So neighbors and friends shared how they saw his living and character
Not everyone inherits money.
I thought it was interesting to share how we all cope or navigate whether we have money or not
And it shouldn't matter. From the comments shared everyone has the philosophy to use money wisely.
The post wasn't to be economics 101, but to sit amongst others and share a reality of life now.
I found ideas interesting and I have a few myself.

[katie1859]

While we actually still have currency, I save singles and change. Depending on how often money passes your purchases by hand, but I have saved in a coffee container 500.00 since March.
Whatever I received by a cashier in change back, went into the container. So as I'm nearing the end of '23, I simply add it to my savings. It's a definite plus
I also save my entire extra payroll checks. I get the calendar, mark my payroll dates in my budget, and in months that have 3 payrolls instead of two, I save that check. I budget on two payroll checks only.
It does add up.

[lgfan]

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@katie1859 wrote:
While we actually still have currency, I save singles and change. Depending on how often money passes your purchases by hand, but I have saved in a coffee container 500.00 since March.
Whatever I received by a cashier in change back, went into the container. So as I'm nearing the end of '23, I simply add it to my savings. It's a definite plus
I also save my entire extra payroll checks. I get the calendar, mark my payroll dates in my budget, and in months that have 3 payrolls instead of two, I save that check. I budget on two payroll checks only.
It does add up.

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What also helps me save money is putting my tax return money in a savings account.  I agree with you about it adding up throughout the years.

[RetRN]

Buy what you need, not what you want.

[depglass]

"Peel your Kleenex in half?"  I thought DH was bad, he insists we tear the paper towels in half.  I'll have to tell him this one.  Thanks Desertdi.  

[depglass]

Have your mortgage and cars paid off by the time you retire.  Then you can save or spend as you wish.  

[frenchie]

Economize before you need to. Spend less than you earn. Buy a house and pay it off and be debt free before you retire. I was a stay at home mom and lived on one paycheck. Hubby retired at 58, we are now in our 80s. It's up to you.

[MoJoV]

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@DrakesMomma wrote:

Live below your means no matter you income.  

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When we bought our second home after selling the first one the realtor said "you can afford alot more home.". Its a nice house in a nice neighborhood, nothing grand .  We never regretted not buying something bigger with the stress of a huge mortgage. As a matter of fact it's too big for us now since the kids are long gone.

[jackiejenny]

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@Desertdi wrote:

ONE million isn't worth nearly as much as it used to be...   It's not even considered "wealthy".

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Correct~~~people may be surprised some of their neighbors may be millionaires and are not considered "wealthy." 

My no nonsense Mom gave my nephew an economics lesson when he was ready to start his career.

Don't spend more than you make. 

Economics 101 Mom style! 

Always have a nest egg...always. 

[jackiejenny]

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@They Call Me MR Wilkes wrote:

It's not unusual or difficult to accumulate a million (or millions) in a retirement savings plan if you contribute the maximum,  start early, take advantage of the employer match and invest it wisely.

Not unusual at all.

You don't need inherited wealth.

You don't need to be a highly paid corporate executive. 

You need to have a plan and the determination to follow it.

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This~~~

Be prepared for life.