Saving money in these times

[Mr Nice]

Because I know it's good advice.


I gave you good advice a few days ago when I told you not to worry if you over paid for the land you bought.... if that's what your wife really wanted then all is good.

 

[007]

Originally Posted by Mr Nice
Because I know it's good advice.


I gave you good advice when I told you not to worry if you over paid for the land you bought.... if that's what your wife really wanted then all is good.


And I appreciate that but as anything its an opinion. Now more than ever we need to find the positive things in the world. Too many people are depressed and read into the simple statements. God bless, thanks for your support and have a great day!

 

[pandus13]

Originally Posted by spasm3
Originally Posted by Silverado12
Devil's advocate is that wealthy people get tax breaks and don't even ask for them


Which tax breaks are you referring to? I'd like to look at them.

Silverado12,
beside looking for a tax planner/adviser/tax preparer, the poor people could learn to do math and also use the resources available to learn more about financial education.
There are government agencies and entities/.org that do exactly that, yet nobody knows about them...
Not all financial education targets somebody that has $5,000,000+ in assets...
Celebrities like Clark Howard, Suzie Ormond, Dave Ramsey have been doing seminars, some of them at local churches for decades.

RE: definition of poor. My first paycheck out of college was about $100....

 

[JustinH]

Originally Posted by BigCahuna
What is this saving money thing you people talk about?. It doesn't exist in today"s world. I found this out the week before Thanksgiving, when I went to donate food at our clubs church's food pantry. We rode up there 4 bikes and 1 mini van loaded from floor to ceiling with various food items. The parking lot was pretty full with cars, alot of them newer then mine. People were standing in line, talking on their expensive smart phone's, with 3 or 4 kids with them to carry the booty. Most of the parents didn't look like they've missed too many meals. So I thought to myself, how can they afford all those niceties in life with low or no income? I must be doing something wrong. Fast forward to 1 month ago. People are loosing their jobs every day and I know that sucks. But most of these people have nothing saved in the way of cash to get them thru rough times. Nothing, They must max out their credit cards, and pay people to do any work that pops up in their lives. Like changing their oil, or changing a tire, or painting rooms in their houses. They charge everything and spend every penny they make. I guess they don't realize by making minimum payments on credit cards, you can keep making payments for years on stuff you've already thrown away and forgot about. Then expect others to come to their financial rescue, when they fail to plan. People need to become more self sufficient, and frugal with their cash. People complain about how much goods and services cost, but are too lazy to do help themselves. How can anyone work for years at their job, be laid off for three weeks, then say they are gonna be evicted on the first of the month because they can't come up with the rent?. Like the country song that ask's the question, Are the good times really over for good.,,,


This is correct. There was 10,000 families showing up at the San Antonio Food Bank last week. God love them, but what a sad sight. No savings to pay for your families food for a few weeks? Many of the lower income earners who lost their job will be earning more on unemployment than if they were working. This on top of federal stimulus checks coming around.

My wife and I have been saving money and using every coupon possible for 20 years.

 

[mk378]

Originally Posted by JustinH
Many of the lower income earners who lost their job will be earning more on unemployment than if they were working.


It doesn't work that way. They look at the person's average paycheck for the last few months and give them a percentage of that. A percentage that is always less than 100%,

People leaving the UE office are never found smiling and yelling "Jackpot! Being laid off is the best thing that ever happened to me!"

 

[ondarvr]

Originally Posted by mk378
Originally Posted by JustinH
Many of the lower income earners who lost their job will be earning more on unemployment than if they were working.


It doesn't work that way. They look at the person's average paycheck for the last few months and give them a percentage of that. A percentage that is always less than 100%,

People leaving the UE office are never found smiling and yelling "Jackpot! Being laid off is the best thing that ever happened to me!"


https://www.google.com/amp/s/www.kt...tion-payments-being-disbursed-today/amp/

 

[JeffKeryk]

I think a lot of those people in lines might be restaurant and hotel workers who don't make a whole lot anyways.
Much of America has about $400 to their name; they live week to week.

Maybe we could all just work together instead of judging each other.
We are all in this together; we will get through this.

 

[daves87rs]

It ‘s reasons like now why I worked temp jobs even though I found a good job the pays well....

Also continuing to live below our means.....

Wife and I survived some pretty rough times.....

We will make it it through this!

I just want to go back to my old jobs (I hope!)


I pray that all of you will be safe and protected during this rough time!

 

[bachman]

Good thoughts and post PANDUS !

I came back to work after my 2 day break and noted an email that 'our employees' have thus far donated personal vacation hours (PTO) of 24,721.
"new donation-based PTO program specifically dedicated to provide donated hours to those on the COVID-19 front lines. All of us who are working behind the scenes or not in direct patient care are encouraged to support our front line colleagues and take part in this donation program,"

Can't wait for the font line folk to get catch a break and catch their breath.

 

[Andrew1972]

Originally Posted by mk378
Originally Posted by JustinH
Many of the lower income earners who lost their job will be earning more on unemployment than if they were working.


It doesn't work that way. They look at the person's average paycheck for the last few months and give them a percentage of that. A percentage that is always less than 100%,

People leaving the UE office are never found smiling and yelling "Jackpot! Being laid off is the best thing that ever happened to me!"


I believe on top of what paltry unemployment there is a $600 federal unemployment addition. My niece Is working it well. She is collecting unemployment +$600 as laid off school aid.

Then has picked up work as aid for two school kids parents at home assisting their remote learning virtually for two students 4hrs/each a few times a week. Essentially doing her same job but virtually babysitting/tutoring. You have to get inventive, Those parents are paying her $15 cash/hr so they can work. She plans on picking up more. Age 22. She realized working for $13.35/hr for school is silly.

I helped her with setup off her MacBook Air and a TV as her monitor. She setup with two old smartphones at kids house and purchased a cheap stand so she can see kids work and kid at same time over virtual meeting. I am so impressed with her because she was not going anywhere fast with a college degree and tons of debt (living in her boyfriends father basement

)

 

[Ws6]

Originally Posted by pandus13
Hello BITOGers,

Couple ideas if not already posted here:

1.call your bank and ask for forbearance:
-some have just set up a web/internet page where you enter some info and you are done
-some, you have to call (be prepared for 1-1.5 hours at least waiting on hold times)
-remember, most are expecting after the 2-3 months for you to pay the amount in full.
-some have the option to push the 2-3 months forbearance amount at the end of your loan. Check about conditions, extra interest, etc
-please make sure, get a statement that this does not affect your credit score

2.Auto insurance (already mentioned here on BITOG)
-some insurers have applied already 15-20% reduction to your monthly bill
-some, you may have to talk with your options
-check if there is a grace period: meaning policy still inforce, bu you don't pay for xx days.

3.Life insurance
-some may reduce your payment or return some of your premiums
-some have a grace period: meaning policy still inforce, bu you don't pay for xx days.

4.Utilities:
-some may return some of your payment or do credits
-some may have hardship programs (usually collaborating with local goverments/municipalities)
-some may even have grace period

Under stress or not, please be civil with the people on the lines: they are people exactly like you, maybe your neighbors.

Please add any other tips, in the hope to help any and everybody.
Please keep it civil, as we don't need more threads closed/evaporated!

My best wishes to all of you, do not loose hope, ask for help (there's no shame in it) and help somebody in need if you can.
We can go through this together!



-Turn your hot water heater down to 120*F
-Drive the speed limit or thereabouts.
-Use the least demanding settings on the dishwasher/washing machine/use the sensor dry on the drier.

That's what I've done to save cash lately.

 

[Andrew1972]

If you are in a dire circumstance financially is Dave Ramsey is giving 14 day free trial of his financial peace university streamed.

I never directly followed his advice and just heard him recently but my financial life choices mostly have paralleled his advice but mostly due to frugal parents and grandparents seemed to have similar advice.

If you are worried about money this short into the pandemic worth a listen.

 

[Skippy722]

Originally Posted by Ws6


-Turn your hot water heater down to 120*F
-Drive the speed limit or thereabouts.
-Use the least demanding settings on the dishwasher/washing machine/use the sensor dry on the drier.

That's what I've done to save cash lately.


The speed limit thing is real. I drove the 300 hard and averaged ~20mpg. I do the speed limit for the most part in the truck and I'm getting 17-18.

 

[Ws6]

Originally Posted by Skippy722
Originally Posted by Ws6


-Turn your hot water heater down to 120*F
-Drive the speed limit or thereabouts.
-Use the least demanding settings on the dishwasher/washing machine/use the sensor dry on the drier.

That's what I've done to save cash lately.


The speed limit thing is real. I drove the 300 hard and averaged ~20mpg. I do the speed limit for the most part in the truck and I'm getting 17-18.


Yup. If I drive spiritedly, I get 25mpg or so. If I drive calmly, 28-30 (tank avg.)

 

[PimTac]

These are the steps I took to save money. Your results may vary.


If you get large tax refunds each year, re-work your withholding. The idea is to break even. Use that money to fund your retirement accounts. If those are tax deferred then you will see your AGI go down even more. A simple formula is to divide the amount of the refund by the number of pay periods to give you an idea of how much you need to adjust your withholding.

The obvious habits to stop; smoking, excessive drinking, going out constantly to socialize, eating out all the time, going to the coffee shops daily, going to movies, cable television and other subscription services. You don't have to become a hermit but look at your social habits and what their cost is.


Consolidate your driving trips. Your car will thank you as well.

Finally, ask yourself these questions when you are thinking of buying something. Do you really need it? Do you absolutely have to have it?

 

[Ws6]

Originally Posted by PimTac
These are the steps I took to save money. Your results may vary.


If you get large tax refunds each year, re-work your withholding. The idea is to break even. Use that money to fund your retirement accounts. If those are tax deferred then you will see your AGI go down even more. A simple formula is to divide the amount of the refund by the number of pay periods to give you an idea of how much you need to adjust your withholding.

The obvious habits to stop; smoking, excessive drinking, going out constantly to socialize, eating out all the time, going to the coffee shops daily, going to movies, cable television and other subscription services. You don't have to become a hermit but look at your social habits and what their cost is.


Consolidate your driving trips. Your car will thank you as well.

Finally, ask yourself these questions when you are thinking of buying something. Do you really need it? Do you absolutely have to have it?


Former co-worker of mine was a millionaire/is a millionaire. He said before he bought something, he would calculate the hours at our job it would take him to afford it and see if the trade felt worth it.

 

[cjcride]

Originally Posted by Donald
Federal government is saving money by not sending me a $1200 stimulus check.

LOL same story for me up here.

 

[Warlord]

I've lived well below my means for years now. Haven't changed anything lately. If I had to free up cash I could sell off some metals, guns, ammo, etc. I will not sell my fishing stuff even to save the house.

 

[CincyDavid]

We're still saving/investing roughly 35% of our gross income, on track to retire at 62-ish, could in theory bail earlier if the market and real estate markets cooperate. It's a long term process, just keep money dribbling in and let it pile up. Now, the trick is to stay alive and reasonably healthy long enough to enjoy it.

 

[Mr Nice]

Originally Posted by CincyDavid
We're still saving/investing roughly 35% of our gross income, on track to retire at 62-ish, could in theory bail earlier if the market and real estate markets cooperate. It's a long term process, just keep money dribbling in and let it pile up. Now, the trick is to stay alive and reasonably healthy long enough to enjoy it.

Keep up the good job and enjoy your retirement while others your age (62) are still working. ðŸ‘