Saving Money – Walking the Walk
“Live like no one else so later you can live like no one else!”
- Dave Ramsey
“Failure to plan is expensive. Choosing to anticipate is the way to head off the big financial blows, because you are buying a commodity more precious than money: time.”
— Mary Hunt, Live Your Life for Half the Price
“I don’t want to walk across hot coals because it is fun. But if I can be shown how a short, painful walk will do away with a lifetime of worry, frustration, stress, and the fear that being constantly broke brings me, then bring on the hot coals.”
— Dave Ramsey
Statistics:
- According to the Wall Street Journal nearly 70% of consumers live paycheck to paycheck
- In the new millennium, the personal savings rate in America fell to -2% the lowest in 60 years, according to the Department of Commerce.
- Money magazine states that 75% of families will have a major negative financial event ($10,000) in any ten-year period.
- More than 40% save less than 5% of their annual household income.
- Approximately 35 million Americans pay only the required minimum (about 2%) of their balance each month ()
- 14% of 64-year-olds face retirement with a negative net worth
The Basics:
Sure, saving sounds good but where do you get started? Where should your money go first? What are the first steps that need to be taken? What tools can I use? Those questions and more are answered here.
1. 11 Simple steps for starting and continuing to save money. This is a great place to get started on the process:.
2. Here are some of the top things to know when saving. Specifically, here are some details on bank selections and setting up accounts.
3. Money Mint provides tons of wonderful tools for dealing with finances. Their savings options tools are some of the best. They will analyze your spending, maintain a record of spending, saving, etc. all for free.
4. What is the secret to saving? Is it paying off debt first, inheriting money, taking on another job? Dave Ramsey shares the secret right here.
5. Barbara Friedburg uses a hypothetical example comparing and contrasting two savers methods to motivate. She explains why you should start saving now.
6. Warren Buffett is a financial guru, some of his advice is shared and broken down in this article:
7. This is the jumbo list of 1,001 ways to save money. Everything is covered from getting rid of an extra car to searching for deal in the grocery store:
8. Still needing some inspiration? Here is a personal list of money saving methods.
9. Here’s a biggy, saving money while dining out often. This blogger has a goal of reaching 2 million and he shares his strategies on topics as simple as these: Saving money on dining.
10. If you’re in need of some inspiration, this blogger saves 30% of her income. She also shares other savings tips that she lives by.
Interviews:
Look over some of these videos and interviews to get live feedback from experts and others.
1. Warren Buffett shares some of his best advice for students, including the topic of saving.
2. So is it possible with a recession, rising costs, and the need to save to be able to live the American dream? Here are some answers on that.
3. 5 great tips from Suze Orman on saving money. She addresses issues like how to save for college, best type of life insurance, etc.:
4. This article about Warren Buffett reveals some of his methods for accumulating wealth. Ten ways to get rich.
5. Q&A with Suze Orman addresses the issue of when to save and when to pay off debt.