Comments on: Save Money Even If Your Income Dropped

By: Lee

Lee — Fri, 11 Sep 2009 01:52:05 +0000

Good advice. This is the first article where I’ve actually understood the “use cash” argument. I posted about an hour ago on FMF that I disagreed, but I was doing it with my current mindset.

If my income dropped, then drawing out a set amount and saying to myself this is ALL you have for the WHOLE week, then yes I’d spend it extremely wisely. You don’t have that restraint necessarily when using plastic, because you don’t “see” it dwindling.

By: Lees

Lees — Sat, 29 Aug 2009 11:54:55 +0000

Good article. And all councils are old as the world.

By: FamilyDR.

FamilyDR. — Sun, 23 Aug 2009 20:32:52 +0000

Switch from a regular contract phone to a prepaid phone. I did research when I lost my job and found that Net10 has the BEST OVERALL VALUE is prepaid wireless. I switched to prepaid and have never been happier with my no contract, no fees, no bill – cell phone

By: FinanciallySmart

FinanciallySmart — Tue, 18 Aug 2009 01:47:53 +0000

Wonderful advice. There is a saying in the Jamaican Culture Ebry mickle mek a muckle. Even though our earnings maybe at a stand still or even fluctuate we should still make the effort in saving a little. One should approach his/her savings with the same diligence as he/she do on the job.

By: Busted Keys

Busted Keys — Tue, 18 Aug 2009 00:47:53 +0000

oh yeah. i’ve definitely learned the hard way and i’m beginning to use my ATM card a lot more often.

By: MoneyNing

MoneyNing — Mon, 17 Aug 2009 20:13:56 +0000

Another twist might be to move to a SMALLER but NICER apartment if it means less rent per month. You probably feel better living in a nice environment and many expenses will go down (like utilities) along with your rent.

By: MoneyNing

MoneyNing — Mon, 17 Aug 2009 20:12:21 +0000

Nearly half… It’s a disturbing stat. I also read somewhere that the average college student credit card debt is over $3k. It’s scary that our debt level is actually increasing through younger generations…

By: Craig

Craig — Mon, 17 Aug 2009 19:47:29 +0000

This may not be the easiest method, but if you rent, maybe move to a less expensive apt. You would save money that way, and you don’t have to think of it as a downgrade.

By: Sandy

Sandy — Mon, 17 Aug 2009 16:01:18 +0000

Well said. I read the “use cash” advice countless times, but it wasn’t until the beginning of this year when I started actually using cash only.

The results were amazing. Since I seldom go to the ATM because I’m lazy, I found myself “unable” to buy many useless THINGS that I never actually needed anyway.

By: Charlie@PayLessForFood.com

Charlie@PayLessForFood.com — Mon, 17 Aug 2009 13:48:26 +0000

Very timely subject. I recently read that the National Foundation for Credit Counseling did a survey in which 48 percent of Gen Y adults had NO savings.

One way I found to save that is advocated by many financial experts is to make the savings automatic. Have a certain amount of money electronically transferred directly from your paycheck to a savings account each month.

I’ve found that its a lot more difficult to spend money that you never see.