Saving Dollars While Gaining Sense
|
Posted By: Ladel Lewis on July 20, 2012 Saving Dollars While Gaining Sense Scenario: You are at the mall and you see a nice pair of shoes. You have several pair in your closet. Some that have never seen your foot since you originally left the shoe store. You look at your cellular phone and see you just missed a call. It is a “1-888” number signifying a bill collector. What should you do: A) Get them! You only live once! B) Wait until they go on sale. Not paying full price will make you feel much better about getting them C) Remind yourself that you only have two feet, and make a declaration to wear what you have. Although the recession is declared to be official over, many of the poor/working class and even middle class families are feeling the pinch. Now one may ask, “Which class do I fall into”? The answer is quite simple. If you qualify for government assistance you are among the poor/working poor. If you rely on your weekly/bi-weekly check and it is already spent before you get it, you may be a card carrying member of the working class. Being in this position, one can not afford to heavily indulge on luxuries when more important expenses are looming . One of the golden rules of finance is to have an emergency fund with no less than 9 months’ salary in it. An emergency fund is a savings account solely for emergency situations (i.e. getting laid off). This way, if you lose your job or fall on hard times, you can literally draw a monthly paycheck from your personal account until you get back on your feet. One may ask, “how can I realistically start saving when money is tight?” One can start: -investing $50 per check or a percentage of your income into your emergency fund. Automatic deposit will ensure your money makes it to that account every month. For example, if you make $10.00 per hour, your goal should be to have at least $14,400 in your emergency fund. -Create a time line to have your emergency account funded. For example, if you give yourself seven years (based off a $10.00 per hour salary), you need to save at least $171.43 per month. This is very doable! -Save loose pocket change. At the end of the month, deposit it into your emergency account -Do not get a debit card for your emergency fund. That instantly entices one to WITHDRAW money. -Do an inventory of what you already have. Chances are, you may already have that item or something similar in your possession As an adult, we must make adult decisions and model responsible behavior for the next generation (and also one another). When it comes to paying bills and creditors, purchasing footwear or unneeded items should not be in completion for being a priority. So when you see those ‘out cold’ shoes at the store, but do not have 9 months of income in your emergency account and/or bill collectors are calling you regarding money you owe, the choice should be simple. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
 |
Ladel Lewis
Research Associate, Western Michigan University Western Michigan Univ class of 2012 Member Since October 2006 |
Comments
More From This Author
Latest Blogs
 |
Keep butts out thee ER room during this US IntermissionWho: Everybody forgot those thoughts of UbeR
Get your grill fired up and cook something festivE
Let me see who can wear thee most layerS
...more
How May I Help You NC • 43 Views • January 25th, 2026 |
 |
JUNIQUES OFFERS SHARE THE REVENUE AD STREAMING SERVICE FOR SMALL BUSINESS
Visit: http://JuniquesAdService.com
Juniques Ad Service is proud to introduce its Share The Revenue Streaming Ad Service, a breakthrough promotional solution designed specifically for micro and s ...more
rickey johnson • 57 Views • January 25th, 2026 |
 |
ATTEND THE I AM AMERICA AWARDS EVENT STREAMING LIVE ON BRIONOW.ONLINE.COMHTTPS://IAMAWARDS.ORG
About The I Am Awards
A celebration of excellence, resilience, and the extraordinary contributions of minority communities to America's story.
Our Mission
The I Am Awards ...more
rickey johnson • 45 Views • January 25th, 2026 |
 |
Family Guy - Stewie Mom Mum MommyThe adventures of an eccentric family living in New England.
FOX
•
1999
•
Animation
•
TV-14
https://www.fox.com/detail/series/SER000854XOPZ/family-guy ...more
How May I Help You NC • 44 Views • January 25th, 2026 |
 |
CA$E in Miami Q&AHope y’all enjoyed our long azz podcast session lol
Add some suggestions for videos for us or questions for the next Q&A in the comments!
Follow my friends:
Stevi: https://www.instagram....
Cr ...more
How May I Help You NC • 53 Views • January 24th, 2026 |
Popular Blogs
 |
Divorce in America in 2009 – What’s love got to do, got to do with it?
Join Brother Marcus and the cast and the crew of the Brother Marcus Show live this Sunday evening on February 1, 2009 @ 8:00 p.m. for another hot topic in our community! “Divorce in America in 200 ...more
Brother Marcus! • 70,793,171 Views • January 27th, 2009 |
 |
VISINE ALERT!!!Seemingly innocent medication such as Visine eyedrops are used by people to concoct a mixture with similar effects as a date-rape drug.
When mixed with alcohol and taken orally, the eyedrops can l ...more
Siebra Muhammad • 118,012 Views • May 23rd, 2009 |
 |
"Chain Hang Low" check out the real meaning of the Lyrics!Recently there is a new artist out of Saint Louis that goes by the name JIBBS. Jibbs debut single "Chain hang low" has a history that most people are not aware of. The particular nursery rhyme that th ...more
Tyhesha Judge-Fogle • 74,098 Views • November 9th, 2006 |
 |
HBCU Marketplace Gifts: Divine 9 Premium Fraternity / Sorority Playing CardsVendor: Charles Jones
Item Price: $20.00
Price Includes Shipping: Yes - Shipping Included
Item Description:
Pantheon Series - Divine 9 - Premium Playing Cards (choose Gold Series or Silve ...more
How May I Help You NC • 61,337 Views • December 2nd, 2018 |
