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Saving Dollars While Gaining Sense

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.
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