smart spending

Savings tales: Life without credit or debt

Use the envelope system to save
Next
6 of 8
Back
Use the envelope system to save

"As everyone knows, this economy is for the birds! But one thing it has reminded me of is what my father told me years ago: Create an envelope for rent, gas, groceries, etc. When you run out, you run out.

"Working on a cash-only basis has basically recalled those days. And also, do I really need the items I am looking at? I am no longer the gatherer. How many pairs of shoes do I really need? We should have done more of this, years ago. We have been hit like many others. We lost (our) savings and 401(k), and are looking at renting for the rest of our lives. My fear (is that) at 85 my landlord (will tell) me he wants to sell the house he is renting us, and we'll have to move. Not something I would want to do at that age.

"We save everything we can put our fingers on. We save for any big-ticket items, which are few. We hope the cars will last a long time. ... It could be worse.

"Neither of us has given up. We keep trying to find avenues to earn income and some things are working."
-- Barbara, Suwanee, Ga.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.05%  0.06 3.99%
15 year fixed refi 3.11%  0.01 3.10%
10 year fixed refi 3.17%  0.04 3.13%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.32%  0.01 4.31%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.92% --0.00 3.92%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.81% --0.00 2.81%
48 month used car loan 3.04% --0.00 3.04%
60 month new car loan 3.24% --0.00 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.99%  0.01 0.98%
2 Year CD 1.19%  0.02 1.17%
5 Year CD 1.84%  0.01 1.85%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.73%  0.01 15.72%
Cash Back Cards 16.43% --0.00 16.43%
Low Interest Cards 10.98%  0.02 10.96%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us