Use the envelope system to save6 of 8"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. Related Articles:Why debt management?5 ways to cut debt now2010 Frugal Living GuideSave money on groceriesRelated Links:Ways to dump debt in 2010Debt pay-down calculatorBuilding your emergency fund4 dumb financial moves advertisement
"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.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.