Savings tales: Life without credit or debt
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.