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If it's conspicuous consumption and causing problems staying afloat, yeah, there's a problem.
If someone is having to go to credit cards because of a sudden layoff or reduction in income beyond the point of discretionary cuts, you can't judge them for that.
If they had the opportunity to Save and plan for such events instead of living at or above their means, it is on them and I will judge away.
If they had the opportunity to Save and plan for such events instead of living at or above their means, it is on them and I will judge away.
^^This.
It took me a long time to realize that rather than buying something now on credit, saving money and buying for cash not only kept me from buying stuff I didn't need, it also helped me to get better deals. A nice side effect is that I built up a nice enough emergency fund that a job loss or injury wouldn't result in me having to use credit cards in order to pay my bills.
I now keep that emergency fund going in purpose, separate from my "purchase" savings. It's also rather nice living without credit cards at all.
I was making $11.68/hr in 2013 and then lost my job. There's really nothing to save on such a low wage.
Agreed.
If you're making $12/hour, you should really be focused on improving your marketable skills rather than worry about savings. How long were you making <$12/hr and what were you doing during that time to improve yourself? I was busy going in debt the last time I made $12/hr. The last thing on my mind was saving. I just worked so I wouldn't have to borrow as much.
If you're making $12/hour, you should really be focused on improving your marketable skills rather than worry about savings. How long were you making <$12/hr and what were you doing during that time to improve yourself? I was busy going in debt the last time I made $12/hr. The last thing on my mind was saving. I just worked so I wouldn't have to borrow as much.
That's what most Americans do when not making a high wage. Very few people have the sense to put some of that cash away even if it's not much. Instead they acquire more debt and use their pay checks to pimp that.
If you don't learn how to save on a minimum wage job chances are you will not learn even when you make more money.So.....
If you're making $12/hour, you should really be focused on improving your marketable skills rather than worry about savings. How long were you making <$12/hr and what were you doing during that time to improve yourself? I was busy going in debt the last time I made $12/hr. The last thing on my mind was saving. I just worked so I wouldn't have to borrow as much.
I was at that wage for about 7-8 months. I was making $45k previously in Iowa, moved back to Tennessee, and ended up falling flat on my face. My next offer was for $50k in Indiana, and I make about $60k now. I've gained a substantial amount of skills, but the low pay is just indicative of a poor job market in Tennessee.
The problem is people think that having a job is security when it's not. No job is "ever" secure, I don't care how much time you have at the company. People have to build their own security net. First an emergency fund then one for when they are older.
The problem is people think that having a job is security when it's not. No job is "ever" secure, I don't care how much time you have at the company. People have to build their own security net. First an emergency fund then one for when they are older.
This is completely accurate. What took my situation from bad to worse was losing that first job I had in TN that I thought was secure. I was given a raise, told I was doing a great job, etc, then was fired one day by the contractor after leaving the office.
The problem is people think that having a job is security when it's not. No job is "ever" secure, I don't care how much time you have at the company. People have to build their own security net. First an emergency fund then one for when they are older.
Agree. Plus, losing your job is not the only emergency one can have.
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