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I think it means that one has $400 put away in savings, or $400 in surplus money after bills are paid. I could come up with $400 in an emergency, probably could come up with $2000 in emergency if needed, but it would mean skipping a mortgage payment and probably a couple of other bills
I don’t want to be nosy, but I don’t understand this. Maybe I read it wrong, but you have a $100k household income but have nothing saved? And used your 401k for a down on a house? Where is your income going then ?
There is a store by me where everything is 99 cents. I see people who don't look well off with a whole cart full of junk that most of will be used very little if at all.
How different we all are in our priorities. Its fascinating. Sitting in a tiny Greek taverna cause it has internet unlike our tinier Aegean front room. Never planned for retirement and spent everything on vacations to see and expefience what we could while we could. We both abhor shopping and clothes and shoes beyond bare necessity lol. No kids almost no prop tax or health cost where we retired on a sorta shoestring. Would like to retire here in Greece or Spain but health insurance in Europe is over our budget.
Ive had plenty of lattes and vacations but nothing else on that list. I wouldnt know a Manolo Choo shoe if I saw it lol. No jewelry or manicures but zpend alot to keep the Goldilocks looking ok.
There is a store by me where everything is 99 cents. I see people who don't look well off with a whole cart full of junk that most of will be used very little if at all.
Hmmmm...how do you know that? Or, for all you know, that may be a big splurge for them. People are so judgmental.
1. Tattoos. Skin Allergies and sensitivities. Have you ever seen an elderly person with sagging tattoos? I don't ever want to be that person
2. Vacations. Last few years they have been to see family or for emergencies. We are now retired and may take trips we put off during working years - but we are budget conscious so we will not splurge
3. College. Husband paid his own way through school working as a barber. I did also but did not finish. My career was as a public servant and thus low pay - but we now have my pension as a bonus
4. Restaurants. Lived in the food desert that is Utah. Now live in California and find more contentment eating and cooking at home. Only an occasional splurge
5. Opportunities lost. We do it every day by failing to grab the employer match on our 401(k) Yes. Yes. Yes.
6. Transportation. Bought cars that would last i.e. Honda and Toyota. Just recently bought a Chevy Bolt - good bye gas stations - forever.
7. Credit cards. ALWAYS pay off every month. No excuses.
8. Lottery. What a stupid game for stupid people
9. Clothing. The average adult spends $161 a month on clothing. My husband still has sweatshirts I got him free - through work. He lives in clothing until it dies. During my working life I bought appropriate work clothing. Now in retirement - I shed all that for comfort. Retail clothing stores are not geared to my demographic (women over 60) so I still buy for comfort online
10. Shoes. Surveys suggest the average American woman owns more than 25 pairs of shoes, which they admit they don’t need. While working it was important to have shoes for comfort. You hurt your feet if you only have one pair of shoes.... I have maybe 3-4
11. Tchotchkes and stuff. You cannot take it with you. Moving is the best when you can ruthlessly toss crap you've not touched in over a year
12. Failing to look ahead. Henry Ford said, “Thinking is the hardest work there is, which is the probable reason why so few engage in it.” I still marvel that people spend so little time thinking about retirement.Started to get serious in our mid-40's. Shoveled and saved money. Retired at 63/65
13. No backup plan. I like to think ahead about “what ifs” and how I’ll deal with them. In my head, I have backups for the backups. We have ALOT of money for emergencies. We try to avoid the emergency
14. Holidays. Somehow, every December, financial caution goes out the window and we pay for it the following year. NEVER travel on a holiday. We are childfree and non-religious. Case Closed
15. Toys. One study shows that U.S. parents spend $6,500 on toys during a child’s upbringing. The spending is even higher for millennials, who favor “smart” toys—toys that do the thinking for the child. See #14. Child Free - No Toys. Also - still do not have a "smart" phone
16. Haircuts. The average haircut reportedly costs $28.30 in a barber shop. See #3 Husband is a barber. He cuts his own hair. My short hair costs $25 to cut and I do it every 6 weeks and can afford it.
I like these threads. We all know how someone else should be spending their money.
Unless they cost me money, and I don't mean tax dollars, I don't care. But...….. I do wonder about women's shoes. I have never or known anyone that has ever said " I'm going after that one because I really like those shoes." We aren't looking at your shoes. They can be from 2 different pairs and most men won't notice. I wonder, but don't judge because as I said before they aren't spending my money.
Women don't care in the slightest about what men think of their shoes. We buy them because we like them, and maybe we need them.
Lots of replies here and maybe this has been covered. If everyone refrained from spending during their working years, they get laid off and can't save for retirement because no one is buying what you are making your living from.
My wife has lots of shoes. We still are able to retire.
Only 17% of those surveyed don't have any way to cover a $400 emergency expense. The rest have cash, credit or can borrow.
Good post. Thanks for the info.
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