Are you saving?

Discussion in 'Financial Cents' started by Dunerunner, Sep 26, 2018.

  1. Dunerunner

    Dunerunner Brewery Monkey Moderator

    What if I got injured, sick, or died? What if there was an event that kept me from being able to use my ATM, Debit or Credit cards. Would there be enough money to cover everything without having to go into my savings? I know I wouldn't be able to convert or spend my silver, so what would I need?

    I decided to begin accelerating the payoff of some debt, and apply some of that monthly payment to some stay at home reserves. In as little as 6 months,I paid off the debt and freed up some monthly cash. I am now able to set aside some in my home safe and I am no more uncomfortable than before, I still do the things I want to do, but I have a cash reserve at the house in the event of a natural disaster that affects the banking system, like an extended power outage, earthquake and tsunami, or personal event that puts a bind on me financially.

    After living month to month most of my life, I feel I finally have a little bit of security... It is now part of my preps.
    STANGF150, oldawg, Bandit99 and 11 others like this.
  2. duane

    duane Monkey+++

    Looking around me at friends and family, this debt thing has got way out of hand and most people seem to be about 60 days from total collapse. House, car, mobile phone, insurances, toys, eating out. etc. They scream about not making enough to live on while spending $200 plus a month on phone and internet, $500 plus on car payments, $1,500 plus on house payments, $500 plus on credit card payments, and so on. It isn't what you make, it is what you spend, and most seem to consider windfall gains, tax refund, overtime, as a reason to make another purchase or to celebrate, rather than to save it or pay down debt. I couldn't sleep nights with the debt my step daughter and her husband have, but then I don't anyway so maybe I should enjoy the toys like they do. Dunerunner, there is a lot to be said for the security of being as much out of debt as you can be and having something to fall back on. Keep up the good work and God Bless.
    Alf60, Bandit99, Dunerunner and 4 others like this.
  3. oldman11

    oldman11 Monkey+++

    Both of my sons are over 50 and live day to day. No matter of talk or reason will change their minds.One son has three cars and the other has four and putting two kids thru college.I’m retired and keep all my money at home except monthly expenses as I don’t trust banks with their new rules. They believe their electronic debit cards are the way to go,not thinking the cards could go down anytime. My old daddy always said if he didn’t have a pocket with money in it he would cut it out.
    Bandit99, Gator 45/70, SB21 and 2 others like this.
  4. SB21

    SB21 Monkey+++

    I've been paying off my debts , and I'm almost there. And I always keep some cash at the house. I don't trust the banks or these bank cards. I'm Maybe 6 months from being debt free , the more I work at paying it off , the easier it is to do it. It's a goal to shoot for , and a satisfying one to have.
    STANGF150, Alf60, TnAndy and 5 others like this.
  5. Asia-Off-Grid

    Asia-Off-Grid RIP 11-8-2018

    Too much of that competing between the Smith's and the Jones' for my liking, in the west. I saw it for much of my life, during my years growing up and as a young adult in the US. Here in Southeast Asia, most people don't have enough money to compete with anyone else. Unfortunately, they live day by day. In fact, that is a cultural norm.

    In these countries, people don't go to work for the 401k plan, the health and dental insurance, the 1 week after six months, 2 weeks after a year vacation time. They go to work to feed themselves and their families, period. They have no clue what a bank is, much less an ATM or Debit card. Any monies they may have saved will be in their pockets, or in a jar or other container, hidden in their homes.

    There is no way I could live like that. But, I don't earn a mere $5 USD per day as a laborer.

    One thing I learned early in life was, you cannot borrow your way out of debt.
    Last edited: Sep 26, 2018
  6. Altoidfishfins

    Altoidfishfins Monkey+++ Site Supporter+

    Welcome to maturity.

    Paid off the house a few months ago. Credit cards down to $800 balance.
    Savings up and cash set aside at home in the event of some sort of emergency that may not allow access to bank accounts, like hacking on a nationwide scale.

    Invested in some precious metals, such as brass, lead and copper.
    Last edited: Sep 26, 2018
    Alf60, Bandit99, Dunerunner and 3 others like this.
  7. Airtime

    Airtime Monkey+++

    Debt is the ultimate anti-prep.

    Preps are to help you weather bad events. Debt does the exact opposite and can turn simply unfortunate events (loss of job, injury, etc.) into complete and total personal catastrophes.

    It should be an extremely high priority for anyone serious about prepping (presumably most folks here) to have zero debt or at the least an ability to instantly pay it off at anytime.

  8. BenP

    BenP Monkey++ Site Supporter+

    We sold our 5400 sq ft 'Jones' house and bought some property and a bus to live in for 2 years while I built our house. We both drive old vehicles that we bought with cash and I am about to start paying down the farm now that we have moved into the house. It drives me crazy to see the $500 interest payment on our farm loan payment every month. Debt is slavery.
  9. Merkun

    Merkun furious dreamer

    Yeah, but at least you volunteered for it, eyes open. Thus, says me, it isn't slavery, but more like indentured servitude.
    Gator 45/70, Zimmy and BenP like this.
  10. BenP

    BenP Monkey++ Site Supporter+

    That is possible unless the slaves made bad decisions which led to their slavery. :)

    Once you are in debt you have no choice but to work and pay it off.
    Motomom34, Gator 45/70 and Zimmy like this.
  11. Zimmy

    Zimmy Wait, I'm not ready!

    I'm debt free but cash poor. My only real luxury (cell phones with internet) is almost a requirement in modern America to be employed and functional in life.

    It's hard to save cash making more money than I ever dreamed of 37 years ago when I entered the workforce.
  12. Gafarmboy

    Gafarmboy Monkey+++

    Paid off the homestead 5 years + ago. Paid cash for both older trucks; one for the bosslady and another for myself almost 3 years ago. Have steadily made major repairs on them over the past few years and lastly just put new tires on both. This should last me out. Raised by a grandmother from the depression and her lessons stuck and stuck hard. Both ex-wifes complained that I lived for tomorrow and not today. Well, No shit....I can work hard today, maybe not so in the future. Most people are living a lie when it comes to their personal finances and life style. My brother died trying to keep up his families high-end life style. He was younger than me and had the attitude that his family would have all the things that we had not had as kids. Massive heart attack when he was 39. Found out that he was close to one milli in debt on a 130k job with a trophy (useless) wife and kids. Wife married quickly another sucker and left the kids with her mother. Oldest (10) son later moved in with me and the family. He just got out of the Marines after 8 years and now has a civil service job in the same field (F-135 component repair). Has a great family with 2 snot noses still on the floor and has just bought his first (OLD ) house in the country. He was raised to be prepared and is prepared for most of life can throw at him. This includes having 6 months of back up money, just in case. His wife knows how to stretch a penny and is one of the finest canners/ gardeners I know. She rivals the bosslady in her abilities and thriftiness. He saw the prep life, he lived it growing up and now is moving toward paying his house off ASAP. He understands that if you owe someone money, you are their slave. Period
    If you can not protect what is yours, it never was yours.
  13. Motomom34

    Motomom34 Monkey+++

    I just had a bad decision/bad investment blow up in my face. It cost me huge. I cleared the debt but it hurt. At that same time, my son had a much needed shoulder surgery ($6,000 out of pocket) and the brakes went on a car. It seems at times in life one events gets the snowball of debt rolling. One can work out of it but it takes major scaling back. Years ago I used to say we are one broken arm away from bankruptcy. Financially we are more stable but for many years we walked that line. Please note: we do not go on fancy vacations, we do not drive luxury cars or live the high life. Just living, the everyday expenses are high. I often wonder how people survive on minimum wage.

    I applied for a second job Monday. It is a 12 hour a week position. I can do it evenings and weekends. The pay is $10.20 an hour. I do not need the second position but I really want my savings back where they were a few months ago. Years ago I used to follow Dave Ramsey and his cash is king method. I have been reading up and taking a refresher on his method. Experts say you should have 3 months of income set aside but I am aiming at 6+ months.
    Gator 45/70, Airtime, SB21 and 3 others like this.
  14. BTPost

    BTPost Stumpy Old Fart Snow Monkey Moderator

    I have posted our situation a few times before, here on the Monkey, but it would seem prudent to post again... We are, and have been Debt Free for 20+ Years... We just finished a HUGH Property Deal that brought us back into settled Home Owner business... We sold our Beach Cabin property to Mr Big Bucks (Who owned the Beach Lots on both sides of our lot) for $160K, and our 5 acre Upland Lot to him for $40K, for a total of $200K... We then bought one of our neighbors place for that same $200K... The new Place consists of two really Nice Cabins, A Powerhouse, A Shower House/Sona, Two Tool Sheds, A Garage, Three 4Wheelers, a Diesel Kubota Tractor w Bucket & Backhoe, a SawMill, a Log Splltter, and the other half of a Suzuki Samuri, which we shared... The deal includes everything “Lock Stock & Barrel, with the provision that the neighbors can still come up during the summers and use the lower cabin each summer for as long as they are able, and show us how things work... AlaskaChick will live in the upper Cabin, next summer, and file for our Elderly Property Tax exemption with the Borough... This was all done without using any cash or savings on our part... My Father (RIP, the Banker) taught his children how to handle finances... Save, Live with in your means, work hard, and do NOT speculate with you non-discresionary money... I have patterened my life on what I was taught as Child, and we have done well, because of it. We just put New Tires on the 2006 White Toyota 4X4 Pickup Truck good for 70K miles... Now if we can just get out of the SawBones Offices, the Road Trip is waiting...
    We now have a place of our own, for all the PREPS we have made, from a lifetime of Preping, and a place Gradkids can come visit the Alaskan Bush... It is GODs blessing for living a Good Life... for sure... It is never to late to Start, and the Blessing will come, in GODs own time, but they will come....
    oldawg, TnAndy, oldman11 and 5 others like this.
  15. hot diggity

    hot diggity Monkey+++ Site Supporter+++

    Saving is something that I've been trying to teach young people for decades now. Some have listened and been grateful, while others continue to wander in the debt wilderness. I drive worn out old cars, shop at the Goodwill store, live simply and invest wisely.

    I wonder how many in the Carolina's thought that $150 a year renters insurance premium was too expensive?
    SB21, Bandit99 and Gator 45/70 like this.
  16. oil pan 4

    oil pan 4 Monkey+++

    I have always said if you can't handle personal shtf there is no point in trying to prepare for the big one.

    Yeah but if you live in your family's basement for 10 years, never buy anything and emerge with $300,000 cash and try to buy a little farm you will be under investigation by the FBI before you know it.
    Last edited by a moderator: Sep 26, 2018
    Gator 45/70 and Zimmy like this.
  17. Bandit99

    Bandit99 Monkey+++ Site Supporter+

    It's really good to read this post and see how many folks are debt free. I am also, completely and totally debt free and, yes, there is money in the bank. I pay cash for whatever we want or need. I had a nightmarish childhood but learn two good things from it, how to handle finances and how to work hard, both go hand-in-hand.

    What truly strikes me odd, since my return stateside, is how everyone accumulates recurring monthly charges. "Oh, it's only $? a month" seems to be the norm. It seems every time I turn around someone is trying to sign me up for a two year contract. These things are like cancer and eat away at you, as such, we do without if at all possible. I had to sign for internet with Hughes for 2 years (1 year left) but other than that I am contractually committed to no one, even our phones are unlocked and 'pay as you go' which I auto pay monthly to save $5.

    Yesterday, COSTCO sent me a flyer saying that if I did a 'automatic membership renewal via credit/debit card' they would give me $20. Are they joking? Thanks but no thanks. It seems we are constantly bombarded by special deals and incentives with the hook being financial commitment over a period of time. But, who knows what will happen tomorrow?

    Lastly, it is so expensive to live in this country anymore that...well, one minor accident, financial misstep, or illness could be ruinous, not only to the individual but to the entire family which could/would have repercussion for years, even lifetimes. And, law suits, people/companies/governments pull them like guns in this country without any personal consequence or regard.

    Lastly, even our own government wants to indenture its citizens with debt. One only has to look at School loans and/or Home loans (which was the major cause our last financial crisis) to see doing either without careful consideration can have serious life consequences. Of course, both these programs are sold under the guise of helping the citizen but if they truly did want to help they wouldn't give $50,000 loans to young students for majoring in Basket Weaving or $250,000 home loan to those that cannot afford it. These programs are there to make money at the expense of the naïve citizen - nothing more and nothing less. Furthermore, it shows who truly controls our government...sad but true.

    One 'prepares for the worse and hopes for the best' which is why I live debt free. It's that simply.
    Gafarmboy and Zimmy like this.
  18. Motomom34

    Motomom34 Monkey+++

    That is dirt cheap. Mine is around $600 a year. I am going to call my agent. I want the live in Hurricane zone rates. :D
    Asia-Off-Grid, Bandit99 and Zimmy like this.
  19. The_Prepared

    The_Prepared Derpy Monkey

    Happy to see this topic. We published a guide on this exact thing a few months ago and it's not getting nearly the attention it should, even when we list it as step #1 for prep newbies.
    Zimmy likes this.
  20. oil pan 4

    oil pan 4 Monkey+++

    If you can't take a little person shtf what's the point?
    If you live pay check to pay check to service debt then a little hick up you can't pay your stuff what do you do, sell off preps at a fraction of the price paid for them?
    What if an economic downturn is the foreshock before big economic shtf?
    Economic shtf isn't likely going to be an over night implosion.
    Zimmy likes this.
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