http://moneycentral.msn.com/content/Savinganddebt/Savemoney/P145775.asp


Well, I know it's not all Amercians that can't save a dime because I see lots of people in the emergency fund challege that do save money. However, it's sad to see that there is not that many people that save money anymore. :(

Check out the debt evaluation calculator that was on the side of the page!!!

Thanks for the article, Shell!

Interesting article. I'm a squirrel with money so I'm floored by people who don't save.

I remember back in 1981. The government gave you a tax credit for interest you paid on your cc!! Of course people were ringing up the debt.
Also, it's no fun to save, save, save and then pay uncle Sam the tax on it. That's one of the excuses I used for too long.

Great article!!

I think anyone can save but have to be ready to WANT to save. According to that calculator hubby and I have a debt ratio of 65%, Your expenses are too high relative to your income level. You should look at your monthly expenses and consider ways to lower those costs.

Technically we have $450 after double payments on our last few credit cards and putting $50 a month in savings, I dont see how a family of 5 CANT live off this if your living frugally.

For us we shop frugally, $50 for Angel Food Ministries, $50 a month in gas for the car and paying all utilities. That even giving each of us $25 spending money as well.

Personally I think the calculator needs adjustments :lol: Hubby and I are fine with having a little left over, actually it makes us realize that we really dont need some things and helps us be frugal.

Great article. When I in was grammer school, kids had to get permission to open a bank account. We were given some kind of penny holder with slots for the coins. The holder held 50 pennies, and every month our teacher took us to the bank to deposit the money. Our bank books were stamped and we were given more penny holders. My dad was the keeper of the bb's :king: I enjoy saving, I am sure that learning to save at an early age is the reason for my attitude. It would be great to have something that again for our children.

Woooh! I forget about the debt ration calculator. Mine was 8% debt to income ration. Says I'm in good stead.
It CAN happen. We all my try.

I don't think the calculator is that far off - I just spent a while looking at it - what I did eventually realize is that you're not supposed to put in non-debt bills (utilities, groceries) only ones that are actual debt.

According to the calculator, we're at 22%. And since we pay extra on both CC and my student loan, it would be have been a lot lowever if I had just put in the minimums.

8% and 22% wow! you must bring home a good amount of income. Hubby is the only one who works in our home so I guess our debt to income ratio will be high since we also pay child support every month as well.

DH & I come in at 12%. Would have been in single digits if not for child support.

We're at 59%, but that's because our mortgage is $2500 a month. :(

I know a lot of North Americans don't save any money at all. I guess the couple of % that is saving money must be coming to Frugal Village! :D

We're at 28% because of our mortgage but that's it (no credit cards, student loans, alimony, child support, etc.).

We manage to save some money every month, not as much as we would like, but enough. We have a fully funded emergency fund now and I think I would be a lot more worried about money if we didn't.

Thanks for the article! :)

I didn't use the calculator there I actually have a spread sheet that calculates the % of my income debt is.

I'm sitting at a frightenly high 40-41% right now (19% is my car.) , needless to say this is what really opened my eyes to the trouble I was in. But by the end of the year I'm scheduled to be at 21% so long as I am able to buy a cheaper car and have two more of my cards paid off.