40 Percent Of Americans Have $500 Or Less In Savings

[bijou]

A survey of about 1,100 Americans finds that more than 4-in-10 respondents admit they don’t have more than $500 in readily accessible savings.

The survey is a kind of departure for CreditDonkey.com, a website that compares credit card deals. Not respondents all were poor. Some had big houses, big mortgages or 401(k)s, but still no more than five Benjamins to rub together right now.

Jill Michal, president and CEO of the United Way of Greater Philadelphia and Southern New Jersey, reacts to the lack of liquid assets. ...

http://philadelphia.cbslocal.com/2012/10/19/survey-40-percent-of-americans-have-500-or-less-in-savings/

[marv]

I used to be able to put $2000 to $3000 aside for special projects like fencing the back yard for the pups or putting up a flag pole in the front yard. Now, with rising gas and food prices, I'm barely able to stash enough for the annual property taxes and keeping the propane tank filled for the winter.

Thankfully, before we retired twenty years ago, we had a retirement home paid for and were able to get a $35,000 line of credit on our home for emergencies - like three heart attacks, a heart defibrillator, and a couple of broken ankles.

I guess that we could be worse off, but certainly not as comfortable as we could have been. I still drive a 23 year old Bronco!

[Ausonius]

I used to be able to put $2000 to $3000 aside for special projects like fencing the back yard for the pups or putting up a flag pole in the front yard. Now, with rising gas and food prices, I'm barely able to stash enough for the annual property taxes and keeping the propane tank filled for the winter.

With some banks offering only fractional interest, putting money in a savings account right now means losing 2 or 3 per cent per year, depending on the rate of inflation.  I have read that some banks will even charge you for having a savings account.

All of this thanks to the Federal Reserve trying to prop up BIG BRObama with - what else? - the illusion of "Free money."  Eventually if these trends continue, we will be looking at a national bankruptcy or hyper-inflation or some sort of collapse.

[docstew]

With some banks offering only fractional interest, putting money in a savings account right now means losing 2 or 3 per cent per year, depending on the rate of inflation.  I have read that some banks will even charge you for having a savings account.

All of this thanks to the Federal Reserve trying to prop up BIG BRObama with - what else? - the illusion of "Free money."  Eventually if these trends continue, we will be looking at a national bankruptcy or hyper-inflation or some sort of collapse.

Or all of the above.

[NHSparky]

Frankly, savings accounts are a waste of time if you're over the age of 10.

Have an investment account such as TD, Fidelity, et al, where you can move money between funds and cash as needed.  No problem.

[Karin]

I think they included things like that.  Just readily accessible cash. 

It's hard to save anymore and it freaks me out.  Everything costs so much, and the salary has stayed the same.  Every time you turn around, there's a tax bill in the mail.  I don't know, I wish I had more savings.  Everytime I gain ground, something comes along and plucks it away.   

[rich_t]

I think they included things like that.  Just readily accessible cash. 

It's hard to save anymore and it freaks me out.  Everything costs so much, and the salary has stayed the same.  Every time you turn around, there's a tax bill in the mail.  I don't know, I wish I had more savings.  Everytime I gain ground, something comes along and plucks it away.   

Indeed it is hard.  It takes a great deal of fiscal discipline to do it these days.

But I try with each and every paycheck to set aside what I can.  It's never as much as I would like to, but I do the best I can.

[Zeus]

I think they included things like that.  Just readily accessible cash. 

It's hard to save anymore and it freaks me out.  Everything costs so much, and the salary has stayed the same.  Every time you turn around, there's a tax bill in the mail.  I don't know, I wish I had more savings.  Everytime I gain ground, something comes along and plucks it away.   

Indeed it is hard.  It takes a great deal of fiscal discipline to do it these days.

But I try with each and every paycheck to set aside what I can.  It's never as much as I would like to, but I do the best I can.

Pay yourself first. Treat yourself as a bill to be paid & always pay yourself first.

[rich_t]

Pay yourself first. Treat yourself as a bill to be paid & always pay yourself first.

Sage advice indeed.  But not so easy to do.

[Zeus]

Sage advice indeed.  But not so easy to do.

It's a choice. Give a little something to yourself or give it to someone else.

[jhincka]

I think they included things like that.  Just readily accessible cash. 

It's hard to save anymore and it freaks me out.  Everything costs so much, and the salary has stayed the same.  Every time you turn around, there's a tax bill in the mail.  I don't know, I wish I had more savings.  Everytime I gain ground, something comes along and plucks it away.   

Why not just ask your boss for a raise?  Or build a business of your own, so that you don't have to worry about a boss?

[Karin]

Well, that's pretty simplistic, isn't it?

Like nearly every other small business, where I work, growth and profitability is a struggle.  Margins are thin as a dime, and we rely on gasoline for our operations (distribution).  Not a lot left over for raises.  If I do get one this year, it will be eaten up by health insurance increases.

I did have a small business, but it was necessary to also keep my full time job.  Do you have any idea how hard it is to build a business to the point where you can live off it and prosper?  Do you think money magically appears?  Are you a DUmmie?

[Alpha Mare]

Why not just ask your boss for a raise?  Or build a business of your own, so that you don't have to worry about a boss?

I am the boss. My property taxes alone have gone up 19% since 2009; not incuding the 4.5% hike for next year to cover a $240M error by the county tax office.   My insurance premiums have doubled since 2009. (I paid the full premiums for my employees until this year.)   My supply costs have increased every 6 months.

Who do you suggest I not pay so you can have a raise, and I can pay more payroll taxes?

[jhincka]

Well, that's pretty simplistic, isn't it?

Like nearly every other small business, where I work, growth and profitability is a struggle.  Margins are thin as a dime, and we rely on gasoline for our operations (distribution).  Not a lot left over for raises.  If I do get one this year, it will be eaten up by health insurance increases.

I did have a small business, but it was necessary to also keep my full time job.  Do you have any idea how hard it is to build a business to the point where you can live off it and prosper?  Do you think money magically appears?  Are you a DUmmie?

No, it's not simplistic.  Just walk into your boss' office while he/she is not busy and ask for a raise.  This will ultimately lead to a conversation about your performance and whether or not you're worth investing more money in.  During that conversation, say that you would like a 12% raise.  Finally, your boss will decide if you should get any extra money or not.  If you're worth it, you will.  Easy as that.

Yes, I know how hard it is to build a small business.  But after watching the RNC this year, it felt as though everybody had one and it was the easiest thing to do.  Just follow their model of creating something from nothing without any help.

And no, I'm not a dummy.

[Alpha Mare]

No, it's not simplistic.  Just walk into your boss' office while he/she is not busy and ask for a raise.  This will ultimately lead to a conversation about your performance and whether or not you're worth investing more money in.  During that conversation, say that you would like a 12% raise.  Finally, your boss will decide if you should get any extra money or not.  If you're worth it, you will.  Easy as that.

Yes, I know how hard it is to build a small business.  But after watching the RNC this year, it felt as though everybody had one and it was the easiest thing to do.  Just follow their model of creating something from nothing without any help.

And no, I'm not a dummy.

Well you sure as hell aren't very smart.   A 12% raise?   

[jhincka]

Well you sure as hell aren't very smart.   A 12% raise?   

Did I forget to mention that during that conversation there will be a negotiation?  I'm sorry for not giving a thorough explanation of what should transpire.  If you think you should start out with a higher figure, go for it, but I've found that 12 will ultimately get to 8.  Maybe you think you're not worth it?

Doh!

[Alpha Mare]

Ask your boss for a 12% raise, or 8%.  Come back & tell us how it went, mkay?

[Alpha Mare]

Here's a clue-

Aon Hewitt, the human resources business of London-based Aon Plc (NYSE: AON), surveyed more than 1,300 U.S. companies and found that base pay increases for salaried exempt workers averaged 2.8 percent in 2012. That’s up incrementally from 2.7 percent in 2011. Executive pay also increased from 2.8 percent to 2.9 percent, though salaried nonexempt workers' pay dipped from 2.8 percent to 2.7 percent.

Aon Hewitt estimates the average increase nationwide for executives, salaried exempt and salaried nonexempt workers will be 3 percent in 2013.

[wasp69]

Did I forget to mention that during that conversation there will be a negotiation?  I'm sorry for not giving a thorough explanation of what should transpire.  If you think you should start out with a higher figure, go for it, but I've found that 12 will ultimately get to 8.  Maybe you think you're not worth it?

Doh!

You don't actually "work", do you?

[wasp69]

Yes, I know how hard it is to build a small business.  But after watching the RNC this year, it felt as though everybody had one and it was the easiest thing to do.  Just follow their model of creating something from nothing without any help.

Flush this moronic troll, already.  It's lowering the property value.

[jhincka]

Ask your boss for a 12% raise, or 8%.  Come back & tell us how it went, mkay?

I've done it many times and have gotten a raise many times & many times I haven't.  Need more money to pay for the all the crap you put on credit?  Go ask your boss.

[jhincka]

Here's a clue-

"base pay increases for salaried exempt workers averaged 2.8 percent in 2012."

That's only because of the chickenshit workers that didn't ask for a bigger bump were bringing down the average.

[Alpha Mare]

Do you want the deer crossings moved too? 

[Eupher]

jhincka is our most recent troll.

He's a delightful troll.

But he's a troll nonetheless.

I think we'll have fun with this chewtoy for awhile, then he'll be upchucked into the crapper with the rest of 'em.

[wasp69]

That's only because of the chickenshit workers that didn't ask for a bigger bump were bringing down the average.