Interesting article I pulled from MONEY magazine over 35 years ago.

I save and am very happy. Never have had to worry about cars or toys just write a check

Alot of years, I'd have been happy to make that much. Average income for the county I live in is 32k.

Like I said above, different strokes for different folks.

"Do you save or should save each week?"

For how long do you save?

I find I am a lot more at ease when I have cash in my pocket , some savings in the bank and all the bills paid. than when I am counting every dollar coming in trying to figure out which debt or expense I am paying out it just sucks

if I am not saving and having savings . I have to say I wish I could afford that?

it's like always driving around on a 1/4 tank of gas putting in a little here and a little there wondering if you have enough to get where your going .

to be able to fill your tank and have a few full Jerry cans in back of the truck or gas money in your wallet so that you know you can go there and back easily and if you blow a tire on the way get a replacement.

there is a lot of freedom in a full tank of gas

Biggest thing for me was getting rid of debt. I had an auto loan and a small boat loan that I used to build my credit from nothing. Sold the truck for 10k more than I purchased it for, paid off the loan and paid off the boat. Now when my paycheck hits I feel rich lol

Some folks, no matter their incomes, will ALWAYS spend more than they take in. Others will save money regardless of how little they make. The former will be perpetually broke and living on credit. The other folks will always have a little dough. If the spenders won a million dollars in the lottery, they would burn through it. The others would build on it and always have money. I have friends in both camps.

I just use credit cards. Just keep paying one with the other and there is no interest. When you start getting maxed out just get a new one because your credit score will be great. You can also open up checking accounts. You have a three or four day window. Just write a check on a different account to the first account and checks wont bounce. Then pay off the last account with a credit card. If you watch you will see this is the method our government operates under. You never run out of money and you dont need any savings.

I save the pop-tops off of my beer cans.
Truthfully though, having no debt and paying no interest is a big thing. A guy can live pretty cheap if his needs are little and his wants are few.

I'm happy I have never worried about losing a job. I can tell my bosses stuff that will possibly get me fired,even call them names. They know I ain't worried about losing my job.

"Being a wage slave means you are stuck doing a job solely for the money. You can’t quit, because leaving would have terrible consequences for you and your family."

You won't have nothing if the banks fold, so save in them while you can but keep watch of their stability, now days anything can make them fail, and it won't matter if your savings are insured or not.

So one should be saving cash just as well as dollars in all those different account ideas, people hear insured and automatically believe it will be, some may get theirs however I feel that most will suffer wishing they had cash as well.

I save out of my SS every month, and in retirement accounts as well as paying for life insurance that so far is raping me until I die LOL

Never take saving in a financial institution as a guarantee it will be there when you need it !!

Danny has it figured out ....

LOL.

start young and put 20% , you will have more than you can spend , at a modest gain , i put away 2000, in a fund for my grand kids when they are born , no one no's about this but myself and lawyer , they will get it when they turn 60

Spot on...

Save until it takes a little food off the table and some fun out of life. That should be about the right amount.

How much or what percent is an extremely variable amount. If we are working and have limited assets to sell etc. then saving is critical for any kind of retirement living. I know many business owners who saved what I always thought was very minimal amounts but they held many valuable assets. Many were able to sell assets and do very well. Today many don't even need to sell their land, with rental rates as high as $300 per acre per year a retired farmer with 300 acres and even lower SSI can bring home a 100K and keep the land in a trust for family. That does not even count the sales of machinery, livestock and other production assets.
Not having to sell high gain assets is a huge plus for those with wanted assets.

Bryce

Have a years salary in cash at the house. Almost turned into a divorce trying to remember where we hid it all, but we found it and counted a couple of weeks ago.

Yes, extremely happy we have saved that much. Actually I think we’re the happiest we’ve ever been.

And NO, if we want something we just go get it. Here lately it’s getting our house/yard how we want it before retirement in 7-12 years. Bathroom/shower remodel…asphalted the driveway and enlarged it…carport…new back patio with screened in porch, and of course the furniture that goes with it.

Still have some inside work, a privacy fence for the backyard, an insert for the pool instead of a liner…and a home generator.

We pay cash and save back what we spent before starting the next project.

My wife is ready to start back taking her cruises and I take my turkey trips every year. Much easier to do when you don’t have to worry about money.

It depends on what you define as save…save in my mind means money you can’t touch until a certain time without penalty. You should save every cent you can afford that allows deferred tax and/or company match. Max the 401’s and HSA. Back door the Roth for good measure. And bank as much as possible beyond that because that is accessible anytime.

Best advice on here.

I believe Robert Kiyosaki. “Savers are losers”. Not because they’re dumb, but because they’re losing out on opportunities to make money. Inflation is going to be 5% this year. Everyone with cash (glad you trust the government), that’s like throwing away 1 nickel for every dollar you have. Just in one year.

For those that don’t want to learn, follow Dave Ramsey. For those that do, read Rich Dad Poor Dad.

Inflation is real, good luck.