Not a good idea to save?
Based on the current economic conditions we have entered a time where doing the right thing is now considered the wrong thing. At least by the experts. The two things that we constantly say here is you need to get out of debt and save for emergencies and purchases. From its most fundamental definition both aspects to this financial plan require you to spend less. I am not saying that you need to stop spending, but you need to spend less (a lot less) than you make. For a very long time, this type of financial thinking was non-existent for most families.
Recently, we have learned that more people are doing both of these things. They are saving more and they are paying off their debts. Under normal circumstances I would be very excited and say kudos to everyone. However, if you read the newspapers or listen to the media, they are telling you that right now is the worst possible time to stop spending. You see, according to the experts, spending money stimulates the economy. Spending money creates jobs. Spending money is the only way to turn the economy around
I think what the experts are forgetting is that spending is what got us into this mess to begin with. Yes, the economy does go up when we spend, and to keep the economy moving forward one way of doing that is to continue to spend. The problem is the amount of money in our pocket is a finite thing. Unlike the government, we can’t just keep spending.
There comes a time where we say “enough is enough”. Now is that time for many people who have decided that depending on the media and the government for direction is a bad idea. If you are part of that group that has decided to start saving more and spending less, then I congratulate you. Don’t let the so-called experts rain on your parade. There will be plenty of rainy days ahead, keep saving for them.
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StumbleUpon
No doubt – I’m 100% with ya too. Savers unite! haha…I just hope people continue to do so once we’re out of all this mess. Not a fan of repeating it over again.
@J. Money
We have committed to never again use debt as a way of life…saving is awesome and being able to buy something with cash especially a car is a real good feeling.