Live Within Your Means
The following Everyday Savings Tip comes from, Vickie:
The best lesson my parents ever taught me was fiscal responsibility. They lived by the 80/20 rule – the first 10% goes to the church, the 2nd 10% in your savings account, and you live off the rest. If you couldn't afford that big screen tv within your 80% budget, you did without it. My parents consistently taught us the difference between a need and a want. It was tough sometimes, but I stuck to the plan.
I'm in my early 50's now, and my husband and I have built up a nice little nest egg for retirement as well as becoming debt free in our mid 40's. I owe a great deal of gratitude to my parents for teaching me to live within my means, and for a husband who got on board with the plan.
What is your best advice for saving and eliminating debt?
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Same philosophy.
However, after we paid for our own college edu, paid for our children’s college edu (one through law school), created a manuf/wholesale business that kept people employed, invested in our econ through stock purchases for our retirement, we were duped in 9/2008 and buy imports. It’s been up & down ever since. Then our health insurance was canceled because my husband & I had cancer in the same year.
Don’t pump youself up too much, Savings Lifestyle. Stuff happens to the best of us.