That's a cool plan. I'm still getting a feel on what works best for me coz I'm also planning on saving for retirement.

I have decided to save 3% of my monthly salary for retirement. I know it's very meager, but I still have lots of bills to pay. So, I have to be satisfied with it for now. :

Never in life my dear. My past (and current) life it's a foundation for my future success. Stumbling blocks are unforeseen and sometimes unbearable but, overpowering the struggle is the key to accomplishment.

Very well said Meya! Cheers and good luck to more success!

Never in life my dear. My past (and current) life it's a foundation for my future success. Stumbling blocks are unforeseen and sometimes unbearable but, overpowering the struggle is the key to accomplishment.

I can totally agree with you on that part! In addition, outsourcing has contributed to job loss also. We just have to go with the flow since none of us has the power to change it. I can honestly say this one thing with pride, I am thankful for the life I lived as a child. Although it was rough being raised in housing projects and 1 meal per day (if not every day and a half), I learned how to find sources to replenish my daily needs. While others refuse or deny because of pride or embarrassment, good for them and more for me.

I admire you for staying true to yourself Meya. Hope you won't lose sight of that no matter where you are and where you will be in life.

I can totally agree with you on that part! In addition, outsourcing has contributed to job loss also. We just have to go with the flow since none of us has the power to change it. I can honestly say this one thing with pride, I am thankful for the life I lived as a child. Although it was rough being raised in housing projects and 1 meal per day (if not every day and a half), I learned how to find sources to replenish my daily needs. While others refuse or deny because of pride or embarrassment, good for them and more for me.

Meya - respect and honesty are important traits. Doing what you have to. Having experienced numerous unemployed sessions in my life, I found the need for savings to cushion for the unknown. Since I have been there I just know this. Walking the walk here is proof of the need. Some where along the way it will happen to all of us. No job is guaranteed and employers do not have it in their power to protect us since we deal globally now. Much simpler in the 40's through the 70's. Global wasn't the element in our lives that it is today. The hard part is moving where there is a job and taking the family. I have had 23 jobs since 1964. Truth, I have done well but each loss of a job set me back for a long time.

I wish I have the discipline for this.

When bills are piling up, you will! When my husband was laid off, I was the only person to foot the bills, we were on more than restrictions. Now that he has made it back to work, we have yet to recuperate from it. Anything that did not report to the CB was behind. I struggled from this so I had no other choice but to discipline myself by saving. We have a church down the street that has a Food Bank give away every Thursday, so i signed up for it. I did not have to purchase any onions, potatoes, rice, and sometimes vegetables. I was in need so of course I stood in line, if I am not in need I do not take advantage of anything where someone else worse off than I am needs more.

What can make it harder is the fact that the job market isn't very good right now. I know a lot of places in my area is only giving out part time jobs. I see the fact that they don't or can't always give benifits (if there are any).

that's true. so i usually take my chances on available part time jobs that are offered. as long as i still have the time for it and there's nothing illegal about it. times now are really hard... when will this end?

Instead of purchasing new clothes, I stay out of the stores and throw away all sale papers that comes through my mailbox. I decided to halt on coupons because it was only an excuse for shopping. Nothing is on sale if you had no intentions on purchasing it in the first place. We only look at coupons within a day or two from shopping and if it is not in our grocery list, we throw it out.

I wish I have the discipline for this.

As I went to make a deposit at Bofa, I noticed a huge flyer on their wall stating ways to boost our savings even while we are having tough times. For example :
1. Grocery $300 $250 = +$50
2. Gas $60 $45 = +$15
3. Household Maintenance $40 $30 = +$10

We could actually add $75 into our savings account if we followed a identical strategy. So, since I have encountered the "tough times" ordeal, I have decided to eliminate all brand name items, take less trips in my car by walking to nearby stores. I do not push a : shopping : unless I know for sure I am purchasing heavy or too many to handle items. I no longer walk down every isles at grocery stores and I make sure that I look at the isle description before making that turn.

Instead of purchasing new clothes, I stay out of the stores and throw away all sale papers that comes through my mailbox. I decided to halt on coupons because it was only an excuse for shopping. Nothing is on sale if you had no intentions on purchasing it in the first place. We only look at coupons within a day or two from shopping and if it is not in our grocery list, we throw it out.

I know we are all different when it comes to shopping, but if we just took the time to implement the steps the above, we could save money in addition to the "Old School" way, by withholding portions of our paychecks to add to our savings accounts. If anyone else has any more ideas, please share them. My ears and eyes are wide open for many ways of saving methods.

Savings rates certainly do not keep up with living costs but it is money set aside to cover the unknown and that's really what you are doing (a rainy day fund). Yes... and at today's savings rates of less than 1% in many places no sweat. I remember when S & L's paid 5.25% on savings and banks paid 5% on savings and we though what a waste of time. Now we see 0.03% on savings and say what, that's not even 1.00% and the big boy banks think they are really doing it?! My regional bank pays 2.02% on savings and in today's world that's great (I now live outside their service area but they let me stay with them).

Actually, I like to forget about taxes until April 12th or so. Lol.

Usually, when we talk about savings, we forget about taxes. So, I think one way of forcing myself to save is to be reminded that taxes won't have an impact on my savings. This makes my savings worth more than it is. Just my idea.

maureen - there are lot's of "schools of thought" on this... The one that I have heard over and over as a "baby boomer" is use 10% as a guide. Your circumstances may allow more or less. American's have been on a long positive run in the market place (ten plus years) and have over utilized credit and spent down their savings. Financial Planners always ask: "... do you have a rainy day fund..."? What they are getting at is enough quick cash to cover 3 to 4 months of living expenses? Some say even up to six months! Now in today's world finding a job for even the best of the best is NOT assured. You need to think about what works for you. As Meya said, others on this site will offer more guidance. This is a start.