Metro Blog

Metropolitan Seventh-day Adventist Church Blog

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Login

Common Cents - You Don't Save Enough!

Posted by on in Common ¢ents
  • Font size: Larger Smaller
  • Hits: 126

Common Cents wide tCommon ¢ents - April 30 edition

In this week's issue, we continue our "10 reasons you're not rich" pointers, share a video about the things we waste money on, and answer our first Common ¢ents question.  Enjoy!

10 Reasons You're Not Rich

Reason #2:  You Save Too Little

If you’re like most folks, your savings habits could use some improvement. The personal savings rate in the U.S. is just 4.9 percent of disposable income, down from a high of 14.6 percent in 1975. Only about one-half of Americans (54 percent) say they have a savings plan in place to meet specific goals, according to a 2013 survey commissioned by America Saves, a group that advocates for better saving habits.

Saving needs to be a priority in order to build wealth. Begin with an emergency fund that can be tapped in the event of an illness, job loss or other unexpected calamity. A 2012 survey by the Financial Industry Regulatory Authority found that 56 percent of individuals say they have not set aside even three months’ worth of income to handle financial emergencies. Once your emergency fund is well under way, you can divert small amounts toward other goals, such as buying a home or paying for college. These six strategies can help you save more, no matter your income.

10 Things Americans Waste Money On

Click the image below to watch a clip of financial planner Dave Ramsey and his daughter talking on CNN about 10 things that we waste money on.  Are you doing any of these things?  Can you stop doing one or two of them and start saving that money? (If the link times out, please just try it again; we've been having intermittent issues with CNN's page loading - or try the link directly here:  http://www.cnn.com/video/data/2.0/video/bestoftv/2014/04/23/cnn-tonight-dave-r-rachel-cruze-americans-wasting-money.cnn.html)

americans-waste-money

I Need a Common ¢ents Answer

Common ¢ents Answers lets readers submit their financial questions to our Metropolitan financial gurus.

Last week, one of our members submitted this question:
How does one budget for the family's grocery bill?  Is there a calculation based on the ages and number of children and geographic location?

Here is the response:
For most Americans, how much we spend on food is a function of how much we earn, how many children we have at home, where we live and whether or not we eat mostly at home.  Please see the results below from the most recent Gallop poll (2012) on this.

Americans Spend $151 a Week of Food; the High-Income, $180
Americans report spending an average of $151 per week on food.  Higher-income adults and those aged 18 to 29 spend more on food, and are slightly more likely to say they ate out at a restaurant "last night" than are other groups.  The survey suggests that those with children spend about $30 more per week.

While these survey results are useful, they are averages.  Your can reduce your spending by minimizing waste, preparing food at home, choosing healthy but inexpensive options especially in the fruit and vegetable category.  For example, as the warm weather approaches, consider planting a vegetable garden (even if you have to use a community plot) and go fruit picking, and preserve some for the long cold winter.  Also, check out Costco and Sams Club for some of the vegan or vegetarian options that previously were available only through the ABC.  They are likely to be cheaper, but please manage bulk purchases carefully to avoid wasteful overspending.

Under exceptional circumstances, the average numbers may not apply. I know a family whose infant was allergic to baby formula and they had to buy a rather expensive product as a substitute. It also have a foul smell (even before it was injested)!  It was called Nutramigen. Expect to spend a lot more if you have teenage boys.  They really do eat much, much more, but this is normal, especially if they are active in sports!  

Do you have a question that needs a Common ¢ents answer?  Submit it here!

Rate this blog entry:
0
Metro Blogger is someone who knows a lot about what's going on at Metro. Is it a man? A woman? A boy? A girl? Is it Pastor B? Is it Dwight Monkou? Is it Gordon Cort? Is it Debbie Cooke? Is it multiple people? Will we ever find out who it is? Do you even care?

Comments