How many americans are frugal

[kealina]

Originally Posted by PrincessPerky

they will but he can get around it, put it in an account with his parents name if they are trustworthy...if

i hate to bring it up but they count your parents assets against you too... even though my parents weren't really helping me with college i was still ineligible because they were above the poverty line...

and yes, it does suck... i was able to get by because marching band provided partial waivers for us and DH and i were good at cutting corners...

[Ima saver]

Yes, you are right, my parents saved all their lives and when they retired they bought a house and paid cash for it, in florida. (My father was in the army 30 years) Whatever they wanted, they saved and paid cash.

[kealina]

Originally Posted by DivaJen

Anecdotal, but in talking with my niece yesterday (early 20's) she just kind of accepts that people are in debt, that it is a normal place to be and you go on with your life despite it.
Don't know how indicative that is of her generation's perspective (other young 20's here want to give me hope? ). Growing up I know my family was way more frugal than anyone else I knew.

noooo! lol... i'm 24 and DH is 25 so there are at least a few of us floating around out there... sadly though, we are largely outnumbered by people that spend... our friends, our siblings, our parents.... some of them are frugal in some ways, ie my mom and sister go to yard sales and my whole family (sans dad) shops at ROSS...DH's family not very frugal....me and DH are doing the best out of the bunch.... no debt, some savings, etc... yet they are all trying to convince us to spend... i don't think so

the only people i know that are/were seriously frugal are the ones with serious money... my grandma inherited money and has multiple streams of income but has always been frugal... even now she buys her Costco shampoo with coupons and washes and reuses stuff like those aluminum pans, cuts up old clothes for rags at the company they own...
and my aunt, who started out poor and was so frugal people made fun of her for years is now a multi-millionaire, also with multiple streams of income...

how's that for an argument to be frugal? anyways, to answer the original question... i don't think very many americans are frugal at all... many of them feel entitled and of course there is temptation out there to spend, especially for young people... i feel it all the time but am fairly lucky DH and i reinforce and support each other.... i also have lots of motivation because my parents struggled all the way until i was in high school and now i find i need security to be at ease...

[Ima saver]

Gosh I save all my aluminum pans and re wash them too. I feel that women need to feel security and being frugal helps.

[PauletteGoddard]

I wish I knew how many Americans are frugal. We'd have to have a quantitative measurement of frugality: is it saving 25% of one's gross income? having no consumer debt whatsoever? Bringing in more than one spends? Participation in a barter-style or local community economy in preference over spending money at centers or institutions with a wider disparity between cost and value?

[kealina]

Originally Posted by Ima saver

Gosh I save all my aluminum pans and re wash them too. I feel that women need to feel security and being frugal helps.

lol... i think that's part of why i like you ima... you remind me of my grandma, who has been one of my best money role models growing up... funny thing is, i don't think she knows that... i should probably tell her but it can be difficult when they are the type of people that are very conservative and prefer actions to words... i hope to show her someday with how well i do...
and i know you try talking to people too... maybe you don't know it but you are a money role model too... isn't that a great thought?

and yeah, i need security and being frugal just gets me there a lot faster... i can't imagine how anxious i would be if we had debt or no savings...

[Ima saver]

Yes, it is a great thought!! Thanks!! I have tried to talk to so many young people (and even older people) about saving and trying not to incur debt.

[Bookie]

Kealina, tell your grandmother that you appreciate what you've learned from her example. Don't wait to show her at some time in the future. Say it now. Write her a note or something if you don't feel comfortable talking. It's important to take the time, to make the gesture. It means more than you can imagine . . .

[kealina]

bookie, thanks for the encouragement... i'd almost forgotten that when i graduated from college i did write everybody including my grandparents a note thanking them for things they had done for me.... i guess i wasn't counting that... and i know my mom lets my grandma know that i'm saving my money... plus my grandma must give me some credit... when i started school she gave me $400 to help with textbooks and other expenses... which i of course appreciated and thanked her for....

ima, at least you are out there in the trenches telling people... i wish someone had clued me in when i was younger because i would be much better off now... unfortunately we have tried but nobody will listen to us... in fact, they got mad so now we have just decided to sit back and wait until they decide they want our advice...

[Broken Arrow]

Originally Posted by PauletteGoddard

I wish I knew how many Americans are frugal. We'd have to have a quantitative measurement of frugality: is it saving 25% of one's gross income? having no consumer debt whatsoever? Bringing in more than one spends? Participation in a barter-style or local community economy in preference over spending money at centers or institutions with a wider disparity between cost and value?

Well, there have been surveys that have been taken to determine household income, amount of debt, and amount of assets and savings.

From an academic perspective, such studies should be taken with a grain of salt, as sample size and duration of study is questionable at times. However, it does give us some numerical data that we can look at.

I'm sorry I don't have a link handy though (although I would think the US. Census can shed a little bit of light on this subject as well).

[Ima saver]

Kealina, I have been trying to convince young people forever. I xerox pages of examples to show them what could happen if they start investing at a young age. You are right, no one listens, but I keep trying! I have never been able to save 25% but I think that is because I had a house at such a young age.

[Broken Arrow]

I wish I listened at an earlier age.

Oh well, better late than never.

I'm the lucky one then You guys are my role model.

[kealina]

ima, that's ok... we'll likely never be able to save 25% either... hawaii is sooo high COL that an average person here will generally pay at least 50% of their salary to housing... a 1BR apartment is 1K+/mo and the median cost of a single family home where our parents live is 660K-700K and rising...
tina, you are very lucky... i wish i had started when i was 17... and the people on these boards are great role models...

[Ima saver]

I did save about 1/3 of my pay the first year I was married. That is how I was able to save enough for a down payment on a house by the second year. After that, I used any extra money to pay off the house. It has been the cornerstone of my financial portfolio. (what a fancy word, but I couldn't think of anything else.) [Automated by GetSmile]

[rob62521]

kealina,

You said housing in Hawaii is really expensive and we've seen that on House Hunters on HGTV. Is it true that often the house is sold furnished because furniture is so expensive to get shipped to Hawaii?

[boefixepa]

It'a that way in the bahamas too...you buy and sell houses furnished.

[rob62521]

Thanks for teaching me something new today, boefixpa!

[kealina]

Originally Posted by rob62521

kealina,

You said housing in Hawaii is really expensive and we've seen that on House Hunters on HGTV. Is it true that often the house is sold furnished because furniture is so expensive to get shipped to Hawaii?

maybe sometimes... i haven't seen any but i haven't really been househunting since we don't have nearly enough money saved yet....it could be relatively recent?... from personal experience, when my parents bought their house 15 years ago it wasn't furnished....
i do know it's expensive to ship things and that is why many people sell their furniture before moving away and why people buy furniture after they get here... much of the time it isn't worth it to ship furniture...

and yeah, the housing is expensive but i was raised here and nearly everybody in my family lives here so it's hard to imagine living anywhere else long-term...

[Gruntina]

My mom lived on minimum wage but always supported 4 of her children with what she has as a single mom. She did not have any retirement planning and now that she had a heart attack and an implant, she can not work and is now in her 60's with no savings. On the other hand, my dad has a huge house and usualy buys a newer "used" vehicle every two years, renovated the house big time, boats and rv, yearly vacations and always buying tons of gifts for most occasions and treat grandchildren. His house is always stocked with food and supplies and he frequently buys new clothes and keep up with some of the latest technologies. He never taught me anything about money but I really don't know how he does it as he just a pipe fitter. maybe he has debts but I do not know. Now I am 30 and on my last year to pay off all debts but I dont have a house yet but I am working towards that by being frugal now. I feel like I am working against time for some reason and I have a big fear of becoming like my mom in the financial aspect. I did start a 401k almost two years ago so that got to account for something.