How do I successfully evangelize saving in my community?

[PauletteGoddard]

I vacillate between being convinced my city is affluent (I tried to get rid of my working television set via freecycle and craigslist, twice, and no one took it!!) and, seeing the foreclosures and home equity loans and lines of credit recorded in my County's official public records website, thinking maybe people need some support budgeting, reducing debt, and saving.

I'm in a face-to-face debt support group, no 12-steps, no religion, no annual dues that has remained small for the past six years. I've posted on craigslist and no one new has shown up.

I want people to save and reduce debt because I'm concerned about an impending economic collapse. It worries me to think that Americans have simply abolished savings and that a considerable percentage (not the majority, but a double-digit percentage) are keeping the economy going only through squandering their home equity. Call me Chicken Little.

Borrowing by U.S. consumers rose in April by the most in 10 months as Americans took out more car loans and charged more on their credit cards, the Federal Reserve said Wednesday.

Consumer credit, or non-mortgage loans to individuals, rose $10.6 billion, or at an annual rate of 5.9 percent, to $2.17 trillion. In March, consumer debt increased by $1.4 billion. I'm betting utility rates and gas prices will rise, as will health costs, and food costs as a consequence of an oil scarcity. I don't know how people with $2.17 trillion in debt weather a recession and I'm not sure I want to know.





I know everyone else here knows at least as much as I do: are you alarmed? Are you involved in local campaigns to exhort people to start saving? Have you successfully advertised in your neighbourhood to start up a bulk-buying club so you can get more bang for your buck at a warehouse store like Costco? My friends aren't into it. I'd trade clothes too, which I did attempt, but very few women showed up, and no one was in my size (10/12).

How, if you are introverted, do you get outside of your comfort zone and start getting the word out in your community? Is there such a thing as being comfortably in consumer debt? How do you find the budget-minded and fiscal conservatives among your neighbours?

[tgavin71]

Re: How do I successfully evangelize saving in my community?

In my experience you can help those who want to be helped. There is so much information out there about money issues there is really no excuse to be financially ill informed.
I have a very close friend who is in dire straits financially. No assets and large debts with no income coming in. She keeps coming to me for help but when I make suggestions they just go in one ear and out the other. Now I just say when you are serious about doing something then talk to me about it.
Yes I believe there is such a thing as being comfortable with consumer debt. Not saying that is a good thing though.

[boomeyers]

Re: How do I successfully evangelize saving in my community?

I agree with tgavin. You can only help those who want it and I have found most people just want to whine!
The only other thing you can do is lead by example. By letting people see you do Freecycle and maybe you recycle and maybe you could ride a bike instead, you are setting a good example. Use those coupons, take your lunch, people will see.

[PrincessPerky]

Re: How do I successfully evangelize saving in my community?

I'll emphasize that ONLY part.

But as far as leaving us a bit depressed and helpl;ess, it is annoying. I ahve found that people with less, not similar but less like near not enough often are more receptive to help than those who are managing to sweep troubles under the rug.

If I had time and such I would look into helping in soup kitchens, but they want that TV/clothes. Or into some clinic time, betcha kids with no toys at christmas are much more appriciatie than kids of parents going thousands into debt for them.

I had troubles with my church angel tree last year though, the kids were requesting gifts I can't afford to get for mine, no way was I able to fill any of that, nor would I want to! THats what I get for going to a church out of my budget though.

[Ima saver]

Re: How do I successfully evangelize saving in my community?

I have always tried to talk to people about savings and debt reduction, but you are right, no one is interested. i have offered waitresses all kinds of help, loaned books, xeroxed charts, etc. I use to work as a waitress and if I can live in a half million dollar house, so can they. No one will listen.
I have thought about having a meeting and invite people to talk about ideas for savings, but I am afraid no one will come.
I am on a local forum. When I try to discuss money or savings, I am told one thing. they have never seen a u haul full of money behind a hearse. Most of the people are over 30 and don't have $500 to their names. It is sad.

[PauletteGoddard]

Re: How do I successfully evangelize saving in my community?

You reminded me of when I helped out, twice, a neighbour. She talked a good story. Her family lives in a rent-to-own house on the corner, by a busy street. I lent her money, little did I know I gave it to her. She won't/can't pay me back, but she can afford malt liquor at the local supermarket, two SUVs and a big screen television.

One December, I was coming home from buying a Christmas roast from the butcher when a car stopped in front of my house. The driver asked me if I knew anything about the house down the street. I told her what I had seen, and what I had heard from neighbours who had been approached for money as well. The driver told me that my neighbour had signed on with the Salvation Army as a needy family, and was asking for three bicycles. "I have a choice between your neighbour and the family whose mother committed suicide earlier this year," she said, "I know now which family to support."

I am thankful for this site. It is an oasis. It's good to see Americans who know the good times can't last forever, and that frugality and delayed gratification are not antipatriotic values.

[Ima saver]

Re: How do I successfully evangelize saving in my community?

paulette, the last job I worked was very hard, I worked as a waitress, usually 7 days a week cause I was the head waitress and had to work when someone called in sick.
I also had to train the girls. They got paid minimum wage and did not get tips at all the first week. I trained one girl who made me feel so sorry for her. She had no money, the power was getting turned off, etc. etc.
At the end of the week that I worked with her, I had decided to give her all my tips for the week so she could pay her bills. I made about $100 a week in tips!
That afternoon, she came into the restaurant to work, but first she had to show me the photos of her and her husband that she had just had made. She paid $75 for the photos. Here I was going to give her money for bills and she was spending it on photos. Needless to say, I did not give her my tip money for the week.

[shengmei]

Re: How do I successfully evangelize saving in my community?

I don't think saving can be evangelized.

Back then when I wasn't so frugal I had a friend who was very frugal. She constantly criticized my expenses while trying to mooch off me every single chance she get. I finally got sick of what she was doing and broke off with her. Ever since then the evangelization of saving had left a bitter taste in my mouth.

[Ima saver]

Re: How do I successfully evangelize saving in my community?

I had a girlfriend back in high school that mooched off me too. Her dad made good money and she didn't work. I didn't have a dad and had to work all the time. She never paid me back, ever!

[Bookie]

Re: How do I successfully evangelize saving in my community?

I spent four years managing a non-profit corporation providing facilities support to social service organizations. One thing I learned was that many of the client population were not interested in a solution so much as they were in finding a quick fix. The problem wasn't seen as one of money management or life-style. It was the immediate crisis -- repossession, garnishments, eviction. Fix that and everything would be OK.

That is, until the next crisis.

I see the same mentality reflected in the larger community. Everything is just fine so long as they can maintain. Debt is the norm. Credit is a magic carpet ride, and cash is soooo 20th century. They balance precariously from paycheck to paycheck, walking a fiscal tightrope without benefit of a net. They've done it so successfully for so long that it seems like the only way to live in a nation where citizens have become "consumers," and a good FICO score is more to be valued than a good name.

That is, until the next crisis.

I'd hazard that many of us have had the crisis that serves as a wake-up call, and that's why we're on this forum. Like others, I've had my share of "helpful" conversations with improvident friends, and I have yet to make a single convert. People "know" they need to plan, to save, to economize; and they're going to do it -- tomorrow. Today the credit cards still work, and the bills are manageable. There's not a problem, you see.

So evangelize saving if you like, but don't be surprised to find yourself a voice crying out in the wilderness. Nobody's listening.

[Ima saver]

Re: How do I successfully evangelize saving in my community?

It is so sad bookie, but you are right. No one is listening. I have preached toa friend for almost 40 years. She still says that I am wrong and she is right! She just moved into the first house she has ever owned in her life. If she and her husband lose their job, they will lost this house.
I must say I did not go thru a crisis to become the way I am. I think it had to do with growing up poor, without a father, and a mother that worried about money all the time.

[nanamom]

Re: How do I successfully evangelize saving in my community?

Ever hear the expression you can lead a horse to water......

[Ima saver]

Re: How do I successfully evangelize saving in my community?

That is exactly, I have been leading her for almost 40 years, she has not had the first drink!!

[katwoman]

Re: How do I successfully evangelize saving in my community?

I'm curious about those graphs.

Disposable personal income is cited but what is that really? Money after one has contributed to their 401k/IRA? Money after a contribution to a FSA/HSA? Money after contributing to a 529 plan? Money after paying your portion of employee health insurance?

Most people I know are saving money but not the way our parents did. They're paying themselves first through IRA's, 401K's, life insurance premiums, annuities, FSA's/HSA's, etc. What's left over goes for mortgages, cars, food, utilities. If a lot is left over it usually goes into buying more real estate or other investment.

So then, what is disposable personal income today?

[Ima saver]

Re: How do I successfully evangelize saving in my community?

I don't have any of the financial products you mention.