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How are you doing financially? (lemm.ee)

submitted 1 month ago by [email protected] to c/[email protected]

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I read that half of Americans couldn’t cover an unexpected $1,000 expense. This sounds crazy to me. I understand that poverty exists, but the idea that an adult with a job doesn’t even have that amount saved up seems really strange.

What’s your relationship or philosophy with money? What do you credit for your financial success, or alternatively, what do you blame for your failures?

For the extra brave ones: how much savings do you have, and what are you planning to do with them?

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[–] HobbitFoot 3 points 1 month ago

Yeah. I think one thing I need to note is that I used debt as a tool.

There has only been a handful of times I paid interest on a credit card as I've treated it like spending cash.

I had college debt, but that's because I had a plan for college going into it and kept the plan. The increase in wages paid for the debt payments.

I've bought new cars, but I buy cars way under my means and with the near zero interest rates that manufacturers use to get sales. Then, after I pay off the car, the payment goes into savings until I need a new car.

Debt requires self control, but it can be a good tool when used well.