Thursday, November 13, 2008
Cheapskate Principle #4 Save at Least 10% of Income
According to an article on cnnmoney.com, more Americans have started saving more and paying their debt down. Towards the end of the article however, many said that it was only temporary response to the economy. A true cheapskate would save 10% of the income anyway. There are so many things to save the money for if you have children. We have retirement, college funds, larger homes, emergency funds, etc. and etc. I believe the key is to come up with a plan and stick to it in thick and thin. In the same article it mentions that those that are not despondent over the current economic situation are those with an economic plan, ie budget.