Should we all be saving what money we do have?

Question

i save my money but i also spend it too. should we be saving as much money as we can right now or spending it too help the economy?

Answer 1

You have to start thinking S-M-A-R-T. What kind of cutbacks can you make? For example: I drink bottled water. Now at $1 a bottle on something that covers over 65% of our planet is not smart. So I bought one of those water filters that s***w into your faucet. I have bottles that I refil over and over again. I take them to work. Do you have a lot of small appliances around that house that are always on? I cut my electronic bill almost in half by unplugging all the clock radios and night lights. I also bought some of those florescent bulbs that look a lot like a regular bulb. These things use 80% less electricity than regular bulbs. You would be surprised, but these small things add up. I know I was spending money on the water filter and energy efficient bulbs but these things will pay for themselves in a month providing they pertain to you. If you really need the money right away start cutting back on your food costs. Romain noodles cost a dime and they taste just as good as campbells chicken noodle that costs $130 a can. Ok no chicken in romain noodles, but you are probably just missing about 4 tiny pieces of chicken. .Before you know it you will be ahead. And remember you have to start thinking S-M-A-R-T! Yours truly seahorsehawrey.

Answer 2

Depends on the inflation index, buy goods and service in a growing inflation is cheaper now that in the future.

Answer 3

It is your money to do what you feel fit with. Saving some of it to fall back on is a good idea because you never know when you might need what you have saved. On the other hand don't deprive yourself of every single thing you want or need.

Answer 4

You shouldn't be thinking too much about the economy as a whole when you make your personal spending decisions.  You should be setting some money for retirement, some for an emergency fund with coverage for a few months worth of expenses in it (maybe pad that a bit to cover current high prices).

Beyond that, let your own personal situation be the guide.  If you're afraid you're going to lose your job, of course be more conservative, but if you aren't, don't let the economy as a whole get you down.  The news always makes things sound more dramatic then they are.

Answer 5

If you can... but most people are deep in debt, and aren't earning enough to make savings... so.

Answer 6

Saving money is good but investing is better. Inflation will eat away all your savings eventually. You need to invest so that it grows at a rate that can keep up with inflation.