Do you have a savings account?

[exitseven]

Americans are racking up credit card debt at a rate never before seen. It is over 1 Trillion Dollars. It has been said that many Americans have absolutely no savings.

[AmeerX]

Yes, I have a savings account 😄. I heard Americans on average have 4500 USD in banks per Capita.

Not gonna lie but people think about credit cards but trust me, if you stop using banks you will have much less stress )).

Here is how;
1. No interest to pay.
2. Your assets are bought on cash so you never go into debt and stress.
3. God prohibited compounded interest which banks charge from customers. In my country if you skip credit card bill it gets compounded at 42% per month, not year but a month.

4. Personal experience, ever since we stopped using debt loans for financing, we feel a lot better than in the past. In the past we would worry about repaying and interest rate changes and trust me once you get stable it's better.
5. Also I think insurance is just a big scam for us. My friend got car insurance and it cost him 80,000 PKR to change his clutch while I without insurance could get it changed for 20K PKR. So I am not crazy to spend that much on insurance and security.
6. Even in health, people spend quite a lot in US. Like a cataract lens cost us 135$ while Americans pay 400-500$ or so I heard. And I am talking about Alcon and Zeiss lens.

So, definitely Americans are stupid no offense when it comes to finances and students loans.

Like my friends and cousins, they all sent their kids back home to study medicine and go do job in US or UK or Australia and Canada while they paid fee of Pakistan but studied in US. So, they don't suffer like the Americans. Poor Americans can only dream of doing this but clever Indians Pakistanis and Bangladeshi can simply get advantage of the arbitrage and guess what, we don't have to work jobs to finance our studies 🤣🤣

[exitseven]

I only use credit cards for the convenience. I pay the balance in full every month. I only have credit cards with no annual fees. I did not send my kids to expensive schools. They went to local schools and commuted. I bought them 3 year old cars. I added a 4th bedroom and another bathroom on my house. I thought it was a better investment than a crappy dorm room and lousy cafeteria food. They all graduated in 4vyears with no debt

[AmeerX]

I think you did raise them good if you didn't have debt.
And I wish others could follow your example.

[exitseven]

Thanks for the MHO😎

[AmeerX]

😊 thank you

[lightbulb27]

yes, and that is frightening... and should be to others. I've had no debt since early 30's. there's no substitute for good parents, good spending practices living way below my means, and just being successful. the system works if you operate within the system. I'm not sure that is true anymore though... might be harder or require more sacrafice.

now one has to ask what is savings and denominated in... what? If I did the math on our 33.5 Trillion "dollars"... yes, we've gone up.5 trillion inside the last month of national debt, I suspect we'd be broke.

I would say no, we don't have much savings and are being wiped out like everyone else... that's the game. I'm not sure whom is going to be left standing when this ends.. if anyone.

So enjoy the good day while we have it... for tomorrow... is another day.

[jennifer_bloom]

I think you need a savings account to collect wages or pay bills. So most people who are not homeless or illegals would have a savings account. If you mean, do you have money in your savings account, or do you have enough money for big purchases, I think that is a personal matter that should not be used as a frame to evaluate people.

[Anemone978]

I only have a savings account lol And I never would apply for a credit card.. since I don't need it.. I only spend money I actually have..

[exitseven]

You show fiscal responsibility. You would never make it in Washington.

[OlderAndWiser]

I have a savings account and no credit card debt.

[Daniela1982]

But did you have when you were in your 40's?

[Potteplante]

Yes, I've 4 accounts.

Main account - where my icome comes, budget; bills, food, union, insurance, necessities and so on, savings account - for saving up for things I want and an emergency account.

But as known then I'm not American.

[midnightmoon05]

The banks call them savings/checking accounts.

we just have two accounts for expenses…so no savings there lol

we have an (one yr and more) emergency account with decent interest

And we have some fun money

the rest are in investments/retirements

my state is requiring all HS students to take a personal finance class before graduation. That’s good news.

[Lliam]

I keep a few $hundred in my savings account to back up my checking account in case I get overdrawn for some reason. But I don't save money in my savings account. The interest rate is crap, plus I don't trust banks.

I have my savings in a managed IRA account. I have some in a credit union IRA with a guaranteed interest rate, too.

[sage2021]

Nope, you know my story. I did have my savings in cash locked up at home. My then boyfriend stole all of it and ran. They found him dead the next morning from fentanyl poisoning. I wonder where my money is?

[Anonymous]

Most Indians keep money saved, they follow the golden Rule, 30/30/30 and last 30% means, you " Must " save 30% of your income/ Month and Invest it mutual funds and Real estate where your Money earns Money for you 😎

Poor People : Earns Money

Rich People : Their Money " Earns Money for them "

Agree?

[TrueConfection]

Yeah, but it's not worthy of being called a savings account. No credit card debt though!

[Zatsuma]

Yes but not in a bank 😉. Let's just hope cash doesn't disappear.

[sage2021]

@Zatsuma
Oh yes, it can disappear.
I had emergency cash locked up in my apartment but my then boyfriend stole it all!! He was found dead the next morning from fentanyl poisoning. So, I'm sure he bought it with my money.

[Zatsuma]

Sorry to hear that. But I meant as in the government no longer making it and forcing us to use electronic methods.

[BoopBoopBeep]

My savings is at my broker. Savings accounts at banks yield crap interest.

[RealMarek]

Thanks to the evil managerial elites (may they be cleared out) who value cronyism and people who play in moral gray areas instead of old fashioned hard work, I have almost no savings in my savings account and had to leave my profession to start a business. I’m scraping by but things are finally looking up.

[smilelots]

Yes, I have a savings account matter fact I have two one for when I go on holidays so that that money is not tied up with the rest of the savings

[PrinceWalnut]

I keep a Roth IRA, Brokerage Account, Checking Account, and High-Yield Savings Account. The savings account is essentially an emergency fund, with the investments for retirement and the checking account handles my usual monthly expenses. I also use life insurance as a way to build wealth, although that is limited by financial regulations

[LazerBean]

Yes, several. A general one, one for vacation, one for future baby expenses, and one for charity.

[LazerBean]

That is not including our retirement plan and investments

[Miristheiss]

Yes, and I have investment accounts and I've paid into a pension system at my job.

[Sparkie460]

Yes. My wife and I have a joint savings account and we each have our own separately

[jahaims]

Around 60% of Americans live paychecks to paycheck. I have a savings.

[Jaximus-Lion]

Yes! I have a saving account and Yes! We have saved a lot and we are using it when it's needed.

[petera1987]

Yes, I do. I have a savings-account bankbook, which I use to withdraw money from a teller, an actual real person, who works behind a desk. I've always used cash, never had a card of any kind, and never shop online.

[Adaeva]

I do because I don't spend all of my allowance so often I save some.

[AviatorTom]

I have a savings account... I've had one since I was 7 years old.

[Dargil]

My rule is my savings has to equal my VISA balance.

[Apple1996]

Yes I have a few savings accounts

[BCRanger10]

I do, and a "rainy day" fund.

[Charliefretz329]

I used to. Alas divorce

[boobliker]

yes it called wife

[exitseven]

Too funny.

[electromagnetic]

I do. It doesn’t have much because I travel a lot.

[ShadezMcgee]

I do.

[ShesRad80]

yes.

[sheikalana]

Yes, I do.

[jamesgoldman]

No because I don't trust banks but no debt either

[Jamie05rhs]

Yes. I have a savings account.

[Masterodd]

yes, many. Do you?