Do you have money in savings?

Lounge
21

Other real benefits that credit cards provide is various rewards.

1 Like
22

I have a nice rainy day fund, yes.

But Iā€™m fortunate because I live with my parents and they charge very little in rent. I very, very rarely make big purchases so I am frugal with my money. If I lived on my own, I wouldnā€™t have as much in savings

1 Like
23

I have some savings and I would like to spend some so I am thinking about getting a car and hope to go on a holiday

1 Like
24

I have money saved but itā€™s for the house. Kinda like what bowens said if you have a house things break and cost money, so in a way itā€™s not really savings that can be spent on anything.

3 Likes
25

5 figures worth. About half of that back pay as a result of a court ruling on disability benefits. Iā€™m actually over the limit whereby the amount of benefit gets reduced. However thatā€™s not currently happening, because they say that money wouldā€™ve been spent by now if the disability premium hadnā€™t been reduced in the 1st place.

2 Likes
26

Yes I have a Roth IRA and money I invested in stocks. I canā€™t live paycheck to paycheck because I decided not to move out and decided against to have kids and a husband, a wife may work as we wonā€™t have kids but then Iā€™ll still have to move out. When I left my job I blew through my savings but I can save it back just as easily.

2 Likes
27

Hello @Catman ,

Thatā€™s a fair point. My only concern would be if you have to spend money on the card to earn rewards, which could be a slippery slope for some.

2 Likes
28

@LivingWith

  1. if you canā€™t pay your credit card purchases in full each month you should not use a credit card, and 2) rewards must be based on things you know youā€™re going to need to buy.

Calculating price (what you pay) is simple, but calculating value (what you get) is not so simple.

For example, I know I will buy groceries, so I have the Amex Blue Cash Preferred card. The annual fee is $95, but what value would I get from this card? Last year I spent about $1,400 per month on food, so I spent about $16,800 on food for the year. The Blue card gives me 6X on food (from a grocery storeā€“Walmart is not considered a grocery store) with a $6,000 annual cap. I use that card for the first 4 months, and I receive $360 dollars, which is more than the annual fee. So the price of the card is $95, and the value of the card is $360.

3 Likes
29

Hello @Catman ,

Your points are all totally valid, and Iā€™m sorry if I offended.

My concern was (and is) if people end up spending money they havenā€™t got, like I did.

Best wishes, LW

2 Likes
30

As for savings - $5,000 and an investment apartment worth $50,000.

1 Like
31

Not a single penny in savings.

2 Likes