Scrapping & Saving

Ok Fellas & Gals, let's get real with this. As a keen assumption, most of us got into this for the love of being our own boss and making some extra cash. Besides that, Scrappers are doing one heck of job in cleaning up the environment. What I'm getting at is this, there is no scrapper 401k that I know of, so I created my own. For every $100 I bring in, I toss $20 in a shoe box. In a short time, you will be amazed how much you can save that way. All I'm saying (especially to the young fellas), don't scrap in vein. Prepare for a rainy day because the sun don't always shine. If you already do, be an inspiration and share how and more power to ya.

I know what you mean. My car just had the caliper jammed and thank goodness for my shoebox, I always have ready cash on hand. Today I replaced two front tires and the control arm is next. I don't have to stress about the cash. I hope these young dudes and dudetts are paying attention.

My kids get irritated at me about "harping" at them about retirement but they're starting to see the light. Unfortunately, it's too late as the youngest is 38. Compound interest is hard to grasp but it's the savings when you're young that counts the most. Start in your 20s and you'll retire comfortably.

I'm done.

Originally Posted by Patriot76

Retirement experts recommend saving between 15 - 20 % of net income for retirement. Savings for emergency expenses should equal 6 months to one year. If you follow these two rules and limit your debt to your mortgage, you are ahead of 90% of your neighbors.

Credit card rewards are another strategy. Everything is charged to document expenses. In return the credit card bought a new AR for a full time scrapper. If you do not understand, you do not want to. For this scrapper, it is a scrapping tool to eliminate the predators that get in the way. Yes, save for a rainy day because it gives you more options and freedom in the future. Good luck to the future generation, you have the ultimate challenge ahead of you.

Spoken like a man of true wisdom

Originally Posted by Mick

My kids get irritated at me about "harping" at them about retirement but they're starting to see the light. Unfortunately, it's too late as the youngest is 38. Compound interest is hard to grasp but it's the savings when you're young that counts the most. Start in your 20s and you'll retire comfortably.

I'm done.

Mick, hearing and listening are two of the hardest skill to decipher, but listen can be more tedious. At least you tried.

I will add that you also need to manage your cash and by that I mean if you hoard too much of it, it can become a problem to spend it on large purchases. If your buying a house they like the money to be in the bank and if you are moving more then $10k Red Flags go up.

Setting up a monthly household budget was key for me. Also having very simple straight foreword rules for our money has allowed us to save very quickly. Basic example of what works for me:
1.Enough money for Bills/expenses plus 200$ buffer goes into checking. Everything else goes into savings and dose not come out.
2. At the end of the month all cash on hand goes into the safe. Any extra money in checking account goes into savings.
3. Repeate every month

Company and household are ran the same way. The key is to budget everything. Want new tools? Add to the budget some each month until you can afford it. We don't get "play money", we budget in our entertainment.

I make every possible effort to live below my means without denying my family a decent life. 100$ is a lot of money to save but not a lot to spend.

Originally Posted by beardo

Setting up a monthly household budget was key for me. Also having very simple straight foreword rules for our money has allowed us to save very quickly. Basic example of what works for me:
1.Enough money for Bills/expenses plus 200$ buffer goes into checking. Everything else goes into savings and dose not come out.
2. At the end of the month all cash on hand goes into the safe. Any extra money in checking account goes into savings.
3. Repeate every month

Company and household are ran the same way. The key is to budget everything. Want new tools? Add to the budget some each month until you can afford it. We don't get "play money", we budget in our entertainment.

I make every possible effort to live below my means without denying my family a decent life. 100$ is a lot of money to save but not a lot to spend.

I strongly agree

Originally Posted by lousypirate

I'm hoping I can sustain enough scrap work and profit to help pay off student loans...

Student loans, now that's an achilles heel. Those blood suckers never go away

i have been doibg this i an 29 have 401 k thru my work but more helps. my wife is unable to work so i am only one able to work. my wife makes budget and are now trying to save more money since we had to by house after we git married and pregnant on honey moon lol was planned though thought we would have trouble getting pregnant. now we have baby and wife is able to cook more we work out a budget and only get what we need to survive rest is going in saveings after each paycheck what is left goes in after all is settled had to buy alot. had to get newer car more room for baby all her furniture and care products for baby. so it is calming down now and are starting to save and get budget back the way it was. we talk about all items we need to buy. we had to get new washer and dryer since ones we had were breaking alot and old. they were less effecient too used income tax to get them. It is nice tobearn a little more income

Look into a forgiveness program.

Originally Posted by tsmith53149

Really like this thread. Very helpful to me personally

I'm glad it's working for you.