Women who haven't Saved - Can you help?

[RetiredHappy]

I was misunderstood. I agree. I said cut back, not eliminate protein. If someone is eating a lot of steak or burgers it should be easy to but that by 1/3 or 1/2 and not suffer much. Red meat protein is expensive and this is about saving money through behavior modification.

Regarding glucose and diabetes I'm fighting that and my CGM is instrumenting my numbers in order to cause me to modify my behavior accordingly. There are tradeoff. The best example I can think of is a bowl of steamed rice vs a bowl of fried rice. If I eat a bowl of steamed rice my CGM will spike to 200+, sometimes 250 and then retreat back to 100-115 within an hour or so. If I eat a bowl of fried rice (Chinese-style) it will spike to 150-160 and then retreat back. The trade off is obviously the oil/fat but it does attenuate the absorption and I've calibrated this with the blood test at the same time. I trade glucose health for cholesterol health in this case, assuming caloric intake is close. Otherwise, I could just be miserable and nobody wants that.

The difference in the spike to blood sugar is not just the fats, but by frying rice, or keeping in the fridge or freezer, it turns into resistant starch. It is true of most if not all, carbs. Frying, baking, keeping cold for a few hours or freezing them turns them into resistant starch, which results in lower carbs.

I make an awesome waffle, but now I make the waffles the day before, keep them overnight in the fridge and then put them into the bread toaster to make it crisp again the next day.

Resistant starch is a real thing, and reading up about it is a must for all pre-diabetics and Type 2 diabetics.

 

[Bestwifeever]

Thank you for working with this population, Artiscara. A lot of women look out for everyone else and put themselves last and end up looking at what could be a bleak future. My three suggestions are:

• tracking all spending for a month, not judgmentally, to see where the pennies go and where they don't need to go, and proceed from there.
• procuring whatever level of health insurance they can afford.
• and if they are caring for grandchildren or other younger relatives, be sure they pursue child support, any amount, for them
• (my fourth suggestion would be to go online and check their social security earnings and quarters to see what they can expect from SS and to be sure they will qualify for Medicare.)

 

[pb4uski]

DW loves to get roasted chickens from Costco or the grocery store. We usually get two meals out of one and make chicken broth with the remnants. Only waste is bones and gristle.

 

[Texas Proud]

I think some have insinuated it but IMO there is nothing you can do...

They have been living this way their whole life (maybe) and do not see any advantage in saving... why do you think they will change now...

PLUS, how much do you think they can save? Even at $50 a month for 10 years that is $6K plus earnings... that will not even last a year...

They might have to work until they die... many people do.. we all see old people at fast food, Walmart etc...

 

[Dtail]

The difference in the spike to blood sugar is not just the fats, but by frying rice, or keeping in the fridge or freezer, it turns into resistant starch. It is true of most if not all, carbs. Frying, baking, keeping cold for a few hours or freezing them turns them into resistant starch, which results in lower carbs.

I make an awesome waffle, but now I make the waffles the day before, keep them overnight in the fridge and then put them into the bread toaster to make it crisp again the next day.

Resistant starch is a real thing, and reading up about it is a must for all pre-diabetics and Type 2 diabetics.

Thanks. Never heard of this concept.

 

[TheWizard]

I'm not sure what gender has to do with the OP.
But once you get to age 60 or older in sad financial shape, your die is pretty much cast.
I don't see any good answer beyond working until you no longer are able.
Sorry...

 

[HtownRose]

(1) Look for a 3rd job / source of income &/or see if more hours can be worked &/or a higher hourly wage can be earned at the current 2 jobs. Check to see if more income would make them ineligible for any benefits they currently receive beforehand though.
(2) As mentioned earlier, if any of the women are caring for children, be sure all possible support is in place. I had a co-worker whose son, DIL & 2 granddaughters lived with her & contributed nothing to household expenses. I told her with no income they should at least be bringing in food stamps but she said the DIL refused to apply. (Maybe the fact they paid no rent would make them ineligible IDK.)
(3) Do any of the women have family members they can move in with, nearby or not? Best case would be adult children living in an ultra low cost area, possibly in another country where health care would be less expensive.
(4) Check to make sure they know everything they are entitled to due to past military service, past employment with government entities, benefits due to parents / ex-spouses & so on.
Good luck to you & the women! Let us know how it goes please.

 

[pjigar]

There are almost always things we can do to reduce our expenses. The question is how willing we are to change our habits.

^ Unfortunately it boils down to this. Personal finance is all about behaviors. Investing can be learned but savings is all about behaviors. Most people can't practice deferred gratification which is against our genetic programing.

Having said that, it is straight forward to identify top 2/3/4/5 things each individual can do. I read this more than 2 decades ago somewhere: Focus on what matters. Which means try to cut down your top 2/3/4/5 spending categories. Housing and auto are typically the top most spending categories for the most people with a very little savings. But as William Bernstein said: Dieting and investing/saving are both simple but neither of them are easy.

PS: Related story: I have "tried" to coach an individual (on his request) on personal finance who happens to make over $150K annually. His response after my very long conversation about how he can save and invest: I understand everything you said but there is absolute no room for any savings in our budget!

 

[Rushmore]

Develop friends who are in similar circumstances and have similar values. I have a group of friends to play cards with, potluck with, go to free concerts in the park, do short day trips with etc. we support one another, driving each other to appointments or loaning each other things. I think a network of friends and family is crucial. Friends who will text you when they find a good markdown or loan you a dress for a special occasion.

Learning to accept what you have as enough is a journey

 

[pb4uski]

Back when I was in my mid 20s, the only way that I could save was to pay myself first. I set up a savings account at a local bank that was a short walk from work but in the opposite direction from where I lived. Each payday I would walk over and make a deposit. And I made sure to NOT have an ATM card for that account. The objective was to make it very inconvenient to make a withdrawal.

 

[Koolau]

We know you really mean Quit !!! (note : proof reading is a GOOD habit !)

QUITE a few other good habits as well.

 

[Koolau]

In the 60's it's basically a lot less about saving and investing (though those habits will help) but it's much more about cutting expenses and or increasing income. Generally, cutting expenses is simpler (though not easier) than increasing income but YMMV.

A penny saved is MORE than a penny earned because of taxes, SS, etc.

 

[ERD50]

Hi,
I'm working with some women who have not saved for retirement. With 2 jobs most of them don't make enough to save. If you could suggest 3 things for these women to do, what would those 3 things be? (Most are around 60, have debts, and very small savings) Any thoughts or help is appreciated.

Lot's of good advice given, but you know what really struck me in your post?:

With 2 jobs most of them don't make enough to save.

That tells me everything. What is needed is an attitude adjustment. Without that, nothing else will help.

So what's so telling? Let's re-word it, and state the same thing this way: "With 2 jobs most of them spend too much to have any savings".

There's no magic, they either need to increase their income, or cut their spending. But if their attitude is spend first, then save what is (or isn't) left over, well, good luck.

 

[Koolau]

^^^^^^^^

Exactly!

DW had to hire several low-wage people and it always surprised me to see them go out for lunch at (for instance) McD and blow 2 hours of pay for lunch! I can barely run my own life, so I'd never presume to run their lives. But I'd be upset if I heard them whine about not making enough to make ends meet. (If DW had to pay them more, she would have farmed out their j*bs.)

When I was in that situation (admittedly, for a short time) I ate PB&J on white plus water for lunch. It IS about attitude (though YMMV.)

 

[pjigar]

When I was in that situation (admittedly, for a short time) I ate PB&J on white plus water for lunch. It IS about attitude (though YMMV.)

That reminded me of my days of low wage job. I would walk half a mile home during lunch to make something with eggs or a sandwich.

 

[marko]

So what's so telling? Let's re-word it, and state the same thing this way: "With 2 jobs most of them spend too much to have any savings".

There's no magic, they either need to increase their income, or cut their spending. But if their attitude is spend first, then save what is (or isn't) left over, well, good luck.

I agree. But what we don't know is if they're working two decent jobs, pulling in decent pay and spending wildly or if they're working two minimum wage jobs and barely able to make affordable housing rent. Obviously a big difference but either way, it's hard to change one's life direction at age 60.

 

[Surewhitey]

I'd definitely start with the top 5 spends & start there with reductions. Live like a college student on everything (mostly food). Keep a diary of the frugal, healthy meals and meal plan/prep. Learn to cook with minimal spices and really take advantage of the loss leader items at grocery stores. Don't shop hungry.

Look at insurance and change carriers, increase deductible or lower coverage. Maybe go to a mile plan and only liability coverage.

Look at any government assistance programs for health insurance or care, food stamps, cell phone, internet, etc.

Use the saver's tax credit (50% from the gubmint on $2k).

Move in with kids or get roommate. Moving in with kids would be a great reduction and maybe tap into the cash pile of the house & reduce the expense of insurance, maintenance, etc.

Charities offer up food & clothing. Get clothing from Goodwill or garage sales, but only what you truly need.

Watch documentaries on Minimalism.

 

[sdawson]

(3) Do any of the women have family members they can move in with, nearby or not?

This! We believe in being there for family, especially as they age. Any children or siblings with a spare room would be a blessing.

 

[Aerides]

Yep, my Sister even though had no savings and in CC debt would blow $$ on getting her nails done, etc... A false vanity.

Several comments in this thread about forgoing hair and nails, and while I agree there are more economical ways to do this...:

The women the OP is seeking to help are working, two jobs, etc.
They already might not be paying much for these services, if at all, and the assumption they are is a guess. I certainly didn't when I was making lower incomes, and would not have time if I had two jobs.
Women in society typically need to look polished and "young" to get better incomes

It's entirely feasible that low-skilled folks, women and men, can be stuck in low-income jobs, and not be able to save or afford much of anything.

 

[Gumby]

Several comments in this thread about forgoing hair and nails, and while I agree there are more economical ways to do this...:

The women the OP is seeking to help are working, two jobs, etc.
They already might not be paying much for these services, if at all, and the assumption they are is a guess. I certainly didn't when I was making lower incomes, and would not have time if I had two jobs.
Women in society typically need to look polished and "young" to get better incomes

It's entirely feasible that low-skilled folks, women and men, can be stuck in low-income jobs, and not be able to save or afford much of anything.

This calculator helps demonstrate your point. In New Haven, CT, two adults living together (with no children) cannot support themselves both working full time at the minimum wage. Living Wage Calculator

 

[HawkOwl]

If they do live in New Haven, CT (or other HCOL areas), find a less expensive area to live in. This doesn’t mean moving cross country (unless maybe they have family or social connections there), but just a more reasonable cost of living area.

If it is possible and safe, move closer to work and walk rather than maintain a car.

 

[harllee]

Tell your friends to sign up for Mr Money Mustache Forum, it is more geared towards lower income people than this Forum. It is many threads on how to cut expenses, increase income etc. There is place on that Forum where a person can post details of their personal income and expenses and get suggestions.

 

[rembrandt]

Tell your friends to sign up for Mr Money Mustache Forum, it is more geared towards lower income people than this Forum. It is many threads on how to cut expenses, increase income etc. There is place on that Forum where a person can post details of their personal income and expenses and get suggestions.

Lean Fire

 

[ivinsfan]

My suggestion is about the two jobs comment. Encourage them to always check out the help wanted postings. Help them navigate a potential better paying single job. There might be one job out there that has more pay, better benefits, ie would improve their everyday life. It easier to make prudent financial decisions when you take some pressure off yourself.

 

[ncbill]

Roommates...are likely unavoidable.

I agree with joining MMM forums as well.