Nancy
Tallahassee, FL
Age 62

Bio: Sixty and single, accountant, artist, author, grandmother of 5. Love to travel. I’m still working but would rather be romping around the world right about now — or at least free for a leisurely afternoon beach trip in the middle of the week. Being a single female with limited savings (or options) adds to the dilemma.

Sixty and Single

I’m told Joan Rivers recommends divorcing well. Hmm, too late for that. Someone forgot to tell me to marry well.

In 2002, I lost my job, and at age 57, nobody is interested in hiring their mother. At least that was the impression I got as I made all the interview rounds talking to thirty-something managers. Talk about sinking into a funk! But spring came and hope arrived in the form of a partnership and a new business: A high-end home decorating fabric shop. She had the money; I had the expertise and time. Finally, I had something to get up for in the morning.

I plunged in with great expectations — it was fun, creative, exciting, challenging and seemingly a sure thing. All the things I needed to get back on track, financially and emotionally.

I didn’t have any idea what a roller coaster ride I was in for over the next three years.

Conception to opening took about nine months. Good press, good word-of-mouth, it looked like we were on our way. The first month rolled around, time for payroll. My partner decided we (she) couldn’t afford to pay us — just yet. “We needed to start making a profit.” This went against not only the business plan we agreed to, but also all that I’d ever known about starting your own business. But it was her money.

Mid-way through the process, my husband left me for another woman. Now we’re back to the marrying well — I didn’t. Instead, I’d married for love, and local musicians don’t make much. During the years we were together, I was paying off college debts (mine and my daughters), and providing more than sixty percent of our support. Losing my job had already put us in a tight situation. Now, I not only didn’t have my income, I couldn’t count on his contribution.

Thank God, or maybe not, that I had great credit and lots of credit cards. They paid for therapy, rent, insurance, bought groceries and gas.

Long story short: At age sixty, I found myself single and filing bankruptcy. The business failed and I was over $100,000 in debt. I picked up, packed up and moved in with my daughter and her family. What a failure!

Luckily, after six months, I found a good job with great benefits, including retirement. I sold a book and the advance gave me a little cushion and paid for a trip abroad to visit one of my daughters. Now the challenge is saving as much as possible for retirement, since this is my very first retirement account. And I want to save for another trip or two — Peru, Italy, Thailand.

In David Bach’s book Start Late Finish Rich, he talks about the “latte factor,” the idea that all you need to do to finish rich is to look at the small things you spend your money on every day (lattes, bottled water, magazines, etc.) and see whether you could redirect that spending to yourself. Great point! It’s time for me to find my latte factor(s) and start saving for my next journey — a savings journey!

Susan
Cincinnati, OH
Age 33

Bio: I’m a 30-something wife and mom of two young children, living in the town where I grew up (Cincinnati). Last year, I left the comfort of corporate America to start my own business. I’ve always had a savings account, but HOW I’ve used it has been a bit of a roller coaster ride over the years.

Mom’s Journey to Savings Serenity

When it comes to savings, I’ve been good. I’ve been terrible. I’ve been blah.

In the good times, I’ve managed to save thousands of dollars in the span of a few months by earning more than I spend, trimming the fat in my expenses and being uber-diligent about putting away every spare dollar. As a result, I happily paid off credit card debts and car loans. I even had extra money to act as a cushion when my car needed repairs or I had extra expenses.

But I also have a bit of an impetuous, impatient streak — like a little devil standing on my shoulder, whispering in my ear “go ahead and spend that money… you deserve it!” When I listen to that voice, I end up blowing major chunks of my hard-earned change on what later seems frivolous. (Like, say, that custom water feature with all-new landscaping in the backyard. Uh, what was I thinking?)

In between these spurts of amazing saving and ridiculous spending, I’ve had months of regular but small contributions to my savings, and some months when it was nearly empty. Let’s just say my financial habits are painfully inconsistent.

This year, I want things to be different. I need them to be.

My husband and I have two young children to support, and I recently started my own business. I can no longer rely on regular paychecks or employer 401(k) matches. As a freelance writer, I am responsible for figuring out how much I owe the government in taxes, and making quarterly payments based on my estimates. I also have to stockpile enough cash to get us through each week, whether a client sends me a check or it gets “lost in the mail.”

Oh yeah, and we’re planning to buy a bigger house soon, one that’s big enough for all four of us and is in an excellent school district. That means adjusting our regular expenses to handle a bigger mortgage payment and dealing with all those unexpected purchase that come with owning a new (to us) home.

Meanwhile, I have one large, looming debt I want to pay off: my graduate school loan. I’ve been making the minimum payments on it for 10 years now, and I’ve hardly made a dent in the principal. I may not be able to pay it off this year, but I want to at least make a plan and start working toward paying off — before my own kids are in college, for Pete’s sake!

So with all this motivation and the best of intentions, I’m ready to start getting serious about savings. I want to create a family budget and stick to it, and map out a plan for paying off debt while also saving for the future. Along the way, I promise to be brutally honest about how I’m doing.

Alicia
Starkville, MS
Age 26

Bio: I’m a college graduate with no debt! I took an office job to pay off my student loans and have been slowly saving for no particular goal other than to have a savings. My husband is pursuing a PhD, so as of right now I am the breadwinner, and English majors were never meant to be breadwinners. Our income and savings while meager allows some travel and indulgences such as our two pound puppies and two indoor rabbits. I live in rural Mississippi, and I like to be anywhere else.

The Mis(sissippi) Adventures of a Born Again Saver:

Flashback: I am 8. My brother is 16. I have saved $81 over a year from sweeping the house, washing the bathroom walls, scrubbing love bugs from the mini-van bumper, vacuuming my dad’s cigarette ashes from the Dodge, and raking and bagging pine needles throughout the fall. My brother has come to me to ask for a loan.

Just $20, he asks. I say sure, but there will be interest.

Upon learning my rates, he declines.

Unfortunately, I’ve since relented on holding on to my money so dearly. My big goal in 2009, after paying for the wedding, was to pay off my student loans before they accrued interest. I succeeded in that goal, a major accomplishment that has (so far) granted me a debt free life.

But without any medium term goals, my savings drive has idled. Where I was once able to save money quickly for the wedding and for the loans, growth in my account balances is now far less impressive. With no debt, what’s to keep me from driving to Birmingham, Alabama and spending $1000 in all the glorious stores that don’t exist in the stark Mississippi town I live in? Nothing, apparently. I don’t care too much for my job, and I feel I should be rewarded, and reward myself I do.

But that is about to change.

I just signed our electronic tax return for 2009 last night. I knew we’d get some back, but I’m still used to the tiny returns I got from making 8k a year as a graduate assistant. Whenever a big check comes in, I always wonder what to do with it. Previous projects have been: my Nikon D60 including two lenses, 4 wisdom teeth extractions, the trip to D.C., and (of course) student loan debt.

This year? The whole check will go into my savings where it will sit until I hear back from Sewanee Writer’s Conference. If I get in, a portion will go toward that. If I don’t, it goes toward my first NYC trip. (Actually, I’m going to NYC regardless.) However, I will NOT spend all of my refund. I hope to keep at least half of it in my savings account.

Hope is the key word. Sewanee is $1700. How poets afford a $1700 conference, I’ll never know. I guess they depend on office jobs (like me), don’t have cable (like me), don’t have iPods or an iPhone (like me), and drive older cars (like me).

I’m certainly not deprived. Living in rural Mississippi has infected me with the travel bug. Last year, I think I spent at least 25 weekends out of town, which makes saving money more difficult. If I had stayed in town a few more weekends, I could have easily tripled my savings from last year, so this year my goal is to travel less and save more. I get awfully bored down on the farm. I start craving Pho, Pad Thai, and all sorts of delicious ethnic food I can’t get here, and before I know it I’m gassing up and heading to Memphis, Birmingham, Atlanta, or New Orleans and shopping the whole way.

This weekend I’m headed to Georgia, and I’m debating stopping in Atlanta.

I know I don’t need to go, but H&M, Trader Joe’s, and the giant Asian market are calling me. The biggest problem I have without having debt is I have little stopping me from spending money when the occasion arrives. I need to get in touch with my inner 8 year old and hang on to my money. I hope this keeps me honest.

Matt
Chicago, IL
Age 34

Bio: Youngish, vegetarian, married father of two. Avid gardener and Mr. Handyman. My wife and I don’t make a ton of money, but we want to hold on to as much as we can, so we don’t have to struggle like our parents did.

I’ve got two kids. Daughters. And they’re awesome. I’ve never felt such elation, and such fear, both times I went to the hospital to meet each of them for the first time. They are without a doubt the greatest thing that’s ever happened to me.

They are also EXPENSIVE.

They say that kids aren’t that expensive when you first have them. If you’ve got a lot of friends and family, you’ll get all kinds of stuff and you won’t have to invest that much money. However, that lasts for about 3 months, and then you find out just how much diapers are. Holy moly diapers are expensive.

But all this stuff is a given. My kids are 3 and 7 months, respectively. I won’t say we’ve got the whole thing down pat, but we are REALLY, really good at flying by the seat of our pants. The trick is to only feed them half the amount of what the doctor suggests and to reuse disposable diapers.

I’m kidding.

No, what’s got me worried is the future. Not what’s happening next month future, but FUTURE. Like what are we going to have for these kids when they become adults? What sort of monetary head start can we give them, to use for college or start a business or whatever they want to do when they turn 18?

And then I think back to the great stock debacle of the late 90s, and I am instantly enraged.

I should give you some backstory: When we were kids, my parents bought stock in our local bank for my two younger brothers and myself. You know, as investments in our future. Identical amounts of stock, bought at the same time for each of us.

Being the oldest brother, I cashed in first. My stocks paid for about a semester of college. Plus books! Not bad. It helped alleviate some of the loans I’d pay back for the next year, and it allowed me not to have to work for that first semester.

My middle brother is two years younger than I am. In the two years between when I started college and he started college, the local bank got sold to a larger bank. The stock was suddenly worth a whole lot more. So when he cashed in, it paid for a whopping two years of college. And he went to a much more expensive college than I did. Pretty cool.

Then along comes my youngest brother. Three years after my middle bro, he graduates. In that time, the bank got sold AGAIN. Jackpot. The stock is now worth a ton. How much? Enough to completely pay for school and buy himself a fancy new computer for his freshman year. Meanwhile, I’m saddled with 10 years of student loans and I didn’t buy my first computer until after I got married.

Not that I’m bitter.

So what do I do for my kids? Play Russian Roulette with the market and pray there’s enough for them to pay for books?

I’ve got a better idea. I figured that if I start saving $50 a paycheck for them in an Orange Savings account, they’ll have almost $50,000 to do whatever they want to with when they turn 18. Not too shabby.

We spent weeks reading through each and every entry to our Customer Blogger program. There were many, and they were awesome — honest, funny and real. Choosing was tough: We were blown away by the creativity of the stories, the quality of the writing and the overall commitment to saving money.

We’re unveiling our new Customer Bloggers this week, so be on the lookout. They represent different walks of life, hail from all over the country and — like you — have some interesting stories to share.

By Alayna A., Savings Advocate

A few glorious years ago, back when I was still in college, Thursday Night was Nacho Night: A cheese-and-jalapeño heavy evening that stained our fingers and left us $20+ poorer going into the weekend. It was a ton of fun, but it was also a bit of a financial “last call” for me.

Now that my undergrad years are behind me, I’ve started to own up to real life things like student loans, credit card debt, paying bills on time and such. I’ve also moved to the city of Philadelphia, an awesome town but a place where $20 nights out aren’t really on the menu. So, I decided it was time to start eating better without going broke.

Yep, I started cooking for myself.

I’m not saying I’m a gourmet, but I can hold my own in the kitchen. (At least that’s what my friends tell me.) I grew up in a family of foodies who frequently cooked together. That, coupled with a few lazy afternoons in front of The Food Network, put me off to a pretty good start.

But, as is too often the case, this attempt to save money quickly became a vacuous hole, sucking up way, way too much of my paycheck. Reliable spaghetti and meatballs morphed into butternut squash lasagna. Affordable flounder became pricier Chilean sea bass. Chocolate cake: good. But over-the-top tortes? Even better—and deliciously expensive. At one point in my feast of culinary bank-breaking, I’d spent so much on groceries that a simple dinner out with friends was no longer doable. Huh? The reason I’d started cooking was to help finance the occasional dinner out.

So I decided to take a close look at the budget and the menu and start chopping away. Here are a few of my tasty takeaways:

First and foremost, list it. Instead of listing everything you think you’ll need, first plan your meals for the week and then buy the ingredients you’ll actually need.

Know the price of convenience. Cut out high-priced convenience items like pre-cut veggies, learn how to de-bone a chicken, and try to shop locally whenever possible; not only will this save you money, it’ll bring you that much closer to your food.

Be hip to clip. It’s a bit of a chore sometimes, but scanning the circulars in the Sunday paper coincides nicely with Sunday afternoon list making, budget writing and grocery shopping. People say coupons are only good for the high-priced name brand stuff no one really wants or needs. Don’t listen to the coupon haters. I always find a good amount of everyday items that I planned on buying in the first place. That saves me $10 to $15 in the checkout line. Coupons can also help set spending boundaries. Have a thing for fancy granola? Me too. But waiting to purchase it during sales or with coupons has helped keep my gourmet cravings (and the grocery bill) in check.

Develop an appetite for cash. For me, learning to rely on cash-only shopping trips has made the biggest difference. Knowing that I’m shopping on a strict budget eliminates the impulse buys. So when I say I’m only going to spend $50 for the week, I only spend $50 for the week. Funny how that works.

Get cooking creatively. Hand-me-down cookware, tips from friends and family, and learning how to reincorporate the all-important leftover into imaginative new meals can all help you develop into a more adaptable cook—and Saver.

So far, things are going well – but I’m pretty young and have a lot to learn. Still, I’ve saved enough money for a few extra nights on the town each month, and taught myself some invaluable skills with sharp knives (the whole deboning-a-chicken thing? Yeah, I did that). And though my mashed potatoes could be just a little tastier with the addition of some crème fraiche, I’m the only one who really notices. (Either that or my guests are being super polite.)

So what ways are you saving in the kitchen, on the menu or in the store? We love to swap recipes for saving.

The marketing blitz comes as a result of new federal regulations, which state that banks must get consumers to agree, or “opt in,” to a service covering purchases or ATM withdrawals on a debit card when there is not enough money in their account. According to one source in this article, banks generated an estimated $20 billion from overdraft fees on debit purchases and ATM transactions in 2009. That’s some hefty revenue.

So, marketers are now probing consumer pain points in hopes that people will opt to keep the overdraft protection, regardless of fees. To wit: One bank referenced in the article sent special letters warning that “If you don’t contact us, your everyday debit card transactions that overdraw your account will not be authorized after August 15, 2010 — even in an emergency.”

Oh, my.

What kind of emergency, you ask? Well, the article cites another example wherein a customer went to his bank branch to turn off his overdraft protection:

Beware, his banker cautioned. If [he] used the card to buy gas, the station might place a hold on his account and he might not be able to fill up at all, even if he had enough money in the bank to cover a full tank.

Um, okay. $2.70/gallon + a $35 overdraft surcharge. How’s that for an inadvertent gas tax?

Yikes.

So, what does this mean for you? Read letters from your bank carefully—and with a big hunk of salt. Sure, there’s something to be said for having money available in an emergency, but think about your options: Many banks also offer less costly overdraft protection in the form of a line of credit in which consumers sign up to cover insufficient funds in their checking account; other options may include automatically pulling money out of a savings account or a credit card. And some banks offer checking accounts with no overdraft fees at all.

As always, share with us your thoughts on the issue. What would you do to cover yourself in a cash-less emergency?

Whether you’re an established savvy Saver or still a work in progress, the benefits of good credit are far reaching and long lasting. Among other things, a solid credit profile and high credit score makes you less risky to lenders. Why it can even lower your interest rates on credit cards and home loans (and save you money). But how do you go about building good credit – and maintaining it for the rest of your life? It’s hard to believe, but there’s not all that much accurate, readily available information out there to help you figure it out. Luckily, there are just a few really important things you need to keep in mind to create, maintain and enjoy a solid credit profile.

In many ways, less is more. Having too much established credit can make you look too “leveraged” or overextended. It’s better to go for quality over quantity when building your credit profile. Establishing a credit card account with at least one major bank almost guarantees that your payment history will be reported to all 3 credit bureaus and establishes your credit “worthiness” to other creditors. When building credit, make sure to take these things into account: payment history, amounts owed, length of credit history, types of credit in use and newly established credit. All contribute to building a positive credit profile and credit FICO score.

Using credit responsibly. Assuming you’ve established a credit card account, it’s important that you manage that account responsibly. When making a purchase on a credit card, don’t just look at the minimum due each month. The truth is, a single purchase may take months, sometimes years, to repay. You don’t want to carry a balance each month, especially if you don’t have a great credit card rate in the first place.

Traps and pitfalls to avoid. One of the best ways to avoid credit card trouble is to be well informed and organized. Read through your monthly billing statements and review all the charges on your accounts. If you don’t understand the statement, call customer service and review the bill until it’s clear. And remember, the new CARD Act of 2009 means creditors will need to give you 45 days’ notice to raise interest rate changes on a card. This new disclosure will help prevent high interest charges on your account without your prior knowledge. You’ll have the right to “opt out” of a particular change and maintain the current rate. The tradeoff? You’ll need to close the account. Also, the new law means you’ll get lower rates reinstated after 6 consecutive months of timely payments.

Clearly, there’s a movement for increased consumer protection. And it starts by taking personal responsibility for your credit profile. If you haven’t started building one, get started. And take good care of it.

Credit Advocate Counseling Corp. (www.creditadvocates.org)is a not-for-profit Consumer Credit Counseling Agency in New York City. Steven Burman recently led a “good credit” workshop at ING DIRECT’s New York Café.

We can’t help with the making memories part. But we can help you make them last longer. For example, check out this awesome offer on our Savers’ Marketplace site. It can save you a little money (how’s 50 bucks sound?) if you’re looking for a nifty, hand-held gizmo to capture some of the more spontanteous moments in life. Check out this exclusive offer for Savers, the Flip MinoHD Camera, at shop.ingdirect.com/. And start saving some memories.

But what exactly would you be willing to live without these days? More and more, Americans from all walks of life are soul-searching, wallet-watching and asking themselves the same question: What’s really important? Spenders, savers and ‘tweeners alike are putting their priorities under the microscope. And revisiting the “really important” stuff.

Some have taken it to impressive extremes. This NY Times column tells of an Atlanta family who downsized one of the most crucial elements of their existence: their home. It was a little bumpy. But they found themselves spending much more time with each other. They were able to give a large sum of money to a worthy charity. And they didn’t even miss the square footage of their old place.

Most of us aren’t in a position to make such a life-altering change. And that’s not really the point.

But what could you cut out of the budget, or routine, to maybe help take stock of things, leave money or spend more time with friends and family? Could you give up a half hour spent social networking to volunteer? Could you downgrade your phone plan to contribute to a local charity’s coffers? What about one less night out with the boys for a night in with the honey? Just sayin’.

No matter the reasoning behind it, it’s a good idea to weigh the real necessities in your life against the conveniences you enjoy. So we have to ask, what are you willing to do without? What are you already doing without? And is it making an impact in your life?