Wednesday, May 12, 2010, AM | 3 Comments
Two years ago, Americans’ saving rate was less than 1%. Today, by some estimates, it has gone up, to a whopping 5%. That’s the most in 15 years. WOW! Good for you America. Keep up the good work. If Braderick Jones can save, so can you. He is a mechanic in the state of Wisconsin. He brings home a decent paycheck his family can be proud of.
However, he had always lived paycheck to paycheck, never developing a budget or a savings account.
He would not let his paycheck completely last till the next pay day. More often than not, he would need to borrow which he did just to pay his bills.
“I never really thought about budgeting money. We never accumulated any savings. Anytime anything unexpected happened, my family had to borrow money,” Jones said.
All this changed after attending a four-week “Make Your Money Talk” program sponsored by the Wisconsin Women Business Initiative Corporation (wwbic) and Wisconsin Saves. Jones became eligible to open an Individual Development Account (IDA) through the Housing Authority of the City of Milwaukee.
This particular account is a match savings program. If he saves $2,000 in two years, that amount will be matched two-to-one, producing a grand total of $6,000 that can be used to buy a home, go back to school, or start a business.
Healthier lifestyle and budgeting
Jones now budgets his money and has made efforts to cut back on his spending. Not only is he saving money, but he’s working towards a healthier lifestyle. He quit buying snacks from vending machines and no more fast food. He eats home-cooked meals now.
Moral of the story
“Budgeting your money is part of being successful. It isn’t something you should be embarrassed about,” Jones says. Find out if your state has a program like Wisconsin.
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