# Bank of America: How to Set Up a Budget



## Meanderer (Jul 7, 2014)




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## oldman (Jul 16, 2014)

I have been married 47 years, raised two children, bought and paid off three homes and numerous cars. I have no outstanding debt and I carry three credit cards in my wallet, which have a -0- balance. Through the years, we only bought what we could either pay for or pay off in 30 days, except the homes and a few cars. That meant using what I call and the government knows nothing about, "fiscal constraint." If we needed a new whatever, we saved until we had the dough to buy it with cash. If an emergency came up, like the refrigerator went out, we borrowed from our savings. (You have to have a refrigerator.) Yes, borrow. We put it back a little each week. 

About 1974 when IRA's or a similar program was introduced, we jumped on-board. Our employer would donate so much to our account if we would contribute so much. I forget what we started with. Anyway, about 1978, (I think it was), 401(k)'s were started and very similar to the IRA program. We, (my wife and I), then moved our money into that account and stayed in it until we retired just a few years ago. 

But, I was lucky in some regards. My wife and I had good jobs and only once or twice did we find ourselves out of work. As we all know, it is much different today. Today's generation wants it all and they want it now. For most of them to be able to live within a budget would be like asking to have a tooth pulled without using novocaine. It ain't happening.


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## rkunsaw (Jul 16, 2014)

I agree with Oldman. Young folks today want everything "now".  I shudder to think of what their lives will be like when they get older. Even the ones without jobs think the latest cell phone is a necessity.


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## oldman (Jul 16, 2014)

It's sometimes funny when I am people watching in a mall while waiting for my wife and I see so many people with their head down while looking at their phone and texting and walking at the same time. I mean almost every other person has their head down.


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