Friday Finance Followers – Cash For Clunkers Suspended Edition

Ok, I mean I am not an accountant but lets think about this. The US Government has suspended the Cash for Clunkers Program. See Peters post in my roundup for more on that. But why are people all in a tizzy about it. Lets say they really did spend all $1 billion dollars they had allocated for it. Doesn’t that mean they achieved their goal of bouying the auto industry. I mean that is like 222,222 cars if everyone got the full $4500 incentive. That is a lot of damn cars, of course it also means there is 222,222 cars going to scrap heaps which probably run ok and could be put to use somewhere.  Anyway kudos to the US government for underestimating the Americans and their cars, I kept my clunker, its paid for so why wouldn’t I. While I am in a kudos mood here are my roundup posts for this week:

@moneymatters from Bible Money Matters wrote, in lightning fast fashion, a post on the suspension of the cash for clunkers program. He goes a little more into the specifics than I did so check it out to get the skinny.

@ManVsDebt wrote about the battle between Ramit’s Big Wins and Trent’s Frugality. I personally like both schools of thought so why not be frugal while fighting for the big wins. Success comes when you learn to balance all aspects of your life to provide you with the most fulfillment. I was a sucker for the tigers in the picture too.

@AlanSchram begs the question Are Budgets Dead? Inspired by the fact that neither JD Roth or Trent Hamm use a budget, he wonders does anyone? I don’t think that budgets are dead, they certainly have their place. The true key here is to be aware of your spending, track your outflow of cash so you know where you can save.

Since we are talking about budgeting @ChristianPF has a look at the Mvelopes Budgeting Software. I haven’t had  a chance to look into it yet but it seems kind of neat from this review. Probably won’t help Trent or JD though.

Finally @NCN wrote What Works for Me – Debt Reduction Mindset. Debt reduction, or at least success and reducing debt, is definitely about a mindset. You need to be in the zone as it were to get it done and eliminate your debt.

Have a great weekend, and don’t forget you can get all of my posts here straight to your email inbox, just sign up using this simple form and enjoy five thoughtful and enjoyable posts from yours truly every week.

{ 2 comments… read them below or add one }

1 Peter July 31, 2009 at 8:07 am

I think the cash for clunkers just highlights the inefficiencies and red tape associated with government run programs. They grossly underestimated the number of deals that would happen right out of the gate. Now are these the same people we want running our health care? Hold on for the ride! :)

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2 Baker @ ManVsDebt July 31, 2009 at 11:05 am

Thanks for the support!

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