America¿the Broke

My selection for March's Color of Money Book Club drew quite a bit of mail. If you missed the column, read it here. The book is an interesting look at why Americans can't hold on to their money. Many of you had an opinion about why.

Here's what some of you said:

Ellen Minkwitz, of Dover, Del., wrote: "As retirees, my husband and I are appalled at the direction our economy (and culture) is going, and at the consequences. I remember a saying 'use it up, wear it out, make it do, or do without?'"

"It seems that a lot of people feel that money, or at least spending it, will bring happiness," wrote John W. Kennerson Jr., of El Centro, Calif. "They are let down after the initial euphoria and need a new fix so they go out and buy something else to feel good again. The seniors that lived through the Great Depression are leaving us and it seems that the Americans that replace them don't feel the need to save for a rainy day."

Jim Hall, of New Mexico, wrote: "I think you correctly identified two sources of our debt crises. However, I think the third source is the financially irresponsible behavior of our political leaders. Increasing government debt is a major part of our increasing societal debt and further increases the risk and impact of financial upheavals."

"As a [part-time] worker with a husband who brings home what should be more than enough money each month to pay our bills and then some, it always seems like we're right on the brink of chaos," wrote Charlotte, N.C., resident K. Stephens. "I am the saver in this relationship, always worried about spending money we don't have or if we can afford things. My hubby believes that our debt is manageable and it'll all work out with his yearly bonuses."

But what if those bonuses don't come?

If you suffer from reckless spending, read "Lessons I've Learned From Being Broke" (Mar. 2). It's a piece from Kiplinger.com. Erin Burt, their contributing editor, offers some tips for staying out of the poorhouse:

* Identify your financial priorities.

* Treat debt as if it is your enemy.

* Life happens, so have a back up plan. Save for emergencies.

Find more tips "here.