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· 1,412 ratings · 180 reviews

Start your review of How to Manage Your Money When You Don't Have Any

Right off the bat, there were three or four "spellcheck missed it" typos. The kind that only a human brain can catch, because we don't have the Matrix yet, and computers can only match groups of letters against databases and see if they are known words, not see if the words fit in the context of the sentence. (These are also called Damn You Auto-Correct errors, if the computer tries to be helpful.) Normally, I would have thrown up my hands and mentally given up on the book.

However, the writing s

However, the writing style, careful and honest, kept me in. The message, too, was very helpful.

This is a completely different book from Sethi's I Will Teach You to Be Rich. For someone like me, who is already digging out of a hole--it's more helpful. And while Sethi's sample budget seem to overflow with magical money (how nice you get to expect that, but I take home a ninth of that if I'm lucky), Wecks operates on a much more realistic scale. Sethi's approach to a budget shortfall is "Ask for a raise! Find another job!" Wecks's approach is, "Find a second job if you can, but if you can't, decide what's important based on your values and let the rest go."

Pay food, shelter, clothing and transportation first. Then your emergency fund. Then pay off all your debts (and cut up your credit cards; you don't need them. No. You really don't, and they are killing you). Then pay for retirement. And so on.

I felt the book was very honest and made a lot more sense. It also explained why I've never gotten a budget to work, and how I can get one to work, if I do it the right way (looking FORWARD, not back).

I hope I paid for this book. I suspect it was a freebie that day.

But finally, a freebie worth reading! Despite a handful of errors!

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My favorite part of this book, so far, is how the author removes the guilt from making sound financial decisions by explaining that no one has a moral obligation to pay bills. It was a contractual agreement. If, through no fault of your own, your circumstances change so that you can no longer meet the obligations then contractually you / everybody have / has remedies. End of story. Giant corporations utilize these strategies daily.

A good book filled with common sense but it offered teachings from other people like Dave Ramsey. I would recommend this book as a quick and easy read. It didn't give any new earth-shattering advice but it was a quick overview that can be helpful to everyone.

For those already familiar with Dave Ramsey, Susan Orman, etc I think you may want to skip this one since you probably know everything he advises already.

For those sort of familiar with the financial gurus mentioned above and who just want

For those already familiar with Dave Ramsey, Susan Orman, etc I think you may want to skip this one since you probably know everything he advises already.

For those sort of familiar with the financial gurus mentioned above and who just want to get some quick advice without the frills, skip to the halfway point of the book for the meat of the matter. The first half only offers his opinions about why his system works well. If you just want to get straight to the system itself, skip that first half.

For those who know nothing about personal finances I recommend you read this book all the way through, then do as even the author recommends and read some of the books by the gurus listed above. This book is a great "beginner's" starting point to personal financial freedom.

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Feb 01, 2013 Laura rated it really liked it · review of another edition

Recommends it for: My family

Recommended to Laura by: Bookbub

This book was really great. It hit home on some important things especially when it comes to spending. It's the ONLY financial book that has been able to hold my attention to the end and I think it has gotten me more involved with my budget. Fun thing is I was actually just starting to realize one or two items on my own like getting cash out for parts of the budget like groceries, lol!
I give it 4 stars for a few reason that might really almost make that it should be a 3 star. The biggest negativ This book was really great. It hit home on some important things especially when it comes to spending. It's the ONLY financial book that has been able to hold my attention to the end and I think it has gotten me more involved with my budget. Fun thing is I was actually just starting to realize one or two items on my own like getting cash out for parts of the budget like groceries, lol!
I give it 4 stars for a few reason that might really almost make that it should be a 3 star. The biggest negative point is that there are points where he comes off bitter. I get it once or twice makes for a strong point but...it's a bit over done. My other negatives are really personal opinion, which are, I don't think debt is 100% evil (my point in that is some times we can't save up in time for an item and some debt you can get interest free, so what's the different in 0 interest and saving up?), and there are valid points to 1)not bank at a credit union and 2)bank with a large commercial bank. Like for my family my husband travels and we've had to do some big moving over the past few years. The charges you end up eating from ATMs that aren't your bank can be crazy! We once banked at a credit union and even a small time local bank neither of which we benefitted from doing. The credit union bank was the worst of the two. I say bank wise do your own research and think about what you want and need there are tons of options and don't search exclusively unions or banks look at all of them.

Overall this book was very helpful and has me thinking about a lot of things to try and help get our budget on track.

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May 18, 2015 Tammy Salyer rated it it was amazing

Practical, realistic, and engaging book on money management and budgeting. A great read for anyone who is serious about making ends meet and meeting the goal of living debt free. 5 stars!

Though this book admits to some similarities with Dave Ramsey's method, it diverges in its goal - keeping your head above water rather than building wealth - and seems to me to be a lot more realistic about the situation many of us are in today.

Though the advice wasn't particularly earth-shattering or new, it was practical, and he puts a different spin on it than you find in many other financial books out there. It gets 5 stars because of his suggestion that we show our values in how we spend our money, and that our values are an integral part of setting up a budget and a financial plan; and also for his realism.

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I initially borrowed this book from the library because the title was intriguing and relatable. I was not disappointed. While the writing style could be better, I'm not in this one for entertainment. This book lays out so many thought processes that I didn't really realize I already had. His style of "budgeting" is absolutely genius and so relatable for people like me. He never assumes you are funding your retirement account or that you have any disposable income you're just throwing away on imp I initially borrowed this book from the library because the title was intriguing and relatable. I was not disappointed. While the writing style could be better, I'm not in this one for entertainment. This book lays out so many thought processes that I didn't really realize I already had. His style of "budgeting" is absolutely genius and so relatable for people like me. He never assumes you are funding your retirement account or that you have any disposable income you're just throwing away on impulses. I fully intend to either purchase or borrow this one again and implementing his budget ideas to help me get where I want to be. ...more

Jan 14, 2020 Lauren Comp rated it really liked it

Solid Plan

Definitely going to give this shot.
The only part that was a little disheartening was the "use only cash" bit. I 100% understand the practice, but as an American living in Stockholm Sweden, one of the few notoriously cashless cities in the world, being told I'll fail no matter what for not being cash-only was a bit of a dig.
Everything other than that portion was fabulous, and I'll be working on making sure my money express my values moving forward.

You don't need to be broke to read this book. I'm looking to downsize my career, and this gave me some proactive tips to avoid debt in the first place.

A key point that applies to my workaholism just as equally as it applies to a past history of financial mismanagment: Self-recrimination about the past alone does not fuel change. Shift your focus to doing the next, right thing.

You don't need to be broke to read this book. I'm looking to downsize my career, and this gave me some proactive tips to avoid debt in the first place.

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The title made it seem like this book was for me. Good basic principles. He differentiated himself in interesting ways from Ramsey, in areas such as deflating the importance of "charitable giving." The title made it seem like this book was for me. Good basic principles. He differentiated himself in interesting ways from Ramsey, in areas such as deflating the importance of "charitable giving." ...more

Sep 06, 2018 Holli Keel rated it really liked it

This guy has a great writing style and presents useful information for managing your limited finances. His advice resonated with me, and although it's basic info, it's a great reminder. This guy has a great writing style and presents useful information for managing your limited finances. His advice resonated with me, and although it's basic info, it's a great reminder. ...more

Jul 07, 2019 Kayo rated it it was amazing

This book is perfect for the person that wants to get started on managing your money.
While it goes along with Dave Ramsey (and I've read that as well), this is simple and for people that may not get wealthy. Impressed. Great for everyone!! This book is perfect for the person that wants to get started on managing your money.
While it goes along with Dave Ramsey (and I've read that as well), this is simple and for people that may not get wealthy. Impressed. Great for everyone!! ...more

Feb 19, 2021 Katelyn rated it really liked it

Nothing groundbreaking really but had some good pieces of advice. I like that he doesn't talk down to readers but tries to relate to them. It felt very genuine.

In this time of joblessness and diminished expectations, Erik Wecks' book is a breath of fresh and realistic air. Through personal hardship he and his family learned to get by on very little income and still managed to keep a roof over their heads, keep the house warm and clean and the family fed. The bottom line is: The typical family doesn't need much to get by. A careful reading of this book will help young and old alike - those who have few financial resources - to get by and still enjoy lif In this time of joblessness and diminished expectations, Erik Wecks' book is a breath of fresh and realistic air. Through personal hardship he and his family learned to get by on very little income and still managed to keep a roof over their heads, keep the house warm and clean and the family fed. The bottom line is: The typical family doesn't need much to get by. A careful reading of this book will help young and old alike - those who have few financial resources - to get by and still enjoy life. This isn't just for the poor - it's for everybody who wishes to spend wisely and save for the future. If the author reads this review, I would suggest a future edition contain charts or web links to charts with suggested schedules and checklists to help struggling families (and individuals) keep track of goals and objectives. I see this book as relevant for now and future generations. Let's hope the author sees his way to revise and add to his sage - if sometimes sobering - advice in future editions. Disclaimer: I have never met him but I am personally acquainted with the author. ...more

Oct 10, 2019 Esther rated it liked it

I liked parts of this book a lot and there were other parts that felt too narrow. For example, many financial advisors, including Wecks, say your credit score doesn't matter if you already have a mortgage (or have paid it off) and aren't opening credit accounts or financing cars. But if you're a renter, new landlords might want to check your credit. If you look for a new job, potential employers might want to check your credit. Some banks want to run credit checks before you open a new checking I liked parts of this book a lot and there were other parts that felt too narrow. For example, many financial advisors, including Wecks, say your credit score doesn't matter if you already have a mortgage (or have paid it off) and aren't opening credit accounts or financing cars. But if you're a renter, new landlords might want to check your credit. If you look for a new job, potential employers might want to check your credit. Some banks want to run credit checks before you open a new checking or savings account. Credit scores aren't relevant just to credit and loans. Speaking in absolutes and imposing moral authority closes advisors off to considering life stories that fall outside their personal experience. So I ended this book feeling meh even though I think it has a lot of good stuff in it. ...more

The ideas in this book were sensible -- not new or earth-shattering, but certainly a good starting point for somebody whose financial life was crumbling beneath them.

Unfortunately, it's written in a patronising style that grated on me throughout. I don't need to be told not to buy €1200 boots instead of paying my rent, or that I'd have a lot more money to play with if I bought fewer lattes. I just wanted sensible strategies to make my money work harder.

It could be that I'm just not the target au

The ideas in this book were sensible -- not new or earth-shattering, but certainly a good starting point for somebody whose financial life was crumbling beneath them.

It could be that I'm just not the target audience here, but the impression is that the book is aimed more towards bringing the financially feckless into line and less towards optimising a sensible budget.

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I got this as a free Kindle book and enjoyed it...especially the end when he gave real tips. It may have just been the Kindle format...but it was very difficult to figure out where you were. Chapter headings were pretty bland and unhelpful.

The biggest thing I want to try is zero budget balancing. Basically you set your budget up so that your expenditures matches your net income. This includes a section for savings as well as a humility category for when you (possibly) go over your budgeted amou

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Not the book for me

This is really geared toward people who bounce their accounts and are in serious trouble. It's not for the lower middle class that may be paying some interest but can overall manage money. I also don't agree with how the writer pushes the idea of using cash and getting rid of credit cards. Personally I use my credit card all month and pay it off at the end of the month and make money off the rewards. But again, it's directed toward someone that maybe hasn't gotten to that plac

Not the book for me

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This book contains a lot of what seems like common sense info on how to manage your money, but the author breaks it down in ways that seem both feasible and doable. I have not implemented the strategies yet as I just finished the book, but I'm certainly going to give them a try because I feel like they could really help. This book contains a lot of what seems like common sense info on how to manage your money, but the author breaks it down in ways that seem both feasible and doable. I have not implemented the strategies yet as I just finished the book, but I'm certainly going to give them a try because I feel like they could really help. ...more

my one complaint is that for visual learners, some examples would be helpful - a sample zero budget spreadsheet, for instance. other than that, very helpful, easy read, better than Ramsey. I hope to try out his plan for February.

Such common sense advice, yet something we rarely hear. Live below your means, follow a financial road map, don't worry about getting rich just worry about paying the bills and eventually your debt. Really good stuff that I need to hear over and over again. Such common sense advice, yet something we rarely hear. Live below your means, follow a financial road map, don't worry about getting rich just worry about paying the bills and eventually your debt. Really good stuff that I need to hear over and over again. ...more

This was a fairly quick read with easy to understand tips and suggestions. I don't necessarily think any of the information was ground-breaking or innovative but def a helpful refresher to review w/ an actionable plan. This was a fairly quick read with easy to understand tips and suggestions. I don't necessarily think any of the information was ground-breaking or innovative but def a helpful refresher to review w/ an actionable plan. ...more

This book has excellent principles to follow to get off the out of control spending roller coaster encouraged by our profit worshiping economic system. It is not a book on how to invest money.

This book reminded me a lot of the book, Your Money or Your Life. It was much more condensed but still retained the same sentiment.

Good book

This author had a great way of tying financial planning to values...you spend money on what you value. I love his practical writing style.

A lot of valuable information and an interesting perspective on the topic.

How to Manage Your Money When You Don't Have Any is a very quick, practical, and down-to-earth guide on personal finance / money management. What I appreciated most is how the author acknowledges the economic realities that can constrain the ability of even the most hardworking people to simply make ends meet, not to mention build wealth. So often in personal finance media (books, podcasts, blogs, etc.) the party line (implicit or explicit) is that anyone can make more money / become wealthy if How to Manage Your Money When You Don't Have Any is a very quick, practical, and down-to-earth guide on personal finance / money management. What I appreciated most is how the author acknowledges the economic realities that can constrain the ability of even the most hardworking people to simply make ends meet, not to mention build wealth. So often in personal finance media (books, podcasts, blogs, etc.) the party line (implicit or explicit) is that anyone can make more money / become wealthy if they would just work harder, hustle more, be more entrepreneurial, let go of the scarcity mindset that is holding them back, etc. Like Erik Wecks, I just can't bring myself to buy into that argument. Wecks' central thesis of valuing security (now and in the future) over status really speaks to me. Put another way: use what money you have to secure your needs (both current and future) first, then (and only then) consider your wants. When it comes time to evaluate your "wants," prioritize your spending according to your values. Above all, don't do anything that would jeopardize your ability to secure your basic (current or future) needs. This is solid advice for any stage of life.

There were a couple of very tiny, minor quibbles I had with this book, though. One is the author's emphasis on clothing as one of the three basic needs (food, shelter, clothing) humans require in order to survive. Okay, I get that SOME basic items of clothing are necessary for survival, but let's be real. If you're an American adult, chances are you don't need to budget money for new/more clothing every month (or even every year) the way you do for food and shelter. Most Americans (and other adults living in wealthy nations) have more than enough clothing and possibly could even stand to donate some of the excess--hence the popularity of minimalist gurus like Maire Kondo and the like. I do not put clothing as one of the top line items in my budget because very rarely do I need new clothes. (Now, how often I want new clothes is a different story.) I would argue that, for many people, it might make more sense to replace clothing with medication / medical expenses / health insurance in that top three list of budgeted "necessities." After all, the ability to afford timely medical care and/or life-sustaining medication could very literally mean the difference between life and death in some cases.

The other very tiny, very minor moment of head-scratching I experienced while reading was when the author described two ways a person might react to an large unexpected expense (i.e. an emergency car repair.) Option 1 (and I'm paraphrasing from memory here): "Oh no! I don't have the money to pay for this! I'll have to put it on a credit card / take out a loan to pay the bill. Woe is me! I will never get out of debt!" Option 2: "Whee! I have money set aside in my savings account for just this type of emergency, and now I get to use it! Yipee! I'm the happiest person in the world! I can't wait to hand over this large chunk of my savings to the car repair shop!" Seriously, these were the only two options presented. And I get it--the author was trying to make a point that having emergency savings brings you peace of mind . . . and he's right about that. Here's the thing, though: as someone who has been debt free and had an emergency fund in place for years, I can say from experience that I have never once been thrilled to fork out large sums of money for unexpected car repairs. In fact, just imagining that scenario stresses me out. Even when you have an emergency fund in place, unexpected expenses can still be (and often ARE) stressful because you know your emergency funds are finite. You know how they got into your savings account in the first place--through hard work, strict budgeting, and intentional self-sacrifice. And you know it's going to take more of the same to replenish whatever funds you withdraw. And replenishing them is exactly what you have to do to be ready for the next emergency. You can only hope that next one doesn't hit before you've had a chance to get back to where you were before, savings-wise. This is the reality, and it does not make for an overjoyed customer at the car repair shop cash register, I can assure you.

Despite my pontificating, these really are minor quibbles and not meant to be read as big critiques of a book that, overall, I truly enjoyed reading and thought was packed with common-sense perspectives that will be helpful for many people seeking to better manage their personal finances.

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May 02, 2018 Susan rated it it was amazing

Wow. Just wow. Erik Weck makes budgeting seem doable!

Like a lot of Americans in their late 50s, I took a deep pay cut after I was downsized from my job of 20+ years and finally got another job. I'm talking making about 50% less than I did at my old job. (On the other hand, the old job was at a poorly managed toxic place that would have eventually killed me, and the new job is at a positive, stable, fun, well managed organization I want to work for forever.) My new employer offered a Dave Ramsey course, and I signed up but didn't get much further than Baby Step 3. The Ramsey course turned me off—it felt hyper religious and a little embarrassing at times, like being yelled at by your 6th grade phys ed teacher for not being able to run 600 yards. Weck borrows Ramsey's solid principles and makes them palatable. Finally I feel as if I have a way out of my crushing credit card debt. His writing is engaging and encouraging and a little self deprecatingly humble, and never, ever dull. This is without a doubt the best, most practical financial planning book I've ever read. Even if you make $350k plus a year, you would profit by following his principles. And most amazingly of all, Weck makes reading this information a pleasure, not a chore. Thanks, Erik!

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Jun 23, 2020 Keely rated it it was amazing

This is the book I have been looking for my entire life!! LOL.
As a single mom who has lived paycheck to paycheck most of my life, I have read several financial books. None of them seemed to address my personal situation. Most of the advice given in every book is $1000 emergency fund FIRST, and then pay off debt by throwing extra cash at it above the minimum payment. But what if you don't have ANY extra cash? The option - increase your income (second job), or decrease your expenses (which are alr This is the book I have been looking for my entire life!! LOL.
As a single mom who has lived paycheck to paycheck most of my life, I have read several financial books. None of them seemed to address my personal situation. Most of the advice given in every book is $1000 emergency fund FIRST, and then pay off debt by throwing extra cash at it above the minimum payment. But what if you don't have ANY extra cash? The option - increase your income (second job), or decrease your expenses (which are already cut down to just the necessities). While you can still find that advice in this book, there are also other tips and suggestions of what to do when you just don't have any money or are already behind on paying your debt and/or mortgage. Suggestions, I honestly never thought of and can help in those dire financial times. Erik Wecks relates, and if you find yourself trying to get into a better financial situation, and none of the other financial books seem to offer advice for your financial situation, I recommend picking this book up. ...more

Apr 30, 2020 Alexandria rated it really liked it

Mostly good advice

He makes a few assumptions in the book that annoy me, like assuming you're in crazy credit card debt or can't manage a responsible budget with a debit card. The book was written 8 years ago, I don't know if that plays into it.

Mostly good advice

I buy groceries through a grocery delivery service and purchase household goods through Amazon, and pay my bills with my credit card, so it's impractical for me to use cash for any of that. I can check my bank balance through my phone and set up sub savings accounts and transfer money right from my phone though, that wasn't possible 8 years ago maybe? I also don't use credit unless I don't have a choice.

This book is targeted to middle class families who just suck at controlling their spending habits. It's good advice overall, just the tone of the book kinda talks down to you and makes assumptions that were inaccurate for me.

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I am a full time writer and blogger living in Vancouver, Washington. I am an author of both non-fiction and fiction, as well as a contributor to the GeekDad blog on Wired.com. I write on a wide range of topics. When not waxing poetic on various aspects of fiscal responsibility, I tend toward the geeky.

When not poised over the keyboard, I love to spend time with my family. I am married to an angel,

When not poised over the keyboard, I love to spend time with my family. I am married to an angel, Jaylene, who has taught me more than anyone else about true mercy and compassion. We are the parents of three wonderful girls. As a group we like swimming at the local pool, gardening, reading aloud, playing piano, and beating each other soundly at whatever table top game is handy.

I love to hear from my readers. You can contact me at erikwecks@gmail.com, follow me on twitter @erikwecks or read more about my work at www.erikwecks.com. If you are interested in finding out when my next book will be published you can sign up for my monthly newsletter there. The link is in the upper right corner.

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