Comments on: Sure-Fire Ways to Jump-Start Your Savings http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/ personal finance that makes cents Tue, 07 Oct 2008 16:23:42 +0000 http://wordpress.org/?v=2.5.1 By: Sure-Fire http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-96467 Sure-Fire Tue, 28 Aug 2007 21:10:52 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-96467 This is so well put! To be honest, these 11 pointers are so clear and concise, I feel like I've benefited more from 5 minutes or reading than I could have by going to Barnes & Noble to buy a saving tips book. Thank you! By the way, I never even thought of asking for a lower cost for natural gas or a lower credit card rate (suggestion #7). Brilliant! Also, taxing myself doesn't sound like fun (suggestion #8), but may pay dividends in the long-run. Keep up the good work! Blessings, Justin This is so well put! To be honest, these 11 pointers are so clear and concise, I feel like I’ve benefited more from 5 minutes or reading than I could have by going to Barnes & Noble to buy a saving tips book. Thank you!

By the way, I never even thought of asking for a lower cost for natural gas or a lower credit card rate (suggestion #7). Brilliant!

Also, taxing myself doesn’t sound like fun (suggestion #8), but may pay dividends in the long-run.

Keep up the good work!

Blessings,
Justin

]]> By: Get Rich Slowly » Learn to Save by Taxing Yourself http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-32853 Get Rich Slowly » Learn to Save by Taxing Yourself Thu, 21 Dec 2006 17:52:40 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-32853 [...] I’ve mentioned this tip in passing before, but it’s worth highlighting. A self-imposed consumption “tax” would seem to have several advantages: [...] [...] I’ve mentioned this tip in passing before, but it’s worth highlighting. A self-imposed consumption “tax” would seem to have several advantages: [...]

]]> By: Frugal Law Student http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12119 Frugal Law Student Sun, 29 Oct 2006 22:42:18 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12119 I like the idea of taxing yourself for nonsensical stuff. It's like a consumption tax. I think I'm going to try that out. I like the idea of taxing yourself for nonsensical stuff. It’s like a consumption tax. I think I’m going to try that out.

]]> By: Get Rich Slowly » Reader Comment: Teaching Children to Save http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12099 Get Rich Slowly » Reader Comment: Teaching Children to Save Sun, 29 Oct 2006 16:46:20 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12099 [...] It’s a challenge to convey good money habits to their children. Harrison and Antonio’s parents are doing a good job. Get Rich Slowly reader MM has some great advice for parents, too. Here’s a comment from a recent thread: We now talk to our children about ‘getting rich the slow & steady way’ all the time — with the simple message that one way to get rich is to save your money. When he was 2 years old we began giving our oldest son a $1 allowance twice a month, by age 4 it was up to $2, and now at age 8 he gets $5 twice a month. At first he would immediately want to spend the money — on candy & cheap dollar store toys. I became concerned about how eagerly and quickly he wanted to spend, spend, spend. But we decided to let his excitment at having cash in hand to run its course — with subtle parental comments about cheap toys breaking so quickly, candy being gone in a few minutes, and how he could have bought that nice big Tonka truck if he’d saved just two allowances. Eventually he began to save $10 or $20 to feed his Geo Trax obsession, and stopped the frenzied spending on cheap stuff. [...] [...] It’s a challenge to convey good money habits to their children. Harrison and Antonio’s parents are doing a good job. Get Rich Slowly reader MM has some great advice for parents, too. Here’s a comment from a recent thread: We now talk to our children about ‘getting rich the slow & steady way’ all the time — with the simple message that one way to get rich is to save your money. When he was 2 years old we began giving our oldest son a $1 allowance twice a month, by age 4 it was up to $2, and now at age 8 he gets $5 twice a month. At first he would immediately want to spend the money — on candy & cheap dollar store toys. I became concerned about how eagerly and quickly he wanted to spend, spend, spend. But we decided to let his excitment at having cash in hand to run its course — with subtle parental comments about cheap toys breaking so quickly, candy being gone in a few minutes, and how he could have bought that nice big Tonka truck if he’d saved just two allowances. Eventually he began to save $10 or $20 to feed his Geo Trax obsession, and stopped the frenzied spending on cheap stuff. [...]

]]> By: Pomegranates http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12098 Pomegranates Sun, 29 Oct 2006 16:30:49 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12098 Some great ideas. A quick one to add to no.3. would be purchase on SALE. I've been freezing my bottom off for the past couple weeks waiting for winter jackets to go on sale. Last weekend I puchased a 2006 Columbia jacket for 35% off then 50% off that during a little known 3 hr. special sales event (a total savings of $108.00!). Keep your eyes peeled. Patience is the key. Some great ideas. A quick one to add to no.3. would be purchase on SALE. I’ve been freezing my bottom off for the past couple weeks waiting for winter jackets to go on sale. Last weekend I puchased a 2006 Columbia jacket for 35% off then 50% off that during a little known 3 hr. special sales event (a total savings of $108.00!). Keep your eyes peeled. Patience is the key.

]]> By: hellsoap http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12046 hellsoap Sun, 29 Oct 2006 05:30:28 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12046 All money is worthless. Spend it on booze and broads. All money is worthless. Spend it on booze and broads.

]]> By: Aalaap Ghag http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12043 Aalaap Ghag Sun, 29 Oct 2006 05:12:09 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12043 I've been trying out purpose driven savings for quite a few months. I was originally saving up for the PlayStation 3, but with the amount of money I have saved, I can probably buy the Wii, Xbox 360 AND the PlayStation 3, and still have some money left. I should probably spend the rest on my wedding... I’ve been trying out purpose driven savings for quite a few months. I was originally saving up for the PlayStation 3, but with the amount of money I have saved, I can probably buy the Wii, Xbox 360 AND the PlayStation 3, and still have some money left. I should probably spend the rest on my wedding…

]]> By: Brian http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12025 Brian Sat, 28 Oct 2006 23:04:28 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12025 Here's one way I thought of overnight while thinking about this post. It may not work for everyone, though, because it depends on how one gets paid; but it can probably be modified to work for some. I work 40 hours a week, but I get paid twice a month, once on the 15th and once at the end of the month. That means that each paycheck varies in how many hours it, from 80 to as much as 96 (not counting overtime, which I rarely get). Actually, I think my smallest check happens in February, for 72 hours or only 9 working days. My 80 hour checks, at my current salary, after withholding and medical and all that, comes to around $1205.70, give or take some. One of the "big" checks, 96 hours, comes to $1408.47, give or take. I was looking at the spreadsheet I use to track income and expenses, and I had the idea that I could "standardize" my paychecks around the amount I get for 80 hours. It would simplify my bills and such, and I could just set aside all the money over and above that amount into savings. It would add up, big time, over the course of the year. I'm not sure I can have the discipline to do this right now, considering I am paying off my credit cards. My "extra" money all goes towards those damned cards! But once those are paid off (by summer next year, if all goes as planned) I'm going to try this. Here’s one way I thought of overnight while thinking about this post. It may not work for everyone, though, because it depends on how one gets paid; but it can probably be modified to work for some.

I work 40 hours a week, but I get paid twice a month, once on the 15th and once at the end of the month. That means that each paycheck varies in how many hours it, from 80 to as much as 96 (not counting overtime, which I rarely get). Actually, I think my smallest check happens in February, for 72 hours or only 9 working days.

My 80 hour checks, at my current salary, after withholding and medical and all that, comes to around $1205.70, give or take some. One of the “big” checks, 96 hours, comes to $1408.47, give or take.

I was looking at the spreadsheet I use to track income and expenses, and I had the idea that I could “standardize” my paychecks around the amount I get for 80 hours. It would simplify my bills and such, and I could just set aside all the money over and above that amount into savings. It would add up, big time, over the course of the year.

I’m not sure I can have the discipline to do this right now, considering I am paying off my credit cards. My “extra” money all goes towards those damned cards! But once those are paid off (by summer next year, if all goes as planned) I’m going to try this.

]]> By: The Sarcasticynic http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12020 The Sarcasticynic Sat, 28 Oct 2006 21:41:50 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12020 I'd like to expand upon what icup says above in post #2 regarding automatic deposit. If you can set up an auto deposit directly into a few favorite stocks, that can add up over the years. We trickled $50 a month into two companies, and today we have built quite a holding. Now we just wait for the prices to climb! http://1sttimeinvestor.blogspot.com/2006/04/auto-investment.html I’d like to expand upon what icup says above in post #2 regarding automatic deposit. If you can set up an auto deposit directly into a few favorite stocks, that can add up over the years. We trickled $50 a month into two companies, and today we have built quite a holding. Now we just wait for the prices to climb!

http://1sttimeinvestor.blogspot.com/2006/04/auto-investment.html

]]> By: Sarit http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12016 Sarit Sat, 28 Oct 2006 20:59:17 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12016 I loved #8 as well, and I too haven't heard it before. This tip, together with envelope-savings is sure to change my horrible careless money spending. Thanks :) I loved #8 as well, and I too haven’t heard it before. This tip, together with envelope-savings is sure to change my horrible careless money spending.
Thanks :)

]]> By: MM http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12003 MM Sat, 28 Oct 2006 18:24:11 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-12003 My husband and I wish we'd started a savings habit at a young age - what enormous freedom that would have given us! In regards to #9 on your Jump Start list: We now talk to our children about 'getting rich the slow & steady way' all the time - with the simple message that one way to get rich is to save your money. When he was 2 years old we began giving our oldest son a $1 allowance twice a month, by age 4 it was up to $2, and now at age 8 he gets $5 twice a month. At first he would immediately want to spend the money - on candy & cheap dollar store toys. I became concerned about how eagerly and quickly he wanted to spend, spend, spend. But we decided to let his excitment at having cash in hand to run it's course - with subtle parental comments about cheap toys breaking so quickly, candy being gone in a few minutes, and how he could have bought that nice big Tonka truck if he'd saved just two allowances. Eventually he began to save $10 or $20 to feed his Geo Trax obsession, and stopped the frenzied spending on cheap stuff. And this year he decided he wanted to become rich by saving! It took him 6 months (a very long time to a little boy!) but two months ago he opened an ING savings account with a $50 deposit - and a $25 bonus because Mom & Dad temporarily deposited $250 in the account. Our son is amazed that a bank will pay him just to store his money (interest), and thinks that just the coolest thing ever. He now saves 10% of everything he earns ($1 per month from his allowance). Even better, he now actively searches out dropped coins in parking lots and on store floors so he can add that to his get rich savings (maybe this should be #12 on your list?). I'm so proud of his initiative and I have no doubt that he will become a rich young man. My husband and I wish we’d started a savings habit at a young age - what enormous freedom that would have given us!

In regards to #9 on your Jump Start list:

We now talk to our children about ‘getting rich the slow & steady way’ all the time - with the simple message that one way to get rich is to save your money. When he was 2 years old we began giving our oldest son a $1 allowance twice a month, by age 4 it was up to $2, and now at age 8 he gets $5 twice a month. At first he would immediately want to spend the money - on candy & cheap dollar store toys. I became concerned about how eagerly and quickly he wanted to spend, spend, spend. But we decided to let his excitment at having cash in hand to run it’s course - with subtle parental comments about cheap toys breaking so quickly, candy being gone in a few minutes, and how he could have bought that nice big Tonka truck if he’d saved just two allowances. Eventually he began to save $10 or $20 to feed his Geo Trax obsession, and stopped the frenzied spending on cheap stuff.

And this year he decided he wanted to become rich by saving! It took him 6 months (a very long time to a little boy!) but two months ago he opened an ING savings account with a $50 deposit - and a $25 bonus because Mom & Dad temporarily deposited $250 in the account. Our son is amazed that a bank will pay him just to store his money (interest), and thinks that just the coolest thing ever. He now saves 10% of everything he earns ($1 per month from his allowance). Even better, he now actively searches out dropped coins in parking lots and on store floors so he can add that to his get rich savings (maybe this should be #12 on your list?). I’m so proud of his initiative and I have no doubt that he will become a rich young man.

]]> By: fin_indie http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11988 fin_indie Sat, 28 Oct 2006 14:40:58 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11988 I find that the fall timeframe is a good time to remind yourself of your savings plan because often times people have extra money -- 401k's are fully funded, SS tax is no longer being removed from your paycheck, etc. FinanceGirl called it the "Santa Claus Effect", which I love. More here: http://retiringearly.blogspot.com/2006/10/i-love-this-time-of-year.html I find that the fall timeframe is a good time to remind yourself of your savings plan because often times people have extra money — 401k’s are fully funded, SS tax is no longer being removed from your paycheck, etc. FinanceGirl called it the “Santa Claus Effect”, which I love. More here: http://retiringearly.blogspot.com/2006/10/i-love-this-time-of-year.html

]]> By: How to jump-start your savings « Later On http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11947 How to jump-start your savings « Later On Sat, 28 Oct 2006 00:58:25 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11947 [...] This post describes some ways to start a good savings program. [...] [...] This post describes some ways to start a good savings program. [...]

]]> By: Wil http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11941 Wil Sat, 28 Oct 2006 00:29:20 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11941 I really like this post. This is all stuff our parents used to do and we all thought it was silly. Now that we're the adults, we understand what their plan was. I never thought of taxing myself, I really like that idea! http://finance4youth.wordpress.com I really like this post. This is all stuff our parents used to do and we all thought it was silly. Now that we’re the adults, we understand what their plan was.

I never thought of taxing myself, I really like that idea!

http://finance4youth.wordpress.com

]]> By: Lifehacker http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11940 Lifehacker Sat, 28 Oct 2006 00:01:39 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11940 <strong>Psych yourself into saving...</strong> The Get Rich Slowly blog points out that some good psychological tricks can help you manage your money more closely and jumpstart your savings, for example: Tax yourself. ... Every time you buy something nonessential, put 10% of the purchase...... Psych yourself into saving…

The Get Rich Slowly blog points out that some good psychological tricks can help you manage your money more closely and jumpstart your savings, for example: Tax yourself. … Every time you buy something nonessential, put 10% of the purchase……

]]> By: Lazy Man and Money http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11937 Lazy Man and Money Fri, 27 Oct 2006 23:13:00 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11937 Hmmm, Jane was just <a href="http://bostongalsopenwallet.blogspot.com/2006/10/more-of-tortoise-and-less-of-hare.html" rel="nofollow">giving us the story of the tortoise and the hare</a>. The morale of the story never seemed to be "slow and steady wins the race", but more "don't underestimate your opponent" and "play hard until the whistle." To me the "hare" of investing would be someone saving for 30 years and age 50 just before becoming financially independent, going out and blowing all your savings on a bunch of luxury items like $20K watches. Hmmm, Jane was just giving us the story of the tortoise and the hare. The morale of the story never seemed to be “slow and steady wins the race”, but more “don’t underestimate your opponent” and “play hard until the whistle.” To me the “hare” of investing would be someone saving for 30 years and age 50 just before becoming financially independent, going out and blowing all your savings on a bunch of luxury items like $20K watches.

]]> By: Savvy Samurai http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11929 Savvy Samurai Fri, 27 Oct 2006 19:52:05 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11929 Although ING Direct isn't the leader right now in interest rate, one nice feature is that you can creat sub-accounts online. Once you login, click on "Open an Account" on the left sidebar. Then on the next page select "Open Now" under Orange Savings. It looks like its creating a brand new account but its actually a sub-account that you can give different nicknames to. You can create a number of accounts for the different financial goals you may have. Although ING Direct isn’t the leader right now in interest rate, one nice feature is that you can creat sub-accounts online. Once you login, click on “Open an Account” on the left sidebar. Then on the next page select “Open Now” under Orange Savings. It looks like its creating a brand new account but its actually a sub-account that you can give different nicknames to. You can create a number of accounts for the different financial goals you may have.

]]> By: icup http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11920 icup Fri, 27 Oct 2006 18:01:18 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11920 Here's one more: set up an automatic deposit of a few dollars from your pay ($20-$50) every month/week to a completely different savings account for christmas. $50 a month x 12 months is $600 not counting interest. Probably not as much as you spend on gifts, but still probably a decent fraction of it. Once its going into the account every month, you will hardly miss it, and its really nice in the roll up to the holidays. Here’s one more: set up an automatic deposit of a few dollars from your pay ($20-$50) every month/week to a completely different savings account for christmas. $50 a month x 12 months is $600 not counting interest. Probably not as much as you spend on gifts, but still probably a decent fraction of it. Once its going into the account every month, you will hardly miss it, and its really nice in the roll up to the holidays.

]]> By: Bryan C. Fleming http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11918 Bryan C. Fleming Fri, 27 Oct 2006 17:09:18 +0000 http://www.getrichslowly.org/blog/2006/10/27/sure-fire-ways-to-jump-start-your-savings/#comment-11918 J.D., Good Article. I like the idea of having people set a vision for why they are saving. Having it automated is important too. We're learning that right now in the "Million Dollar Savings Club". - Bryan http://www.BryanCFleming.com J.D.,

Good Article. I like the idea of having people set a vision for why they are saving. Having it automated is important too. We’re learning that right now in the “Million Dollar Savings Club”.

- Bryan
http://www.BryanCFleming.com

]]>