Comments on: 2 Reasons People Are Not Saving Enough Money

By: Weekend Roundup: The Big Day Edition - Wealth Is Boring

Weekend Roundup: The Big Day Edition - Wealth Is Boring — Fri, 20 Mar 2009 23:10:26 +0000

[...] 2 Reasons People Are Not Saving Enough Money If you find yourself struggling to save as much as you should, perhaps you should give this article by Prime Time Money a read. He really hit the nail on the head with his first reason: You need to make savings automatic! [...]

By: Weekend Roundup- Cyber Monday Edition | Think Your Way to Wealth

Weekend Roundup- Cyber Monday Edition | Think Your Way to Wealth — Tue, 02 Dec 2008 03:31:56 +0000

[...] 2 Reasons people are not saving enough money at Prime Time Money [...]

By: Donny Gamble

Donny Gamble — Thu, 20 Nov 2008 17:14:33 +0000

Saving is like trying to go on a diet, it works for a couple weeks, then you go back to your normal ways. People must realize that not saving money can effect the way that they live their lives in the future. People must make their savings automatic and also make it a way so that they cannot touch it.

By: PT

PT — Wed, 19 Nov 2008 22:02:02 +0000

@ -g The point of saving your money (and spending less) is to have a freedom to do what you want with it. Giving it away could definitely be your goal. The point of automating and separating is to make sure you at least have it to give away at some point. Thanks for your comment.

By: -g

-g — Wed, 19 Nov 2008 21:22:40 +0000

not everyone wants to save up money. Jesus told a parable of a guy who built bigger barns to save money- he died. Jesus would make a bad financial advisor. ‘Give it away!’

By: Andy

Andy — Wed, 19 Nov 2008 15:52:04 +0000

This is a great and simple method, until you realize that your 401K is down 30%, yet your spending has not fallen by that much!

By: karla (threadbndr)

karla (threadbndr) — Wed, 19 Nov 2008 15:27:52 +0000

This is exactly how I do it. I do have a savings account attached to my checking account, though. But it is used just to hold money for my periodic (property taxes and quaterly insurance) and unpredictible bills (like vet bills and routine car maintenance). These are just escrow accounts as it were.

I want that money out of my checking account (so I can ’spend the rest’ without worry), but one touch accessible. This is a compromise for those funds that will be spent within the next few months.

But for the REAL savings, out of sight, out of mind works best. It’s remarkable what even a small investment each month will grow to if you just leave it alone!

By: Kacie

Kacie — Tue, 18 Nov 2008 22:38:20 +0000

A quote from some Arnold Schwarzenegger movie comes to mind, where he says, “YOU LACK DISCIPLINE!” lol.

I think it’s at least partly discipline.

You really do have to make it automatic, whether it auto-drafts without you having to do anything, or if you physically transfer money to savings for each paycheck.

By: Miranda

Miranda — Tue, 18 Nov 2008 20:52:48 +0000

This works very well for me. We save automatically, and it’s as if the money was never there to spend. The same principal goes for dollar cost averaging investing (especially with retirement accounts). I also like the idea of keeping things a little difficult to access.

By: Mrs. PT

Mrs. PT — Tue, 18 Nov 2008 14:55:56 +0000

Good point