Comments on: Don’t Have Any Money Saved Up? Start Small and Make Saving Automatic

By: Personal Checks

Personal Checks — Tue, 29 Sep 2009 19:25:10 +0000

I think automatically deducted savings is a great help in trying to save. The hard thing is to replenish your savings when you have to use it for emergencies.

By: Damon Day

Damon Day — Fri, 14 Aug 2009 21:36:40 +0000

Hello Jeremy,

Great post. One thing that I hear from my clients pretty often is that they can’t save any money because they are in debt, or that it doesn’t make sense to save money if they are paying 15% interest on outstanding credit card balances.

So people tend to use that as a justification. However, what I have found and recommend is that, even if you are in debt, you need to save money first. Yes you could argue that it will cost more in interest but the act of making yourself save the money is a motivating factor to be more frugal and pay off the debt.

Many people will go for years without saving because they are always in debt. So you should never, not save thinking it is financially a better idea to pay off your debt. It is important to put together a comprehensive plan to get out of debt but saving money should be part of that plan at the same time.

The act of saving the money is what is important

By: Goran Web | Net Age

Goran Web | Net Age — Fri, 14 Aug 2009 07:35:36 +0000

Saving is something that just doesn’t come easy, but by doing it bit by little bit you can actually build up a considerable nest-egg. The value of having a financial buffer can not be over-emphasized.

By: N-Girl

N-Girl — Fri, 14 Aug 2009 01:17:54 +0000

I have $25/wk taken out of my paycheck each week into a savings account. I also read on the msn.com in the money section under one of the money blogs a challenge to put $1.00 bills away. This started last year. (The new challenge for ’09 is $5.00 bill challenge. Basically, every time you get your hands on $1′s (or $5′s) you save them for a rainy day, or a special purchase. Even coin adds up after awhile. It gets old when the phrase gets spoken “I can’t afford to save any money.” Even 50 cents a day will equal $182.50 at the end of the year. and a $1.00 a day brings $365.00 When I tell people this, they look amazed. I do like the idea of taking some $ from my paycheck and investing into a Roth IRA. I may look into very shortly.

By: Savings Accounts Girl

Savings Accounts Girl — Thu, 13 Aug 2009 18:28:25 +0000

Automatic saving is great – even if you don’t like a roth ira or whatnot – you can always pull money from checking to savings automatically every month as well. This is especially good for those with short term savings goals since the money can be touched whenever needed for small projects, vacations, or anything.

By: Craig

Craig — Thu, 13 Aug 2009 16:39:49 +0000

Automatic savings is key. It has been helping me add to my Roth IRA and Mutual Fund accounts. I should set one up for savings, but I just mentally automatically do it. You don’t miss the money, don’t even realize it’s gone and it can slowly build.