Why is saving money so hard?

[dullard]

LOL!!! Ah, give a man a fish, you feed him for a day. Teach him to fish and you feed him for life.

If you just teach a starving man to fish, he has no strength to reel it in. You have basically just caused this fictional man to die and tried to take the high road while doing so.

The only successful method is to give a starving man a fish AND teach him to fish.

 

[dullard]

Here is one of the most powerful sentences that I have ever heard:

I can buy anything I want, any time I want--because I don't.

 

[JackBurton]

Here is one of the most powerful sentences that I have ever heard:

I can by anything I want, any time I want--because I don't.

Well that doesn't make any sense.

 

[dullard]

I just login to my bank every couple days to see what things came out and make sure nothing weird is happening, and when I get paid I check to see how much went in (I work shifts so it's not always the same) and if I have anything on my credit card I also pay it off at that time..

What you do is called "balancing your checkbook". It is making sure that what comes in is correct and what goes out is correct. You make sure that nothing weird is happening. Just because someone uses a website (online bank or program like Mint) doesn't mean you suddenly aren't balancing your checkbook.

 

[JackBurton]

If you just teach a starving man to fish, he has no strength to reel it in. You have basically just caused this fictional man to die and tried to take the high road while doing so.

The only successful method is to give a starving man a fish AND teach him to fish.

Or you can just let the starving guy be, and let nature takes its course. After all, if the guy is waiting until he's starving to figure out he needs to learn how to feed himself, maybe he shouldn't be around.

 

[dullard]

Well that doesn't make any sense.

What doesn't make sense about it? I have enough money saved up to buy absolutely anything I want. How did I get that money saved up? Because I had the willpower to not buy anything I want just because I wanted it. I buy what I need and only SOME of what I want. By cutting back on the optional purchases, I now have money to buy all of the optional purchases without ever thinking about the cost.

 

[Engineer]

Just because someone uses a website (online bank or program like Mint) doesn't mean you suddenly aren't balancing your checkbook.

If you equate monitoring to balancing (actually doing all of the entries and the math yourself), then yes.

 

[dullard]

If you equate monitoring to balancing (actually doing all of the entries and the math yourself), then yes.

In this case, they are the same. Just because a person uses Excel, or a calculator, or 10 fingers and 10 toes, or an abacus, or a program, doesn't mean they are separate activities. The purpose is to make sure that you have money in the account and that no funny things are going on.

 

[dullard]

Or you can just let the starving guy be, and let nature takes its course. After all, if the guy is waiting until he's starving to figure out he needs to learn how to feed himself, maybe he shouldn't be around.

I have a moral problem with that method when it applies to those who cannot figure out that for themselves (small children for example). I'm not sure that there many people who would agree with you that we should let a 2 year old child die because that child hasn't figured out to feed himself.

In that type of case we should either (1) feed that child and teach that child to fish over time or (2) not have that child to begin with. I'll keep this thread out of P&N territory by not elaborating on option (2).

 

[JackBurton]

What doesn't make sense about it? I have enough money saved up to buy absolutely anything I want. How did I get that money saved up? Because I had the willpower to not buy anything I want just because I wanted it. I buy what I need and only SOME of what I want. By cutting back on the optional purchases, I now have money to buy all of the optional purchases without ever thinking about the cost.

Read your bolded sentence again.

 

[JackBurton]

I have a moral problem with that method when it applies to those who cannot figure out that for themselves (small children for example). I'm not sure that there many people who would agree with you that we should let a 2 year old child die because that child hasn't figured out to feed himself.

In that type of case we should either (1) feed that child and teach that child to fish over time or (2) not have that child to begin with. I'll keep this thread out of P&N territory by not elaborating on option (2).

A child is a different story.

 

[dullard]

Read your bolded sentence again.

Ah, a typo. Thanks for pointing that out.

 

[JM Aggie08]

A lot of the advice in this thread is completely subjective...

 

[Uppsala9496]

Easiest way for me is to have a percentage of my pay automatically deposited into a savings account. That is an account that I do not touch no matter what. It's the emergency fund (as in, lost job and need to pay mortgage).
Checking account for purchases. Second savings account for unexpected events (down payment for car, new major appliance, etc).

Has worked out well for my wife and I the last decade.

EDIT: And it makes it easier if you do not have that account linked to your other accounts for transfers. The fact that I would have to physically go to the bank to withdraw makes it a hassle so I won't touch it.

 

[z1ggy]

Boil your expenses down to your needs vs wants. Eliminate all wants. If after that, you can't save money, then increase your revenue. If you're at the point where you can't work any more hours (doubtful) and you've eliminated 100% of your wants, then you either: 1) Suck at life or 2) are just very unfortunate in the moment, and things will likely improve over time.

 

[kaerflog]

You have to enjoy saving money to do it.

For some people, having money in the bank brings with it a sense of security. Without money, they feel vulnerable. You need to develop that feeling.

This is how I feel 100%.
Having money gives me security.

 

[kaerflog]

Step 1: Never eat out. Not even fast food. You can do it cheaper and healthier on your own.

Step 2: Since you're eating healthy, you'll be healthier. Combined with exercise, you should need far fewer doctor visits. Thus, choose cheaper insurance.

Step 3: Don't buy things. Seriously, you don't need them. Do you really need more than a couple pairs of jeans, a week or two worth of undergarments, a single suit, and a few nice shirts? You should be able to fit everything you need to live in a suit case.

Step 4: Really, don't buy things. Like watching movies? Plenty of free stuff online. Like playing games? Make sure to beat the old ones first. Take up free hobbies, like playing outside.

Step 5: Don't listen to me, I'm horrible about saving money.

This is great !!!

 

[kaerflog]

As you get older, the first thing to go is memory. I can barely remember my vacations.......

These replies are great.

 

[kaerflog]

Man, I only lived paycheck to paycheck once in my life and that was tough and I swore to myself I would never do that again.
Last year in college I had a job with little hrs so I was counting every penny I had. This was when I maxed out all my CC.
After finishing college I had to move back home and that was depressing as hell. As soon as I got a job, I moved out and never looked back.
I still wasn't saving money but I wasn't living paycheck to paycheck. It was fun time.
I was never FRUGAL until I got a real job working the 40-50 hrs each week.
You know you work so much that you are too tired to spend the money. The more I worked my bank account started growing.
I remembered I had paid off my car, saved about $15K and my brother said hey move to Cali, you can stay with me. I was determined to enjoy my time in Cali and spend all the money I saved up.
After the first week in Cali, WTF I went and got a job. Still had fun but I wasn't spending my money. After a yr in Cali, I missed all my friends back in Fla so I moved back. Now I had more money than I came to Cali with.
So I moved back to Fla with the intention of living it up but as soon as I got back my buddy needed help so I got a job with his company. So I started saving more money.
I think my point is that I saved up so much money and became frugal like I did because i started seeing more money in my account and that got me to save more and more.
I say this is TRUE because when I got married my wife was not frugal like myself. Slowly she became one. She wonders all the time how she got to be like me. I told her when she married me, she didn't have much savings. Now she has a separate saving account that has more money than she ever had in my life(and she had a really great job before she met me).
MORAL of the my story ?? if you start seeing more money saved up, you will want to save more and more.

 

[Imp]

1) Stop buying things you do not need. You don't need coffee table books. You don't need tattoos. You don't need $400 shoes.

I realized a while back that the stuff I want, I don't even really want. I do all the research, buy the piece of shit, feel good for a bit, then almost never use it again. Biggest wastes in the past few years:

1. Playstation 3 for $500
2. Gameboy Advance for $200 w/accessories
3. Blackberry Playbook for $600
4. Nice clothes from J.Crew and Banana Republic for >$1000

A big spender I know is just like this but hasn't made the realization about useless shit. She buys a lot, uses things once, never again. There's even stuff she buys and never opens -- she's probably a hoarder though.

 

[Homerboy]

Kids are expensive. VERY expensive. Just the increase in the food budget is ridiculous. Never mind taking into account all the ancillary things. Medical bills are just... paralyzing.

Add to the equation my wife and I decided that one us (her since I could make more) would be home with the kids.

Money is tight. Paycheck to paycheck with some occasional "free" spending to keep us sane

 

[kaerflog]

Kids are expensive. VERY expensive. Just the increase in the food budget is ridiculous. Never mind taking into account all the ancillary things. Medical bills are just... paralyzing.

Add to the equation my wife and I decided that one us (her since I could make more) would be home with the kids.

Money is tight. Paycheck to paycheck with some occasional "free" spending to keep us sane

We are at that crossroad now.
Do we want kid(s) or don't we.
Wife is 32 and clock is ticking........

 

[dave_the_nerd]

Saving money is hard because spending money is usually more fun in the short term.

 

[Scarpozzi]

It's tough because we've changed as a culture. It's too easy to buy on credit and the consequences are often in the future. The toughest thing is when you assume you'll get a raise or have money in the future and you actually take a pay cut or have something else come up that takes a bite out of your pay.

I'm fortunate enough to have a reasonable mortgage payment, but because I've charged construction materials for the almost 2000 sq feet I'm adding onto my house, I do have CC debt. All you can do is look at your income/expenses and figure out where you can budget the rest. I try to save a few hundred a month for retirement at a minimum...even though I have debt. I put it in a ROTH-IRA so I can't touch it.


As Homerboy said...yeah...kids eat a lot of money. We're going to Disney again this Fall and all the stuff they want/need adds up too. Luckily, my wife and I both have decent jobs and we're in our early 30s....we have time to pay it all off as long as we stay healthy.

 

[Engineer]

These replies are great.

I don't remember typing that but glad you enjoyed it!!! Now get off my lawn! :sneaky: