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Work + Money

Tuesday, October 7, 2008

Cubicle Coach: How do you force yourself to save money?

It's easy to put money into a savings account (oh so conveniently linked to a checking account) with the hopes of keeping it there. But those must-have shoes and last-minute concert tickets are constantly tempting us to dip into our savings now and again. And honestly, I've been dipping on a regular basis.

Recently, I decided I wanted to go on a vacation this winter to somewhere tropical (think airfare + hotel = $$) and knew I should probably start socking money away now. But then I got to thinking that if I could will myself to save for a trip, then I could start saving for an emergency fund, too. Financial gurus suggest keeping an amount equal to three month's pay on hand for the unexpected. (Needless to say, I'm not even close.)

When I got paid last Friday, I immediately set up savings goals on SmartyPig.com. I set up two: one for my upcoming vacay and one for long-term savings. I told them when I wanted to meet my goal and they calculated how much I would have to contribute each month (accounting for interest) to get there. So now, each month on a date I choose, the money will be automatically funneled from my checking account into my SmartyPig accounts. And it's got a very competitive interest rate of 3.9% (but keep in mind, this rate can change without notice). This set-up is perfect for me right now. I can save for specific goals and actually leave the money untouched and out of sight until I really need it.

How do you save money for long-term goals?



Posted by Jihan

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Comments 1-6 of 6
  • frank c's Avatar
    Posted by frank c Thu Jul 10, 2008 4:55pm PDT

    I actualy recieved a 4.0 gpa in financial planning, and you would think i learned a whole bunch, but in reality with gas way up and inflation just getting crazy by the day, and companies not copping out more money or raises its a very tuff world out there, My suggesttion to beat inflation is but your resume to work hard abd look for a better paying job not just any job, but look into the entertainment industry, its the only one hiring and paying the big bucks and not dying with inflation anytime soon. Need more advice hit me up, ill work with you.

    Good luck'

    Report Abuse
  • tiffanycfisher@sbcglobal.net's Avatar
    Posted by tiffanycfisher@sbcglobal.net Fri Jul 11, 2008 7:35am PDT

    Saving long term money can be simple, especially with free assistance. I support a program called "No Family Left Behind". We help 1000s of families everyday set and achieve their long term financial goals for FREE!

    Wouldn't you like to be financailly independent? Contact me, I can create a FREE plan for you and your family. You don't want to be "left behind".

    Report Abuse
  • ~~**Curly Sue**~~'s Avatar
    Posted by ~~**Curly Sue**~~ Fri Jul 11, 2008 12:02pm PDT

    The way i save money is to HAVE CONTROL of myself! I KNOW not to spend my money on things i dont NEED at the moment. Sure we all want nice and new things but you have to think about whats more important. I have been having money in my savings (yes the one linked to ur checking) and i have not taken anything out in months!!

    Report Abuse
  • Kelly's Avatar
    Posted by Kelly Sun Jul 13, 2008 5:45am PDT

    Can I just say I make it a point to take my financial advice from people who can spell the word "financial" correctly more than once?

    Curly Sue is on the money - it's about having some self-control and remembering your priorities. Would I rather spend $40 on a pair of shoes or a tank of gas? Is it more important to me that my power stay on, or that I have the newest video game system? In less drastic examples, would I rather eat lunch out every day, or to out Friday evening for dinner with my husband?

    Saving money for a long-term goal helps us focus on our over-arching values and the "big picture" - something that gets lost in the course of our days.

    Report Abuse
  • Jennifer A's Avatar
    Posted by Jennifer A Thu Jul 17, 2008 6:32am PDT

    I guess I don't really save for long term goals, I just save. That way, when something comes up that I want to buy or do, I have the money saved up already. I haven't used my savings in a long time.

    Report Abuse
  • Andrew M's Avatar
    Posted by Andrew M Thu Jul 17, 2008 5:50pm PDT

    all i can say is you guys are strong

    Report Abuse
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