What Discourages You From Saving?

Discussion in Savings & Investments Plans started by Denis Hard • Jan 4, 2015.

  1. Denis Hard

    Denis HardWell-Known Member

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    A dollar saved is a dollar earned, right? But ask anyone what they think of saving a dollar a day and they'd tell you it doesn't make a difference. Doesn't it? A dollar saved each day totals $365 at the end of the year. That's enough money to buy . . . well there a lot of things you could buy with that.

    Anyone still think there's an insignificant amount of money which isn't worth saving?
     
  2. ACSAPA

    ACSAPAWell-Known Member

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    I definitely don't think it's an insignificant amount of money and you've inspired me to start at least saving $1 a day in my online savings account.
     
  3. JulianWilliams

    JulianWilliamsMember

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    The issue for me is that I always have stuff to spend it on ;). To be fair, I do save quite a bit for only for a couple of months or so in order to make a big purchase or go on a city break as I really like to travel. I've never managed to go on a save a dollar a day program or any other sort of similar scheme. I suppose I could do it if I opened one of those accounts where you can't pull out your money for a certain period, because I wouldn't have the option of withdrawing them, though I might stop making payments into the account out of frustration.
     
  4. Dora M

    Dora MWell-Known Member

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    I always save money, but I don't want to suffer for it. I don't deny myself the things that I need or really want in life. For example, if there is some exhibition or band that I want to experience live, I will go for it, even if money is a little tight. I always have a positive attitude and total faith that I am doing the right thing. Later, I can save again a little here or there, and it accumulates quickly.
     
  5. Mika

    MikaMember

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    I definitely try to save money where ever I can, but some things I don't budge on. I won't buy a brand that I don't like much just because it's cheaper than the one I like. Apple Juice and Peanut Butter I am very picky on. I'm a bit fussy with saltines too. I like the Premium kind at Wal-Mart or the cheap Dollar General brand. :rolleyes: I do try to find coupons and rebates and such for anything I can and will try to price shop.

    I don't go too crazy though. If I really want a candy bar one day, I won't hesitate to buy it. I try to talk myself out of buying unnecessary things all the time, but I do treat myself to what I really want.

    I'm actually really bad with using cash though. I absolutely hate having any coins that aren't quarters (or other higher coins). I don't use cash very often though so it's only about $1 a year maybe. Oh no, the extra $50 during my life. That's not worth it to me.

    I don't do any of those save a dollar plans though. I just transfer $500 when I get to $1000 to another savings account that I don't often check, and don't have checks for. Turns out to be a fair amount of money in there on the occasions I do remember to look at it. :D
     
  6. missbishi

    missbishiWell-Known Member

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    It's not that I get discouraged from saving. I just cannot afford to save any money right now. Things are really tight, for various reasons, and I never have so much as a penny spare at the end of the month. I live as frugally as I can and I know that this situation won't be forever, but it is still very difficult to find spare cash.
     
  7. DreekLass

    DreekLassWell-Known Member

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    No, I believe that saving is saving. When I was growing up, my mother always used to keep this heavy glass vase type thing, and any coppers that we found on the street or had left over - but not enough to make up actual significant money, we'd toss it in that vase. You'd be surprised at how much builds up over time, and one of us would count it, and then cash it at the bank, before splitting it. I believe that saving is a good thing.
     
  8. Andrea Phillips

    Andrea PhillipsActive Member

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    I think saving is important. It is true that when you live hand to mouth, saving is so diffulcult. Still, I think a sacrifice is going to be made anyway. Because life is full of the unexpected, and if you do not have any money put aside, sacrifice happens. So, I attempt to sacrifice up front and save for those rainy days. I look forward to the days of higher income and saving also for those dream items.
     
  9. Onionman

    OnionmanActive Member

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    The idea of saving should never be about penalizing yourself but should be about targeting your short- and medium-term goals in a way that inspires you. Having systems in place and specific disciplines are the key to success.
     
  10. owesem75

    owesem75Active Member

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    I think the general answer to this thread "what discourages you from savings" is actually the LACK of system in Savings. People think that saving alone is enough. THINK of PERSONAL FINANCE. You cannot just save and save and save without taking into consideration the amount of DEBT you have.. you can never save enough if the leak on interest payment is there.. so you have to consider everything..

    think about where you are getting your cash. If you live within the amount of cash you receive on a regular basis, I think it is best that you also think of some gigs where you can increase your stream of income. Do some part time work, make a blog site, etc.

    If you have enough cash coming in, try to pay your DEBTs first. Specially those that really charge you of higher interests.

    Once you paid all your debts and you managed to increase your income stream, you have to get yourself an insurance to protect yourself and your loved one from any risks in the future.. so in case something happens to you (as the breadwinner), you can be assured that there is something for your family and will support them.

    If you have done all the above, and you have enough savings on your emergency fund and still more cash.. then think about investing your extra cash and make it work for you.

    Again, savings alone is not enough.. you have to keep in mind a very good system to save, pay off your debt, protect yourself and invest.
     
  11. lindbergh

    lindberghWell-Known Member

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    The main factor that discourages me from saving at a bank are the extremely low interest rates. Interest rates are not up to par with the inflation rate. So if you would take inflation into consideration, you're losing money while saving. That's why if there are available investment opportunities, I choose them instead of saving. However, the good thing about saving is that it's safe, unlike investments. You should weigh the odds first before deciding where to put your money.