Tuesday, February 05, 2008

Saving troubles?

Do you have trouble saving money? I do. People are probably scratching their heads wondering how and why do I have trouble saving. Well I like to spend money.

So to circumvent this bad habit and tendency, I have to automate everything. Our 401k is automated, ESPP automated, Roth IRA automated. I don't see the money ever. Our savings is pretty much done before it ever hits the checking account on payday.

But after that, I have trouble savings. If you asked me to set aside $100/pay period, I'd scrunch my nose and sigh. I'd look at the money in the account and know I'd want to spend it. Either going out to eat, vacation, fun, anything pretty much.

And I'm sure I'm not alone. I'm not a saver by nature, I'm a forced saver. A mortgage is an enforced savings plan for me because I doubt I'd have the willpower to pay less rent and save the difference (unless automated). But I'm sure things would come up that I would "have" to do. I also pay all my bills automatically, again so I don't see the money until it's gone.

So are you a forced saver, spender, a natural frugalite? Is it a natural tendency or are there people who just love to save?

8 comments:

Kell said...

I am a natural saver, darling. But I also find space to do fun things too. I would suggest making your 'extra' savings automatic as well, then why not spend the rest and relax a little? If you like to spend, let yourself, just find the balance between spend and save, you know?

Debt Dieter said...

I seem to be a much better 'payer-backer' than saver unfortunately. I also wish I were a better 'payer-backer' too!

Living Almost Large said...

I'm impressed Kell, but it's not going to happen. Automation can continually be upped, but should you?

change is a good thing said...

I'm a saver, a natural frugalite and I find saving money fun. I have automated some of my savings, but then I play games with myself to save more. I am currently working on trying to have as many "no spend" days as possible. It's much easier for me not to spend money in the winter too, I tend to hibernate. I think I get a high out of seeing my savings increase from month to month. :)

kilcher said...

"I think I get a high out of seeing my savings increase from month to month."

I completely agree. I once read saving is like exercising - it's hard to get started but once you do it becomes more addictive the more you do it. I'm a saver but I don't consider myself frugal. I still feel like I have everything I want.

Living Almost Large said...

Everyone is better person than I. I have no qualms admitting there is so much more I want and I don't like saving.

Tanya said...

I'm better at paying back than saving-- paying back 40% of my post-tax salary each month towards my student loans and only about 10% to saving... but I like to spend, too. What really helped me for a long time is getting a high-interest savings account and getting to watch it grow with interest-- so inspiring. Now that rates are lower it's harder to get excited about saving.

Tanya said...

But (while I'm babbling) yeah, there is *so* much more I wish I could buy. The loan debt just makes me so uncomfortable that I can't enjoy what I buy anymore, for the most part, when I think about the 8% upcharge.