Most folks when you talk about savings bonds simply reject it outright. When i first started my career 20+ years ago I had an automatic deduction taken for savings bonds. It was a whoping $12.50 a pay period. Every fourth pay period a $100 bond was purchased and sent to my home. This has gone on every since. It is true the interest rate is not as high as some other investments but it is not bad usually. It is a nice way to save a small amount and not even pay any attention to it. I understand that savings bonds can be redeemed to pay for college tuition down the road for your children, as an example, and you don’t have to pay taxes on them.
This is one small thing I have done for a long time.
Of course more info can be found simply by searching us savings bonds. 4 years ago

Jeero took this goal just a little too literally! 4 years ago

An easy way to save long term is to sign up for any company retirement plans that may be offered. There is actually a goal related to saving 3% of each paycheck in a company matched 401k plan that exists.

So why adopt that goal if this one exists? Simple – the enrollment period for your company may not exist now, but adopt that goal and setting a reminder will put it at the front of your brain when open enrollment starts. 4 years ago

Perhaps a lesson that so many of us are seeing played out in the media is the need to save. Between price increases, layoffs, and credit crisis, even those of us who have been blessed are seeing the need to have a cash / cash equivalent nest egg for the tough times. 4 years ago

I intend to keep on saving long into the future. 4 years ago

( yes, I purposely used the proper spelling to tick off certain people)

It has been reported that Firestone forsees the need to increase the price of tires upwards of 15% in the United States as crude oil is the raw material from which the tires are made.

This may be a good time to check your tires and, if the time to replace is getting close, either buy your tires now and store them, and do the whole change the tires deal but save the old ones to be used as spares later one.

While tires are not one of the more exciting things in our lives, as Michelin has reminded us several times in their adverts, you do have a lot riding on your tires. 4 years ago

For those trying to discipline themselves into a stronger savings mentality, the Save $20 from every paycheck goal is a great way to start tackling this much larger goal. 4 years ago

Makes sleeping an easy thing to do! 5 years ago

I am keeping up with my business practive of saving 5% of every deposit.

Its just mindboggling how must peace comes from having that cushion there. In a few months when the cushion becomes large much of that will be spent as an investmetn into business growth.

In our personal lives, if we sock away some of every paycheck, those inevitable surprises, like insurance, and much easier to weather instead of becoming periods of “ooops”, lets pay for petrol with spare change we find under the car floor mat. 5 years ago

I will be back another day to share my story. It is late… I must go to bed.

I just noticed that it said 8:31 pm… HEHE it is 11:31 pm here in FL 5 years ago

The prediction of an economic callapse has been out there for a very long time. In recent days we have seen so many economic stories of woe. I remember many years back reading a book by the late Gary Burkett. He talked about the what he thought would be the coming econimic crash of the economy and I will never forget his main point of advice. “Get rid of your debt!” When the country is in tough times economically the last thing any of us needs is debt on top of it to burden us even more.
I am so looking forward to our last payment on our house and that will mean I am debt free for the first time in more than 20 years! I am thinking back and I consider my indebtedness started when I went into college. Student loans and then we got married and several years later got a home etc… We have paid many things off in those years but of course there has always been somthing that we had payments on. The mortgage was a constant over many of those years of course.
I hope that my words are taken correctly in that I share them for the purpose of convincing all of you that it is possible! If I can do this anyone can! We all have different scenerios of course, but whatever the situation you can get out!
Here is to a future of responsible spending and using our finances for the betterment of ourselves, our families and ultimately to the society in which we all live. 5 years ago

As we’re doing a fairly large house renovation, I’ve been looking into joining cashback sites such as Quidco and Topcashback (sorry – I just can’t get the links to work) to get a little bit extra off the price of blinds/curtains/cookware etc. I’m not planning to use them indiscriminately, but if I can get a real bargain then I will certainly make a transaction via these portals, rather than going direct. Apparently, it takes 2 months for the savings to come through and I’m planning to let this build up to create a nice little pot. 5 years ago

I find that the best way to save is to set up direct debits as soon after payday as possible. Recently, after thinking about this particular goal, I have decided to channel £50 per month into an account specifically towards birthday & Christmas presents/doctors/dentists/vets bills. It will be interesting to see how far this amount goes over the year. 5 years ago

Rebate checks for every American are being discussed as a means to junp start the economy. As of today the figures are estimated at $600 for individuals and $1200 for couples – we’ll see how this plays out. But …

Sure they are supposed to jump start the economy but shuld we get rebate checks, this is a great way to jump start a savings plan. Yikes – I can already hear the phone ringing with GEW and Nacy Pelosi asking me for a retraction. But why not, putting this found money away can probably jump start your life (or peace of mind) much better than it can if you bought an iPod. Right? 5 years ago

I’m not sure if I can? or how to?? I figure inviting people to join in is a good way to fulfil this goal! :-) 5 years ago

Before even starting out on a quest to save money, I think it’s vital to create a certain attitude towards spending and saving. I don’t know about anyone else, but I had to self-teach myself about my finances. Luckily I started to take an interest in them when I was quite young and therefore paid off my debt early. I’m not perfect, but I’m mindful and always trying to weigh up how much I REALLY need to spend and save in order to achieve balance. It still astounds me when people moan about lack of cash and then go out and blow massive amounts of cash on new cars, weekly clothing shops and multiple holidays without considering the wider perspective. Saying that, it’s also important to continue to enjoy life without becoming a complete tightarse too!

To self-educate, I read money columns and forums every week. My faves are www.moneysavingexpert.com (UK-based) and www.motleyfool.co.uk. I also dip into various books and check out the newspapers. 5 years ago

Thanks for the invitation to this goal. I’ve been doing this in an ad hoc way for years now and my finances are fairly organised. However, I would like to structure my money even further so I’m using this goal to review and revise my fiscals. 5 years ago

Way back at the end of the last century I discovered an autobiography, which later became a stage play, and eventually a made-for-television movie : Having Our Say

Having Our Say is the true story of Sadie and Bessie Delaney, two women who lived to well over 100 years, and their achievement as black women. Theirs is a story of people of moderate means who found it in themselves to achieve and accomplish things that very few ever thought possible – Sadie becoming a high school teacher and Bessie a dentist. Add in the challenges they faced as being women, and add in the racial issues of the time and one cannot feel anything but pride for them.

I had the pleasure of seeing the Delaney sisters in person years ago. One of the lessons they wanted to impart on the “young people” was their lessons on money : one sister said “We give ten percent to the Lord, and put aside 10% for a rainy day” the other sister chimed in “At our age, we’re using a lot of that rainy day money now.”

Sadie and Bessie went home a few years back, but their story is worth reading, and that 10% lesson is worth learning and comitting to memory. 5 years ago

I was encouraged by John Lee to start this “thing” and invite others to participate. The idea was rto plan for expenses… this came from discussion about Christmas in particular but it could apply to just about anything. For example I see John Lee has a goal to attend the 2012 Olympics in London. Sounds like a great time! What plans have you made for it? Yes it is 5 years away but what a better time to plan and set aside funds?
The common sense is what I try to use. How much will it cost to travel.(Best guess by current prices as we don’t know what those costs will increase to) How much for lodging food, tickets etc.. then once you have an idea of cost then a savings plan can be initiated.
Preparation is key!
My wife and I are working on our #1 Thing and personal challenge of being 100% debt free so we are directing as much of extra money as possible to paying off Mortgage. This is very doable by end of year. We are looking towards this and some other things have been put on hold to do it.
we still are putting money aside each paycheck for Christmas funds. We just do this ourselves, as in transfer it to savings and use Quicken to seperate the funds into a “savings goal account.”
I have automatic allotments come from my check for various things Such as Savings Bonds, An amount each check to pay Auto Insurance that goes into savings account, Percentage goes into my 401k plan.
SO there are lots of tools and options on how to set aside and save money!
One of the keys or principles is delayed gratification. the thought process of I will just use credit card and pay it off in the Next _ (amount of time) on payments is a faulty one at best. You will be paying ridiculous interest that I am sure we could all use for our own expenses.
What I have written is not rocket sciene, just application and follow through can make it useful.
What say you all on this subject?

Looking forward to our discussions and the learning from you that will inevitably happen.

Have a great week! 5 years ago

Of course now I have to determine what percentage is to be saved … 5 years ago

I have been asked to start this goal in the endevour to encourage others to save all year long for things like Christmas expenses, Insurance payments, putting Money into savings accounts… etc.. I would encourage anyone to examine there finances especially in light of the most recent Christmas season. Will Late January/Early Februrary bring a credit card bill(s) that you will be paying off from months to come into the new year? What would it be like if all you had done with Christmas shopping is pay out of money you saved each paycheck all year and there was no bill looming in your future for the celebrations of this wonderful season? Would that be somthing that sounds appealing? I have done this for many years and I don’t ever have to worry about a huge credit card bill to come.
I made a statement to someone who was rejoicing they had finally paid off their credit card debt. I said somthing to the fact of “I have only paid interest to a credit card company once.” That is true! I made two payments one time in my life and thusly had to pay interest. Other than that I have not. I belive you should keep your money not give it to the credit card companies!
I am no expert by any means but I would be glad to share with anyone who wants to know how I have managed my finances on various issues and would be glad to offer advice, recomend books etc for the proper use of ones money. The definition of “Proper ” use will vary from person to person but I beliueve there are solid principles that can guide us all.
I would love to discuss and talk about various aspects of personal finance with anyone who has a mind to. Plese join us in doing so. I know we can all benefit from each others experiences and wisdom! 5 years ago