Saving skills

[terry1156]

Do you think that there are a set of saving skills that people should have in order to better be able to save money? I was talking with a friend and for example, iwe decided that it's helpful to be organized in order to save money.

I was thinking that there are probably a set of characteristics or skills that would make saving money easier. What do you think those skills or characteristics are?

[MrsChambers]

Re: Saving skills

coming from a two parent home!?!

[kashi]

Re: Saving skills

WILLPOWER. it is a skill I have not come even close to mastering yet.

Re: Saving skills

I'd say patience. Being frugal is about non-instant gratification. We sacrifice and wait for things now, so that life will be better in the future.

[miclason]

Re: Saving skills

Prioritizing!!

[Tree0164]

Re: Saving skills

Being flexible

[amomof4]

Re: Saving skills

It seems to me that a lot of people who waste the least are those who grew up with the least. An example of this would be those who lived through the depression.

I was very poor growing up, and it taught me young the value & power of money. To me, money loses all it's value once it's spent. Unless, of course, it's for appreciating assests.

[PennyPincher]

Re: Saving skills

I also think a little math sense goes a long way...

[miclason]

Re: Saving skills

Attention to detail is also essential for research! so you don't just go for the lowest price, but choose the best price according to value

[PrincessPerky]

Re: Saving skills

I think if I were to make a class regarding good money habits, It would need to have a section on just what the dollar is worth. It is worth a bit different to different people, and possibly worth less if you have more.

A huge section on why debt costs so much more than waiting. and of course on why you need to save for retirement anyway.

Also a section on simple conservation, lights off and all.

And a section on how to research prices, maybe with the quote from that dude who found people would pay 40$ extra for a table but not a lamp.

And a BIG emphasis on small easy to keep changes, (sorry moneyrant .)

[Tree0164]

Re: Saving skills

I would love to see more education in schools about the value of the dollar. How to do a monthly budget, how to save and a basic understanding of the stock market.

[Momtwo]

Re: Saving skills

Education in the schools on those items is a great idea! But I also think that every parent should be teaching their children these things. Don't wait for the schools to do it- you may have a long wait.

My children were taught to handle a checking account when they were Junior High Age. They were also taught about money management by DH and I going over our accounts with them. And they were taught about budgeting and investing. The rewards are that they have been on their own since college, have married and are doing extremely well. They are 29 and 31 and have net worths in the 6 figure range. The time we spent teaching them was priceless.

The best part is they never came home to live with Mom and Dad after college and they have never once asked for $1. in money since then.

[amomof4]

Re: Saving skills

That is wonderful Momtwo! I hope my girls learn my frugal ways. Life is so much easier if it is started out right. Sure beats picking up the pieces later.

[Tree0164]

Re: Saving skills

Momtwo I totally agree about teaching kids basic money skills at home. Starting to get my almost 6 yr old that money doesn't grow on trees concept down.

But incorporating how to budget a check book and learning about the stock market would be a great class in jr high/high school.

[Armywife]

Re: Saving skills

Rationalization. The ability to rationalize goes a long way when you're trying to save money. "Do I really need this?" When you're young, you can learn to rationalize.. it just takes a little bit of practice.