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Why do people insist that they can't save anything?

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    I once read that saving is like exercising. It's very hard to get started but the longer you do it the easier and more rewarding it is.
    Very true, it takes discipline to exercise (especially when you start to exercise and you don't really see any results right away) - just like it takes discipline to save money especially when the small amount you chalk away doesn't seem like a lot at first.


      Baby steps

      A big challenge in saving for long term is that people think it takes a lot of money to save big money. How money works and personal finance isn't taught at a young age because most are raised by people who were never taught themselves.

      My teenager has to save 10 percent of everything she earns from working. It has been that way for the past two years. That was never done for me. She now has the habit of saving ans watching her money actually grow. I had to learn the hard way many years after leaving home and bing on my own.

      I showed my teenager before she started earning that if she would only save $200 a month in a decent aggressive mutual fund, that might average about 10 to 11 percent a year, in about 35 years she would have just over one and a quarter million dollars saved through the power of principal and interest compounding. So she will leave home one day not only with the knowledge of time vs money but also with savings already started. I don't see her having to work past age 35 if she does not want to. She realizes that time is more valuable than money. You can always replace money, you can never replace time.

      She was taught to pay first and play later rather than the reverse. She is taught not to buy into the advertising that tells here that she has to have certain possessions to have value as a person. It has to start at home. Parents have to make a decision to learn the fundamentals of personal finance and how money works in order to teach it to their young ones and instill good habits for successful living. That is why I started my web site after leaving the financial services business.

      But I am pretty much preaching to the choir if you're reading this on this forum. It is really a vicious cycle that repeats generation after generation. Someone in the family tree has to wake up and take a look around to realize that the way people have been operating int he past isn't a desirable future. Then it is just a matter of seeking out knowledge which is actually plentiful once you get a clue of what questions to ask.

      It takes a wake up call. I like to teach one how to do and then they can go out and teach another. if two taught two each month for a year you have 4096 people with the knowledge. The only people who would be against this are the advertisers and the merchants they serve and the employers who hire the indentured servants.


        You would have to say that the discipline is not there. Once they see the value of it, perceptions might change.


          I understand both sides. It's not that they can't save, it's that they don't think they can,.. and what makes it worse is accessability. When someone tries to save, and they're out at the mall and find something they like, their checking account may be empty.. but there's always savings just an ATM away. It's too easy to access.

          I've had a hard time saving until dundundundunnnnn: ONLINE SAVINGS! Ever since then, I've set up reoccuring transfers.. originally, I actually started out with $10 a week. It didn't make a huge difference in my level of comfort, but it added up qucikly. I started making the amount larger as I became more comfortable, and my weekly contributions of only about 6 months now total a few grand.

          I think it's just demotivating when you'd tried and tried again to save, but it's too easy to acquire. With online savings, a transfer takes a couple days to get back into your checking.. by that time, hopefully you've talked some sense into yourself and transfer it back.


            Originally posted by vole View Post
            There's another side that no one has addressed:

            It's better not to have savings.

            I saved and had to pay full cost for summer camps for my two kids.

            I saved all my life and then had to pay full tuition for both my kids.

            I saved and now face the possibility of having to use my savings for medical care.

            Others who earned as much as I did, but didn't save, got financial help for all these expenses.

            How about all those people who bought houses they couldn't afford and made profits as real estate values went up.

            And now that the party is over, there are efforts to refinance for those who can't pay their mortgage. Reward those who didn't save and overspent.

            And what happened to my savings? Almost 1/2 wiped out as a result of fraud, abuses, and criminal activity of banks, corporations, insurance companies, and investment houses.

            Our society rewards those who don't save and penalizes those who do adn who try to live within their means.

            Color me bitter.
            I understand the frustration to a point. The point where you cleared out your savings for summer camp? Really? If you hit the dollar store, you can buy some balloons and crayons, collect sticks in the parking lot, maybe pick up a ball of yarn and a book on tying knots. Summer=fulfilled.

            Just joking ofcourse.

            Honestly, I can easily find myself complaining about people who are irresponsible with their money getting assistance that they really don't deserve.. but I'm not going to complain that I can't send my kids to private school or summer camp and if it's going to clear out my savings? Well, I'm not going to do it.

            Plus, if anything, you're teaching those kids to have everything handed to them. They may grow up to be the very people you complain about.

            Tell them to get a job. Summer=fulfilled.