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No excuses not to save!

November 3rd, 2006 at 02:46 am

Sometimes a retirement fund is not enough, you need to save to emergencies and luxuries, too. There is a MSN Money article about 6 (worthless) excuses for not saving money (my thoughts are in italic):

* Excuse 1: I don't make enough. No kidding, I think I'm underpaid. But I also find that the more I make, the more I spend. Someone once said, "it's not how much you make, it's how much you keep".

* Excuse 2: I'll get around to it later. Procrastination. If you can't save now, how can you save in the future [with house, family, kids, aging parents]?

* Excuse 3: I deserve a little luxury in my life. I struggle with this. "Wants" can be strong.

* Excuse 4: Someone else will take care of it. Hahaha, I think I figure out that Social Security won't be around when I retire.

* Excuse 5: I am saving through my 401(k). You know, 6% contribution plus 4.5% matching. Is it enough?

* Excuse 6: This item or service will pay for itself. Oh my gosh, this is definitely a struggle. I tell myself that "I'm not buying, I'm investing in this thing."

6 Responses to “No excuses not to save!”

  1. tinapbeana Says:

    * Excuse 3: I deserve a little luxury in my life. I struggle with this. "Wants" can be strong.

    * Excuse 6: This item or service will pay for itself. Oh my gosh, this is definitely a struggle. I tell myself that "I'm not buying, I'm investing in this thing."

    for # 3 i always think about how i want to have a little luxury later in life, too. i think i may want that even more than luxury now, because i'll be able to enjoy it without having to schedule my life around work.

    for 6, i find that few things in life pay for themselves. the only purchases i consider 'investments' are houses and possibly certain antiques. now, certain items i will consider money well spent, like shoes that will last 10 years. but the shoes will never 'pay for themselves'.

  2. Broken Arrow Says:

    My friends use some of these constantly. It's a good thing that I don't think they are aware of the other ones. Big Grin

    #3 would be the one I would have the hardest time with myself. Sometimes, it's tied in with #6. However, at least I am aware that it's an excuse and do fight it constantly.

    Thank you sharing it though. It certainly is worth another look.

  3. yummy64 Says:

    I aim for 15% for retirement. And I'm about there.

    If you decide to step it up step it up either 1/2 or 1% at a time. Don't kill yourself to do it. But when you get your next raise, raise your retirement savings a bit. Seriously, you won't regret doing this at all. And after a month or so of doing it you won't even notice it.

    f you really get with your retirement savings now you'll have your future MADE. If only I had been a lot more serious in my 20's and 30's. Compound interest and all that.

  4. jersey jen Says:

    * tinapbeana

    yeah, delayed gratification is definitely worthwhile. i guess your definition of "investment" is something that appreciates in value, hm...shoes definitely don't :-)

  5. jersey jen Says:

    * broken arrow

    thanks for the compliment! oh my goodness, we all need to stop making excuses.

  6. jersey jen Says:

    * yummy64

    yeah, great idea! i was thinking about that too. perhaps adding 1% every 6-month or 12-month in 2007. my job is much performance based. from the grapevine, i hear, that the bonus would be quite substantial in january.

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