Comments on: Are you an ‘automatic’ saver?

By: Andy

Andy — Sat, 05 Apr 2008 00:46:22 +0000

This is a great philosophy and I definetly follow it. Automatic savings go into my 401K and to Roth 401K. I am also starting to invest in a Vanguard mutual fund - I am putting my post together on this right now at http://www.savingtoinvest.com - so this article is very timely. I’ll include a link back to it.

Andy.

By: castocreations

castocreations — Fri, 04 Apr 2008 16:40:26 +0000

I do both. Hubby and I have money taken out automatically to savings from the paychecks and I don’t consider it part of my monthly salary because I never really ’see’ it even though I know it’s there if I needed it.

But we also take whatever is left after bills and groceries to put into the various other savings accounts (vacation, house, furniture, gifts, emergency, etc.). And I do like allocation the money to the different accounts. :) Like I’m paying myself.

castocreations’s last blog post..Look Ma! I CAN Cook!

By: Bargain Shopper

Bargain Shopper — Fri, 04 Apr 2008 16:03:15 +0000

I appreciate your advice. This is something we really have to start doing.

By: Carrie

Carrie — Fri, 04 Apr 2008 13:21:38 +0000

I do a little of both. I have an automatic transfer every week when I get paid into my high-yield savings account (Capitol One). It’s small enough that I don’t “miss it.” Then, any extras I can pull from my budget each week I transfer on top of that. Whenever I meet my savings goal I stop the automatic transfer and use that amount for extra debt repayment. If I have to dip into the savings for some reason, I start the automatic transfers up again until my goal (I like to have $1500 in there at all times) is met.

By: Ian

Ian — Fri, 04 Apr 2008 12:22:16 +0000

We have an employee share purchase scheme at work, so I get a % of my pay deducted to buy stocks in the company - basically a few thousand dollars a year. By taking it out before I get it, I don’t miss it from month to month … and if I needed the cash I just sell the stocks.

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By: small business idea

small business idea — Fri, 04 Apr 2008 10:44:40 +0000

yes i like this plan i do it in manual way due to the way i got my money company force to withdraw by credit card so i withdraw it and put in saving accounts with daily fee excellent way for me glad you mention it

By: Mary

Mary — Fri, 04 Apr 2008 03:07:50 +0000

I do mine manually. I find it drives my motivation. I fund most of the savings from money I get here and there, so it’s nice to feel that my efforts to get that money is going to greater causes.

By: Michael Aulia

Michael Aulia — Thu, 03 Apr 2008 23:18:07 +0000

I don’t do it automatically, but I usually do it on every payday, putting aside about 50-60% of it to a saving account!

By: GBlogger (Can I Get Rich On A Salary)

GBlogger (Can I Get Rich On A Salary) — Thu, 03 Apr 2008 22:55:30 +0000

We try to do both — we have automatic savings that also get automatically invested into the stock market, and we set aside savings “manually.” Those kind of pile up in a high-yield savings account (or at least hopefully they pile up!) — and occasionally we’ll take that and also invest it.

I’m a pretty big fan of automatic saving/investing overall though — it’d be my #1 “tip.” :-)

By: Marie

Marie — Thu, 03 Apr 2008 19:37:40 +0000

I’m a manual type. We save a percentage of our income and that changes with each payperiod. Plus I like the control I get with it and moving money into savings is the only “fun” bill to pay. Automating works for a lot of people but it doesn’t for me.