Thanks for voting!Ever wonder how you ever became a Saver in a family of spenders? Not sure if you were hatched from an egg or kidnapped by aliens at a young age (or maybe your brothers and sisters were)? Somehow you spend responsibly and manage to save, yet you can’t help but notice that the rest of your fam, and even your gaggle of friends, seem to make decisions contrary to their budgets. And worse, you stress about how this will one day translate into sharing the, err, wealth (your wealth) as part of a personal bailout plan. You’re not alone. CNN Money has asked the expert; how, and when, should a Saver help the spenders?
Money matters can get sticky, whether we’re talking about lending money to family, friends or the guy in the next cubicle. Or just doling out financial advice, solicited or otherwise. If you see habits that can be changed, you should offer to lend them your wealth of savings savvy (as opposed to your last 20 bucks). Stop short of a rant, but don’t hesitate to impart pearls of saving wisdom that will have a tremendous impact on their day-to-day spending. In the end, help them become financially independent without sending your savings into a tailspin.
What’s the best piece of money advice you’ve ever given to a friend or family member? And more importantly, are you two still speaking?
Tags: Family, Financial Independence, Friends, Money, Saver, Savings
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[...] A spender saved is a Saver earned. Did you save one lately? [...]
If everyone starts saving and does not spend, is this capitalism? Our nation is built on capitalism and we are the biggest consumers in the world. We should save in a disciplined manner, but also spend. Otherwise, the economy will collapse.
My mantra to my friends is always, Be money smart. Part of being money smart is about Spending wisely and Saving graciously. You have to spend for your needs but priortize your wants. You have to save but save before you even start spending it. Thats the trick. I like to share a funny store about spending wisely. CHeck itout at http://moneyreallymatters.com/content/money-smart-spend-wisely-funny-story
Very difficult to help spenders become savers. I have tried to help my spender sister and my best friend many many times….they dont get it. I have tried on a practical level and a feelings level. What would make you feel better, safer, and more powerful? Buying that sweater, coffee, etc…or the money in the bank? For some reason they choose material items…Cant seem to get through no matter what..
do spend, but I save and pay cash via debit card. My debit card spending does not count on my FICO score, and my savings do not count either. I am declined for additional saving or money markets, so I have paid my bank $123.00 to borrow my own money and pay it back monthly (never given the money) to myself. Then will then report that I have paid my bills on time. This is so STUPID. Your spending and your savings should be part of your FICO score. I do not have a credit record, so if I do not do the latter, I will get rejected for bank accounts, credit cards, renting an apartment etc. I have a bank account, that I have handled responsibly for over 40 years, but credit is king now, and not cash.
Its all about being proactive about your saving. As humans, we’re prone to laziness as it is, so setting up an automatic savings plan would help greatly in your efforts to save.
Also, I have found that for me, writing down what I spent helped me to see what I could cut back on.