Thanks for voting!Yeah, we’re lookin’ at you. It’s 2010, the year of the Saver (or so it should be, anyway), the YOU year.
So, we want your story.
We’re looking for Customers to share their own saving experience with us: The good, the ugly & the comical when it comes to saving, spending and sticking to your guns. It’s easy to talk the savings talk—anyone can do that—so we want you to tell us what it’s like to walk the walk. Make us empathize. Inspire us. Share with us what you’re doing right, and how we can learn from your mistakes.
It’s We, the Savers, after all: We’re in this together. So, here’s the deal:
We’re looking for a one-year savings commitment, with a minimum of one blog post each month detailing the trials and victories of your savings endeavor. If we choose you, we’ll add $200 a month to your savings. We’ll announce the application details via Twitter, Facebook and We, the Savers.
So fan us on Facebook, follow us on Twitter or check back here at We, the Savers to find out how you can spread the good word about saving to fellow Savers and non-Savers alike. It’ll be fun. (And rewarding. Hello, $200.) Get excited.
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Life has not been easy but we are fortunate enough to have a home and jobs to earn the money we need to live comfortably. Like many Americans, we were not concerned with the future, let alone sticking money away for emergencies or even retirement. We have spent many years wasting our hard earned money on “the now”.
Year 2010 is a new start…. Even before 2010 started, I started puting a plan into motion that is not only obtainable but it is smart. Our goal is to have all our debt, including our house, paid off in less than twelve years. This debt amounts to a little over $180,000. This is a huge amount of debt to pay off in less than twelve years but I’m up to the challenge. We have also added specific goals to the end of campaign as reminders of what we can do when our debt is fully paid such as increasing our 401-K contributions and buying that cabin in Montana.
This plan does not take into account income increases such as raises, bonuses, or promotions. Over the last 3 months I have worked hard at finding the cheapest ways to handle our utilities by looking for the deals – 12-month deal on satellite TV, switching to internet phone, and changes to our cell phone plans. Also, to save more money, we have agreed to turn down the thermostat in the winter by a couple of degrees while turning up the thermostat in summer a couple of degrees so the A/C won’t run quite as much.
The Plan:
1.Put away money into our savings account so that we can meet emergencies head on: over $1000 – ideal would be at least $1500.
2.Pay off the credit cards.
3.Pay off the car loan.
4.Pay off the student loans.
5.Pay off the house.
6.Increase 401-K contributions.
7.Buy the cabin in Montana.
Year 2010 involves completing steps one and two and a good chunk of step 3.
Here’s to a new out-look in “Lauer-ville” - may the year 2010 be all about debt reduction and smart choices!!!!
I had finally done it. I made my last car payment and I now owned my own car. I was free of those $329 per month car payments. I was thinking of all the great things I could do with that extra money: go on weekend trips, buy lunch for my friends, and who knows what else. After that first month with no car payment I was shocked that I didn’t seem to have that extra $329 in my account like I thought I would. I had somehow, unwittingly absorbed $329 and I didn’t have anything to show for it.
I also began thinking about how my paid off car wasn’t as new as it once was and what if it needed a major repair. Since I hadn’t seen a big improvement in my life with that extra $329, I decided I should keep making my car payment, but this time I would make that payment due to myself.
I’ve been making car payments to myself for about 2 years now and it has really added up. I’m covered if I should need a car repair and soon I’ll have enough to buy a new car, without a loan.
I guess I was one of the fortunate ones. I made my savings [or rather, non-savings] mistakes earlier in life. My parents tried to instill in me their disciplined approach to savings; always put at least 10% of your income into a savings account with every paycheck, pay bills off completely and on time, etc. For the most part, growing up saving was easy - get some cash gift from an aunt or uncle, and put it in the bank. Then it became time for the checking account. WOW! Now you could write an amount on the check, and have whatever item looked good in the store window. Didn’t feel nearly as much like spending money as handing over cash. then the statement came in the mail - OUCH! Reality set in and I realized what had happened. Lesson learned, at least, until along came credit cards. Felt even less like spending. This one took me a little longer, but eventually I realized I had fallen into the same pattern. Ever since those two early lessons, I have made it a habit to pay myself first, and wait to make a purchase until I truly need whatever I am going to buy. It is amazing how many things I decide I no longer need after I think about it a little bit. All through this learning curve, my parents smiled and nodded their heads. It has been over 15 years since that first checking account lesson, and I now routinely save and am happy doing so. I’ve had many more financial lessons since, but those first two helped teach me how NOT to make the painful mistakes.
I’m a smart educated woman with an MBA so that should mean that I make financial decisions at the office and at home, right…well yeah…not as often as I would like. The missing savings gene began with my parents and I have unfortunately followed in their footsteps. My parents have always lived paycheck and paycheck and as much as I have vowed that I wouldn’t do the same, I find myself following in their footsteps. I have a good income but I also have the spending gene. Many times, it may just be me over doing a Birthday gift or Christmas present for someone else but its one more thing that gets me off track from my savings goals. All my credit card debt is paid off monthly, I have paid off my car (first one ever), and my goal is to get my student loan debt paid off. I’m starting to feel that I may still be paying off my student loans while I’m collecting social security. By saying “No” to another new pairs of shoes or on another impulse buy that I so frequently find myself doing such as the $125 I spent on a rug after looking at the catalog for 3 minutes, purchased, received, and I placed in a closet since I have no idea where I’m going to put it in my house. Bottom line…I need to pay off my student loans from money that I am wasting on other purchases that I won’t miss at all. I am Woman Hear Me Roar. 2010 is the Year I will take control of my student loans.
For years now, the idea of me saving money has been a source of amusement; something grown-ups do. I’ve never thought of myself as the type of person who “saves” or “invests,” and in fact, I have considered those things to be something to investigate in oh, about twenty years or so, along with AARP memberships and senior discounts at the movies. That is, I thought this except for those times when emergencies arose and I needed savings but didn’t have them. At those times, having a little money put by seemed like a really, really good idea.
I’m in my mid-thirties now, and it’s taken me this long to understand that saving money is neither age-related, nor difficult. It really is as simple as making a commitment to the unknown and endless possibilities/difficulties life can bring. My attitude about money has changed (given the economic climate, this is no wonder), and I’m seeing the very real benefits of even moderate saving.
ING helped me remarkably: it was easy to set up my savings account, as well as to institute a recurring automatic transfer from my primary checking account to ING. This way I don’t have to remember to make my weekly transfers because ING does them for me automatically online. With ING’s help, I am making progress and working to meet my savings goals. As I watch my account balance grow, I feel more and more confident that I am managing my money effectively, and this gives me a feeling of security I never anticipated.
Now let’s just see if my new-found adulthood extends to retirement planning!
Where to start. I graduated college with an Accounting Bachelors and Minor in FInance. Along with an Associates in Business Administration. I ‘ve been working since I was 15 and I’m 25 now. One would think i’d have thousands in my savings for the last 10years but I don’t. I’ve been saving or attempting to save for several years now. I made a promise to myself that I would save at least 20% of my paychecks no matter what. Unfortunately there came a time when even though I was saving i had to use the money to pay off more debt that i incurred. When i came to the realization that i’m saving and I have nothing to show for it i became frustrated. Where’s all my money going? Even with my Ing account I was still using my money to pay credit. Which is ok but still frustrating. When I got engaged I knew that its time to have money in the bank. I set up a saving account for my fiance with his bank and began collecting more for my own. I’m saving for the future that’s what I want to accomplish. After so many years and no money in the bank I’ve learned that if I’m using my savings to pay off credit card debt i need to set up a system to pay back my savings. I feel its better to pay myself back with interest than pay credit cards and their interest. So essentially i opened up and orange checking account which helps me in those moments where i need to make a quick transfer to pay off credit cards. Having the savings account knowing i cant just go to the bank to get it helps me stay away from it unless its urgent. ING has definitely helped me manage my money more effectively and has helped me save more money than i ever did before. It truly will only help people if they put the mindset on saving for whatever it is. Now I know that in a couple of years I will have enough money to buy property, to live more securely. Maybe I have more self control now maybe i’ve just finally realized that money doesn’t fall from trees, i don’t know but whatever the case I’ve learned the value of money and how to make sure i have some in the future and something to fall back on just in case
Thanks ING
Someone wise once told me it’s not how much money you make so much that it’s how much money that you save. I’m not sure if this was to make me feel better or not. However, seeing how much the “Haves” have lost during this economy and how amazingly well that some families that lived more modestly all along survived much better makes me think, hmmmmm….
So this year:
I’m going to try and find any of those spontaneous purchases that I have made that are still returnable to make their way back to the store,
Sign up for that Magic Jack to cut down on telephone expenses,
Raise my deductible on my auto insurance to save more money,
Make my own coffee at home.
I plan on take the savings and put it in a savings account at ING. I shouldn’t miss this money since I was already spending it.
Pick me, pick me! I’ve been working since September on paying off 10K (now less!) in credit card debt. Actually, I lied. I spent September through December working on a $1,000 emergency fund. I got really hooked on watching that money pile up, and did a good job (if I do say so myself) of finding extra dollars to send to that fund. I did so well that I was also able to save up about $200 for my half of the most extravagant Christmas gift my brother and I have ever gotten for my mom: a flat screen TV. She was floored, and it was awesome.
Amazing feeling. I found extra cash by renting out my garage and getting babysitting gigs in my free time.
Now that I have the $1,000 tucked away, I am still saving, but saving slower, because most of the money I find I am sending down to my credit card debt. I am doing all of this while working long hours at my non-profit job (that I love!) that paid me less than $40K last year. We can talk about whether that 90K I borrowed for my law degree was worth it some other time . . . sheesh.
I hope to lay a foundation for change in 2010. Basically, I want to save enough money in 2010 so I can leave my job and go back to school in 2011. Over the past several years, I’ve realized I have no enthusiasm for the job I’m currently in, so I want to change to a career field that presents a variety of challenges and requires a bit more creativity.
To accomplish this goal, I’m estimating a budget for 2011…essentials and a little extra for emergencies. If I pick up part time work during the school year and work full time during breaks, I hope to cover my monthly expenses (house payment, electric, phone, car insurance, groceries, and fuel). Any other bills, house repairs, or monthly deficits, I hope to cover with the funds I’m able to save this year. I estimate that I need a total savings of about $10,000 to make it through the year.
Currently, I have about $6,000 saved. Not a bad number, but trying to save an additional $4,000 this year is no small task. I also need to repay a loan (about $1,200 now) to my parents for reroofing my house. Two additional challenges I’m facing have to do with the age of my home and my current work situation. First, I own an old house which frequently needs repairs. Second, my job has me working away from my home…about three hours away to be precise. Typically, I try to do most of the house repairs myself, which cuts down on the costs. Now, it will be difficult to do the repairs myself because I don’t have much time to spend at home. Plus, I am now supporting a mortgage payment and monthly rent (also making it more difficult to do house repairs). Thankfully, my employer is covering some of my expenses, but my bills are still much higher than normal.
Now, to the 2010 budget. First, I’m taking care of all my monthly bills and expected yearly bills (divided by 12 to make sure I budget for them properly each month). I “force” myself to save for certain expenses (like yearly vet bills and money for Christmas gifts) by auto drafting money out of my checking account and into a savings account each month (Thank you, Ing!). Then I look at the surplus, if any, and divvy up the money between my emergency fund, debts, and near essentials (ex. Money for a house repair I want to do). Anything left after this goes to non-essentials.
I don’t like being in debt, so I’ve set paying my parents off as my first priority. I won’t be setting aside money for house repairs for a few months. I’m not expecting any major repairs right now (knock on wood), so this shouldn’t become an issue. I am still saving money each month, though, but not enough to save $10,000 by the end of the year. In order to meet this goal, I need to save at least $335 per month for 12 months. Once I pay my parents off, this will be a more attainable goal; but for now, I’m looking for ways to trim my expenses. I expect to eat a lot of macaroni and cheese this year.
my husband and i are coming up on our one year anniversary this february. we were both living on our own, i was in NYC, and we both brought quite a bit of debt to the marriage union. my challenge was saying no to all of the beautiful clothes, shoes and bags that i wanted…. his challenge was saying no to the latest technology and gadgets. add to that a year of dating in NYC, eating out and going for drinks with friends constantly, and we were in a pile of debt!
we sat down and made a strict budget, cutting back where we could (lower priced apartment, going on the AT+T family plan, less shopping and eating out) and we figured we’d be debt free in 10 months - our goal was to be out of debt by december 2009. to keep us on track and focused on making our credit card payments, we had a secondary goal - that of doing volunteer work in central america for the winter of 2010-2011. we figured there was no way we would be able to do it sooner than that…. we’d need the 10 months to get out of debt and then we’d need the following year or so to save so we could go away for the winter to volunteer.
well, we stuck to our monthly budget, and every time we made a payment to a credit card it felt just amazing. we planned a good amount of money to go towards our debt, and then another amount to go into ING monthly as well. we figured that we’d be motivated to continue saving as we saw the money start to grow, and that was exactly what happened. our desire to shop and to go out to eat was curbed by the greater desire to be out of debt FINALLY (for me, it would be the first time in years i would be debt-free) and the even greater desire to save our pennies and achieve our secondary goal of volunteering in a country that needed help.
well, we were 100% out of debt by august 2009 nearly 5 months earlier than our target! we celebrated by cutting up our credit cards and stashing even more money into our ING account. as that account grew, we really saw just how silly some of our spending had been. we were able to save enough money to achieve our second goal, and we are leaving for costa rica for 3 months this february. we will do full time volunteer work and live on the beach. not a bad way to spend our first anniversary.
our goal for 2010 is to continue to save our pennies so that we can head down to central america every winter to do more volunteer work…. ultimately we’d love to find a way to sustain ourselves down there longer. i quit my full time job in NYC and will be working part time when we get back so that i can focus more time locally on volunteer work as well, so saving will be a bit more challenging without two full-time incomes but i know we can do it….. having a clear, attainable goal in mind was the key for us getting out of debt, and we hope that it will be what gets us to our next goal.
I have noticed that everyone is posting their story on the comment section. When reading the original post about “sharing your story” it says they will “announce the application details” on Facebook, Twitter and We, the Savers. I have not seen any other postings about an application for this. Where do we find the application details?
Since I opened my first ING account in 2000, I’ve had my share of ups and downs. ING has been a huge plus through it all, giving me fantastic rates and easy ways to put my savings on auto-pilot. The automatic savings feature has helped me reach many goals, and I’m relying on it in a big way in 2010.
After my divorce in 2008, I was pretty flush, having socked the money from the sale of our house away in ING, getting the best rate around, while I rented for a year. Now that the kids and I are settled into the new house, and the expenses of getting situated are behind us, I pick up my head and realize I’ve plowed right through most of my savings. On top of that, just before Christmas (but after the shopping, unfortunately) I learned that within three months my income would decrease substantially. My new years resolution was suddenly quite clear – belt tightening to the Nth degree. By 7am on January 1st I was sitting at my computer, mapping out my budget, cancelling unnecessary services, and taking steps to make sure that I would survive the year not only without taking on any debt, but also managing to stick to my savings goals. Specifically, I want to save enough to:
fund my health savings account - $3,000
fund my retirement account- $3000
increase my emergency fund to $10,000 (it’s currently $5560)
The personal belt tightening is a challenge, but a welcome one. I’ve been committed to simplifying my life and this will put that commitment to the test. My biggest obstacle, I think, is business. I started my own business in October, and there are certain expenses associated with startup that I feel are so important I can’t delay or avoid them. To do so would undermine the growth of my business and therefore, be short-sighted.
I spent the month of January setting up automatic savings plans to fund the three goals above, and carefully considering every dollar before it went out the door, both personally and professionally. I also set up an automatic savings plan to fund my taxes. Having to pay them quarterly is difficult and I don’t want to fall behind.
Now that all the automatic savings plans are set up I just have to make sure the money is there to cover them! The stakes are high, as is the stress, but I am determined. That quality has served me well before, and I am confident it will again. Wish me luck!
Hello Fellow Savers & ING Direct,
I started a savings acct and a CD in Nov ‘08. I was a bit nervous about starting my banking on-line so I called them to get more info before I made my final decision. It was the best decision I ever maybe! The customer rep that I spoke with was very patience, pleasant & most of all very knowledgeable. He answered ALL of my questions professionally and we even laughed a few times. He helped me sign up that day and I’ve been saving ever since !
One of my main goals for opening a savings acct was to prepare for the future. Retirement will be here before I know it and I want to make sure I start to save now so I can so my money grow! For my savings acct I signed up to have it automatically come out of my checking acct. Also, when I say how much much I made from my CD after the first year I just reinvested.
My last day at my job was Jan 14, 2010 as I was laid off form work. I have been very blessed to continue to save money. My finance has taken over my bills until I am able to find a job. One thing I did NOT want to do is stop saving my money. I am happy to say that I am still saving and with positive thinking & GOD’s blessings I will continue to save AND will get a job soon!
So if anybody out there is not sure about ING Direct, just call up and/or go on-line. The website is so user friendly and the customer rep’s are the best at what they know and what they do!
ING Direct, “THANK YOU” for ALL that you do !
Next week I will finally pay off the outstanding balance on two credit cards. After much sacrifice I have finally bought a home by myself. My new goal is to increase my emergency fund. I plan to stay close to home this year and spend as little as possible. My goal is to save at least $10,000 by the end of 2010. I plan to continue to challenge myself by saving more than I did last year. I plan to increase my 401-k deduction with each salary increase I receive.
It’s very hard for me but I have to do this for myself. May God help me to keep this promise to myself.
Where do I register to post my story to be chosen for We The Savers?
Is this offer still open? I blog, have an ING account, and I’d love to have a chance at this!
So, I’m a “niner.” That’s what I’ve taken to calling us, the graduates of the year 2009. We’re entering a world much unlike the one we were promised: work hard, they said, so you can go to college. Work hard, they said, so you can get a great job.
Well, we’re unemployed. I have always been responsible: never carried a balance month-to-month on my credit card, was making student loan payments while still in school, saving a lot of money. I had a dream that I would never pay rent for an apartment–I’d be able to buy a modest home right out of school.
I blew through my savings working an internship in DC. I had to apply to reduce the amount of my loan payments by over half–and am still concerned about my ability to make those payments. I moved home with mom. I maxed out my credit card. What am I supposed to do? I know the rules, I know what it means to be financially responsible and I know you’re supposed to pay more than the minimum on your credit cards, but when I can’t even get a job at the local TGI Fridays, I’m running out of choices. I used to be able to do all those things, and I feel like I’ve regressed, an incredibly frustrating and humbling feeling.
I’m trying to save what I can, to resist the urge to go out for pizza as opposed to cooking a frozen one, to stop making unnecessary purchases. (Do I really need new dress pants? I don’t have a job for which I can wear them!) It’s rough, but I have hope that 2009 will be legions better than 2010, and that I can get back on track.
I started with ING at a savings rate of 5% when other banks paid out less.
The reverse is now true, other banks pay more on savings compared to ING. What has changed?
I’m a different breed of person than most. I was raised with the savings gene. I was raised on a family farm where I very much understood that the food on my table was directly related to the hogs in the barn and the corn in the field. Waste was not an option, nor was laziness. Spending money we didn’t have just didn’t happen.
I left for college with about 10k in savings and stuck to a strict budget. My first two semesters my only income was from my 20 hr per week on campus job and I didn’t spend a penny beyond that cash. I had a credit card, but would have been tempting to max it out, I have never carried a balance. I ended up graduating with my B.S. in Accounting in three years and working two jobs through most of it. Graduating a year (or two) earlier than most of my peers allowed me to snag a full time job in May of 2008, just before the economy fell the shambles. Then, at the ripe age of 21, I purchased my first house with 20% down. In the first year, I successfully refinanced my hope and secured an additional 5% of equity.
At the present time, I am rapidly saving with a goal of a $10,000 kitchen renovation this fall. All told, I save just shy of 30% of my gross income into my 401k, HSA, and my kitchen fund. I also maintain an emergency fund. I don’t earn a large income (not even close) and while I do enjoy my fair share of shopping and nice things, I am extremely frugal. I work very hard to not tie my money up into payments of any kind (gym membership, expensive phone, deluxe cable, etc.) and will challenge myself to no-spend days and weeks.
I will be 23 years old in a month and have been refining my savings techniques and strategies for as long as I can remember.
I have increased my savings to compensate for a deployment that my husband will not be able to save any money during. The majority of his check is going towards paying down a high balance, low rate credit card. So half of my check for one year will be going towards our ING savings account. Some of you may wonder what that means - it totals $1,000.00 a month, without fail. So what are we going to do with that money afterwards? Well, I’m hoping to buy gold with it. I know it sounds silly, if you’ve never thought of doing this before. But honestly, I looked at how much money I made last year and looked around my life to see where it all went…. Needless to say - it felt like I was working to live an average, but boring life. Nothing special, nothing saved - just stuff.
I would like at the end of the year to have minimum 10,000 saved up and a month after that 10,000 worth of gold to begin earning serious interest on.
That’s my plan. So far, we are in month #2 and I have saved over $2,700.00, so I’m well on my way!
My saving process is very basic. DON”T SPEND BEYOND YOUR MEANS. Also I alternate where pay check goes every other week. One paycheck a month goes to spending and the 2nd paycheck goes to saving. If you do have to spend more in a particular month you can take from the paycheck you planned to put aside but make sure an amount is still put away into a savings account.
Greetin’z! I’m amongst the wee people; the little savers (like my affected Irish accent?). I’m very, very pleased with my ING accounts and investments.
What draws someone like me to ING is simply that I’m not ‘nickel ‘n dimed’ to death, and I do banking in the US..the UK, and in Canada.
ING allows me to slowly build up my financial ‘foundation’ without facing a Tsunami of fees ‘n fines and pickpocketing and, well I think ya know what I mean, eh!
There are no easy ways to save. Often, we all find reasons and justifications for what we spend. However, we have more when we save up for it.
Consider:
Interest earned on money saved for an item reduces the cost of that item.
Any purchase made using credit that is not paid off immediately costs far more than one that is because compounding also works particularly well for the creditor at higher rates.
Delay purchases that are not immediately necessary and save for them over time.
Use a card with rewards if it makes sense too to fund these purchases and pay it off on time.
Do not get lulled into making payments while the companies seem to rewarding carrying a balance it can be certain that reward does no exceed the charges you will incur.
Excessive use of credit cards is a horrific trap that will ensare most people. The issue is always that discipline and good habit becomes lost and with it freedom when the time comes that the minimum payment is starting to look like all one can afford…
Year of the Saver? More like year of Punishing the Saver. Let’s face it, interest rates are so ridiculously low (and the rate on my savings account seems to be going down at least once a month), that saving is not profitable. In fact when you look at real inflation(counting food & energy), saving is a losing proposition when it comes to net financial gains. Now we actual people don’t qualify for ZIRP loans from the Fed. So we still have to pay much more interest when borrowing money than we could get on our savings. Thus it’s still better to save than to borrow, although if inflation kicks into high gear and interest rates remain rock bottom this may no longer be true. Personally I’ve always been a saver. Having a good chunk of cash in the bank makes me feel more secure. I spent the last 4 years paying off student loans, saving for a house, saving for emergencies, and now, saving for a car and hopefully some home improvements. I will keep saving because if you want to make a big purchase, saving is the only way to do it without paying huge premiums to borrow. But it sure is disheartening to look at my statement each month and see how much my interest rate has fallen, AGAIN, and how my monthly returns (in absolute $$) are less than what they were when I had half the savings.
@ Headless Mom: Here’s the link to our Customer Blogger app: https://wethesaversblogger.com/
Better hurry though, you only have until 11:59 PM ET February 23, 2010 to complete your submission.
I guess I have been saving my whole life. When I was a kid it was as simple as stashing money from odd jobs, birthdays, and Christmas into a mug in my closet. At some point my dad told me it was a bad idea to stash wads of cash in your closet (who knew?) so I tossed it into a bank and forgot about it until college. Two internships later I was on my own and that’s when I realized the real difficulty of saving. Makes sense right? It meant I had to start paying for absolutely everything myself and I couldn’t use student loan money anymore. All-in-all I ended using a few simple rules, that I am sure anyone could use, to help me save
1) If you come across a lump sum of money stash it into saving immediately! You were doing just find paying your bills and cost of living without that tax refund so you can probably live without it.
2) Set up your direct deposit to automatically send money to savings. People have a natural tendency to spend the money that they have available. If you don’t see that money in your checking account you won’t grow accustomed to spending it.
3) Decide up front what kinds of spending come out of savings (E.g. car needs new tires, house down payment, wedding, etc.). I found that I got a discount for paying all six months of my car insurance (progressive) up front. This was much more than what I would make from interest if I left my money in a savings account, so I included that in my savings and started putting what I used to pay on car insurance each month into savings.
4) This is the most important for a life time saver. When you get a raise at work, immediately update your direct deposit and split the raise between savings and checkings. Again, you were doing great all year with your old paycheck so getting a raise is a great chance to up your savings without feeling like you are pinching pennies.
Looking forward I have an engagement ring to pay for, a house to close on, and a wedding/honeymoon to plan. My savings are about to look like Rocky after the big fight. Seeing these challenges ahead of me I think I will need a few more rules…
The year 2010 is a big year for me. It’s the year that all debt (not just mine) goes away. I have spent the last 3.5 years in college and racked up around 15,000 in loans. Not too bad considering total tuition was over 90K. I have no credit card debt, and never will as I use them and pay them off each month. Over those three years I’ve been very frugal and have put quite a bit away into savings. I started a mortgage down payment account about a year ago and am pretty satisfied with the results so far.
I just landed a very great job with a great company, and am not going to squander the opportunity to get rid of my loan and also my mom’s credit card debt. She has around 10K in debt, and I’ve made a plan to have it paid off by June 30th. I’m getting married in July so that’s why I set this date. To do this I’m making payments of 1600/month! And guess what? I’m actually doing it!! Plus I still have plenty for the wedding;).
After this is paid off, the same amount will be going to my loan. It will be paid off about February of 2011. After which that exact same amount of money will be going toward a downpayment for a house. I’d like to be able to pay 50% down or more in 3-5 years.
All this is on top of putting away a little extra for myself, and more than likely helping my mom pay rent. It means living frugally, not spending on anything I don’t need. Buying only the necessities when it comes to groceries, and not eating out more than say, 5 times, per month. I still am able to enjoy life, as I have a Netflix subscription, an internet connection, and once in a while will buy a video game or book.
But mostly I’m content to just BE and enjoy what I have. Anyone can do it….just gotta stick to it!
So this is month number 2. Had a few setbacks this month due to dental priorities, but I am still on track to reduce debt .
I started thinking about saving money in 2008. 2008 came and went without any savings. “Oh, I’ll do it next month.” was what I kept telling myself or that I didn’t have any money to save. Yet, I could spend $50 almost every time on fast food that we really didn’t need. I was and still am on a fixed income being a single mother of five daughters. October of 2009 I got an offer in the mail for an ING Direct savings account and I told myself that this was the year I would start. Tomorrow isn’t promised to us and if I had did that when I had said i would, I could have seen some progress. Better late than never! January 2010 I opened a ShareBuilder account and invested in a few stocks. Later this year is a plan to start a Roth IRA. I’m happy to say that I socked away $1050 so far in my savings and have $231 invested in the Sharebuilder. While it is my goal to move from Kentucky to Las Cruces, NM to buy my dream house my ultimate goal is to build wealth. I’m a Certified Fitness Trainer and taking a course to become a Certified Special Events Coordinator as well as going back to school for both my Bachelor’s and Master’s in Business Administration - International Business. So getting a jump start on my savings will really come in handy to add money to them.
I was always a saver. I saved money in a band-aid box when I was really young, which I outgrew to a piggy bank and a certificate of deposit when I was 16. I have been with ING Direct for over 6 years and I love the orange. I am currently saving to get a mortgage and purchase a home. Who knows, maybe I’ll be in debted to ING for 30 years. I am constantly learning about investing and saving and moving around other money, but have used my ING account as a primary checking and savings account.
I have always been impressed with the competitive rates and the expansion of their product line and I am currently considering establishing a Roth IRA with ING Direct, but am befuddled on how I never stumbled onto it earlier. Retirement is the pie in the sky for savers, and I think ING is missing this opportunity by not promoting this product to its own customer base more aggressively.
I have also looked into ShareBuilder, but honestly, investing in the stock market is not something you want to be so blahzay about. Price action is fast and furious and you really need to keep an eye on your investments. I don’t ever see how ShareBuilder will compete with the other brokerage firms stock trading software platforms and commission rates when it comes to investing in the stock market. Owning it all in one spot is not a value add proposition for me. I seriously think that this line of strategy does not fit the brand profile of ING Direct, but who knows, maybe this is their soon to be flagship product.
I think that ING should stick with its motto of savings, offer higher savings rates and attempt to provide customers with easier access to its funds. As an ING Electric Orange customer, I am in serious need of personal checks. Let me choose an awesome design and make them free.
This is a make or break recession for financial institutions and I believe that if ING sticks to their core value proposition of higher savings rates and even improves access to funds via personal checks, ING will see their deposit base grow.
You heard me ING, now how about it!!
Occasionally, I check back to see if further details have been posted - but I haven’t come across any. Is this an abandoned endeavor, or are you still looking for blog posters?
If so - I have a story (and future-journey) to share with you! I’m a recent college graduate (May 2009) with a bachelor’s degree in English Creative Writing. When I started school, the economy was fine - I could get a loan easily. But the economy went astray, and I was turned down many-a-time for private education loans. Finally, I found one. But the interest rate was rather high. However, I had no choice. It was either take the loan, or drop out of school my final semester.
I graduated with $100 in my bank account, and a few duffel bags of personal belongings. I went straight to work in retail. I didn’t have the necessary funds to spend several months “career searching.” I went back to the super market. My hourly rate ($8/hr with an average of 30 hours/week) was laughable, but I made enough money to pay my monthly installments in full and on time. I tried to save money. Over the course of last summer I put $1200 in an ING savings account with the intent on continuously adding to it. However, winter came, and business went down - and so did my hours. I could barely afford to make my loan payments. But I managed.
I kept looking in the local paper for apartment listings, but it dawned on me that living on my own (while paying my loan installments) was next to impossible. I have no vehicle. I can’t get a second job out-of-town because I lack the transportation. I don’t make enough money at the supermarket to buy a car - it’s a vicious cycle! So I live with my parents. I make, on average, $900-$1000/month. Subtract $515/month for my loan installments, and I’m left with less than $500 to spend on rent, food, utilities and personal expenses. I can’t save anything. That doesn’t work.
So here I am. My boyfriend and I have plans to move to Syracuse, New York (he lives in that area, I live in Maine). A larger city would provide affordable housing and possible career opportunities relating to our Bachelor’s degrees. Or we could possibly continue our education - I would love a Master’s degree and a teaching certification. But right now, with the state of the economy and my own, personal financial barriers, a career (not a JOB), further education, my own apartment, a future house… seems far-fetched an unreachable.
I can’t save any money to move, because my current employment won’t allow it - and I can’t leave my currently employment because I don’t have the money to do so! How frustrating! So, this summer, I will get a second part-time job. All the money I make from this part-time job will be automatically placed in my ING savings account. And hopefully, in five or six months, I’ll be able to move. And start living
Still looking for a few good savers? Or maybe just one really glorious blogger? Or has this ship sailed compltely?