Don’t Put and Take

Don’t Put and Take


“Baby Talk Plan-DON’T TOUCH!”.  You’ll get hurt.  This is THE NEXT most important point about your savings plan.  I know it is hard, but if you hadn’t paid yourself, it wouldn’t be there. So pretend it isn’t. 

The struggle is real

We have a grandson who just had his 16th birthday.  3 years ago we started teaching him about savings when he would spend the summer with us.  He started putting away 10% of the allowance we gave him and 10% of any other gift money he received each year.  We put it in a bank envelope for him and pay him compound interest on it. He now has a nice savings.  When he got here this summer, I told him how his money had worked for him, and how much it earned for him, and how much his savings now  totaled.  I asked him if he would like to see it and touch it.  He said, “No. I forgot you even had it”.  Now that is a good example of “DON’T TOUCH” even when I offered it to him.  He instinctively knew that touching would make him want to spend.

To succeed with regular savings, you’ve got not only to save regularly but you’ve got to develop a certain mindset about it.  You must view your savings as “THE UNTOUCHABLES”.  This savings is the “DO NOT TOUCH” for long-range goals like home purchases, financial independence and retirement. If at all possible, pretend this savings is not even there.

Will Do

As I said before, I know it is hard to save because things come up and demand your immediate attention and money.  Here is my secret solution to that.  My husband and I have a SOS Second Savings Account” for repairs and emergencies, and for yearly things to be paid like insurances and taxes, and gifts for which we know we will need the money when the time comes…and that time always does!

I Know Right

That is just what happened this month when my husband needed a new computer. If we had tried to save this SOS money in our checking accounts, it would have been spent, and you know it.  But this way, it is saved for the emergencies and yearly expenses. We didn’t have to rob from our bill paying money.  Nor did we have to take from our “DO NOT TOUCH” savings.

You can have as many savings accounts as you want. You may want new appliances, or carpet, or to paint the house, or a fence a yard. You may decided to put savings like this into you SOS savings or a separate “Needs and Wants Savings.”

Our “Vacation Savings” is kept at home and contributed to each week.  See the June 13, 2016 Blog “52 Week Personal Savings Challenge” to see how we each will have saved $1378.00 for a total of $2756.00 for next year’s vacation.  Can’t wait to show you the pictures.

Remember…Savings Is A Budget Item.  Budget It.

 Be sure to look for my next guest blog, “COMPOUND INTEREST MAGIC” and the last chapter on “Pay Yourself First” on FreeFinLit101.

If this is your first time visiting, then you missed the first two blogs in this series “IT’S NOT WHAT YOU EARN…IT’S WHAT YOU KEEP!” on August 2, 2015 and “PUT YOURSELF AT THE HEAD OF THE LINE” posted August 15, 2016

You might also really enjoy reviewing in depth the July 25 Common Sense Blog topics below:

  1. PAY YOURSELF FIRST at the first of the month, before you pay anyone else, write a check to your savings account for 10% of your income.
  2. ADJUST YOUR PRIORITIES and don’t spend money on things your really don’t need and manage the money you do have.
  3. BUDGET and just don’t spend as expenses just come up or you will have too much month left at the end of the money.
  4. ADJUST YOUR LIFESTYLE because you can’t have every
  5. EARN ADDITIONAL INCOME by considering part-time work for all family members.
  6. 6. AVOID THE CREDIT TRAP  by paying off all charges at the             end of each billing period to avoid paying much more for your purchases that they originally cost you, or you will wind up only paying interest each month and never getting out of debt to the credit card company.

I’d love to read your comments, questions and experiences on today’s subject, “DON’T PUT AND TAKE.”

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