Comments on: The Gateway Drug to Extreme Savings

By: J. Money

J. Money — Wed, 19 Jun 2019 09:28:02 +0000

In reply to Alex. Side hustles def. help speed things up :)

By: Alex

Alex — Wed, 19 Jun 2019 03:48:23 +0000

Great tips and quite easy to remember too. If I could I definitely would save 50% or more. But in most months, it’s just not possible. I think the key for me is to find side hustles to increase my income so I could save more. Thanks man for the awesome tip.

By: J. Money

J. Money — Mon, 17 Jun 2019 10:33:28 +0000

In reply to Vol-E. Heyyyy glad to hear that!!! Well done!!! And I'm impressed you know exactly how much you have left every month too, right down to the penny! That in itself will prove fruitful over the years as well!

By: Vol-E

Vol-E — Sun, 16 Jun 2019 02:09:31 +0000

Wow, just read this and a big ol’ compact fluorescent light bulb came on over my head.
I get paid weekly (not nearly enough…). Depending on which bills are due and payable that week, I usually have nothing left by the next paycheck, and often have to transfer funds from my savings account. But occasionally, there’s a small amount left. Each payday, my bank automatically transfers $25 to my savings account. With your plan, I will now be calculating 50% of whatever amount is “left” from the last paycheck, and putting it back into my savings, along with the $25. Previously, I was just spending it on something I didn’t need.
This payday, the amount I had left over was $13.14, so I just put $6.57 into the savings account. Such a small amount, but you’re right, it feels really good. Maybe it is a gateway drug. Thanks, J!

By: J. Money

J. Money — Wed, 12 Jun 2019 19:19:16 +0000

In reply to PikiDad. Yup, you know it!!! Much easier to grasp smaller numbers for sure :)

By: PikiDad

PikiDad — Tue, 11 Jun 2019 23:05:48 +0000

When you calculate your retirement number and it comes up to millions, it looks like an insurmountable goal. Heck even when breaking down the monthly savings required to get there may seem impossible.

Humans aren’t naturally designed to think long term so just using the extra money to make some progress is a great idea.

It’s a bit similar to Dave Ramsey’s snowball in that progress is more important than what math would say is the most efficient path. Knowing the emotional impact is definitely important and this method latches on to that well.

Nice one J$!

By: J. Money

J. Money — Mon, 10 Jun 2019 18:53:35 +0000

In reply to Abigail @ipickuppennies.

I love your mom so much, haha….

She’s still at it today too with her $$$ lessons ;)

By: Abigail @ipickuppennies

Abigail @ipickuppennies — Mon, 10 Jun 2019 18:32:04 +0000

Growing up, I had to save 50% of all birthday and holiday money — and even babysitting money. It was a good lesson in how to treat extra funds. Of course, it’s great if you can save all of the extra funds, but since that’s not possible (or just desirable to some people) then saving 50% is pretty darn good too!

By: J. Money

J. Money — Mon, 10 Jun 2019 18:06:14 +0000

In reply to B.C. Kowalski. I remember saving up for a Nintendo Gameboy for like 3 years, and then when I finally had the money for it I didn't want to spend it anymore cuz it took so much hard work! :) Then years later I picked one up for like $15 at a yard sale, haha...

By: dmadeb

dmadeb — Mon, 10 Jun 2019 17:14:17 +0000

Ha ha “hocked up” – great freudian slip!