Comments on: Five Minute Finances #14: Set A Tangible Savings Goal – And A Reminder Of That Goal

By: TF Miser

TF Miser — Fri, 23 Mar 2007 19:43:42 +0000

These are good tips. The tip about wrapping the credit card with your goal is one that I included in a post “5 Ways To Not Use Your Credit Cards” that I published on my blog last month.

By: JJ

JJ — Thu, 22 Mar 2007 14:03:02 +0000

!wanda – I don’t know the details of what will happen when you graduate and move, but what about picking a city you where you would like to live and work at that point … figure out 3-6 months rent and living expenses, maybe a little more for the cost of moving … and try to have that waiting for you in an account when you graduate as a present to yourself to make that transition period verrry easy?

By: Julie

Julie — Thu, 22 Mar 2007 13:15:06 +0000

Great tip!

By: js

js — Thu, 22 Mar 2007 05:17:20 +0000

Agreed. The only tangible thing I save for is retirement (and that’s still 20-30+ years off). I don’t plan to have kids, I don’t plan to afford a house in CA. I do want money in case I decided to quit my job I guess.

By: !wanda

!wanda — Thu, 22 Mar 2007 03:57:22 +0000

Same with me, for the grad student thing. It would be actively dumb to try to buy a house in my geographical area now, especially because I intend to graduate in the next few years and move away. I don’t plan on having children. I can already afford a decent used car outright, but the public transit here is working well for me now, so I can’t justify either the initial or the ongoing expense of a car. My long-term goals are mostly career-related, and the best I can do to fulfill them is doing my research well. Hopefully, my job will be interesting enough so that I never want to retire! I save anyway, though- at least a fifth of my gross income. I’m sure I’d save more, though, if I could see a use for it.

By: Anne

Anne — Thu, 22 Mar 2007 03:05:55 +0000

I really like this tip but find I can’t apply it to my own life. There’s nothing I’m saving FOR really, I just keep saving. I’m a grad student with no plans for a house, car, or any big purchases.

By: Brett McKay

Brett McKay — Thu, 22 Mar 2007 00:05:05 +0000

I think in addition to stating exactly how much you want to save, it's good to put when you want that money. Having an exact date makes the goal even more concrete and more pressing.