Comments on: Harness the Power of Impulse Saving http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html personal finance blog with anecdotes, advice and commentary. Sun, 08 Nov 2009 14:07:29 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Paul http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-296732 Paul Thu, 05 Feb 2009 17:54:14 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-296732 Love the idea! but not completely new. My accountant advised me to do this years agao. And he called it Impulse Saving too. It definitely works because people will actually do it. Love the idea! but not completely new. My accountant advised me to do this years agao. And he called it Impulse Saving too. It definitely works because people will actually do it.

]]> By: kazari http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225627 kazari Wed, 26 Mar 2008 22:33:09 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225627 I do something simple, but not so random. Each week, when my pay comes in, I pay all outstanding bills and look at the balance in my 'bill-paying' account. I round it down (to either the nearest $10, or nearest $100, depending on the balance). And I move the difference into our high-interest savings account. It isn't always much, but it's always something. I do something simple, but not so random. Each week, when my pay comes in, I pay all outstanding bills and look at the balance in my ‘bill-paying’ account. I round it down (to either the nearest $10, or nearest $100, depending on the balance). And I move the difference into our high-interest savings account. It isn’t always much, but it’s always something.

]]> By: Mary Sue http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225595 Mary Sue Wed, 26 Mar 2008 16:24:52 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225595 1d6 Saving Roll vs. Finances! Bwahahaha! (Whoops, is my geek showing?) 1d6 Saving Roll vs. Finances! Bwahahaha!

(Whoops, is my geek showing?)

]]> By: Monevator http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225594 Monevator Wed, 26 Mar 2008 16:21:43 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225594 This reminds me of the classic novel The Diceman. I had to put down that book when reading it as a teen because I realised truly anything is possible in life. It's interest to see an idea of how to turn that around to something more constructive than what happens in the book (career breakdown, affairs etc!) This reminds me of the classic novel The Diceman. I had to put down that book when reading it as a teen because I realised truly anything is possible in life. It’s interest to see an idea of how to turn that around to something more constructive than what happens in the book (career breakdown, affairs etc!)

]]> By: Justin http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225353 Justin Mon, 24 Mar 2008 21:54:54 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225353 Your example confused me until I figured out how you came up with the numbers. It shouldn't take 10+ years at $400/mo to pay off $8,000. It should take around 2 years. Adding $30 a month will save you a couple of months. Your numbers of 11 years and 1 month assume you pay 5% of the remaining balance every month starting with $400 and going down each month. Increasing it to 5.38% of the balance saves you 11 months and $395.71 which isn't quite what you intend. Random savings is an interesting and unique idea (to stay on topic). Your example confused me until I figured out how you came up with the numbers. It shouldn’t take 10+ years at $400/mo to pay off $8,000. It should take around 2 years. Adding $30 a month will save you a couple of months.

Your numbers of 11 years and 1 month assume you pay 5% of the remaining balance every month starting with $400 and going down each month. Increasing it to 5.38% of the balance saves you 11 months and $395.71 which isn’t quite what you intend.

Random savings is an interesting and unique idea (to stay on topic).

]]> By: GBlogger http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225352 GBlogger Mon, 24 Mar 2008 21:42:17 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225352 I like the idea mostly because some folks will find it fun and may do more saving/investing than they might have without this. But I think it has more power for folks with credit-card debt with the meatier interest rates of Jim's example. If you don't have credit-card debt, the yields on savings accounts are getting low -- and the amounts are probably too small to get into, e.g., the stock market. What I really love is the catchy name -- "impulse saving." A bit of fun plus a catchy name. I hope it catches on! I like the idea mostly because some folks will find it fun and may do more saving/investing than they might have without this. But I think it has more power for folks with credit-card debt with the meatier interest rates of Jim’s example. If you don’t have credit-card debt, the yields on savings accounts are getting low — and the amounts are probably too small to get into, e.g., the stock market.

What I really love is the catchy name — “impulse saving.” A bit of fun plus a catchy name. I hope it catches on!

]]> By: jim http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225347 jim Mon, 24 Mar 2008 19:56:41 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225347 Shoot you're right, I'm a fool. Made the fix. Shoot you’re right, I’m a fool. Made the fix.

]]> By: The Other Schmitty http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225336 The Other Schmitty Mon, 24 Mar 2008 18:26:59 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225336 Cool post but your example is flawed. The average extra payment would be $35 per month, not $30. So you're saving even more! Cool post but your example is flawed. The average extra payment would be $35 per month, not $30. So you’re saving even more!

]]> By: jim http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225322 jim Mon, 24 Mar 2008 16:03:23 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225322 Chuck: Very clever, it's just harder to keep track but it would be a great dis-incentive to impulsively spend (much like how tracking every penny is a dis-incentive). Chuck: Very clever, it’s just harder to keep track but it would be a great dis-incentive to impulsively spend (much like how tracking every penny is a dis-incentive).

]]> By: Randy Peterman http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225318 Randy Peterman Mon, 24 Mar 2008 15:38:24 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225318 You need to add another die to the mix :) Or break out the Settler of Catan game and if the pirate strikes double the amount. You need to add another die to the mix :) Or break out the Settler of Catan game and if the pirate strikes double the amount.

]]> By: Chuck http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225312 Chuck Mon, 24 Mar 2008 14:56:12 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225312 I like the spirit of this idea. How about a variant? If you make an UNPLANNED purchase for $X, then you must put away $Y=a*$X. You can make any number like a=0.5. This way, you are discouraged to impulse buy and if you do, you have to stash away some money. Of course, this all hinges on how you define unplanned. I like the spirit of this idea. How about a variant?
If you make an UNPLANNED purchase for $X, then you must put away $Y=a*$X.
You can make any number like a=0.5. This way, you are discouraged to impulse buy and if you do, you have to stash away some money. Of course, this all hinges on how you define unplanned.

]]> By: Joshua http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225309 Joshua Mon, 24 Mar 2008 13:54:44 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225309 I love this idea. I'm going to start this on my next paycheck. I never would have thought of something that ingenius. I love this idea. I’m going to start this on my next paycheck. I never would have thought of something that ingenius.

]]> By: Frugal Dad http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225304 Frugal Dad Mon, 24 Mar 2008 13:33:50 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225304 Impulse savings...I really like this idea. I have done this before by putting something back at a store and immediately writing a check to myself for the amount. For instance, I was really coveting a new Xbox game a while back and went so far as to visit a store and ask for one out of the case. I read the back case, held it a while and put it back. I immediately wrote out a check for $40, the money I would have spent on the game, and deposited in savings the next day. Impulse savings…I really like this idea. I have done this before by putting something back at a store and immediately writing a check to myself for the amount. For instance, I was really coveting a new Xbox game a while back and went so far as to visit a store and ask for one out of the case. I read the back case, held it a while and put it back. I immediately wrote out a check for $40, the money I would have spent on the game, and deposited in savings the next day.

]]> By: paidtwice http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html/comment-page-1#comment-225300 paidtwice Mon, 24 Mar 2008 12:21:32 +0000 http://www.bargaineering.com/articles/harness-the-power-of-impulse-saving.html#comment-225300 Hey cool idea! I like it a lot! :) Thanks for the link! Hey cool idea! I like it a lot! :)

Thanks for the link!

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