Comments on: Reward Yourself for Frugal Behavior http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html personal finance blog with anecdotes, advice and commentary. Sun, 22 Nov 2009 05:54:36 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: MonkeyMonk http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html/comment-page-1#comment-221740 MonkeyMonk Tue, 04 Mar 2008 15:34:25 +0000 http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html#comment-221740 We have a similar system set up in our household. Whenever we do something especially frugal we split the difference -- saving half and putting the other half into a reward account (which coincidentally is currently working towards buying a new HDTV and game console). For example, earlier this year I was able to reduce the cable bill by $30/month for a year so I was able to put $180 into my account. We also had a broken toilet that my wife was ready to call a plumber out to fix. Instead I took the time to research the problem, buy the replacement parts, and made the repair myself at an estimated savings of $120. Ka-ching . . . $60 towards the TV. There's a few other ways money can get into the reward account (cash back on the credit card, etc.) and I've been amazed at how fast the money has been accumulating. If all goes according to plan I'll be playing Metal Gear Solid 4 on a 50" TV by the end of the year. :) We have a similar system set up in our household. Whenever we do something especially frugal we split the difference — saving half and putting the other half into a reward account (which coincidentally is currently working towards buying a new HDTV and game console).

For example, earlier this year I was able to reduce the cable bill by $30/month for a year so I was able to put $180 into my account. We also had a broken toilet that my wife was ready to call a plumber out to fix. Instead I took the time to research the problem, buy the replacement parts, and made the repair myself at an estimated savings of $120. Ka-ching . . . $60 towards the TV.

There’s a few other ways money can get into the reward account (cash back on the credit card, etc.) and I’ve been amazed at how fast the money has been accumulating. If all goes according to plan I’ll be playing Metal Gear Solid 4 on a 50″ TV by the end of the year. :)

]]> By: Bill http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html/comment-page-1#comment-221739 Bill Tue, 04 Mar 2008 15:23:51 +0000 http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html#comment-221739 The best thing to do is to start a pack-a-day habit, then quit. Not only will you feel accomplished that you quit smoking, you'll be thrilled with the new TV. The best thing to do is to start a pack-a-day habit, then quit. Not only will you feel accomplished that you quit smoking, you’ll be thrilled with the new TV.

]]> By: thehungrydollar.com http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html/comment-page-1#comment-221688 thehungrydollar.com Tue, 04 Mar 2008 04:53:33 +0000 http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html#comment-221688 50" Plasma and healthier lungs... sounds like a win win situation to me. I don't smoke but you have me thinking about what I could quit so I can convince my wife that I need a new plasma! 50″ Plasma and healthier lungs… sounds like a win win situation to me. I don’t smoke but you have me thinking about what I could quit so I can convince my wife that I need a new plasma!

]]> By: MoneyNing http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html/comment-page-1#comment-221670 MoneyNing Tue, 04 Mar 2008 00:18:40 +0000 http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html#comment-221670 Smoking is very expensive! I never understand why people smoke. Smoking is very expensive! I never understand why people smoke.

]]> By: Danny Tsang http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html/comment-page-1#comment-221660 Danny Tsang Mon, 03 Mar 2008 23:15:23 +0000 http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html#comment-221660 I think its a great way to think. I like to reward myself every now and then as well. I live a fairly frugal lifestyle but I also remember to enjoy life to the fullest, even if it does mean spending some money every now and then. The smoking example is great because you get all the health benefits besides the money saved. I think its a great way to think. I like to reward myself every now and then as well. I live a fairly frugal lifestyle but I also remember to enjoy life to the fullest, even if it does mean spending some money every now and then. The smoking example is great because you get all the health benefits besides the money saved.

]]> By: Lily http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html/comment-page-1#comment-221636 Lily Mon, 03 Mar 2008 19:27:07 +0000 http://www.bargaineering.com/articles/reward-yourself-for-frugal-behavior.html#comment-221636 The men <i>said</i> they'd give up sex or smoking or chocolates for the TV. But if they had to follow through, would they actually be able to give up any of those things for 6 months? The same problem arises with saving for the TV by giving up a bad habit. How long before most people cave and blow their savings on a carton of cigarettes (or something else)? Hopefully, though, this strategy does work for some people. It's always good to swap out something bad for something good. I quit smoking after a year or so of casual college puffery, and luckily it was easy. I didn't have a specific goal to save for, but I'm a lot happier now that I don't think to myself "Gee, cigarettes are really expensive" once a week. The men said they’d give up sex or smoking or chocolates for the TV. But if they had to follow through, would they actually be able to give up any of those things for 6 months?

The same problem arises with saving for the TV by giving up a bad habit. How long before most people cave and blow their savings on a carton of cigarettes (or something else)?

Hopefully, though, this strategy does work for some people. It’s always good to swap out something bad for something good. I quit smoking after a year or so of casual college puffery, and luckily it was easy. I didn’t have a specific goal to save for, but I’m a lot happier now that I don’t think to myself “Gee, cigarettes are really expensive” once a week.

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