Comments on: Savings Snowball in Action

By: Student

Student — Tue, 18 Nov 2008 20:52:58 +0000

Amazing progress in just 2 months.

Many people never realize how important a savings snowball is and you are executing it very well right now.

By: Dollface

Dollface — Mon, 10 Nov 2008 02:21:13 +0000

Great advice! Right now my expenses aren’t too bad (since I’m mostly just taking out loans for college…I’ll worry about those later…). So right now I’m putting a good chunk of my wages from my part-time job in my savings account. I don’t need the money now but I’m definitely going to need it later!

By: Bay Area Financial Planner

Bay Area Financial Planner — Fri, 07 Nov 2008 18:45:05 +0000

Great job on savings. Most people don’t start working on their finances like you are until much later in life. You’ve got the right idea – savings snowball. I always like to show my clients how small savings can add up to big money over time:
Save $1 per day = $30 per month = $365 per year
Save $50 week = $200 per month = $2,400 per year

By: Warren Phillips

Warren Phillips — Sun, 02 Nov 2008 20:08:26 +0000

What a great article and may I say an excellent blog! I’ve read many, many blogs all around this subject and this is by far one of the best! Keep up the good work!

By: Dog Bows

Dog Bows — Fri, 24 Oct 2008 17:29:59 +0000

I think you will do very well in life with this kind of financial planning I know many people hwo make a ot of money but have pooor money management skills

By: Stephanie

Stephanie — Wed, 22 Oct 2008 23:56:51 +0000

@Craig: Yes, I do buy my textbooks online – nearly all of them! Although I had a bad experience this quarter… I will probably write a post about it after it’s settled.

@Slinky: Well, the retirement fund is only $5 a month, for now. I feel it’s important to get that mini-snowball rolling, even if it’s just so that I feel like I’m making progress.

Also, Slinky, I can’t wait for you to launch your blog! You’ve got at least one subscriber to start with!

By: Slinky

Slinky — Tue, 21 Oct 2008 21:19:13 +0000

I do my goals pretty similarly. I have some goals that I just do an amount on each month, others that I prioritize and go down the list throwing all my extra cash into each one, and some that will move from the payment plan to a priority at some undefined point in the future.

You can see my “snowball” goals in the side bar of the blog I’m setting up. Not quite ready to launch yet, but Coming Soon!

http://thewonderfulworldofslinky.blogspot.com/

P.S. I think your goals are awesome, especially the getting established fund and I wouldn’t really worry too much about retirement until you’ve graduated, but definitely go for it if you can afford it!!

By: michelle

michelle — Tue, 21 Oct 2008 18:40:46 +0000

Way to go! Getting started is the hardest part.

By: Peter Answers

Peter Answers — Tue, 21 Oct 2008 18:34:50 +0000

We paid all of our credit cards off a few weeks ago and have started writing checks for all purchases. Sure feels great!

By: Aya @ Thrive

Aya @ Thrive — Tue, 21 Oct 2008 18:09:19 +0000

It looks like you’ve got yourself organized and are heading in a good direction; savings depends a lot on the person being concious of all their financial transaction and financial health. Just as a suggestion, check out Thrive – just to boost your organization and if you even need some advice. It might work for you it might not, but it seems like you’re doing well with your own plan. I wish you luck!!