Tuesday, December 16, 2008

Saving Cash - Can Two Weeks Create a Long-Term Change?

If I had more free time, I would love to spend more time on other people's blogs and personal finance forums, checking out all the good ideas for saving money. I'm sure our bank account would benefit. On the other hand, maybe we just need to be more focused on what we already know about spending and saving money!

I heard a psychologist on NPR say that it takes 3 weeks to make a habit. So I'm not sure that stopping spending money for two weeks made a habit! We did save a lot of money in those two weeks, and we continued to do better in the two following weeks. But I'm afraid on December 16, one month after we ended our experiment, we're almost back to our old spending habits. Tonight, I'm going to try to crunch the numbers. I'll try to remove Christmas gifts from the numbers, but everything else is fair game!

Are we ready to take on another two weeks of no spending money in January? Could we make it three, so we can really start to establish longer lasting habits? While I finish my online holiday shopping today, I'll ponder that...


Anonymous said...

As a single mother raising her daughter, I lived that way month in and month out. My daughter is grown and own her own. I daresay, she did not pick up my habits. She'll learn though. I have a good paying secure job, but I still watch my pennies. Well, most of the time. I ask myself, "Do I really need that?" I turn the lights off when I am not in the room, I turn off the water while brushing my teeth, etc etc.
Anyway, I enjoyed your blog and you are doing the right thing. I applaud you.

Katy, Planet Perspectives said...

Thank you for your kind comments. I realize how very lucky we are to not be living paycheck to paycheck. Our parents were both much more frugal than we tend to be, but we are trying to be more aware of what we spend and why. Again, the ultimate question of "need or want?"

Anonymous said...

I read the Post article and found my way to your blog. I would just say that spending money in and of itself is not bad, but we have to find the right balance.

May I recommend the book "The Total Money Makeover" by Dave Ramsey. It not only discusses why you should save money but also lays out a plan on how to get out of debt and save.

Anonymous said...

I read the Post article and found your blog. I would just say spending money is not necessarily a bad thing . . . as long as you can afford it. It only becomes a problem when you are spending the money you should be using for necessities, retirement, college fund, etc.

May I recommend the book "The Total Money Makeover" by Dave Ramsey. It outlines a method to prepare a budget and stick to it in order to get out of debt and save money for a rainy day.