Wouldn’t this be nice?
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Last night I had a meeting at my bank about setting up a Tax Free Savings Account (Does anyone have one? Thoughts?). You see, I’m a saver. Through-and-through.
The last time I had $0 dollars in my bank account was when me and my parents got back from a family trip to Disneyland in March 2006.
I have always been a bit obsessive about money. I have three savings accounts. Three. One is mine and Eric’s joint savings account that we use for things like roadtrips, buying stuff for both of us and right now it is our Europe money. I have my own personal savings account, which I do dip into from time-to-time specifically if I make a large purchase. I feel like I’m going to have a panic attack if it gets below $500. And if that wasn’t enough, I have one more savings account that I put a large chunk of each paycheck in and I never touch it. That’s the account I’m considering changing into a TFSA.
Thanks to my parents, I’m incredibly lucky to be graduating next spring debt-free (with the exception of the money that I owe my Dad for my car, and the approx. $200 that is on my credit card at any given time).
But, while my parents have essentially supported my college career (read: paying my living expenses, tuition etc.) don’t think that means I don’t pay bills. I pay all my own bills for my apartment; internet, cable, hydro, groceries, gas, insurance etc. And in the summers me and Eric would live together, both work, both pay bills and also save. I used to pay rent, bills and still managed to save about $2,000 to $3,000 a summer. I feel guilty if I don’t save some money every paycheck. Even if it is only $20.
When I first met Eric he was not a saver. I’ve since trained taught him how to save. And now he has a savings account, too! For the first few months I had to constantly nag remind him to put money in it but he has the hang of it now.
He’s definitely the more spendier of the two of us though. And he often jokes that we’d never do anything fun if it wasn’t for him. He’s probably right.
Anyways, I’ve seen a lot of talk around the blogosphere lately, so I’m curious. Are you a spender or a saver?
{ 44 comments… read them below or add one }
I want to be a saver, deep inside. I’m not really a spender in the sense that I buy a lot of stuff or spend my money willy nilly. Still, without working and bringing in a “real” paycheck while I’m in school, I pretty much spend everything that comes in on non-negotiables like rent, bills, etc. I love my saving account at ING because the interest is better than my traditional bank. When I get paid, the money goes there to earn interest until I need to pay for something, when I “pay” myself in my checking account. It’s not how I’ll do it forever I don’t think, but for a student budget it works.
I am thankful, though, that I don’t have any private loans. All of mine are federal, so I can consolidate them and there are more repayment/forgiveness programs that you don’t get with the private loans.
Oh how I wish I was debt free! I don’t have a LOT of debt from undergrad, but law school is so expensive. And they just keep hiking the price each year
Good question, Amber - and if you find one of those money trees cut a bit off for me
Ive been thinking about this a lot recently since I TOTALLY married a spender and came into this union
as SAVESAVESAVER to a ‘too much’ degree.
Im in the middle now I think—-although when it comes to glasses frames or workout clothes Ive swung far toooo far to the spender side.
for sure.
I’m a spender, though not nearly as bad as the rest of my family, and my husband is a super saver. Although, when he wants something, he’ll spend the money no problem. He’s a bit hypocritical about money in that regard.
We’ve worked on each other a little bit to loosen up … he’s had more effect on me than I on him, but that’s probably a good thing. :o)
I’m definitely a saver and I have always been since I was little. I think it is something that you are taught at a young age and it just sticks with you! MY first job was at McDonalds and out of the peanuts that I made, I used to put x% of my paycheck in, no matter what. Now that I have student loans and other big bills, I throw in whatever I have left over. Thanks to saving I have been able to go on some awesome trips to France, Spain and California (The last 2 I worked in so I spent and saved at the same time!)
It’s so hard for me to see people NOT saving because in the end it really pays off. My boyfriend is not a saver and that is a quality that I really desire. In the end, when I get married that will be OUR money and if he is blowing it all on stupid stuff..then that will definitely not work.
Congrats on training Eric, you’re a more patient person than I am haha!
I’m a spender, and my fiance is a saver - I try desperately to save but all my attempts at budgeting are wasted - there always seems to be some expense that comes up! I wasn’t quite so lucky - my parents didn’t pay for any schooling so I couldn’t afford to continue university past 2 years, and I got into a bad relationship with someone who ended up taking me for about $10k and leaving me horribly in debt. I was EXTREMELY lucky to escape, and even luckier to have my hubby to be spend his entire savings on clearing the debt. I’m trying to save for trips/a house etc. but I just find it SO difficult!
I have 4 savings accounts, and 1 cheuqing account!! One of my savings accounts is the one I spend out of regularly, as it is the one I can use to pay interact. The other three are for:
1) Saving for Vacation
2) Saving for the Summer (teachers - so no pay in the summer)
3) Other savings (for instance I used this account to secretly save so that I could take my hubby on a surprise trip to Vegas for our 5 year wedding anniversary).
Other than what I save in those accounts, which is some each month … I SPEND!!!!
I want to be a saver and i should be… but i cant. I’m terrible. Teach me your ways so i can have money saved up!!!! You should do a post about ur hints!!
i would love that!!
I’m such a BIG SPENDER, the song was written about me. I need help…..
I’m a little bit of both. I have socked away quite a bit in my 401k at work and then I also have a savings account that a portion of my paychecks goes to automatically. I don’t really ever touch that savings account - plus it takes 3 days to transfer money out of it, which is nice because it prevents any impulse buying/transferring!
I could save more, but the last couple of months have been so expensive for me w/ all the clothes I have had to buy for work. Plus I was kind of w/out a paycheck for a couple of weeks during my time off, so I haven’t been able to save like I want to. My goal is to start putting aside $1500/month starting in January. Would maybe like to bump that up to $2,000 as I really, really, really want to buy a house the summer after I turn 30 (so summer of 2011! holy crap that is going to come fast!).
I was definitely raised to save, though.
All that said - I also think that since I work very hard, I also deserve to treat myself to things like books, yarn, vacations, etc. I know some people think that it is a waste of money, but for me, if I am not enjoying the money I am working hard to earn, then it’s not worth all the long hours I am putting in these days!!
And yea for you for graduating debt free! That is awesome! I am still paying for undergrad and my grad school loans kick in later this month. The payment amount makes me sick but I picked the most aggressive payback schedule. It’s kind of sad that I will probably be paying for scho0l until I am 38-40!!
At lunch today we were discussing saving money for our either future/young children and another co-worker and I decided that we just hope we are done paying OFF our loans by the time we have kids in college!! I pretend like my student loans don’t exist because if I think about it I get sick. Plus there is that grad school that I pushed off further again and will hate myself when I am taking two classes this summer.. Blech… Being an adult sucks.
Saver, saver, saver!!!! Like you, I have three seperate savings accounts - each one having their own purpose and goal. In addition I have an IRA and 401K account through my old and current job. It blows my mind when people who CAN save, don’t. Feed the pig (hopefully you have that saying in Canada…it means, stock the piggy bank!)
I’m both! I spend and i save. But usually most of what i spend is on necessities, or things for the condo.
I currently have 5 savings - 4 through ING - it’s nice because you can break each thing down into individual goals. And i’m loving that! i usually would just put money away whenever i could. But it’s tough because our mortgage is quite hefty! then i keep getting bills for my doctor’s appointments at the hospital for my CI, and that’s not cheap.
Meanwhile my fiance is a total spender. It annoys the hell out of me. One thing i’ve gotten him to do this year is save up money for my engagement ring, and he did it! it was TOUGH for him, but he did it! now i’m trying to get him to close out his bank’s savings account and put his money into an ING savings because that way he can’t touch it as quickly as if he were just to withdraw money from his savings. He’s slowly getting there.
as for lisa who wants to be able to save up to $1500 to $2000 - I envy you! i wish i could! I’m lucky if i do $300 a month! living in DC isn’t cheap!
I’ve generally been a saver, but since I don’t work currently, pretty much all my savings are gone except those that I can’t take out (lol). I definitely can’t wait to be working again, have money to SPEND and to SAVE. *sigh*
I’m awful… I really wish I was a saver but I’m just not. This is where Cy and I are going to clash big time because he’s a total saver! I’m hopefully going to embrace his ways and let him “train” me. lol!
Saver. I freak out if I don’t feel like we have enough money. With our mortgage, my hubby’s student loans, and our car note, we have to spend a lot. I wish we could put that money away!
$AVER!!!! Oh the rush I get from seeing an increasing bank balance. Or resisting buying things I don’t need anyway. Having savings makes life’s road less bumpy when the times are tough.
I hear you on being thankful for parents paying tuition…me too. THANKS folks!
I think I’m both…I love to save and I’m like you I get crazy if I don’t have a certain amount all the time (no specific amount, but I don’t like to use savings a lot). But, relatively frequently I’ll just say who cares and spend haha. So I guess I’m both. My Eric needs to work on saving too, I am trying to train him but it’s not going so awesome- and in the end it probably just means that he spends more money on our joint expenses anyway. We have a joint account but we only use it to pay for house bills at some point I want it to include groceries and meals out etc.
Whats the interest on the tax free account? When I looked at the differences, I realized I could make more overall on a non-tax free account because the tax free account would not earn as much interest. It probably depends how much you make/save and the interest differences. I have an ING account and I’m in love with it. I think you would like it to. You can subdivide (well it’s more like opening a million accounts) so that things can have different names- for example I have my honeymoon account, a car account, house, emergency etc. It’s quite fun haha.
I’m a spender by nature… but I’ve always also saved a lot. I guess I’ve never gone out and had huge insignificant purchases. Instead, I’ll spend money on useless items, like an extra lip gloss here, or a fruit drink there. And those do add up.
The thing is that I’ve always had PLENTY in my bank account. Before I got married, I’d spend without thinking twice about it. Now that I’m married, I still make the same amount of money, and my Husband has a good salary as well, but I am extra conscious of my spending. I guess it was just different when I could go to the mall, spend $300 and not think about it. Now that we “share” all of our money, I think twice about spending $300 of “our” money. It’s actually helped a lot… my savings has increased even more!!!
Having said that I’m a saver, I also have the philosophy that I often get what I pay for. So I spend a little more on clothing that won’t fall apart right away, a treadmill that I can use for 15 years and a diesel vehicle that we can drive for a loooooonng time for cheap. Good quality sheets. That sort of thing.
My guilty pleasure is buying my workout clothes from Lulu. BUT! I wear every single item I’ve purchased there. And I feel great working out. :0)
Oh! And one more thing. Paradoxically, to be better savers, my husband and I give away a significant percentage of our income to charity. This helps us to be less attached to money and material items, and it’s CRAZY how we always have enough left over for what we need (and often want). This is an upside-down but biblical principle that really works. We can do way more with what’s left over than we ever could keeping it all. I can’t explain it. It’s a God thing.
I’m a spender but the saver between Steve and I. We both make more then enough money and do save a large portion each pay cheque but we also do whatever we want. We both think ya we’re saving but at the same time, aside from retirement fund, its for things we want to do, big trips, big purchases…etc… Life is far too short to cheap out on yourself. If you only work to save then we feel your not living how you really want to. Cheaping out on things you want to do. I don’t want to only have fun when i’m retired LOL
Now that I have fewer bills, I’m a saver. Not to say I didn’t save before but I was a small saver, meaning I didn’t have as much to save as I would have liked!
I have a 401k and a savings account. I also always have a little extra in my checking account in case something big comes up so that I don’t have to deal with dipping into my savings account. It works out well so far. I would LOVE to save more so after the holidays (i like to buy presents) I will reevaluate and save even more, at least that is the hope =)
Spender.
H =)
As much as I like to think that I’m a saver, I’m much more of a spender. I also have three accounts - my “spending” account for bills, rent, groceries, life, ect., my “savings” account for stashing money for an eventual big purchase (which was recently hockey tickets), and my joint account with Kyle which we’re using to save money for a down payment on a house.
I was lucky enough to also graduate from university debt-free since I lived at home and put chunks of my paychecks away for tuition. It’s such a relief being done school and not having be paying for it still!
definitely a spender. i can not save money if my life depended on it, but im trying to!
growing up I was such a saver. I’d save my change and keep a log of how much I had in my piggy bank. seriously. the way I was back then you wouldn’t have guessed I’d be the spender I am now! haha. still, I don’t think I’m a huge spender. I have a developed a bit of an Etsy addiction in the past few months, but it’s not like I’m dropping large amounts of cash. I only have so much money. and I don’t buy myself something at the mall every weekend (or buy all my friends $100 Christmas gifts) like my best friend and still complain about not having enough money
oops, did I go on a mini rant there? haha. I feel like most of my money goes to paying bills and rent and and gas and groceries and my college loans– you are so lucky to be coming out of college practically debt free! I have about $30,000 in loans still and I’ve been out for 2 years. and that’s just MY debt. my parents did take on most of it…
anyway, I find it nearly impossible for me to save these days. and I’ve been stressing about paying for christmas and I spent a lot of money on that this past weekend! after paying rent this week my bank account is going to be super low so I’ll just have to pinch pennies until I get my next paycheck.
the bottom line is, I’d really like to be a saver but I just don’t have much to save!
I’m a spender. In my mind money is there to be spent. However, I’m the saver in our relationship. I don’t spend so much that I’m broke or in debt. I always pay off my credit card and I usually have $500-$1,000 in my savings at any time.
The tough part is teaching the bf how to save when our lives aren’t yet intertwined completely, but will be someday. I think we’ll continue to have our separate accounts, but paying the bills is key and I want to make sure his savings goals are in line with me. Great topic!
I am definitely a saver! I have trouble spending my money sometimes if it isnt absolutely necessary!
Oh man, i wish i was a dedicated saver… i’m trying.
Thank you so much for your email back! I totally did set up a blog last week (I was off work, super sick and decided that would be my goal!)
anyway, my site is: runningforwine.wordpress.com
I want to be a saver, I try really I do, but alas I am a spender.
I used to be so good with my money but then a bunch of rapid succession things occured during college and try as I might I just never frigging get ahead. But it’s not like I’m spending out of control or anything, I refuse to spend money unless it’s neccessary, it’s just that I’m forever trying to get caught up. Congrats to you (and your parents for raising you right and being so helpful) for being a saver!!!
Mister and I are both savers, but I think from the outside we look like spenders because we save for planned purchases all the time. I love having the flexibility to buy nice things here and there- but I will never go into debt for anything, I’m just to much of a control freak!
I LOVE your features by the way though, your monday posts area amazing & you’re always so of the moment
Love it!
I am definitely a saver and hate to think about all of the money that comes and goes out of my account each month. I’m similar to you in that I have a seperate account for my car payments, so I can keep track of it each month.
I was also lucky enough to have supportive parents like yours, in that I left university without any debt. But throughout my university years, I worked every weekend at a restaurant to have money to pay for food, my car, going out, etc. It definitely taught me about how to manage my money!
My fiance is the same way as your boyfriend…he is a bigger spender than I am. I prefer to think about the large item and then end up not buying it because I can’t swallow spending that much money on one thing!
spender … 100% spender.
I think I’m sort of both. When I was in middle school, my best friend loved to shop so we would go to the mall a lot, but I would never spend my money, I have no idea why! I would always reason with myself that I didn’t really need it or something.
Now, I still have that mentality where I like to save, but some times that goes out the window and I just spend! It’s usually something I have wanted for a while or something I know I will get a lot of use out of. I’m definitely trying to cut back on spending and turn back into my saving self though!
I love saving, but it is pretty much impossible right now because I live mostly on loans. Not for much longer, though!
I get excited when I talk to Lucas about joint savings accounts. He thinks I’m a nut.
I think I’m both but merging more in spending side : ).
me and my husband are both students but we manage to save money each month( we have both TFSA and we put money for RRSP). we did not touched our saving yet . I like to save more but at the same time I love shopping. but I cut back on spending and I ‘m working on that . last month I met with my financial adviser and I wanted to increase my monthly draw for my saving and he was surprised and told me why do you want to save money for !!! and my response was I don’t want to see my money when it is in my cheuqing account I go shopping for thing that I can leave without ;). I’m working on myself , I made progress so I’m happy.
Spender Spender Spender…
well lately. But i can save when needed.
IE: saving for my HAWAII trip in less then a month!!!
xoxo
Holy carp. Quite the following, Amber!!! Nice work on marketing your blog.
If a tax-free savings account is really what it sounds like, DO IT NOW!
I’m slowwwwly becoming a saver. My mom and I recently downsized to save money but have had expense after expense pop up that throws everything off. We do want to start saving and paying off our credit cards, which we’re starting after the holidays.
I want to be a saver. But right now, I’m a spender.
I’m a saver… and I’m like you when I see a balance below $500… it’s the worst feeling
In general I’m a saver, and tend to over think any type of big purchase. The only exception is food, and my thought is that you need food to survive. Except what doesn’t fit into that picture is that you don’t need expensive food to service. For example, when I spent over $100 on clothes I freak out a little inside. But I will spend over $100 on food at the grocery without a second thought. And very little of the $100 winds up being neccessites, more exciting things like expensive cheese or expensive frozen meals.
I am a spender. Oh, what a spender. I would spend my very last dime. But I would kind of like to be a saver. Of course, I have my 401k and I am pretty proud of that. In the past, I have had savings accounts but they never had much money in them and what was in there I always ended up taking out. I would like to be a saver but I guess I just like spending more. I need to know how to make saving fun!
Good for YOU! I work in the financial services and I tell all of the young people to start saving NOW! It’s a great habit to get into and you’ll never regret having that extra money!!! When you start work after college, continue that savings by being dilligent about saving for retirement too!
I’m an odd mix of both. I don’t buy expensive things unless I’m truly sure I want them and will use them. I have a purse I got a while back and I thought about it for a month, then decided that I should get it cause I couldn’t stop thinking about how cute it was. However, after just purchasing a house, I can say that parting with most of your money all at once is REALLY hard! You do own something, but you don’t have all that money you worked so hard to keep in a savings account….to only use on large purchases…ironic really.