Comments on: Friday Q & A: Saving on one income http://totalcandor.com/blog/2008/08/friday-q-a-saving-on-one-income/ A Conversation About Income, Wealth, and the Steps in Between Tue, 16 Mar 2010 19:04:32 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: Michael http://totalcandor.com/blog/2008/08/friday-q-a-saving-on-one-income/comment-page-1/#comment-14497 Michael Sat, 02 Aug 2008 20:25:00 +0000 http://totalcandor.com/blog/?p=227#comment-14497 @Bethesda - thanks! Always good to hear about and from those who have lived and thrived without starving themselves or necessarily making a ton of money. It's just prioritization, as you've demonstrated. @M. Contreras: Having different savings accounts for different types of savings goals isn't a bad idea, as long as it actually helps you to reach your different goals. Some people may find keeping track of many different accounts (especially if at different financial institutions) cumbersome. Others may not mind the increased administrative burden and instead find that the very existence of the different accounts (especially when nicknamed at the bank or in their personal financial software as, for example, "house" or "vacation") a motivator to save in itself. How many is too many, therefore, is a matter of personal comfort. I'd certainly keep it simple by not opening accounts at dozens of banks. It may make you feel rich to get all those statements, but $1 at 12 banks is still just 12 bucks. @Bethesda – thanks! Always good to hear about and from those who have lived and thrived without starving themselves or necessarily making a ton of money. It’s just prioritization, as you’ve demonstrated.

@M. Contreras: Having different savings accounts for different types of savings goals isn’t a bad idea, as long as it actually helps you to reach your different goals. Some people may find keeping track of many different accounts (especially if at different financial institutions) cumbersome. Others may not mind the increased administrative burden and instead find that the very existence of the different accounts (especially when nicknamed at the bank or in their personal financial software as, for example, “house” or “vacation”) a motivator to save in itself.

How many is too many, therefore, is a matter of personal comfort. I’d certainly keep it simple by not opening accounts at dozens of banks. It may make you feel rich to get all those statements, but $1 at 12 banks is still just 12 bucks.

]]> By: M. Contreras http://totalcandor.com/blog/2008/08/friday-q-a-saving-on-one-income/comment-page-1/#comment-14005 M. Contreras Fri, 01 Aug 2008 19:40:30 +0000 http://totalcandor.com/blog/?p=227#comment-14005 do you suggest different savings accounts for different types of savings? If so, how many is too many? do you suggest different savings accounts for different types of savings? If so, how many is too many?

]]> By: Bethesda http://totalcandor.com/blog/2008/08/friday-q-a-saving-on-one-income/comment-page-1/#comment-13947 Bethesda Fri, 01 Aug 2008 16:43:39 +0000 http://totalcandor.com/blog/?p=227#comment-13947 Great post!! With one income it is even More imperative to save - there isn't another person you can fall onto. I keep thinking, 5, 10, 15 years ago I was making way less and still felt like I was living ok. With one income I have managed to buy a house, begin an emergency fund, and pay off nearly all my credit card debt (those crazy 20's killed me!). It is possible to save and look at it this way - when you make the budget, it's only you that you have to satisfy! Great post!! With one income it is even More imperative to save – there isn’t another person you can fall onto. I keep thinking, 5, 10, 15 years ago I was making way less and still felt like I was living ok. With one income I have managed to buy a house, begin an emergency fund, and pay off nearly all my credit card debt (those crazy 20’s killed me!). It is possible to save and look at it this way – when you make the budget, it’s only you that you have to satisfy!

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