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talking savings with NON savers

January 6th, 2019 at 03:54 pm

I have recently talked with others whom lets say, live a life that they will save later, I guess.

If is often amusing as one person wanted to talk stock market and real estate when he is NOT invested in either but was simply regurgitating whatever he heard on TV or read. He was upset that in a very high COLA he could not buy a house I told him most buy in the outlying area and commute. Many of his co workers do this and he said he wanted to not commute so far then decide that apartment life is it and get over it.

I am also amused that so many think they SAVED or got a great deal so.... so they spent the so called savings on the next thing.
A person making ends meet barely is taking 4 days off next week to go to Vegas with friends because she thinks she got such a good deal on flight/ hotel. If her friends can afford it great but I will be listening to her for a week after she is back about how broke she is.

Another item that confuses me is the idea to save up to pay off a debt.
I pay sometimes EACH week and yes it does lower AVG daily balance that they figure interest on.

A friend instead thinks she can save up a big amount and then send in a BIG payment...... great, except her savings earns much less then the interest on her student loans. I do not want to rain on her parade but want to understand WHY people do this?

I think some make savings harder then it needs to be.

6 Responses to “talking savings with NON savers”

  1. Dido Says:

    Excellent observations!

  2. mumof2 Says:

    I agree I find others peoples logic confusing as well...I have 2 things I tell people all the time "if your not willing to change what you do then do whine at me about it" and the second "its not really savings unless you put the extra in the bank...it's just a good deal" that one annoys a lot of people...but yes like you when I had debt I paid on it when I could not just in one big lump sum

  3. creditcardfree Says:

    First cavet, likely making some assumptions, but could be correct.

    For the person going to Las Vegas...she is more afraid of missing out on the fun. If she had financial goals that this would impact, she would be strong enough to resist or save up ahead.

    For the person who wants to save up for a big payment...this person has not done the math and doesn't understand the costs involved in holding the debt longer, and likely is also afraid of losing the money they feel like they are saving.

    Personal finance is personal, and often messy as emotions can get in the way of logic.

  4. LuckyRobin Says:

    People like this are financially illiterate. And a deal is not a deal if it is for something you don't need and would not have bought without the deal. So many people think because they got something on sale it was a great deal, but if you did not need an electric apple flinger in the first place, I don't care if you got 50% off, you still wasted 100% of what you paid for it.

  5. livingalmostlarge Says:

    A big one is people who see they got a deal so it's savings. Never Realizing taht saving isn't saving when you are spending money.

  6. rob62521 Says:

    How right you are. Also, your friend going on her trip thinks she "saved money" because she got a deal.

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