Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays Bank.
One of the biggest challenges when it comes to achieving major savings goals is maintaining your focus. The bigger the goal, the longer it typically takes to achieve it, and the easier it is to take your eye of the ball. One particularly effective trick for combating this possibility is to create a visual reminder of your savings goal.
Lessons from an eleven year old
I was recently reminded of how well this approach works when I discovered that our eleven year old was carrying around a tattered picture of an ASUS Eee PC netbook. Yep, that’s it (alongside his wallet) in the photo above. He’s been saving up for his own computer for quite awhile now, and he was concerned about blowing his hard-earned money on a less worthy item during a moment of weakness.
We’ve actually talked quite a bit with the kids about impulse purchases and how much they can set you back when you’re saving up for something big. In an attempt to avoid these sorts of problems, he decided to print out a picture of a computer like the one he wanted to buy and slip it into his wallet, thereby ensuring that he’d see it every time he was tempted to spend money.
And guess what? It worked. He saved like a madman with nary a setback and, as of last week, he’s the proud new owner of his very own netbook. So take it from an eleven year old… If you’re having trouble meeting your savings goals, create a visual reminder of whatever it is that you’re saving for and slip it into your wallet or purse.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math (693)
- Dish Network Customer Service SUCKS (536)
- $8,000 Homebuyer Tax Credit (429)
- Pay Off Mortgage Early or Invest? (424)
- How to Claim the First-Time Homebuyer Tax Credit (352)
- Termite Control: Sentricon vs. Termidor (329)
- How Much Should You Pay a Babysitter? (288)
- Ethanol Blended Gas = Lower Mileage? (272)
- Reduced Credit Limits? Share Your Experience (256)
- $15,000 Homebuyer Tax Credit (242)
- Buying Furniture off the Back of a Truck (237)
- Will Mac OS X Lion Kill Quicken 2007? (191)