Comments on: Visualize Your Savings Goals

By: Danielle

Danielle — Mon, 09 Mar 2009 01:53:30 +0000

I wanted an Eee PC for a while… ended up getting a certified used Think Pad x60 instead That being said I think its a great first time laptop for an 11 year old!

I like this idea in principle but was trying to figure out what I would carry around a picture of when my goals are building an emergency fund and paying off credit cared debt…

I could carry around a picture of my house on fire… and a photo of the vacation we took after our honeymoon that we had to charge … LOL.

By: Adam @ Checkbook Diaries

Adam @ Checkbook Diaries — Wed, 04 Mar 2009 18:55:07 +0000

That is a great idea! This would tie right in with an article that I wrote yesterday about how to make saving money fun. A similar tip for someone with a debit or credit card would be to make a card sleeve (like the ones you get at the bank for your ATM card) out of plain paper and write the top 5 things that you are saving your money for on each of them. Then when you go to pull the card out of the sleeve, you are reminded of what you are trying to save your money for.

Love the site (just added you to my blogroll), keep up the good work!

By: financePHI

financePHI — Wed, 04 Mar 2009 01:59:28 +0000

I bet even an 11 year old can see that it’s a waste of money to be putting money into companies like GM and AIG.

Kudos to you – I hope we have more kids like him in the future to lead us out of this mess.

By: thomas

thomas — Tue, 03 Mar 2009 22:29:45 +0000

Great idea. Funny how an 11 year old gets it but adults don’t.

By: Darwin's Finance

Darwin's Finance — Tue, 03 Mar 2009 21:59:57 +0000

While he has a few years to go, one of the most formative experiences for me as a youngster was when my father showed me a graph of the power of compounding and how if you invested $2000 per year from age 25-35, you’d have more money in retirement than if you invested that same $2000 EVERY year from 35 to 65 (or something like that).

I opened my first brokerage account at 18 and from that point on, I was a saver/investor. It allowed me to buy my first home right out of college!

By: william

william — Tue, 03 Mar 2009 18:04:24 +0000

inspirational, I was looking for a way to motivate my son to keep saving for more than a couple of weeks, he alway fall and expend all his savings in stuff as collectible cards or cheap toys…

congratulations I will use the tip for myself

By: Grant Baldwin

Grant Baldwin — Tue, 03 Mar 2009 17:00:40 +0000

Ah, there’s probably a lot we could learn from the simplicity of kids and their money!

It may seem silly to see an 11 year-old do it, but never underestimate the power of a visual goal…

By: Ray

Ray — Tue, 03 Mar 2009 16:20:15 +0000

I think many adults have impulse spending as well, but I doubt this would work with adults we always find ways to justify our spending.

By: SandwichArtist

SandwichArtist — Tue, 03 Mar 2009 15:49:53 +0000

I’m going to steal that resume idea. Thanks.

By: Ian

Ian — Tue, 03 Mar 2009 14:58:08 +0000

What a great article and an even better lesson. Sometimes kids really do have the best ways to go about doing things. I am sure he will grow up to be a fine and responsible adult.

By: Juice

Juice — Tue, 03 Mar 2009 14:49:12 +0000

Way to go both Dad and son! What a fantastic reflection on the two of you. You must be very proud of your incredibly motivated son!

By: Danny

Danny — Tue, 03 Mar 2009 14:40:36 +0000

I hope it doesn’t sound corny to say this, but I’m so proud of your son right now! (And jealous, too – I’ve been wanting an Eee, but haven’t been able to justify the purchase.)

By: the weakonomist

the weakonomist — Tue, 03 Mar 2009 13:50:14 +0000

I followed the twitter drama with setup, was the first one eventually returned?

This really shows that your 11 year old understands the value of a dollar. That’s the foundation for a life of smart money. Good job dad.

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Tue, 03 Mar 2009 12:19:00 +0000

Solid idea– Many years ago, I used to take my resume and write what I wanted on it in red pen and look at it weekly. I eventually added 90% of what I wanted. I didn’t add the foreign langauges, but everything else made it.

Now I do two wish lists: one for needed items like tools and a beater pickup truck with a plow and one for debts to crush. I review these weekly to motivate me.