Comments on: Save your savings

By: Brenda

Brenda — Tue, 17 Feb 2009 19:36:04 +0000

Great article. I’m going to start tracking my grocery savings and putting the extra money on my last credit card debt. It will be fun to see how much money is saved at the end of the year.

By: glblguy

glblguy — Tue, 17 Feb 2009 10:18:26 +0000

Hi Pattie. I transfer the money into an ING checking account from my main checking (local bank) and then into a savings account. There is a limitation on withdrawals, but not deposits. Unless your bank has some limitation in place on you checking account (which I would doubt) you can transfer all you want INTO savings account.

I loved the idea of saving the grocery store savings as well, and in face my wife and I did it yesterday. $30 extra snowflaked against my credit card.

Thanks for reading Pattie, very glad to have you and everyone else that has commented.

By: Pattie

Pattie — Tue, 17 Feb 2009 06:01:23 +0000

I love your site, and am an avid reader of yours. I love this idea, though I don’t have an ing account any longer, aren’t we all limited to the number of transfers that can be made into and out of accounts? I love this idea of “saving the savings,” and would love to transfer each and every time I save, but one can only make so many transfers in a 30 day period. I also love the idea of ‘saving’ what my grocery receipt alleges I ‘saved’ by shopping there. I’m starting this the very next time I see a “savings” note, or by comparison shopping and seeing my savings in black & white. Keep it up!

By: frugalCPA

frugalCPA — Tue, 17 Feb 2009 04:05:22 +0000

Ha! I like it. Sounds like a fun way to translate what you “save” into trackable future benefit.

By: Steve C @ MyWifeQuitHerJob.com

Steve C @ MyWifeQuitHerJob.com — Tue, 17 Feb 2009 03:30:56 +0000

That is an interesting concept. If only there was some automated way of keeping track of this, it would be really effective. I don’t know why anyone shops for electronics at brick and mortar stores anymore. It seems like there’s always a better deal online. Great post!

By: Ken

Ken — Tue, 17 Feb 2009 02:53:13 +0000

My wife just jumped both feet on couponing bandwagon. She is snowflaking leftover toward vacation…or she better be :-)
Great idea.

By: vinny

vinny — Mon, 16 Feb 2009 21:19:33 +0000

I love the “Save the Savings” idea.
Until we were out of debt when we used this plan. Whenever we would save money on a purchase or avoid a purchase all together (rent a movie instead of going to a movie) we would take the amount we just saved and made an electronic payment towards a debt as soon as we got back home.

Its a easier to skip a cup of coffee if 15 minutes later you reward yourself for the “sacrifice” Even if it was only an extra $4 worth of progress.

By: Craig

Craig — Mon, 16 Feb 2009 21:05:01 +0000

It sounds like a good strategy but takes a lot of effort to keep track and transfer money. If you save $3 you probably aren’t going to transfer those savings to your ING account. You should just set up an amount per week or month to save an transfer the whole bunch.

By: Jean

Jean — Mon, 16 Feb 2009 16:13:32 +0000

I do this every time I go to the grocery store – my store puts a note on the bottom: This order you saved $XX”. I take that receipt home and immediately transfer that amount to my “snowflake” account at ing. It adds up in a hurry! Never thought about doing it on bigger purchases – i think I’ll start that now, too. Thanks for the great tip.

By: Miranda

Miranda — Mon, 16 Feb 2009 16:00:57 +0000

Great post! I like the idea of looking at what you save when you look for a deal (on something you’d buy anyway, of course!) and then taking those savings and doing more with it. It goes back to letting your money work for you.