Comments on: To Save or Not To Save http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 12:41:29 +0000 hourly 1 http://wordpress.org/?v= By: Ginger @ Girls Just Wanna Have Funds http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-272366 Ginger @ Girls Just Wanna Have Funds Sun, 06 Apr 2008 17:15:30 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-272366 "I’ll be the first Saver to admit to and justify periodic splurges, though my desire for financial freedom usually outweighs my (very real) desire for the latest fashions, to eat out every other night, and to become a regular down at the spa." This is totally me. While I've been on the personal finance kick for a while I still struggle with rationalizing my needs for the latest toys (Canon g9 anyone? lol), shopping excursions and eating out. But I realize that now more than ever its important to save as much as we can. My mentality has changed so much over the last few weeks, call it recession psychology but I am so there. Still, I treat myself every now and again and I can't say that I've given up some of the more expensive aspects of my beauty regimen. “I’ll be the first Saver to admit to and justify periodic splurges, though my desire for financial freedom usually outweighs my (very real) desire for the latest fashions, to eat out every other night, and to become a regular down at the spa.”

This is totally me. While I’ve been on the personal finance kick for a while I still struggle with rationalizing my needs for the latest toys (Canon g9 anyone? lol), shopping excursions and eating out. But I realize that now more than ever its important to save as much as we can.

My mentality has changed so much over the last few weeks, call it recession psychology but I am so there. Still, I treat myself every now and again and I can’t say that I’ve given up some of the more expensive aspects of my beauty regimen.

]]> By: Lilly http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-270790 Lilly Fri, 04 Apr 2008 22:22:15 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-270790 We have had a deposit account with National City bank in Buffalo Grove Illinois for longer than I can remember. We recently noticed that our deposits were not showing up until long after we deposited the funds. We have a small vending machine business and almost everything we make (cash) goes into the same savings account at National. The deposits have been showing up as late as 30 days after the deposit. The account has a substantial amount of money in it but we don't need it for anything, so we have not been worried. However, my husband called National City to find out why the deposits were taking so long to post. They explained that the bank was having some issue and going through some changes and it is a temporary problem. This frightened us, so we started reading about National City on the web. We began to realize that National City Bank is in danger of bankruptcy and if not bought will fail. We also found out that their FDIC coverage may not cover all of our deposits, in all of our accounts. We decided to remove all our money and equity loan to a bank other than National City. Closing our equity line with them was easy because it had a zero balance. we simply opened a new line at Chase and closed the National City line. However, moving our savings and other accounts turned out to be very difficult. We wanted to get a certified check for the funds, so we set up an appointment with National City to do. We went in for our appointment only to find out that the bank could not cover our withdrawal. We were told that the bank was having some small and temporary solvency issues and we would be notified when they could either transfer funds or give us a check. I asked if there was any sort of a problem with our account or had we done something wrong. They politely told us they only wished they had more customers like us. However, it has been almost a month and they have not produced our funds. We have started now working with the Attorney General in Illinois to try to recover our retirement savings. It is apparent that National City is going bankrupt and unless they are bought or bailed out we cannot get our money. We are scared to death that National City will loose both our retirement and the money set up in trust for our mentally handicapped adult child. Does anyone have any advice?! We have had a deposit account with National City bank in Buffalo Grove Illinois for longer than I can remember. We recently noticed that our deposits were not showing up until long after we deposited the funds. We have a small vending machine business and almost everything we make (cash) goes into the same savings account at National. The deposits have been showing up as late as 30 days after the deposit. The account has a substantial amount of money in it but we don’t need it for anything, so we have not been worried. However, my husband called National City to find out why the deposits were taking so long to post. They explained that the bank was having some issue and going through some changes and it is a temporary problem. This frightened us, so we started reading about National City on the web. We began to realize that National City Bank is in danger of bankruptcy and if not bought will fail. We also found out that their FDIC coverage may not cover all of our deposits, in all of our accounts. We decided to remove all our money and equity loan to a bank other than National City. Closing our equity line with them was easy because it had a zero balance. we simply opened a new line at Chase and closed the National City line. However, moving our savings and other accounts turned out to be very difficult. We wanted to get a certified check for the funds, so we set up an appointment with National City to do. We went in for our appointment only to find out that the bank could not cover our withdrawal. We were told that the bank was having some small and temporary solvency issues and we would be notified when they could either transfer funds or give us a check. I asked if there was any sort of a problem with our account or had we done something wrong. They politely told us they only wished they had more customers like us. However, it has been almost a month and they have not produced our funds. We have started now working with the Attorney General in Illinois to try to recover our retirement savings. It is apparent that National City is going bankrupt and unless they are bought or bailed out we cannot get our money. We are scared to death that National City will loose both our retirement and the money set up in trust for our mentally handicapped adult child. Does anyone have any advice?!

]]> By: anon http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-270395 anon Fri, 04 Apr 2008 13:56:55 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-270395 I'd add one more category: people like my parents, who never made a huge amount of money, never tracked it very carefully (and in fact, strongly dislike thinking about it very much or putting very much time into managing it)... but who always chose the most frugal route available and always maxed out every standard savings opportunity and are poised for an excellent retirement. Point being: not everyone who's a saver is into reading and writing and checking in on the subject all the time... I’d add one more category: people like my parents, who never made a huge amount of money, never tracked it very carefully (and in fact, strongly dislike thinking about it very much or putting very much time into managing it)… but who always chose the most frugal route available and always maxed out every standard savings opportunity and are poised for an excellent retirement.

Point being: not everyone who’s a saver is into reading and writing and checking in on the subject all the time…

]]> By: Foobarista http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-266309 Foobarista Wed, 02 Apr 2008 16:35:30 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-266309 I try to not "judge" individual non-savers. But collectively, there are enough non-savers who hit a rough spot and expect the taxpayers to maintain their lifestyle that I will admit to having a hard time having much respect for their opinions on money matters. I also am a bit "afraid" of them: after all, in a democracy, there's always a danger that 51% of the people will vote to strip the collective wealth of the other 49%. I try to not “judge” individual non-savers. But collectively, there are enough non-savers who hit a rough spot and expect the taxpayers to maintain their lifestyle that I will admit to having a hard time having much respect for their opinions on money matters.

I also am a bit “afraid” of them: after all, in a democracy, there’s always a danger that 51% of the people will vote to strip the collective wealth of the other 49%.

]]> By: Miguel http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-263976 Miguel Tue, 01 Apr 2008 17:28:57 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-263976 I am not a saver by nature or upbringing, and also had to learn the hard way. Growing up ghetto poor did not provide any good examples to follow. Then, when I went away to a fancy college, I saw lots of wealthy people engaging in conspicuous consumption, which did not provide any good examples either. My wife comes from a saver family and I've learned a lot from her. That, plus having lived thru a couple of ups and downs taught me the value of saving. I am not a saver by nature or upbringing, and also had to learn the hard way. Growing up ghetto poor did not provide any good examples to follow. Then, when I went away to a fancy college, I saw lots of wealthy people engaging in conspicuous consumption, which did not provide any good examples either. My wife comes from a saver family and I’ve learned a lot from her. That, plus having lived thru a couple of ups and downs taught me the value of saving.

]]> By: El Cheapo http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-263876 El Cheapo Tue, 01 Apr 2008 14:58:57 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-263876 I would consider myself a saver mainly because I highly value independence. But it wasn't always this way. It took a job layoff from my high paying job and 8 months of collecting unemployment (and a couple months working retail for $5.50 an hour) to really get it ingrained in my dumb head! Had to learn it the hard way... I would consider myself a saver mainly because I highly value independence. But it wasn’t always this way. It took a job layoff from my high paying job and 8 months of collecting unemployment (and a couple months working retail for $5.50 an hour) to really get it ingrained in my dumb head! Had to learn it the hard way…

]]> By: tom http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-263833 tom Tue, 01 Apr 2008 13:41:51 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-263833 I am a saver, but I also enjoy a good spend every now and then. I bought a 46" TV a few months back (on 0% finanacing of course). I have no problem with non-savers. However, if something happens, and they are in a bind because of a lack of savings (not talking about job loss or anything catastrophic, whole other topic), I don't want to hear about it. I am a saver, but I also enjoy a good spend every now and then. I bought a 46″ TV a few months back (on 0% finanacing of course).

I have no problem with non-savers. However, if something happens, and they are in a bind because of a lack of savings (not talking about job loss or anything catastrophic, whole other topic), I don’t want to hear about it.

]]> By: Moneymonk http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-263233 Moneymonk Mon, 31 Mar 2008 20:56:06 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-263233 Nice article, Meg . That's why personal finance is "personal" everyone has different reasons why they save or not. Some are just use of doing only what they know. Some were just not taught. Nice article, Meg . That’s why personal finance is “personal” everyone has different reasons why they save or not.

Some are just use of doing only what they know. Some were just not taught.

]]> By: Nicole http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-263153 Nicole Mon, 31 Mar 2008 18:33:40 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-263153 "We track our spending, set annual goals, and excitedly check our 401k balances periodically to see how much they’ve [decreased]" There, fixed that for you ;) “We track our spending, set annual goals, and excitedly check our 401k balances periodically to see how much they’ve [decreased]”

There, fixed that for you ;)

]]> By: Joshua http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/comment-page-1/#comment-263143 Joshua Mon, 31 Mar 2008 18:15:46 +0000 http://allfinancialmatters.com/2008/03/31/to-save-or-not-to-save/#comment-263143 Bravo. Excellent article. We should not judge others on the way they lead their lives. Instead we should judge ourselves on the lives that we try to lead financially and individually. Bravo. Excellent article. We should not judge others on the way they lead their lives. Instead we should judge ourselves on the lives that we try to lead financially and individually.

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