Comments on: Ramit Sethi: How to Save More Money By Doing Less http://www.mint.com/blog/saving/save-more-money-by-doing-less/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Thu, 11 Mar 2010 16:51:38 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Save Money Hound http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-36517 Save Money Hound Thu, 03 Sep 2009 23:44:22 +0000 http://www.mint.com/blog/?p=5407#comment-36517 True that we are bombarded with too many choices these days. Your Two-Headed Savings approach is a bit different from conventional budgeting but i can see that it would work well for a couple of good reasons. It is a simple approach, it makes you set clear goals and it will keep you focussed on getting some runs on the board with starting to save money. True that we are bombarded with too many choices these days. Your Two-Headed Savings approach is a bit different from conventional budgeting but i can see that it would work well for a couple of good reasons.

It is a simple approach, it makes you set clear goals and it will keep you focussed on getting some runs on the board with starting to save money.

]]> By: Dr. Mary Gresham http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-36301 Dr. Mary Gresham Wed, 02 Sep 2009 18:45:01 +0000 http://www.mint.com/blog/?p=5407#comment-36301 Well you mentioned behavioral finance first, so I am going to remind you that the guaranteed way to save this money is to have it automatically taken out of your account before you ever see it. You will begin to automatically adjust your spending because you know you have less...each month have a little more taken out until you have your monthly goal of saving 200. No disicpline required, just subconscious adjustments. Well you mentioned behavioral finance first, so I am going to remind you that the guaranteed way to save this money is to have it automatically taken out of your account before you ever see it. You will begin to automatically adjust your spending because you know you have less…each month have a little more taken out until you have your monthly goal of saving 200. No disicpline required, just subconscious adjustments. ]]> By: Steph http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-36223 Steph Mon, 31 Aug 2009 20:27:58 +0000 http://www.mint.com/blog/?p=5407#comment-36223 Love your tips! Dining out eats up alot of my cash...no pun intended :o) Love your tips! Dining out eats up alot of my cash…no pun intended :o ) ]]> By: CT http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-36117 CT Fri, 28 Aug 2009 14:17:50 +0000 http://www.mint.com/blog/?p=5407#comment-36117 I love the two phase approach. You can apply it to everything. It's great! I love the two phase approach. You can apply it to everything. It’s great! ]]> By: C;leMBA Stein http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-36084 C;leMBA Stein Thu, 27 Aug 2009 22:48:59 +0000 http://www.mint.com/blog/?p=5407#comment-36084 This guy is right as far as he goes but what you need to do is to figure out "what it costs you to get out of bed each day"(c). Don't cut down, cut up.....Look at Clemba.blogspot.com This guy is right as far as he goes but what you need to do is to figure out “what it costs you to get out of bed each day”(c). Don’t cut down, cut up…..Look at Clemba.blogspot.com ]]> By: marie http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-36060 marie Thu, 27 Aug 2009 14:36:44 +0000 http://www.mint.com/blog/?p=5407#comment-36060 We were in a house we couldn't afford. I was in charge of budgeting and my focus was cut all spending so we could pay our mortgage. We're renting that house out now so I've changed my outlook. I'm trying to get to a point where 50% of our income goes to mundane, pay every month, set amounts like rent and insurance. And then 30% can go to eating out, clothes, toys, or whatever. 20% goes to investing, savings or paying off debt (paying off your highest interest first). If you can't get your rent and car loans into that 50%, consider relocating or settling for a cheaper car. We were in a house we couldn’t afford. I was in charge of budgeting and my focus was cut all spending so we could pay our mortgage. We’re renting that house out now so I’ve changed my outlook. I’m trying to get to a point where 50% of our income goes to mundane, pay every month, set amounts like rent and insurance. And then 30% can go to eating out, clothes, toys, or whatever. 20% goes to investing, savings or paying off debt (paying off your highest interest first). If you can’t get your rent and car loans into that 50%, consider relocating or settling for a cheaper car. ]]> By: David Heller http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-36002 David Heller Wed, 26 Aug 2009 16:25:47 +0000 http://www.mint.com/blog/?p=5407#comment-36002 Let's Face It: Eating out and buying groceries should be categorized under food. Everage person uses abot $ 15.00 a day, that will make it three meals $ 5.00 a meal. If any body spends an additional $ 500.00 on eating out would weigh 300 Lb. The point is, you are spending already $ 450.00 on food. Use the other $ 50.00 for entertaiment. In other words, if your budget for eating is $ 500.00 there is not much room to save. Let’s Face It: Eating out and buying groceries should be categorized under food.
Everage person uses abot $ 15.00 a day, that will make it three meals $ 5.00 a meal. If any body spends an additional $ 500.00 on eating out would weigh 300 Lb.
The point is, you are spending already $ 450.00 on food. Use the other $ 50.00 for entertaiment.
In other words, if your budget for eating is $ 500.00 there is not much room to save. ]]> By: Sarah http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-35957 Sarah Tue, 25 Aug 2009 18:39:31 +0000 http://www.mint.com/blog/?p=5407#comment-35957 "When people come to me and tell me they’ve cut their spending on clothes from $500/month to $10/month, I just sigh and stare at them, blinking in unwavering hatred. You can’t make rapid behavioral change that stick in such a dramatic way." I tend to strongly disagree with this statement. People are perfectly capable of sticking to such a plan if their priorities shift. For example, my husband and I are saving for a vacation - so, our extra cash goes into the vacation fund and we get by just fine with $40 a month for clothing expenses. We live on an extremely structured budget with allocations for car maintenance, home maintenance, entertainment, etc. We've been on this budget since the beginning of our marriage and have never had any kind of argument about money. I see where your coming from, but I disagree and believe people can dramatically change their habits if they make a commitment to a bigger goal and stick with it. “When people come to me and tell me they’ve cut their spending on clothes from $500/month to $10/month, I just sigh and stare at them, blinking in unwavering hatred. You can’t make rapid behavioral change that stick in such a dramatic way.”

I tend to strongly disagree with this statement. People are perfectly capable of sticking to such a plan if their priorities shift. For example, my husband and I are saving for a vacation – so, our extra cash goes into the vacation fund and we get by just fine with $40 a month for clothing expenses. We live on an extremely structured budget with allocations for car maintenance, home maintenance, entertainment, etc. We’ve been on this budget since the beginning of our marriage and have never had any kind of argument about money. I see where your coming from, but I disagree and believe people can dramatically change their habits if they make a commitment to a bigger goal and stick with it.

]]> By: Rajeev http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-35908 Rajeev Mon, 24 Aug 2009 16:56:15 +0000 http://www.mint.com/blog/?p=5407#comment-35908 Great suggestions, thanks to mint which helps me layout my financial plans, I have been doing lot of cost cutting these days but at the end of the month it looks like what ever I make, I end up spending on bills, groceries, utilities etc (just hand to mouth existence) Unless I get a raise in the salary I wont be able to save... ??? Great suggestions, thanks to mint which helps me layout my financial plans, I have been doing lot of cost cutting these days but at the end of the month it looks like what ever I make, I end up spending on bills, groceries, utilities etc (just hand to mouth existence) Unless I get a raise in the salary I wont be able to save… ??? ]]> By: Copyandcredit http://www.mint.com/blog/saving/save-more-money-by-doing-less/comment-page-1/#comment-35881 Copyandcredit Mon, 24 Aug 2009 03:44:46 +0000 http://www.mint.com/blog/?p=5407#comment-35881 I'm sorry but that is a really ignorant statement. What are you basing that off of? Anyway, saving means that banks are more secure and will loosen up their tight credit which is what is causing a lot of the problems right now. Which was caused by overspending in the first place. And honestly, if Ramit can really "kill one third of the bearded Ben's stimulus", then he should be our next president for solving our economic problems I’m sorry but that is a really ignorant statement. What are you basing that off of?

Anyway, saving means that banks are more secure and will loosen up their tight credit which is what is causing a lot of the problems right now. Which was caused by overspending in the first place.

And honestly, if Ramit can really “kill one third of the bearded Ben’s stimulus”, then he should be our next president for solving our economic problems

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