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Auto Savings Programs Are a Joke for Most

October 9th, 2007 at 03:16 am

I've been reading a lot about automatic savings programs lately, but the idea is ludicrous for most people since having one dollar automatically deposited to your savings, only to have to withdraw it the next day because spending is out of control is not really savings.

If your savings programs (401ks, IRAs, passbook savings, etc.) aren't making you more money than you're paying out in debt interest, they're not really savings programs.

4 Responses to “Auto Savings Programs Are a Joke for Most”

  1. reflectionite Says:

    i have two ing account and a bankwest account, and $20 is put into each of them every week. because i can't remember the login details, i usually only check them every few months and always get a little surprise from how much i've saved, without really noticing it.
    but i agree, there's no point in doing it if you need to take the money out the next day. the best advice is to start small, little deposits that you won't notice, and try to make it hard for yourself to withdraw money (like ing and bankwest accounts, it takes three days for the monmey to be transfered, so if you have an impulse purchase, it's usually worn off by then!)

  2. Ima saver Says:

    I have made over $19,000 in interest this year and have not withdrawn one dime!

  3. nika Says:

    Why for most? Do you have some statistics?

  4. Broken Arrow Says:

    I think a method in automatic savings or some kind is a good idea for many if only because they don't actively save on their own. For those who are frugal to begin with, saving can be an enjoyable activity that they may want to do actively. I know I like it. Smile

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