Tagged saver

Rainy Day Fun Fund

You’ve heard of the term “Save it for a rainy day” to reference putting money away for when you might need it.  In fact, it’s generally recommended to have three months to a year’s salary worth of saving for emergencies.  While having an emergency fund is definitely important, we’ve also been doing this on a smaller scale to put a little F-U-N into our fund.

My wife has periodically stashed cash in the past, and I’ve been more active in doing so myself of late.  We have several budgets set up on FitFin, one of which is a “Cash/ATM” budget of $100.00/month.  This particular budget was largely ignored for the most part until recently, when I decided to start “paying myself” out of it.  What I do is get $20.00 cash back when I go to the store.  My general rule of thumb is to only get the cash back if my overall bill is less than $50.00 (that amount includes the $20.00) and I can only go up to my budget limit each month ($100.00).  Then when I get home I put the money away in a secret place known only to me and my wife.  The money adds up quickly, and we can use it only for fun.  It’s our little way to reward ourselves for working to be disciplined with our money.

We’ll use the money for things like going out for ice cream, a movie, bowling, etc.  One thing that we haven’t used it for (but would be fun) is a hotel room for a quick overnighter in the mountains (we live in Denver).  You’d be surprised how quickly the money adds up, as we tend to forget about this little hidden treasure of loot!  It’s kind of fun to have the extra money around for fun things.  It also a good little strategy to use to stock money away for an upcoming vacation.

It’s just something we’re trying out, and I don’t know if the trend will continue or not, but for now, it’s been a lot of fun.  It’s definitely something to consider, especially to reward yourself for staying on track with your budget!

Are you a saver or a spender? Take the FitFin quiz to find out!

Knowing your natural tendencies when it comes to saving (or spending) money will help you better understand what it will take to reach your goals. Take the FitFin Save or Spend Quiz to see where you rank. We want you to answer each question twice: The first answer should be what pops immediately into your mind (your gut reaction). The second should be how you’d answer after giving the question some thought (your brain reaction). Score both the “Gut” and the “Brain” blank with either a, b, c, of d for each question. To give you the best chance at finding your natural tendencies, please be honest.

1. You find $20.00 lying on the sidewalk and no one is around who could have possibly dropped it. Do you:

a. Put it in your bank account/stuff it in your mattress
b. Put up a flyer announcing the lost money
c. Find the nearest store and buy something
d. Buy the next round

Gut ___ Brain ___

2. You’ve been dying to buy the _______, which normally costs $300.00. It’s now on sale for an amazingly low price of $100.00 (today only, of course!). The problem is that you check your account and you only have $50.00 in it. Do you:

a. Wave the white flag and leave the store, with a tear in your eye
b. Go back to your house to search for loose change in your couch
c. Get out your phone to see if there’s a cheaper price online that you may be able to get the store to match
d. Say screw it and put it on your credit card

Gut ___ Brain ___

3. You receive a $3,000.00 tax refund. Do you:

a. Put it in your IRA/similar product (or open one if you don’t have one)
b. Pay down debt
c. Make a list of things you might buy with it
d. Go on vacation

Gut ___ Brain ___

4. You need transportation. Do you:

a. Buy a bus/other public transportation pass
b. Buy a bicycle
c. Buy a used car
d. Buy/lease a new car

Gut ___ Brain ___

5. You need a new phone. Do you:

a. Buy a flip phone (not a smartphone)
b. Buy an older model smartphone that costs very little or is free with a service contract
c. Search places like Craigslist/eBay for a used model of the phone you want
d. Get the latest and greatest model, regardless of the cost

Gut ___ Brain ___

Now tally your answers for the Gut category. Assign a one point for every ‘a’ answer, two points for every ‘b’ answer, three points for every ‘c’ answer, and four points for every ‘d’ answer. Once done, do the same thing for the Brain category.

Answer Scoring (scale applies to both Gut and Brain answers, but use them separately)
1-5 You have natural savings tendencies (some call you cheap, but you know you’re wise and frugal)
6-10 You’re pretty good with your money, but sometimes like to splurge
11-15 Keep an eye on what you spend and maybe find an accountability partner to hold you in check
16-20 Be afraid. Be very afraid.

Note your scoring for both the Gut and the Brain categories.
Are they similarly low? Then you’re a saver (or at least have saving tendencies). Congratulations! Are they similarly high? You’re not a natural saver. You may need to work at saving, but you can do it! Is one high and one low? Consider which score is closer to the truth and make changes as necessary.

Thanks for taking the FitFin Savings Quiz. We hope you learned something about yourself when it comes to your natural views on saving money. Regardless of if you’re a saver or a spender, please check out http://www.FitFin.com for a great tool that can help you set up a budget and track it in literally seconds a day. Best of all, it’s FREE!