Savings Salvation: The Cure for the Seven Deadly (Savings) Sins

By stella.louise (view all posts by stella.louise)
at 2:44PM Monday June 29, 2009
under Money Saving Tips

On Friday we explored the Seven Deadly Savings Sins and the results of the poll are:

22% admitted to being impulse buyers (Wrath)
19% confessed your laziness (Sloth) had you lacking a plan and paying late fees
14% conceded that their Spendaholic (Lust) ways were their downfall
8% acknowledged that status conscious (Pride), brand-name label expenses were putting a dent in their finances
8% recognized their excessive debt and lack of savings (Gluttony) were an issue
6% revealed their need to "Keep up with the Joneses" (Envy)

No one admitted to a gambling habit or to falling for get rich schemes (Greed) or was so far gone that "All of the above" would be their response.

22% of you, however, claimed "None of the Above" which would make you ~~liars~~ "Angels."

For those of you ~~not delusional~~ realistic about your financial status, we offer suitable penitence for your savings sins:

For all you impatient, impulse buyers: impose a three day cooling down period on those "gotta have it now!" purchases. Anything worth having is worth waiting for--and maybe even worth saving for. Chances are after having some time to evaluate your purchase, you'll realize it's not something you actually "need."
If you're always paying late fees, overdraft charges, etc. because you lack a plan, budget or concept of due dates, then sign up for online billing and autopay for your bills. Make it a habit to set up online payments for bills as they come in--or have the payments automatically deducted from your checking account. Saves time, money in late fees and--in the long run, your credit score!
If you can't say no when you're shopping, give yourself a weekly cash allowance for discretionary purchases and stick to it. When the cash runs out, you can't buy anything else until the next week. By forcing yourself to stick to a preset amount of funds for the frivolous, you limit the amount of damage you can do to your bank account.
One way to diminish the amount of money wasted on brand names, is to shop discount outlets like SmartBargains. But while you'll be able to satisfy your addiction to labels at a lesser cost, you'll still be buying into the myth of the designer name. Wean yourself off your status conscious desire by realizing that, while it might make sense to invest funds in a pair of well-made shoes, quality watch or handbag, a designer pair of socks or t-shirt probably isn't a necessary or wise spending choice. Plus, why are you spending all that money just to be a walking billboard for some overpriced designer's label?
If you're dealing with a mountain of debt and no savings, you might be wise to consult a professional. Check with the Association of Independent Consumer Credit Counseling Agencies or National Foundation for Credit Counseling for a reputable referral.
For those of you measuring your status and success in comparison to your neighbors, remember money doesn't buy happiness. A good savings plan and investments, however, can buy you the satisfaction of an early retirement--while the Joneses are forced to keep working just to maintain their lifestyle.

Oh, and for all you "Angels" out there: Get Real. The first step to financial salvation is recognizing that there's always room for improvement...