Comments on: Saving Vs Consumption http://gailvazoxlade.com/blog/archives/1138 Thu, 09 Feb 2012 11:17:54 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: youngandthrifty http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-25274 youngandthrifty Sat, 06 Feb 2010 17:18:00 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-25274 I agree that frugality is the new black- especially since the recession came about. Everyone has heightened awareness of their finances. I see money columns in the newspaper all the time about 'how to save' etc. I am glad to see that the savings rate of us North Americans have come back up! I agree that frugality is the new black- especially since the recession came about. Everyone has heightened awareness of their finances. I see money columns in the newspaper all the time about ‘how to save’ etc. I am glad to see that the savings rate of us North Americans have come back up!

]]> By: wii repairs http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-21803 wii repairs Wed, 23 Dec 2009 05:10:07 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-21803 Easily, this article is the best on this noteworthy topic. I agree with your conclusions and anxiously look forward to your future updates. Saying thanks will not be enough, for the phenomenal lucidity in your writing. I will immediately subscribe to your rss feed to stay informed of any updates. Good work and much success in your business endeavors! Easily, this article is the best on this noteworthy topic. I agree with your conclusions and anxiously look forward to your future updates. Saying thanks will not be enough, for the phenomenal lucidity in your writing. I will immediately subscribe to your rss feed to stay informed of any updates. Good work and much success in your business endeavors!

]]> By: moneymagnet http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19151 moneymagnet Sat, 07 Nov 2009 15:56:49 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19151 I agree with a majority of the posters. Round and round we go on the merry go round of life of needs vs. wants. Unfortunately, the very attitude of ‘I want the best for my kids” usually means ‘throwing money’ at them. I am a child of the 70s and would add that my parents wanted the best for all 4 of their kids as well just like ALL parents, and my mom worked outside of the home, but in that day, our playroom was the great outdoors, playing with barbies, hide and seek, dodgeball, running around, tobogganing (all free acitivities). We didn’t have play dates, rarely went out to the movies with friends or had fancy birthday parties – and we turned out just fine! I wouldn’t trade my childhood for these times. We never had a Christmas list – to this day I struggle to think of what I would like for my birthday or Christmas . . . I just never grew up that way. It is a generation of entitlement that we are creating. My nephews don’t do chores unless they get a financial pay-off! I agree with a majority of the posters. Round and round we go on the merry go round of life of needs vs. wants. Unfortunately, the very attitude of ‘I want the best for my kids” usually means ‘throwing money’ at them. I am a child of the 70s and would add that my parents wanted the best for all 4 of their kids as well just like ALL parents, and my mom worked outside of the home, but in that day, our playroom was the great outdoors, playing with barbies, hide and seek, dodgeball, running around, tobogganing (all free acitivities). We didn’t have play dates, rarely went out to the movies with friends or had fancy birthday parties – and we turned out just fine! I wouldn’t trade my childhood for these times. We never had a Christmas list – to this day I struggle to think of what I would like for my birthday or Christmas . . . I just never grew up that way. It is a generation of entitlement that we are creating. My nephews don’t do chores unless they get a financial pay-off!

]]> By: krish http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19105 krish Fri, 06 Nov 2009 22:07:59 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19105 All very thought provoking and valuable points. I also feel that compared to the older generation(s), a lot more people have life/disability/death insurance. Most families have at least 2 vehicles, vacation every year, some even twice a year. We are also heavily invested in our children's after school activities, parents with children going for dance or hockey will know how expensive these are. Can we live without it? may be.... but we want the best for our children.. so all these add up to eat away from the 'savings'. All very thought provoking and valuable points. I also feel that compared to the older generation(s), a lot more people have life/disability/death insurance. Most families have at least 2 vehicles, vacation every year, some even twice a year. We are also heavily invested in our children’s after school activities, parents with children going for dance or hockey will know how expensive these are. Can we live without it? may be…. but we want the best for our children.. so all these add up to eat away from the ’savings’.

]]> By: Tanya http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19100 Tanya Fri, 06 Nov 2009 20:58:51 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19100 It's hard to teach your 'child' to save right now with interest rates held artificially low so that people will go out and spend money. They can't see the value as they get next to nothing or nothing in interest. Even buying a Canada Savings bond that they are advertising so heavily has such a low interest rate it doesn't make sense to a child.... I struggle with this one. The other day I left a statement out on the table where young Mr. spendthrift (he has a part time job) saw it. He commented that we had 'lots' of money. So I pointed out that there were categories: new car fund, yearly insurance fees, emergency fund, vacation fund and that there wasn't enough in any of them to be considered complete. They were works in progress. Hopefully a little light turned on. I have a ledger worked out for him that he has to use. He is to put 10% in school, 10% tithe (his choice as to where it goes as long as a charity), long term 10%, short term and his car fund he gets to fiddle with. This after he got himself out of debt. How could a 16 year old be in debt? The bike mom and dad were going to buy him wasn't good enough nor the snowboard. He had to pay us back. He kept getting mad that I wouldn't allow him to just pay us his whole cheque and get it paid off. However, many many times I explained that that's not how life works. If he did that then he'd not be saving for school (he needs to be invested in the experience to not waste it!), he wouldn't be tithing, he'd expect us to pay for all his clothes and toiletries (not the cheap stuff we'd want to buy) so he wouldn't really be paying us off. After 2 years I'm hoping he'll start to get it. Savings are starting to grow. He now has $1,411 to his name. This after my husband didn't allow me to teach him when he was younger as I did his older brother. Then complained that our son was a spend thrift and didn't know the value of a dollar. I must say I found it much easier (motivationally speaking) to save in the 90s when interest rates were really high so you wanted to save money. Canada savings bonds at 10%! those were the days. LOL It’s hard to teach your ‘child’ to save right now with interest rates held artificially low so that people will go out and spend money. They can’t see the value as they get next to nothing or nothing in interest. Even buying a Canada Savings bond that they are advertising so heavily has such a low interest rate it doesn’t make sense to a child…. I struggle with this one.

The other day I left a statement out on the table where young Mr. spendthrift (he has a part time job) saw it. He commented that we had ‘lots’ of money. So I pointed out that there were categories: new car fund, yearly insurance fees, emergency fund, vacation fund and that there wasn’t enough in any of them to be considered complete. They were works in progress. Hopefully a little light turned on.

I have a ledger worked out for him that he has to use. He is to put 10% in school, 10% tithe (his choice as to where it goes as long as a charity), long term 10%, short term and his car fund he gets to fiddle with. This after he got himself out of debt. How could a 16 year old be in debt? The bike mom and dad were going to buy him wasn’t good enough nor the snowboard. He had to pay us back. He kept getting mad that I wouldn’t allow him to just pay us his whole cheque and get it paid off. However, many many times I explained that that’s not how life works. If he did that then he’d not be saving for school (he needs to be invested in the experience to not waste it!), he wouldn’t be tithing, he’d expect us to pay for all his clothes and toiletries (not the cheap stuff we’d want to buy) so he wouldn’t really be paying us off. After 2 years I’m hoping he’ll start to get it.

Savings are starting to grow. He now has $1,411 to his name. This after my husband didn’t allow me to teach him when he was younger as I did his older brother. Then complained that our son was a spend thrift and didn’t know the value of a dollar.

I must say I found it much easier (motivationally speaking) to save in the 90s when interest rates were really high so you wanted to save money. Canada savings bonds at 10%! those were the days. LOL

]]> By: Melody http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19097 Melody Fri, 06 Nov 2009 20:11:15 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19097 When my eldest was very young, she became an expert at looking cute when she wanted me to buy her something, as all kids do. A couple of times, storekeepers actually gave her things. One day someone said to me, "How can you say, no?" My response, "It's easy. I love her." Just because I can afford to give my kids everything they want, doesn't mean I should. This is not a show or love or good parenting. As easy as it would be to buy the $10.00 toy - and not listen to the arguments and whining and fussing - the long term consequences are so much greater. When my eldest was very young, she became an expert at looking cute when she wanted me to buy her something, as all kids do. A couple of times, storekeepers actually gave her things. One day someone said to me, “How can you say, no?” My response, “It’s easy. I love her.”

Just because I can afford to give my kids everything they want, doesn’t mean I should. This is not a show or love or good parenting. As easy as it would be to buy the $10.00 toy – and not listen to the arguments and whining and fussing – the long term consequences are so much greater.

]]> By: Suzanne http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19069 Suzanne Fri, 06 Nov 2009 08:01:56 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19069 One more thing, on the topic of saving. My new part time job is processing damage claims at Superstore. Now, if a product is out on the floor, I am able to buy it (after work hours of course) just like any other customer. The first few days, I did buy several products that I normally wouldn't, even at 50% off, just because they were on 'sale'. My sister has spent herself right into a hole buying for her grandchildren, and is always showing me her latest purchases, because "it was only $XXX," She doesn't realize that her kids can provide for their kids much better than she can, and just keeps filling her closets with stuff. Thankfully, I gave myself a stern talking to, and have resolved to not buy anything that is not on my list, regardless of it's marked down price. It also boggles me how many of my co-workers will pay $4 for a sandwich which would cost them 50 cents to make at home. The new me is committed to building an Emergency fund, and saving for a newer vehicle. Just like my Grandma did, a little at a time. (she saved her quarters until she could buy our family a bicycle with cash!) One more thing, on the topic of saving. My new part time job is processing damage claims at Superstore. Now, if a product is out on the floor, I am able to buy it (after work hours of course) just like any other customer. The first few days, I did buy several products that I normally wouldn’t, even at 50% off, just because they were on ’sale’. My sister has spent herself right into a hole buying for her grandchildren, and is always showing me her latest purchases, because “it was only $XXX,” She doesn’t realize that her kids can provide for their kids much better than she can, and just keeps filling her closets with stuff. Thankfully, I gave myself a stern talking to, and have resolved to not buy anything that is not on my list, regardless of it’s marked down price. It also boggles me how many of my co-workers will pay $4 for a sandwich which would cost them 50 cents to make at home. The new me is committed to building an Emergency fund, and saving for a newer vehicle. Just like my Grandma did, a little at a time. (she saved her quarters until she could buy our family a bicycle with cash!)

]]> By: Suzanne http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19068 Suzanne Fri, 06 Nov 2009 07:47:03 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19068 Watch babies and toddlers play - they don't care if something cost big bucks or you give them a wooden spoon and a pot, or the empty box their newest toy comes in. As kids, our 'toys' were the great outdoors, and anything we could find in it. There were 15 of us cousins, and once a week the three families got together and we played outside. No video games, or even TV. We rode horses, built forts, went sledding/skiing, or swimming in the dugout. Sometimes, even work (on the farm) was fun. Granted, nowadays, it isn't always safe to have our children too far out of sight with the greater risks kids are exposed to. Buying them the biggest/best/newest is not a great way to compensate for what we didn't 'have'. Seriously, how many of us feel deprived in our childhood? I sure don't, and my parents didn't even have running water in the farm house until I left home! A co-worker was complaining about his power bill, and when he told me how much, I asked 'why so high?" He told me that ALL four of his kids had their own TV in their room, as well as some type of electronic game system!! I asked him when the family ever saw each other, and he just shrugged, like it didn't really matter! If we stopped indulging our children, then maybe they wouldn't expect so much, and wouldn't think it beneath them to take an entry level job in order to learn a work ethic. While we are fixing our own generation's lack of saving habits, and the bad cases of the 'gimmies', we need to instill the concept that debt, and living beyond our means is bad, bad, bad. Otherwise, when we are in the senior homes that we can't afford, our spendthrift offspring will be running the world - Yikes! Watch babies and toddlers play – they don’t care if something cost big bucks or you give them a wooden spoon and a pot, or the empty box their newest toy comes in. As kids, our ‘toys’ were the great outdoors, and anything we could find in it. There were 15 of us cousins, and once a week the three families got together and we played outside. No video games, or even TV. We rode horses, built forts, went sledding/skiing, or swimming in the dugout. Sometimes, even work (on the farm) was fun. Granted, nowadays, it isn’t always safe to have our children too far out of sight with the greater risks kids are exposed to. Buying them the biggest/best/newest is not a great way to compensate for what we didn’t ‘have’. Seriously, how many of us feel deprived in our childhood? I sure don’t, and my parents didn’t even have running water in the farm house until I left home! A co-worker was complaining about his power bill, and when he told me how much, I asked ‘why so high?” He told me that ALL four of his kids had their own TV in their room, as well as some type of electronic game system!! I asked him when the family ever saw each other, and he just shrugged, like it didn’t really matter! If we stopped indulging our children, then maybe they wouldn’t expect so much, and wouldn’t think it beneath them to take an entry level job in order to learn a work ethic. While we are fixing our own generation’s lack of saving habits, and the bad cases of the ‘gimmies’, we need to instill the concept that debt, and living beyond our means is bad, bad, bad. Otherwise, when we are in the senior homes that we can’t afford, our spendthrift offspring will be running the world – Yikes!

]]> By: Tweets that mention Saving Vs Consumption « gailvazoxlade.com -- Topsy.com http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19065 Tweets that mention Saving Vs Consumption « gailvazoxlade.com -- Topsy.com Fri, 06 Nov 2009 07:19:56 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19065 [...] This post was mentioned on Twitter by First Release Homes , PotOfGoldLeads. PotOfGoldLeads said: Saving Vs Consumption « gailvazoxlade.com http://bit.ly/4fP4YI [...] [...] This post was mentioned on Twitter by First Release Homes , PotOfGoldLeads. PotOfGoldLeads said: Saving Vs Consumption « gailvazoxlade.com http://bit.ly/4fP4YI [...]

]]> By: Chris http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19064 Chris Fri, 06 Nov 2009 07:17:54 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19064 I strongly encourage people to pick up a book by Seth Godin called Unleashing the Ideavirus. Heck, he's gone and done something unorthodox and posted it for free on his website here: http://www.sethgodin.com/ideavirus/downloads/IdeavirusReadandShare.pdf While his analogies to "current technology" are circa 2000, the information is still extremely relevant. He talks about how the marketing of yesterday (random and frequent bombardment via tv ads, or mass mailings) is being replaced with more clever marketing schemes. While it is useful information for anyone marketing a product or service using more forward-thinking methods, it is also an interesting read if you want to get your head around what new methods marketers are using to extract $$ from your pocket. A fascinating read. I strongly encourage people to pick up a book by Seth Godin called Unleashing the Ideavirus. Heck, he’s gone and done something unorthodox and posted it for free on his website here:

http://www.sethgodin.com/ideavirus/downloads/IdeavirusReadandShare.pdf

While his analogies to “current technology” are circa 2000, the information is still extremely relevant. He talks about how the marketing of yesterday (random and frequent bombardment via tv ads, or mass mailings) is being replaced with more clever marketing schemes. While it is useful information for anyone marketing a product or service using more forward-thinking methods, it is also an interesting read if you want to get your head around what new methods marketers are using to extract $$ from your pocket.

A fascinating read.

]]> By: Chris http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19062 Chris Fri, 06 Nov 2009 07:11:34 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19062 I'm glad to see Gail mention Adbusters here. I know the magazine has evolved over the years but back when I first started reading it in university (late 80s/early 90s) it was mostly a counter-consumer mag and Buy Nothing Day was strongly promoted in its pages as well as TV Turnoff Week. Never hurts to be reminded that a Buy Nothing Day (even a self imposed one) or a TV Turnoff Week, can do wonders to replace the mind-numbing clutter with awakening silence. Battle it people! What do you need? "Need" is the word, not "want". I’m glad to see Gail mention Adbusters here. I know the magazine has evolved over the years but back when I first started reading it in university (late 80s/early 90s) it was mostly a counter-consumer mag and Buy Nothing Day was strongly promoted in its pages as well as TV Turnoff Week.

Never hurts to be reminded that a Buy Nothing Day (even a self imposed one) or a TV Turnoff Week, can do wonders to replace the mind-numbing clutter with awakening silence.

Battle it people! What do you need? “Need” is the word, not “want”.

]]> By: Rita http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19061 Rita Fri, 06 Nov 2009 07:04:48 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19061 I too cannot believe how many expensive toys kids have. I had a toybox that contained lego, some farm animals, and a couple of Barbie Dolls and cutout dolls. Much of the time I played with the cutouts or as I got older, I had a my nose in a book. I didn't feel deprived and I had a vivid imagination that got a lot of use. Who decided that kids have to have all these expensive toys? Advertising (esp. television) has a huge impact on our society. Over time it has convinced many that wants are needs and that what we need is the latest, biggest, and generally the most costly. I also agree with *Pol's statement "Part of the saving problem is that most of us were sold the idea that available credit (for emergencies or big purchases) was the same as savings!!!" I don't think my parents owned a brand new washer/dryer until they were in their late 70's. My Dad was a handyman and could always make a second hand appliance last for years. But even many appliances/electronics are now are made so that it is too costly if not just impossible to repair. We are a society consumed by consumerism. I too cannot believe how many expensive toys kids have. I had a toybox that contained lego, some farm animals, and a couple of Barbie Dolls and cutout dolls. Much of the time I played with the cutouts or as I got older, I had a my nose in a book. I didn’t feel deprived and I had a vivid imagination that got a lot of use. Who decided that kids have to have all these expensive toys?

Advertising (esp. television) has a huge impact on our society. Over time it has convinced many that wants are needs and that what we need is the latest, biggest, and generally the most costly. I also agree with *Pol’s statement “Part of the saving problem is that most of us were sold the idea that available credit (for emergencies or big purchases) was the same as savings!!!”

I don’t think my parents owned a brand new washer/dryer until they were in their late 70’s. My Dad was a handyman and could always make a second hand appliance last for years. But even many appliances/electronics are now are made so that it is too costly if not just impossible to repair. We are a society consumed by consumerism.

]]> By: MP http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19058 MP Fri, 06 Nov 2009 02:26:08 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19058 Stats show that since 1980 wages have been stagnant. What's keeping middle class families is the vast number of women who entered the labour market. Not saving and too much consumption is only a piece of the problem. Stats show that since 1980 wages have been stagnant. What’s keeping middle class families is the vast number of women who entered the labour market. Not saving and too much consumption is only a piece of the problem.

]]> By: Stephanie H. http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19055 Stephanie H. Fri, 06 Nov 2009 01:17:43 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19055 It isn't an accident that smaller houses are gaining in popularity right now. I regularly put 12% away in my 401K and my employer adds 4%. Then I also save about 20% for short, mid and long term savings. I don't even pinch pennies to do this. I bought a house last year and I still go on decent vacations (cash). In order to do this I have made decisions such as "I don't need a house full of new furniture". Any project I do on my home is saved for to allow me to pay cash (the key to this is to have an addition 10% for unexpected costs). I was a kid in the 80s and the only tv I had was a black and white my parents got with the old S&H green stamps. I had a toychest (and that was it) for my toys. If I wanted something fancy I had to save for it. We did have the latest electronics in my house (my dad's favorite toys are nintendo and computer). We did have a "play room" it was called the front yard. I saved money to go to camp and fundraised for band trips. When college came around I worked in the summer full time and part time during the school year plus some financial aid to pay for it. I did have a credit card in college and when I graduated the balance was $0. The only debt I have beside the house is student loan debt. It isn't that my parents couldn't have afforded these thing. It was about teaching my sister and I the value of money. All of my friends around my age have the same point of view regaurding spending and saving. You can't have it unless you can pay for it. This isn't just a generational issue. People of every age were spening beyond thier means and are now struggling. It isn’t an accident that smaller houses are gaining in popularity right now. I regularly put 12% away in my 401K and my employer adds 4%. Then I also save about 20% for short, mid and long term savings. I don’t even pinch pennies to do this. I bought a house last year and I still go on decent vacations (cash). In order to do this I have made decisions such as “I don’t need a house full of new furniture”. Any project I do on my home is saved for to allow me to pay cash (the key to this is to have an addition 10% for unexpected costs).

I was a kid in the 80s and the only tv I had was a black and white my parents got with the old S&H green stamps. I had a toychest (and that was it) for my toys. If I wanted something fancy I had to save for it. We did have the latest electronics in my house (my dad’s favorite toys are nintendo and computer). We did have a “play room” it was called the front yard. I saved money to go to camp and fundraised for band trips. When college came around I worked in the summer full time and part time during the school year plus some financial aid to pay for it. I did have a credit card in college and when I graduated the balance was $0. The only debt I have beside the house is student loan debt. It isn’t that my parents couldn’t have afforded these thing. It was about teaching my sister and I the value of money.

All of my friends around my age have the same point of view regaurding spending and saving. You can’t have it unless you can pay for it. This isn’t just a generational issue. People of every age were spening beyond thier means and are now struggling.

]]> By: Controlling Your Debt | Online Personal Loan Lenders and Resources http://gailvazoxlade.com/blog/archives/1138/comment-page-1#comment-19054 Controlling Your Debt | Online Personal Loan Lenders and Resources Fri, 06 Nov 2009 00:37:33 +0000 http://gailvazoxlade.com/blog/?p=1138#comment-19054 [...] Saving Vs Consumption « gailvazoxlade.com [...] [...] Saving Vs Consumption « gailvazoxlade.com [...]

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