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16 Comments / Post A Comment

lalaland (#437)

Mike Dang, you are the best. You are like the Dear Sugar of money advice.

bgprincipessa (#699)

@lalaland Who knew money could be so beautiful?

ghechr (#596)

@lalaland Save like a motherfucker.

maiasaura (#924)

This is not related to savings, but I feel compelled to pass along this advice. When your brakes die and you’re on the freeway? That is what your emergency (or parking brake) is for! It will not be pretty, but if you must stop and your regular brakes are dead, applying the parking or e-brake slowly will stop or at least significantly slow the car.

This lesson brought to you by the time my grandmother let me borrow her car and her brakes did not come along for the ride.

MuffyStJohn (#280)

I have a similar, weird relationship with savings.

About 10 years ago I got an insurance settlement I invested in mutual funds. Since then, I’ve dipped into it to buy 2 motor vehicles, pay for my final year of college, and do other noble, worthwhile things. I’ve also used it to buy new tattoos, cover moving expenses, and support myself through a period of, shall we say, questionable decision making. A year ago I started to feel awful about this – I’d squandered so much money! (Also, the economy collapsed, so my investments weren’t doing as well as they were before.) But then I realized that I don’t want to buy a home, I don’t want to have a kid, I don’t want to pay up front for my degrees, and I don’t care about retirement. What else is the money there for but to get me through dark times, get over life’s hurdles, and help me have fun?

Now that I’m older, have a steady job, and have mastered the art of having actual emergency savings in a real live bank account, my financial project is building the fund back up. I now view this account as both my safety net and my Fuck You money. I’m trying to get it back up to a level where I am comfortable that I could withstand whatever life throws at me – unemployment, illness, just getting sick of it all – and these assets will take care of me. I have several years of being disciplined about not touching it, making regular contributions, and waiting for the economy to (inevitably) bounce back, but it’ll be a big relief when I do get there. Right now, it’s mostly just important for me to know the money is there rather than to spend it or save it for anything particular.

I have two savings accounts … one is my untouchable TFSA that’s for maybe hopefully school again someday, or whatever. The other is like, my saving for spending account I guess. For trips and that fancy dress and highlights for my stupid hair colour and things. I don’t like taking money out of either of them! But I like that I have one for “serious” saving and one for “frivolous” saving.

Katzen-party (#219)

@redheaded&crazy Yes! I have a savings account for my emergency fund (which I am hoping now to switch over to a higher-yield account–thanks, Billfold!) that I never touch, and then I have another savings account that I use to save up for trips, or for when I need new sheets or new shoes or a wedding present or something that’s out of the ordinary but not crazy-expensive or emergency-level.

Marissa (#467)

@Katzen-party I also have the same accounts! One is my for reals serious saving and the other is literally called “The Fun Fund.”

Katzen-party (#219)

@Marissa “The Fun Fund”! I hope you don’t mind that I am now going to copy that.

xxAnniexx (#1,137)

So lovely, Mike Dang.

Beans (#1,111)

Marry me, Mike Dang.

No, but seriously- this is one of the best things I’ve read yet on this site. You know how they always say that you’re “saving money for a rainy day?” When I was unemployed for several months post-college (as most are these days), I was feeling weird/worried about having to dip into my savings. When I expressed my concern to my dad about the situation, he said “you’ve been saving for a rainy day, right? Well, look out the window, kid- it’s raining. Hard.” Now whenever I am debating dipping into my savings, I think about whether or not it qualifies as a rain situation, i.e. an emergency or something really thrilling/rare.

Katzen-party (#219)

@Beans I feel like Mike could definitely use this site to find a potential life partner–ie, I also wanna marry him.

navigateher (#555)

Mike Dang, I love you. Also, you are a poet. That was beautiful, and also one of the best things I’ve ever read. You save money for you, not because you’re expected to.

I’ve recently started putting money aside again, and we don’t even know what for right now. We may or may not want to buy an apartment one day, or pay off something else, like the car. We also have a kid, and somehow it feels good to have money aside when you have a kid, because even though healthcare is free and daycare is cheap, you never know what’s going to happen. What I know is that we wouldn’t have been able to pay our bills and rent for the past 12 months if it wasn’t for our previous savings (now used, thanks to my being at home w/ said kid), and it feels good to go through a period of time supporting our family with our own money that we saved.

cherrispryte (#19)

This was beautiful. Also, I kind of want to send you all of my financial information so you can tell me what I’m doing wrong, so I can do this “saving” thing that sounds really cool?

Internet Magpie (#1,148)

Be mine, Mike Dang!

We’d have to do the long-distance thing, because I can’t afford to live in New York, unless you can help me figure out how to afford it! Which you probably can!

sara moon (#650)

Oh Mike Dang!

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