Can you spare $20 a week?

[Kaido]

If you can spare $20 a week, you can have yourself a new computer every two years. It's easy, and you don't even have to worry about putting it away for savings in your bank account. Here are the steps:

1. Open an ING Savings account
2. Set the account to pull $20 from your bank account every week
3. Wait 2 years
4. Profit!

Haha, in all seriousness, it's pretty easy to do. I have a really difficult time saving...it's like cookies: if they're there, I'll eat them. So I put the $$ out of sight, out of mind. It's a lot of work to withdraw the money from ING compared to driving to the nearest ATM and pulling it out. There are 52 weeks a year, 104 weeks in 2 years. 104 weeks times $20 a week = $2,080. You can build a pretty nice computer for $2,000, like the one I'm working on right now. Plus you'll get like $70 or so from the interest over that time period (currently at 4%). $20 is pretty easy to save, even when you're working hourly like I am. It's a lot easier to give up $20 a week than $2,000 all at once, know what I mean?

I'm starting Monday. Anyone with me?

 

[potato28]

Wrong forum?

 

[stateofbeasley]

Hell, I'll give that a try once I get a job.

I don't even believe in spending over a grand on a machine, so it should be easy for me. $10/week!

 

[Kaido]

Originally posted by: stateofbeasley
Hell, I'll give that a try once I get a job.

I don't even believe in spending over a grand on a machine, so it should be easy for me. $10/week!

See? Even easier!

 

[Kaido]

Originally posted by: potato28
Wrong forum?

Nah, this is hardware-related. People have been asking me how I can float $2,000 for a new computer when I work 10 hours a week. Solution is simple

 

[RussianSensation]

Sounds like a good idea. But with this logic if you save $20 at 4% the value of your savings today would go up like 5x or more x by the time you retire. So for every ipod you dont buy today, you'll get 5 ipods later. It's all about balancing savings and consumption. Saving takes discipline as you have described. Unfortunately people in both United States and Canada have negative savings rate. In other words they consumer more than they earn or can afford to pay back. So even saving $20 is not realistic for them....

 

[sniperruff]

ummm save $40 a week and in a year you can get yourself a car. much useful than some computer with some dual core with some gitzmo video card.

 

[Kaido]

Originally posted by: sniperruff
ummm save $40 a week and in a year you can get yourself a car. much useful than some computer with some dual core with some gitzmo video card.

Based on your post count of 8244, I'd say you spend more time on your "gitzmo" computer than in your car. JOIN ME IN MY SAVINGS PLAN!!11!1

 

[everman]

If you wanted to see real numbers:
Saving $80/month deposited into an account earning 4% anually for 2 years = $3,126.61

Assuming that $2000 is enough for a very nice upgrade, you only need to save 51.17/month into the same account above for 2 yrs.

Just put this into excel: =pmt(4%,24,,2000) note the two commas between 24 and 2000. Change the 2000 to what you want to have in 2 yrs and it tells you what to save each month.

 

[Kaido]

Well, I'm starting today. My ING has a new account labeled "Super Computer Fund" and now has twenty bucks in it. I'm looking forward to my next computer in April 2008

Anyone with me?

 

[AMCRambler]

Originally posted by: Kaido

Originally posted by: sniperruff
ummm save $40 a week and in a year you can get yourself a car. much useful than some computer with some dual core with some gitzmo video card.

Based on your post count of 8244, I'd say you spend more time on your "gitzmo" computer than in your car. JOIN ME IN MY SAVINGS PLAN!!11!1

Hahaha, busted! Good plan.

 

[pclstyle]

I'd lose my vision halfway in, and blow it on some hookers.


More likely, I'd rather just do 100 a week and drop the down payment on a new car every 4 years.

 

[Eddieo]

Originally posted by: Kaido
Well, I'm starting today. My ING has a new account labeled "Super Computer Fund" and now has twenty bucks in it. I'm looking forward to my next computer in April 2008

Anyone with me?

No cheating, do not touch that account for a new widescreen TV.

 

[Kaido]

Originally posted by: Eddieo

Originally posted by: Kaido
Well, I'm starting today. My ING has a new account labeled "Super Computer Fund" and now has twenty bucks in it. I'm looking forward to my next computer in April 2008

Anyone with me?

No cheating, do not touch that account for a new widescreen TV.

Don't worry, I promise

 

[firewolfsm]

I spend 1000 on the amazing computer below me...the only bad part is the lack of dual core.

 

[b0mbrman]

Originally posted by: Kaido

Originally posted by: sniperruff
ummm save $40 a week and in a year you can get yourself a car. much useful than some computer with some dual core with some gitzmo video card.

Based on your post count of 8244, I'd say you spend more time on your "gitzmo" computer than in your car. JOIN ME IN MY SAVINGS PLAN!!11!1

Excellent point...but what sensible person buys a new car (and throws away the old one) every two years?

 

[Kaido]

Originally posted by: b0mbrman

Originally posted by: Kaido

Originally posted by: sniperruff
ummm save $40 a week and in a year you can get yourself a car. much useful than some computer with some dual core with some gitzmo video card.

Based on your post count of 8244, I'd say you spend more time on your "gitzmo" computer than in your car. JOIN ME IN MY SAVINGS PLAN!!11!1

Excellent point...but what sensible person buys a new car (and throws away the old one) every two years?

I dunno, I lease

 

[t3h l337 n3wb]

I make just about $20 a week...

 

[Extelleron]

Originally posted by: t3h l337 n3wb
I make just about $20 a week...

What do you work? 2 hours?

 

[Patrick Wolf]

Seems like a good plan if your not a gamer who demands cutting-edge crap every 6-8 months...like me.

 

[t3h l337 n3wb]

Originally posted by: Extelleron

Originally posted by: t3h l337 n3wb
I make just about $20 a week...

What do you work? 2 hours?

Yeah, approximately. I'm 15

 

[JackBurton]

I really like this idea. I think we need to set up a forum for finacial information. I suck at saving and investing, and I may just do this. I'd actually do $100/m at least. I'm with you man. I don't know if I'll spend teh money on a computer at the end of two years, but I'll have a good savings built up.

Is this the ING savings you're talking about?

 

[athens101]

This seems like a good idea. Maybe they should open a new forum for financeing.

 

[Kaido]

Originally posted by: JackBurton
I really like this idea. I think we need to set up a forum for finacial information. I suck at saving and investing, and I may just do this. I'd actually do $100/m at least. I'm with you man. I don't know if I'll spend teh money on a computer at the end of two years, but I'll have a good savings built up.

Is this the ING savings you're talking about?

Cool! I've got my first $20 in there already. Being a grown-up isn't half that bad

Yeah, that's the one. Just open an Orange Savings account from here:

http://home.ingdirect.com/open/open.asp

4% APY, FDIC-insured savings account ($100,000 insurance per person). Here's a link to the "Savings Every Month" calculator:

http://home.ingdirect.com/privacy/SAVINGSCALC/savingsCalc.asp

If you punch in the following:

Current Savings Balance: $0
Additional Monthly Investment: $80 (about $20 a week)
Number of Months to Save: 24 (2 years)
Rate of Return: 4.00%

Then hit "Calculate", you get $2,000.57. Of course it will be a bit more than that, since you're putting in $20 a week ($20 times 104 weeks = $2,080), but it only has a monthly box on the calculator, so the numbers don't quite match up. Maybe the excess will cover taxes, lol. Edit: $20 a week = approximately $86.6666667 a month. Substituting that for the $80 in the calculator values above, you get $2,167.28. Your weekly deposit of $20 adds up to $2,080, which means over the 2 years of investing you get a profit of $87.28 from interest alone, assuming ING stays at 4%. Should be enough to cover shipping

Well, in April 2008 I'm getting a new computer

 

[TrevorRC]

Originally posted by: t3h l337 n3wb

Originally posted by: Extelleron

Originally posted by: t3h l337 n3wb
I make just about $20 a week...

What do you work? 2 hours?

Yeah, approximately. I'm 15

If you work 8 hours a day on Saturday, [as I did, when I was 15... before I could drive. Gas will get you whipped ], you can probably earn 8-10/hr.
64-80 dollars.

What do you spend your money on?


Edit:
On a personal note, I'd rather save for 6 months; (80/month), then upgrade with the 480 dollars I have.
480 bucks will buy you a new video card [7900GT] and new RAM [G.Skill HZ's Or budget stuff, due to the now-realized 3% gains..]
Then you're always NEAR cutting edge, and you're still spending the same amount.
Get to enjoy better stuff, longer

I'd rather have a 90% enjoyment factor for a continuous 2 years than one that's 100%, wanes down to 50%, then up to 100 again.