passionsaving

It’s a concept I’ve been mulling over in my mind for some time now, but have been unable to fully articulate. It’ a concept I’ve tried to discuss with others, but have been unable to get them to see my point.

The concept is this: saving money is a good thing, but it requires a sacrifice. Every dollar we save right now is a dollar we can’t spend on something fun right now. Which is a very negative, depressing thought. Is there a way to turn saving into something fun? Is there a way to make the thrill (yes, thrill) of saving equal or exceed the thrill of spending? If there was, I bet a lot more of us would do a lot more saving.

I found a website where this basic premise is explored in great depth. passionsaving is a concept developed by a guy who was laid off in a recession, and never wanted to be dependent on a paycheck again. He started figuring out ways to motivate himself to save, and ways to motivate others to save. I can easily see how employing some of these devices would turn saving into an adrenaline-pumping, no-holds-barred, full-contact extreme sport.

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4 Responses to passionsaving

  1. Rob Bennett says:

    Hello:

    I’m Rob Bennett, onwer of the PassionSaving.com site. Thanks for your kind words.

    If you or anyone else has questions about the Passion Saving approach, please fire away. There’s nothing that I like to do more than to answer questions from people who are new to this concept.

    Rob

  2. weiszguy says:

    Hey Rob! Thanks for noticing my little ol’ blog here! I love the passionsaving concept and I read almost every article on your site today. I’m going to start right away with the example you suggest – subscriptions. I’ll try to keep this blog up to date with my progress.

  3. Rob Bennett says:

    Brian:

    Be sure to identify a saving goal that is of intense personal concern. That is the driver. You want to be able to say “I will make quicker progress on this goal if I save this dollar rather than spend it.” It has to be something you care about. It has to be something that you can attain within five years (it would be better if it could be attained in less time than that).

    To enjoy saving, you need to get something from it, not just in the far-off future but in the here-and-now too. The “something” you get when following my approach is the feeling of satisfaction that comes from making progress on a goal that you care about and that you expect to achieve within a reasonable amount of time.

    The goal is very important. It makes sense to take some time deciding on what goal to go with. One thing that makes the goal so powerful a motivator is that it is YOUR goal, it is customized. It has to be something that you in particular really care about. That’s what distinguishes this approach from the conventional approach. It is the personalized goal that supplies the passion.

    Rob

  4. Dave Fleming says:

    Saving is an important thing but few do it. If you do save you certainly need an investment vehicle that will stay ahead of inflation. A savings account at your local bank will not do this. I think something more important is educating young people about how money can work for or against you. This needs to be done in their junior year of high school. This class would not only teach soon-to-be-adults how to balance a check book but more importantly about credit card debt, mortgages, car loans, and interest rates. The class should also cover return on investment, roth ira’s, mutual funds and why most small business ventures fail. Most young people grow up watching their parents who either never learned it or learned it the hard why. Teaching these subjects will not guarantee success but might help many people get control of their financial future and help our country as a whole.

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