Comments on: A Penny Saved is Worth More Than a Penny Earned

By: Tobias Kilian

Tobias Kilian — Mon, 11 Jul 2011 23:29:49 +0000

I am writing an article about the same topic and you really brought the saving issue to the point. I (and many others) have only little room for more income (I am a MA student and have a 20 hour job). But instead of working more hours every week I started tracking my expenses and decreased them by 65$. That equals to nearly 8 hours I would have to work to earn the same amount. This way I do not only have 65$ more every week, but also 8 hours more to study or relax.

And saving 65$ was not even too hard. I started brewing my own coffee (but still buy the grinded coffee at the same place), ate more at home and went less to restaurants. I also started recycling bottles and cans.
Overall, I see only advantages .

By: Blue Spyder

Blue Spyder — Sat, 30 Oct 2010 15:48:43 +0000

It’s funny, Jesus only wants 10%, government wants 33%

By: cm

cm — Sat, 20 Feb 2010 15:49:41 +0000

> If I put my $1000 into savings, part of that $50 I earn in interest is going to go to
> the tax man. You just can’t win.

Sure you can! I’d rather have the remaining $40 than the $0 I would have had with no savings at all. It’s still 80% win!

By: Adam

Adam — Thu, 18 Feb 2010 21:04:59 +0000

You make a good point, however, I think you actully understated the effect of taxes on your dollar saved. In fact, because we actully pay taxes on the money we pay our taxes with, saving a dollar is equivilent to earing $1.48 if you consider federal income tax within the 25% tax bracket, and 7.65% for FICA and SECA. To replace that $5 spent on a Starbucks you actully need to earn $7.40! Add state taxes of 5.5% and now we are talking about earing $8 to replace the $5 spent on that Starbucks.

By: sue

sue — Sun, 24 Jan 2010 16:53:09 +0000

If I put my $1000 into savings, part of that $50 I earn in interest is going to go to the tax man. You just can’t win.

By: Ryan

Ryan — Tue, 09 Dec 2008 00:52:07 +0000

Paul: Thanks for the compliments! Financial planning and money management skills are topics that need to be taught more often in schools. I wish I would have had a little more exposure when I was in school! Fortunately, I have always been interested so I took it upon myself to learn. This blog is a result of my hobby.

By: Paul

Paul — Mon, 08 Dec 2008 23:08:49 +0000

Outstanding article. I will be using it tomorrow in the class I teach, Life Skills, to 9th graders primarily. Well written and easy to understand and important principles… especially today with the economy.

By: Melinda (Aussie-Girl)

Melinda (Aussie-Girl) — Tue, 15 Apr 2008 00:22:45 +0000

It is our responsibility as good stewards of God’s wonderful world to educate our kids ‘at home’ on the value of savings.
School could complement this education but at home through extra chores, pocket money & donating to others less fortunate are much clearer & inspiring avenues of learning.
I have one saver (7 year old boy)already looking at some shares to increase value of savings.
I have one spender(9 year old girl – yeah no surprises there). However, she gives more than her share of money to Church, Community programs abroad and the like……………