People are inspired to save money for different reasons. Share what inspires or motivates you to save in the comment box below and you could win one of six prizes we’ll be awarding, including five prizes of your choice of a $25 dining gift certificate or a personally autographed copy of my best-selling book, Bank On Yourself, for you or to give as a gift to someone you care about.
Five members of the Bank On Yourself team will each pick their favorite entry for the dining certificate/autographed book prizes. And together we’ll pick the most inspiring entry and award that person a $100 American Express Gift Certificate. (Sorry – U.S. residents only.)
Just post your entry in the comment box below by Monday, March 28. The prize winners will be notified by email on Friday, April 1, and the winning entries will be featured in that day’s blog post.
Save for something that excites you!
Research shows that people are more likely to save if they are saving for something that excites them, rather than because they “should” save.
For example, my husband Larry and I have two grandchildren living a couple states away. We call or Skype them (almost like being there!) every Sunday. Last Sunday, Halle, who’s in second grade, told us her favorite subjects now are science and math. She’s learning the multiplication tables, and we spent nearly an hour quizzing her – she would happily have kept doing it for another hour, but our brains were fried!
Halle’s brother Jake loves playing basketball. He’s a head taller than his classmates, so who knows where that will lead…
Anyway, a few years ago, we started savings plans for Halle and Jake’s college educations.
Doing that just feels so motivating. And because we’re saving the money in a Bank On Yourself policy, rather than an investment account or a 529 Savings Plan, we know the money will be there when needed. And if they decide to become entrepreneurs instead of going to college, the funds can be accessed without the restrictions or penalties common to 529 and other plans.
(Compare saving for college in a Bank On Yourself policy versus a 529 Plan)
So what inspires or motivates you to save?
Just post your entry in the comment box below by Monday, March 28, and you could win one of the six prizes described above!