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The YNAB Podcast

185 - Saving Without a Purpose Isn't Saving At All

The YNAB Podcast

YNAB

Consolidation, Total, Budget, Dave, Peace, Money, A, Education, Ynab, Finance, Bankruptcy, Makeover, Fpu, Software, Management, Personal, Need, Ramsey, Financial, University, Debt, Kids & Family, You

4.71.1K Ratings

🗓️ 17 August 2015

⏱️ 4 minutes

🧾️ Download transcript

Summary

Why saving without a purpose isn't really saving at all. You know you've done this.

Transcript

Click on a timestamp to play from that location

0:00.0

Hello Wine Ambers, my name is Jesse Meekham. And this is podcast number 185 for you need a budget where we teach

0:18.3

you four rules to help you stop living paycheck to paycheck, get out of debt and save more money. So what are you saving

0:29.4

for and does it really matter? Riddle me this. Have you ever had the scenario where you

0:37.2

you dutifully save money? You actually have a separate savings account and you put money in it.

0:44.0

You might even have a direct deposit routed right from your paycheck into a savings account.

0:49.0

And you've got that money there and it's being saved.

0:52.0

You're saving. You have a savings

0:54.7

account where you're saving saved money and then you spend it on who knows

1:02.3

what right on something important. on who knows what, right?

1:03.5

On something important, you wouldn't raid the saved money

1:07.7

in that savings account that you've been saving.

1:10.6

You wouldn't do that, unless it was absolutely important. The definition of important moves around a lot.

1:17.5

It kind of morphs on you depending on the season. If it's winter it's rated more frequently. I have no research to back that up, but you know the sun,

1:26.7

happiness and then sadness and rating savings accounts. That seems to go together. So why is it important or why does this happen where you raid that savings

1:35.8

account? It's because the savings doesn't have a purpose. So I'm not going to get into the

1:41.2

nitty gritty of the budget and how you actually don't need savings accounts because the budget will do it all for you.

1:46.0

Savings accounts are just jobs, right?

1:48.0

But I do want to talk about purpose behind savings.

1:52.0

You have to attach purpose. We call it thinking long, right?

1:57.0

Thinking ahead, having that big goal, and then recognizing that it's the small decisions that you're making daily, like right now,

2:06.6

today, maybe tomorrow, not right now. I mean you're making daily decisions that will affect that long-term goal. And when you have a

2:14.8

specific long-term goal in mind, then suddenly you have context and can make

...

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