Comments on: What Is Income Allocation? Save More Money Today.

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By: Michael

Michael — Thu, 02 Oct 2008 15:11:40 +0000

@See My Money: I agree! Too many people fall into the trap of setting preset amounts- Then if you have any change in your income (up or down) then you will likely abandon your allocation method all together. Thanks for the comment! @Until Debt Do US Part: Really great points! Thank you for all your input. I like that you compared discipline to a muscle. My catalyst to get me working that muscle was the realization that I need to begin saving now. I was watching myself bring in money every month, but at the end of the month I didn't seem to ever have any of it left. So I decided to make a change. Now, in all seriousness, the ONLY way you can make this work is if you let those around you knmow that you're doing it. In fact, I found it beneficial to find a friend who had no attachment to my money (not my girlfriend, or anyone else who might benefit from how I spend it) and have him keep me accountable. At the end of the month he would call me and ask me if I had split up the check yet. I hope that answers your questions? If not feel free to leave another comment and I'll be back to you as soon as I can! Thanks again!

By: Until Debt Do US Part

Until Debt Do US Part — Thu, 02 Oct 2008 10:45:35 +0000

Great post. Your ideas and practises are excellent. The one draw back that I can see for the average person is the problem that they will have with the discipline required to do this.

I admire your discipline to operate your accounts in this manner – the question I have is how did you develop this discipline? I’m sure lots of other readers would be curious to know how too. I know that discipline is like a muscle but in order to start working that muscle you need a catalyst – what got you started?

By: See My Money

See My Money — Wed, 01 Oct 2008 23:10:32 +0000

I like to use percentages, such as saving 10% of income towards retirement. That way, it always allocated according to your income.

By: Michael

Michael — Wed, 01 Oct 2008 22:07:02 +0000

@Francois Viljoen: Excellent point! We'll have a post up soon about debt as well. I believe its Dave Ramsey who put forth the "Debt Snowball" method, which essentially says to concentrate everything you have on debt before you start anything else. Great point! Debt is out of control in the U.S.- Especially for Students! Thanks Francois! Looking forward to seeing your input on the posts to come.

By: David Leggett

David Leggett — Wed, 01 Oct 2008 21:07:21 +0000

@Francois Viljoen: Good insight Francois, and perhaps especially so for a large number of our viewers. College students tend to get stuck in a debt-death-trap with credit cards and other companies constantly enticing students into loans and credit schemes.

I think that should be something Use The Dollar should focus on a bit in the future – living below their living standards as you said – or not living beyond your means as I’ve heard lots of others say it.

By: Francois Viljoen

Francois Viljoen — Wed, 01 Oct 2008 20:57:51 +0000

This is a well written article.

I think the biggest problem most folk face is to be able to make an allocation at all, because many people are so indebted most of their income goes directly towards servicing debt. The first step for these people should be to lower their living standard and start paying off their debts so that there is money left for investments, tithing, etc.

Nevertheless, you’ve got a very solid system. Almost anyone can apply to his or her finances.

Keep up the good writing!

God bless,
Francois