Q&A with Ron – GYG $100 winner, August

What are you saving for?
I’m saving for savings’ sake. I’m not working right now–it’s both by choice and by circumstance–so I am trying to save as much as possible.

What steps are you taking to save each month?
There are a lot of things I try to do. We’re budgeting and watching what we buy. We use Quicken to track everything! It’s really helpful. Before I left my job, I had to figure out how much we needed, so we tracked all our expenses for a year. It’s surprising because we spent more than we thought we were spending–especially on things we didn’t need. That stuff–the dinners and lunches, the movies–adds up quickly!

What is your biggest obstacle when you’re trying to keep a consistent savings plan?
It’s all those unexpected needs. For example, our house fan in the furnace went out this summer. That was a $300 expense. So that’s why we’re saving for thing like this that pop up. They always come when you least expect it and it could really be a negative experience if you’re not financially prepared.

Has the current economy affected your savings plan at all?
It hasn’t hurt my savings plan much. However, the company I was contracting for cut my hours last year, and then it shut down in December. That’s had some effect.

Do you have any savings tips for other ‘Grow Your Green’ savers?
Save as early as possible. I did and that’s why I don’t have to work at the moment. If you have stock options and you cash out, don’t blow the money. Sock it away.

Also, if you get stock options from your employer, don’t wait for some home run where you can become a millionaire. You can’t bank on speculation. The market changes faster than you think, and if you wait too long, sometimes you end up with nothing. My biggest advice when it comes to this would be to cash out small increments along the way. There’s nothing wrong with slow and steady savings goals.

Want to hear more of Ron’s advice? Check out his posts.

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