Seatan
07-10-2014, 10:05 PM
I am not sure if there is a thread on this already (I searched but did not find one--that doesn't mean it's not hiding from me in plain sight!), but since "How do I save for a tail" is SUCH a common question, I wanted to share some of my knowledge. I am certified to teach business classes in Texas schools, and I help my special needs kids work out budgets and savings plans, so I have a few tips I hope will be helpful.
First, I want to point out that saving your own money really is the best way to get a tail. I want every mer on this board to have a tail; however, we can't afford to fund each other (unfortunately). Kickstarter funds don't get very far here, and you are better off asking for donations from friends and families. in the end, though, you probably won't make three thousand bucks off donations and you will have to save at least some of the money. This page is to help you do that as effectively and painlessly as possible.
As an illustration for each step, I will be using our beloved friend Ariel, who finds herself suddenly missing that under the sea carefree vibe and wants to buy herself a brand new silicone tail! I will show you how to start saving small and slowly grow to what you need without feeling the strain so bad you want to cry yourself an ocean.
5 Steps to Saving
Step 1: Setting Your Goals
Setting a goal is important to saving a large amount of money because you want to make sure that you do NOT dip into your savings until you reach this goal, especially since we are saving for a particular item. We will be setting four goals: Savings Goal, Time Frame Goal, and Weekly Payment Goals (starting and final).
Savings Goal: This is the amount you want to save. It is the total cost of your tail, plus any extra fees like shipping and handling.
Time Frame Goal: This is how quickly you want to save. This goal may have to be readjusted if you simply cannot, under any circumstances, comfortably work up to the Final Weekly Payment Goal. See Step 4 below for the importance of keeping your weekly payments comfortable and easy to pay.
Starting Weekly Payment Goal: This is the weekly payment you will start with. It should be very low, so low that you don't really miss it. (See Step 3 for more information on setting this goal.)
Final Weekly Payment Goal: This is the actual amount that you need to put into your tail fund EVERY week to reach your Savings Goal. You find this by dividing your Savings Goal by the number of weeks in your Time Frame Goal. Since we will be working up to this payment rather than starting with it, I suggest you add five to ten dollars onto the Final Weekly Payment Goal to make up for the difference.
Example:
Ariel looks at tails and decides that she will need $3,000 to purchase her dream tail. She wants her tail in one year, or 52 weeks. That means her Final Weekly Payment must be at least $57. Since we will be starting LOWER than $57, let's place the final goal at $65, to make up for the weeks she will spend at lower amounts. $10 is all she feels comfortable paying right now, so we will use that for her Starting Weekly Payment (See Step 3 below).
Savings Goal: $3,000
Time Frame Goal: 52 Weeks
Starting Weekly Payment Goal: $10
Final Weekly Payment Goal: $65
Step 2: Writing Up a Contract
Write up a contract for yourself noting all of the above and stating that you will NOT dip into fund for anything short of life-altering emergencies. Place that contract somewhere VISIBLE so that you won't forget your promise to youself! (I know this seems silly, but it really cements in your mind that your tail fund is for your tail only--not mermaid accessories, not that cool Sebastian tote, not a plane ticket to MerFest. It is ONLY for your tail.)
Example:
Ariel writes up a contract, solemnly swearing that no matter how badly Prince Eric wants to build a man cave in their castle, that fund is for her tail only! She tapes it to her aquarium, where loyal Flounder (who is not actually a flounder) now resides.
Step 3: Set Up a LOW Weekly Payment
The most important key to long term savings is making a commitment to put money in your tail fund on a regular basis, preferably weekly. You want to resist the temptation to start big--this leads to burnout. Instead start with an amount that you will barely notice is gone from your budget. If you are living at home with your parents and only get $20 a week in allowance, this weekly payment may be $5. If you are a single working professional who brings in $50,000 a year, this amount may be $30. The key is to make sure that the amount is absolutely doable. By that I mean that you will NEVER balk at putting that money in your tail fund. It should be an amount of money that makes you shrug and go, "Oh yeah, that's no big deal. It's practically nothing." Then, every single week, deposit this cash in your fund. Because it is a low amount, this should be easy--and that's the point. Do it every single week. I cannot emphasize this enough. It is the key component to your savings venture.
I suggest staying at this low amount for at least 3-4 weeks before moving on to Step 4. (That does not mean you CAN'T put in more than this low amount; however, make sure that any other money put in is TRULY disposable income. By that I mean that it would just be lying around with no other use if it wasn't in your tail find and, therefore, will not change your lifestyle at all. Beware of tossing in extra money then regretting it. Once it goes in, it can't come out!)
Note: I know some of you are now probably moaning, "But if I only put in ten bucks a week, it will take six years to get my tail!" Stay with me--we'll be getting to that.
Example:
Ariel decides that she can spare $10 a week from her load of princess gold for her starting Weekly Payment and begins depositing it every single week.
Step 4: Increase Your Weekly Payment
Now that you have been depositing a low, comfortable amount for a few weeks, it's time to step up your game. By now you are used to putting that small change in the piggy bank, so it should be no hardship to stretch and allow yourself a few extra dollars. Once again, make sure it's a comfortable amount, something that you won't really miss. Going from $5 to $10 is good, or from $30 to $40. You want the increase to be minimal enough that you do not really notice the effect on your wallet. Stay at this amount for a couple of weeks, then increase again, slowly increasing your weekly amount until you reach your Final Weekly Payment Goal. If you do these increases bit by bit, you will start naturally adjusting for them in your budget and it will seem like no big deal. Keeping it small equals giving up small things, one at a time over a long period of time rather than all at once. This is much more painless than trying to give up everything you like doing at the start just to save for something you won't see for a whole year.
Helpful Hint: If it gets to the point where you realize that your Final Weekly Payment Goal is just too much, do NOT try and keep increasing your Weekly Payment! Instead, readjust your Time Frame Goal. I know it's painful, but it will pay off in the end. "Just scraping by" in order to save for a big ticket item almost always backfires. There will come a point where you cannot afford it that week and you will say to yourself, "It's just one week--I'll pay it next week." If you break your contract once, I guarantee it will happen again and again until the point comes where you give up on saving at all. It is NOT WORTH IT, and it will not get you the item faster in the end!
Example:
Week 1: Ariel puts in her first $10.
Week 3: Ariel increases her weekly payment from $10 to $20, deciding that she only needs a mani/pedi every other week.
Week 6: Ariel increases her weekly payment from $20 to $30, deciding she can do those mani/pedis herself!
Week 8: Ariel increases her weekly payment from $30 to $35, deciding that she can skip Starbucks on Saturdays.
Week 10: Ariel increases her weekly payment from $35 to $50, making up her mind that she doesn't need Starbucks on ANY morning!
Week 13: Ariel increases her weekly payment from $50 to $60, making up her mind that she will not go and browse WalMart for "cool stuff" she doesn't need.
Week 15: Ariel increases her weekly payment from $60 to $65, deciding that she can take her lunch to surfing lessons instead of buying hot dogs on the beach.
ARIEL HAS NOW REACHED HER WEEKLY PAYMENT GOAL--and it was so gradual that she didn't even feel it!
Step 5: Reward Your Savvy Saving With "Interest"
Depending on what your monetary goals are, choose a certain amount to celebrate by granting yourself "interest." When you reach this goal, you will use money you would usually spend somewhere else as a reward for making it that far in your savings. If you are saving $500, this reward may come every time you reach $100. If you are saving $3,000, make it every $500. Then, on that ONE occasion, purposely go out of your way to deny yourself somewhere else and "reward" your awesome savings adventure! It can be any amount of money you want--but I suggest you go all out! Say screw it to the dry cleaners, take the bus instead of buying gas, blow off Starbucks, and put a good wad of cash in your tail fund! You earned it, baby!
Example:
Ariel has reached $1,000! She can't believe it--such a big number, yet it was so easy! She usually shells out a good $70 a week for her surfing lessons, but this week she's taking a vacation from her hobby and donating that $70 to her tail fund. She also decides that she's going to pass on using her birthday money for those awesome new swim fins with the pink zebra stripes, and plants $115 in her tail fund instead. That's $185--almost three weeks of payments--right there! Congrats on being a great saver, Ariel!
An Extra Hint for Underage Mers
I head a lot of younger mers asking how they can possibly save the money when their parents don't understand. I suggest you create a savings budget in writing and present it to your parents. (Parents and teachers love official looking things!) Begin your savings plan and, after several weeks, ask them if you could start having the money for activities you choose not to do. For example: You decide to make your lunches instead of eating off campus at Taco Bell. Ask your folks if you can have the difference for your savings. (Make sure you've already saved up a good amount on your own before doing this so they will know you are serious!)
There you have it! Saving for a tail in five somewhat easy steps! I know it seems like a long, time consuming process, but there is honestly no quick way to save money. It takes patience and dedication. If you try and dump in a ton of cash in the beginning, 99% of the time you will burn yourself out. You get bitter real fast about having to give up the things you're used to (driving instead of taking the bus, drinking Starbucks, eating fast food, going to dance clubs, obsessively buying IKEA stuff... whatever you put your small change into), and you decide it's just not worth it. If you use this plan instead, I guarantee you will get there in the most painless way possible! I hope this has been a help to some of you mers out there jonesing for tails out of your budget!
First, I want to point out that saving your own money really is the best way to get a tail. I want every mer on this board to have a tail; however, we can't afford to fund each other (unfortunately). Kickstarter funds don't get very far here, and you are better off asking for donations from friends and families. in the end, though, you probably won't make three thousand bucks off donations and you will have to save at least some of the money. This page is to help you do that as effectively and painlessly as possible.
As an illustration for each step, I will be using our beloved friend Ariel, who finds herself suddenly missing that under the sea carefree vibe and wants to buy herself a brand new silicone tail! I will show you how to start saving small and slowly grow to what you need without feeling the strain so bad you want to cry yourself an ocean.
5 Steps to Saving
Step 1: Setting Your Goals
Setting a goal is important to saving a large amount of money because you want to make sure that you do NOT dip into your savings until you reach this goal, especially since we are saving for a particular item. We will be setting four goals: Savings Goal, Time Frame Goal, and Weekly Payment Goals (starting and final).
Savings Goal: This is the amount you want to save. It is the total cost of your tail, plus any extra fees like shipping and handling.
Time Frame Goal: This is how quickly you want to save. This goal may have to be readjusted if you simply cannot, under any circumstances, comfortably work up to the Final Weekly Payment Goal. See Step 4 below for the importance of keeping your weekly payments comfortable and easy to pay.
Starting Weekly Payment Goal: This is the weekly payment you will start with. It should be very low, so low that you don't really miss it. (See Step 3 for more information on setting this goal.)
Final Weekly Payment Goal: This is the actual amount that you need to put into your tail fund EVERY week to reach your Savings Goal. You find this by dividing your Savings Goal by the number of weeks in your Time Frame Goal. Since we will be working up to this payment rather than starting with it, I suggest you add five to ten dollars onto the Final Weekly Payment Goal to make up for the difference.
Example:
Ariel looks at tails and decides that she will need $3,000 to purchase her dream tail. She wants her tail in one year, or 52 weeks. That means her Final Weekly Payment must be at least $57. Since we will be starting LOWER than $57, let's place the final goal at $65, to make up for the weeks she will spend at lower amounts. $10 is all she feels comfortable paying right now, so we will use that for her Starting Weekly Payment (See Step 3 below).
Savings Goal: $3,000
Time Frame Goal: 52 Weeks
Starting Weekly Payment Goal: $10
Final Weekly Payment Goal: $65
Step 2: Writing Up a Contract
Write up a contract for yourself noting all of the above and stating that you will NOT dip into fund for anything short of life-altering emergencies. Place that contract somewhere VISIBLE so that you won't forget your promise to youself! (I know this seems silly, but it really cements in your mind that your tail fund is for your tail only--not mermaid accessories, not that cool Sebastian tote, not a plane ticket to MerFest. It is ONLY for your tail.)
Example:
Ariel writes up a contract, solemnly swearing that no matter how badly Prince Eric wants to build a man cave in their castle, that fund is for her tail only! She tapes it to her aquarium, where loyal Flounder (who is not actually a flounder) now resides.
Step 3: Set Up a LOW Weekly Payment
The most important key to long term savings is making a commitment to put money in your tail fund on a regular basis, preferably weekly. You want to resist the temptation to start big--this leads to burnout. Instead start with an amount that you will barely notice is gone from your budget. If you are living at home with your parents and only get $20 a week in allowance, this weekly payment may be $5. If you are a single working professional who brings in $50,000 a year, this amount may be $30. The key is to make sure that the amount is absolutely doable. By that I mean that you will NEVER balk at putting that money in your tail fund. It should be an amount of money that makes you shrug and go, "Oh yeah, that's no big deal. It's practically nothing." Then, every single week, deposit this cash in your fund. Because it is a low amount, this should be easy--and that's the point. Do it every single week. I cannot emphasize this enough. It is the key component to your savings venture.
I suggest staying at this low amount for at least 3-4 weeks before moving on to Step 4. (That does not mean you CAN'T put in more than this low amount; however, make sure that any other money put in is TRULY disposable income. By that I mean that it would just be lying around with no other use if it wasn't in your tail find and, therefore, will not change your lifestyle at all. Beware of tossing in extra money then regretting it. Once it goes in, it can't come out!)
Note: I know some of you are now probably moaning, "But if I only put in ten bucks a week, it will take six years to get my tail!" Stay with me--we'll be getting to that.
Example:
Ariel decides that she can spare $10 a week from her load of princess gold for her starting Weekly Payment and begins depositing it every single week.
Step 4: Increase Your Weekly Payment
Now that you have been depositing a low, comfortable amount for a few weeks, it's time to step up your game. By now you are used to putting that small change in the piggy bank, so it should be no hardship to stretch and allow yourself a few extra dollars. Once again, make sure it's a comfortable amount, something that you won't really miss. Going from $5 to $10 is good, or from $30 to $40. You want the increase to be minimal enough that you do not really notice the effect on your wallet. Stay at this amount for a couple of weeks, then increase again, slowly increasing your weekly amount until you reach your Final Weekly Payment Goal. If you do these increases bit by bit, you will start naturally adjusting for them in your budget and it will seem like no big deal. Keeping it small equals giving up small things, one at a time over a long period of time rather than all at once. This is much more painless than trying to give up everything you like doing at the start just to save for something you won't see for a whole year.
Helpful Hint: If it gets to the point where you realize that your Final Weekly Payment Goal is just too much, do NOT try and keep increasing your Weekly Payment! Instead, readjust your Time Frame Goal. I know it's painful, but it will pay off in the end. "Just scraping by" in order to save for a big ticket item almost always backfires. There will come a point where you cannot afford it that week and you will say to yourself, "It's just one week--I'll pay it next week." If you break your contract once, I guarantee it will happen again and again until the point comes where you give up on saving at all. It is NOT WORTH IT, and it will not get you the item faster in the end!
Example:
Week 1: Ariel puts in her first $10.
Week 3: Ariel increases her weekly payment from $10 to $20, deciding that she only needs a mani/pedi every other week.
Week 6: Ariel increases her weekly payment from $20 to $30, deciding she can do those mani/pedis herself!
Week 8: Ariel increases her weekly payment from $30 to $35, deciding that she can skip Starbucks on Saturdays.
Week 10: Ariel increases her weekly payment from $35 to $50, making up her mind that she doesn't need Starbucks on ANY morning!
Week 13: Ariel increases her weekly payment from $50 to $60, making up her mind that she will not go and browse WalMart for "cool stuff" she doesn't need.
Week 15: Ariel increases her weekly payment from $60 to $65, deciding that she can take her lunch to surfing lessons instead of buying hot dogs on the beach.
ARIEL HAS NOW REACHED HER WEEKLY PAYMENT GOAL--and it was so gradual that she didn't even feel it!
Step 5: Reward Your Savvy Saving With "Interest"
Depending on what your monetary goals are, choose a certain amount to celebrate by granting yourself "interest." When you reach this goal, you will use money you would usually spend somewhere else as a reward for making it that far in your savings. If you are saving $500, this reward may come every time you reach $100. If you are saving $3,000, make it every $500. Then, on that ONE occasion, purposely go out of your way to deny yourself somewhere else and "reward" your awesome savings adventure! It can be any amount of money you want--but I suggest you go all out! Say screw it to the dry cleaners, take the bus instead of buying gas, blow off Starbucks, and put a good wad of cash in your tail fund! You earned it, baby!
Example:
Ariel has reached $1,000! She can't believe it--such a big number, yet it was so easy! She usually shells out a good $70 a week for her surfing lessons, but this week she's taking a vacation from her hobby and donating that $70 to her tail fund. She also decides that she's going to pass on using her birthday money for those awesome new swim fins with the pink zebra stripes, and plants $115 in her tail fund instead. That's $185--almost three weeks of payments--right there! Congrats on being a great saver, Ariel!
An Extra Hint for Underage Mers
I head a lot of younger mers asking how they can possibly save the money when their parents don't understand. I suggest you create a savings budget in writing and present it to your parents. (Parents and teachers love official looking things!) Begin your savings plan and, after several weeks, ask them if you could start having the money for activities you choose not to do. For example: You decide to make your lunches instead of eating off campus at Taco Bell. Ask your folks if you can have the difference for your savings. (Make sure you've already saved up a good amount on your own before doing this so they will know you are serious!)
There you have it! Saving for a tail in five somewhat easy steps! I know it seems like a long, time consuming process, but there is honestly no quick way to save money. It takes patience and dedication. If you try and dump in a ton of cash in the beginning, 99% of the time you will burn yourself out. You get bitter real fast about having to give up the things you're used to (driving instead of taking the bus, drinking Starbucks, eating fast food, going to dance clubs, obsessively buying IKEA stuff... whatever you put your small change into), and you decide it's just not worth it. If you use this plan instead, I guarantee you will get there in the most painless way possible! I hope this has been a help to some of you mers out there jonesing for tails out of your budget!