Tracking your savings

[Robertw18]

Now, I know everyone likes to save money, but if you're like me, you know you save a ton of money every year, but don't really know how much.

There's a website (www.TotalSaved.com) that will help you quantify the amount. I've used it for a few weeks now, and know for a fact that I've saved nearly $1,000 in that time (but I'm finishing my basement so I'm probably buying more than most).

Anyway, just thought I'd share with the group. Full disclosure, the site was set up by a friend of mine, but it really is a good site. If you like it, please tell someone about it.

[chrisgermany]

I set up my balance sheet with all accounts once per month. That gives me my net worth. The increase to last month gives me my real savings.

The website you referred to seems to make me count my "savings" on purchases like they were real savings. No, I do not think like that.
The price after discount is still an expense. The website will make me believe the more I spend on discounted items the more I save. This is weird.

No, I need a clear picture of what I have saved, not on how much more I would have spent if I had paid the original price.

[iris lily]

Have to agree with Chris, I don't count money spent as savings.

[loosechickens]

I agree....counting the money "saved" by not paying retail price is like Blondie in the old Dagwood comics going to "Tudbury's" and coming home loaded down with shopping bags, bragging about how much she had "saved". Even buying at discount is still buying.......

If you count as "savings" something you didn't buy at all, now I could get on board with THAT.....I love thinking about all the money I've saved just by staying home and out of the stores completely.......

[Kat]

I agree. However, if a person was planning on making a wise and budgeted purchase anyway, it would make sense for him or her to try to find the best deal possible in order to spend less. Some people might want to track that. I still look at it as an expense, though, rather than a savings.

[Spartana]

[QUOTE=loosechickens;34398]I agree....counting the money "saved" by not paying retail price is like Blondie in the old Dagwood comics going to "Tudbury's" and coming home loaded down with shopping bags, bragging about how much she had "saved". Even buying at discount is still buying.......

QUOTE]

Isn't that the Costco mentality? "I got me 100 bottles of soy sauce at Costco and saved at least a dollar on each bottle compared to the grocery store because I bought in bulk. Yep, I saved big. Now what should I spend those savings on?"

[heydude]

I'd only approve of tracking how much you SAVED if the number matches or is less than the number in your SAVINGS ACCOUNT.