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money saver observition

sample test
by

torry guo

on 22 April 2010

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Transcript of money saver observition



female, business manager,
Live in American for 20 years. Zoe Male, 30 years old, teacher Ali Saudi Arabia Mohamed MSaudi Arabia ale, 48 years old, Professor
Ahmed Male, 34 years old,Employed in investment company
Saudi Arabia Mostafa Male, 22 years old, student
Saudi arabia Shiping Guo 55 yeas-old male,bankmanager
Chinese Brook 25 years-old female, Designer,
American Reyhan female, student, Scottish 27, Lawrence, KS 27, Lawrence, KS Nicki Riggins 25 Lawrence, KS Shant Thomas 30 Lawrence, KS Zoe: Both, myeself and my family Brook: Myself Shiping: Family's and myself Reyhan: Myself Zoe: Bank, saving account Brook: I have a saving account in bank, and I put coins in a container, for parking or laundry. Shiping:Bank Reyhan:Bank, I have a saving account, and I used to keep the change at home. First, I write a check for myself, go to the bank in person to make the deposit check into my saving account, I don't need to bring photo id since people know me. In bank, I fill the deposit slip, sign the check on the back, hand to the bank teller, receive the conformation, done! I'm a client of Bank of America. Do it online, transfer from checking to savings. I have two accounts. Current deposit account has lower interest, but very flexible. And I save money in that account through the following process:
- My salary will be sent into that bank account directly, and the balance will be saved.
- Or bring cash, bank card or account book to the counter; get a reciept and sign in the original page, bring back the copy.
ATM: choose "deposit money", enter the amount, choose the type of saving, put the money in and it takes time to reflect on the card. Some cash are not recongnized by the machine, so I have to reorganization the cash. If the money is too old to be recongnized, I will just use them.

Deposit account has higher interest, but also has strict and fixed time to withdraw, at least 6 months.
To save money in that account, I should: prepare the cash or the other account card; fill the deposit slip; bring these with my photo ID to the bank counter; sign on the slip, keep the first slide and give the bank the second slide. And I have to set up a password for withdraw money from that account, which is different with the current account. Zoe:I invest money only in bank for interest, and this ie separated with other money Brook:To get interest frome bank is the only way I invest the money I saved Shiping:Interests from bank is one of the investment, and I also buy some stock and founds. Saving in bank is just for small amount of money or unplaned saved money. But if there is an invest plan, I will use the money to buy stocks. Reyhan:I just get interest from bank Both. By cutting cost, I purchase items on sale, I do online shopping and limiting shopping.
I also increase income by Reduce my employee's working hours, and I myself work longer hours instead. I do both: to cut the cost, I cook at home instead of going out. And I have monthly budget. To create income I sold things online, do freelance job, and work for longer hours.
Most of time by cutting cost, sometimes increase the investment to get more benefit, but it has a risk. Both, I don't over spend, and I try to get more money from work.
I'm not a good person at saving money. Set the monthly saving amount, put the number into the budget ahead, do that from the start of the month, so it's easier to save. Span the money on the essential need, care more about quanlity rather than fashion. Buy the essential need, save for luxury. I save money for future use, also sometimes set a goal, then save for the goal.
Saving Conclusions What tools do you use – investments, savings accounts, etc
- to manage your saved money? If you don’t set aside money specifically for saving, are there other practical routines you employ to help save yourself money? Shant : My savings account is linked to my checking, but I always end up drawing money out of the savings! Not really effective. Tasha : I use a savings account. I go to great lengths to keep my savings account untouched- save deposits. Checking is for bills and daily costs.
Nathan:Payroll deduction – every paycheck. I’ve set it up with my employer where I have the money indicated be withdrawn and placed in a separate checking account. I have access to pull money out. This is with ING. Tasha:I use my Dillon's plus card. Every once in a while I use coupons that the Dillon's checkout machine gives me. Sometimes I buy off brands, but not that often.
Nicki : I try to use coupons, but that's about it. I buy off brand a lot.
I wish someone would tell me better tips so I could use them! I need help saving money, myself If you set aside even just a little from each paycheck- if you're able to- it will add up fairly quickly if you don't touch it. It’s easier to save money when it doesn’t even hit your checking account. Money Saver Observations People we observed Whose money do you save? Yours or your family's? Where do you put the saved money? If you save money in the bank,
what is the process when you save ? Do you invest with your saving money? If so, how? Do you save money by cutting costs or creating more income?
What are your actions (cut or create)? Do you have any tips
on saving money? Nathan Haley Tasha Riggins Our team's conclusions - based on our interviews with friends and family surrounding the issue of saving - were as varied as the countries represented by our three group members.

Generally, most either acknowledged the importance of saving money (though they didn't do it) or actively saved themselves. Not surprisingly, those interviewees who were younger (< 30 years) opted for internet banking or some other higher tech solution whereas those who skewed older preferred utilizing a physical bank branch.

The generational divide did not stop at the banking process, however; the timing of their saving differed generationally as well, with those younger interviewees tending to only save for the immediate future, whereas those who were older had a more long-term plan.

Most interviewees did not take advantage of any other financial services (e.g. investment services) besides the simple ones offered to them by their banks.



Zoe: Brook: Shiping: Brook: Zoe: Shiping: Reyhan: Zoe: Brook: Shiping: Reyhan: Shant: Nicki: Tasha: Nathan: People save money by cutting the costs: hi!!!!
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