Guitar Werks.com: Looking to buy a new guitar(but you have got no cash)?
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Saturday, April 14, 2007

Looking to buy a new guitar(but you have got no cash)?

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Ok..

So you're eyeing that Taylor Jumbo which costs $1200, but you have got no money to afford it right now. Or maybe you have got a savings plan all clearly laid out, but the possibility of buying it is only next year, after you get your Ang Pow money from Chinese New Year (especially if you're a schooling student..).

So what do you do?

Let me offer a very simple piece of financial advice tip for you. It sounds like a financial planning lesson, but truth to told is that we must all practise some financial wisdom!


Practise The Cookie Jar Concept!!!

"During the period of WWII, the concept of 'Cookie Jar' to save one's money emerged in England. Basically, as the English back then in the early 1940s were going through a horrific times like enduring the daily bombings by the German airforce, food was scarce, and commodities were very expensive. That was where families would set apart a portion of their wages daily, and put these savings into empty cookie jars and hide them in a safe place. If they wanted to purchase a transistor radio which may have cost GBP50 back then, they would accumulate enough savings in their cookie jars, which were often labelled with the name of the specific items they were intending to buy..."


And they bought the transistor radio when they had saved enough..

Sounds simple right? There's no rocket science to the Cookie Jar concept. Just plain old discipline. With a world that offers quick cash, quick satisfaction, quick money, quick success, the discipline of the Cookie Jar is often being overlooked. But if we would practise it, i guarantee you, that you can buy anything you want.


In our time, most people do not use cookie jars to store their money anymore. They use the electronic equivalent, which is the bank. But the sad thing is that even banks promote 'credit' in the form of credit cards, to give you cash to get instantly anything you want. And so without practising the 'Cookie Jar' concept, people rake up so much credit that they get stuck in deep debt.

So the solution to this is to practise discipline. If you really are setting your eyes upon a guitar to buy and have a one year savings plan, why don't you take the extra effort to deposit your daily savings into a one-year fixed deposit scheme at your bank? In this way, you practise the Cookie Jar concept, and besides, it earns you interest of anything between 1-4% per annum!

Note: I know of a friend who saved up $60,000 over 2 years using the Cookie Jar concept, just to buy his new Hyundai Sonata car, and guess what, he paid in COLD HARD CASH(imagine the notes he had to carry haha)!




It will pay off in the long run, and I think its well worth it to practise this age-old advice to save up for your Taylor guitar!



Cheers!