PRLog (Press Release) –
May 12, 2008 – Finding advice on managing money is easy. There are abundant online resources and groaning bookstore shelves on the subject.
As a computer engineer and natural saver, 31-year-old Muskego resident Michael Buelow was drawn to those books and programs when it came time to organize his finances a few years ago, only to become frustrated.
The computer programs were too complicated, he said. As for the books, they "all said the same thing," he said: spend less than you earn, save for the future and look for tax advantages.
Buelow didn't follow any of that advice but still found that he was able to easily and logically organize the financial life of himself, his wife and their 2-year-old son.
So last year, he decided to jump into the crowded marketplace of dispensing personal financing advice by documenting the system he had developed and selling it as a product.
Last month, Buelow went public with his system, offering it through his Web site,
http://www.mysavingskit.com
The site is for marketing, but the product it sells - My Savings Kit - is for the paper-and-pencil world.
It is not spreadsheets and links to banks or databases, but rather a plastic file box, hanging folders, a calendar, a marker, worksheets and a 19-page guide.
"Not everyone is comfortable with a computer," Buelow explained.
Furthermore, when trying to figure out how to get ahead living paycheck to paycheck, people are not interested in 401(k)s, mutual funds or tax breaks. Those are "intermediate level," Buelow said, and he is interested in helping people with primary matters.
The guide promises "a simple routine to follow every time you are paid to begin and grow a savings account."
It does so in a very easy-to-follow manner.
The system begins by writing financial events - paydays, when bills are due - on the calendar and then organizing those bills in the file box. A flow chart for setting up checking and savings accounts is provided, as are a few pages of miscellaneous tips.
Buelow has invested about $600 in the venture, mostly for design of a logo, some legal work and creating the Web site.
He buys folders, file boxes and other supplies from Wal-Mart and ships via the U.S. Postal Service.
The kit costs $34.95 or $44.95, depending upon the color of the box and how many supplies are included. Orders are taken only online.
So far, he has invested nothing in marketing, and sales have been slow.
Buelow, who holds a master's degree in business administration, is considering offering free seminars at his church and other venues to drum up business but has not quit his day job. That won't happen until he has sold at least 7,000 units.
"Money will come if it is a true product," he said. "I want to help people establish a saving plan. If I can do that, everything else will come."
MySavingsKit.com was launched in January 2008 to offer consumers a place to find products and information that will help them save money. The companies first product, My Savings Kit™, was created to show people an effective way to save money by following a logical spending plan.
My Savings Kit™ is a financial organization tool that allows people to save money by paying their bills more efficiently.
