Page 1 of 3 123 LastLast
Results 1 to 10 of 24

Thread: Saving money

  1. #1
    Senior Member
    Join Date
    Aug 2004
    Location
    Ohio
    Posts
    287

    Saving money

    My usually frugal self blew through a big ol' stack of money this past year, and I really want to try and build up my savings again. My biggest problem is lack of willpower. It was easy resisting things when I was a big cheapass, but after a year of impersonating Uncle Moneybags, I don't know how easy it'll be going back to my previous state of deprivation. But any advice would be extremely helpful.

  2. # ADS

  3. #2
    Senior Member
    Join Date
    Apr 2004
    Location
    Celery City, MI
    Posts
    278
    Does your bank allow you to have linked accounts?

    The way we do it is this:

    1. We set up our work paychecks to be automatically deposited in our checking account

    2. We have our bank subtract X amount from checking on each payday and put it into savings (they allow us to do it biweekly or twice a month, or whenever we want, really--one advantage of a large national bank account)

    3. When we record the paycheck amount in the checkbook, we always automatically subtract the X that goes to savings before spending any other money

    4. We keep the accounts linked with overdraft protection in case we screw up and need the $ that was moved to savings--which has happened, ahem, more than once


    Unfortunately one of the most important parts in this process is keeping a balanced checkbook. It can be easier if you have online access to your account records.

    I'm always off by $50 or $75 but that overdraft protection is a huge peace of mind...


    Good luck!

  4. #3
    Senior Member
    Join Date
    Aug 2004
    Location
    down by the bay
    Posts
    767
    Since you say you had a savings that you blew this year, I'd recommend thinking about the practical and emotional circumstances this year that led you to spend like crazy. If you were out of work and needed to dip in to survive, that's that. If you were spending to fulfill an unmet emotional need, then you'll need to fill that hole in another way or you'll just go back to the spending.

    I say this as someone who bought quite a bit on clothes in part because it was what should be my parents' last anniversary last week... but I also don't go shopping in towns with H&M very often, and it was Christmas money. So if I was going to spend the money on clothes anyway, may as well do it on a day when it can have a theraputic effect :)

  5. #4
    Member
    Join Date
    Apr 2005
    Location
    Seattle, WA
    Posts
    56
    What we found what worked for us is having two savings accounts--one for inconvient or non-monthly expenses (shots for the dogs, oilchanges, saving for vacation etc)
    Then we have our emergency fund.

    (we also have retirment savings but that is a whole other thread)

  6. #5
    Senior Member
    Join Date
    Apr 2005
    Posts
    283
    1. Talk to anyone you may owe money to. Find a payment plan that works for you, and then stick to it until the debt is payed off. Just think of all that you can have, worry free, once it's done.

    2. Find out why you spent over budget, and look truthfully at what went wrong. Look at the places you habitually overspend, and make compromises with yourself just as you would with anyone else.

    3. Don't look at sticking to your budget as deprivation. Having less money doesn't make you less of a great person, despite the media and many others saying so. You'll become more creative, you'll become less wasteful, and you'll appreciate what you have.

    3. Make saving money an adventure. Look at being frugal the same way you look at crafting, and dive in. Remember you use what you have and all of your resources to your advantage, DIY as much as you can, and think creatively about how you can save and enjoy your life.

  7. #6
    Senior Member
    Join Date
    Apr 2004
    Posts
    140
    if you were frugal before, I think you'll be able to get back on track if like the others said you understand why you spent so much in 2005 and can draw up a realistic budget for 2006. good luck!

    Quote Originally Posted by researchasaurus
    2. We have our bank subtract X amount from checking on each payday and put it into savings (they allow us to do it biweekly or twice a month, or whenever we want, really--one advantage of a large national bank account)
    that's sort-of what I did with an ING account since it earns better interest than what my bank could offer. So while I was working full-time I stashed away money into that savings account via my checking account. Now I just transfer money back into said checking account on a monthly basis to pay my school expenses. This requires planning on my part and staying within a prescribed budget, but boy do I like seeing the amount in earned interest!
    plus, the savings calculators can be a motivator, at least for me.

    I suggested my high school reunion planning committee put our leftover funds in this type of savings or CD, since both have better rates than the bank, to make it earn a little more in the next 5 years. This past reunion, the planning members had to pony up money for all the deposits about 9 months in advance of the event.

  8. #7
    Senior Member
    Join Date
    Aug 2004
    Location
    NSW, Australia
    Posts
    583
    I'm interested to know what you spent your money on last year, and what changed to start you on the spending spree.

    I'm about to enter a frugal period too. I'm starting maternity leave in a month and will live on 1/2 my income for at least 28 weeks. My husband has just increased his income, so it won't be a massive change but we will have to watch what we spend quite carefully.

    I don't know about you, but I look at situations like this as "projects" - taking on a new challenge to save money etc. A bit like starting a diet & exercise program, or setting New Year's Resolutions (I'm a bit of a Pollyanna, I know). I quite enjoy working out a plan and coming up with creative strategies to achieve a goal - in this case, to save money/spend less. Maybe I'm deluding myself!! ;-)

    Oh, I want to add: Finding something to motivate you is very effective in helping you to stick to your goal. In my case, if we are able to stay within our budget I may be able to extend my leave, which is something I'd like to do if possible. I just keep thinking about this every time I want to spend.

  9. #8
    Senior Member
    Join Date
    Aug 2004
    Location
    Ohio
    Posts
    287
    I decided in about March that, since all the Target swimsuits were ugly, I deserved to get a fancy, expensive swimsuit for once. Then the rest of the year was about the same, as in me deciding that I deserved clothes, makeup, hair stuff, and just about every CD and book I ever wanted. Then, since I was spending large amounts of money on things, it made all the tiny purchases that I once avoided seem like nothing, so I started spending about $40 a week on fast food or whatever. So now I am poor, but I do have quite the snazzy wardrobe.
    I've decided to start by setting a monthly budget, and for every consecutive three months I stick to it, I get to buy myself something fancy. I also have savings cards for just about every store I've ever shopped at and I found some of the beauty products that I use online for about half off what I usually pay for them, so I think I've gotten off to a pretty good start.

  10. #9
    Senior Member
    Join Date
    May 2004
    Location
    HNL
    Posts
    212
    My goal this year is to open a Roth IRA and purchase some CDs - the Roth IRA will allow me to save for retirement, but if I need the money sooner (like for buying a house, not a cute pair of shoes), I can access it. The CDs I think of as really locking my savings away. I've been pretty good about depositing the paychecks from my weekend job into my savings account, but I've dipped into it a few times.

  11. #10
    Senior Member
    Join Date
    Apr 2004
    Location
    kentucky
    Posts
    305
    I also have savings cards for just about every store I've ever shopped at and I found some of the beauty products that I use online for about half off what I usually pay for them, so I think I've gotten off to a pretty good start.
    just make sure you don't use this as an excuse to buy something. being on sale or having a coupon doesn't help if you weren't going to buy it in the first place...

    i second automatically putting something into savings. i have direct deposit, and a set amount of my paycheck every two weeks goes directly into savings. the balance goes into checking. last october, i invested some of the money i put in savings -- part in a CD that generates more interest, and part in mutual funds. trying to make my money work for me!


 
Page 1 of 3 123 LastLast

Remove Ads

Ads

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. Money Saving Tips and Tools
    By womwom in forum Consuming Pleasures
    Replies: 0
    Last Post: 06-09-2009, 01:43 PM
  2. Space-saving Tree! woohoo!
    By Lainie in forum Domestic Bliss
    Replies: 10
    Last Post: 11-30-2006, 12:00 PM
  3. Saving money..
    By louisa in forum Domestic Bliss
    Replies: 46
    Last Post: 07-09-2006, 09:32 AM
  4. Saving old clothes for fabric?
    By mololi in forum Share A Craft
    Replies: 19
    Last Post: 04-23-2006, 03:28 PM
  5. holiday money saving
    By Athos in forum Freestyle
    Replies: 16
    Last Post: 11-08-2004, 06:03 PM