Finances Vol. Piggy Bank

katiejade4

katiejade4

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Oct 27, 2009
So with the new year comes raises and bonuses. My new years resolution is to SAVE money. I'm horrible at it, and I find that money burns a hole in mypocket faster than a match on fire. I need some good tips, techniques, advice on saving money. I got a 9-5, get a paycheck every 15th & 30th.

My mother told me to get a good portion of my paycheck cashed and make envelopes for specific things like gas, bills, groceries, ect. And put a certain amountof money in each for how much you want to spend on those things for 2 weeks. Whatever is left gets put back in the bank and doesnt get touched! But if a bigamount of my paycheck is cashed I can see myself sneaking into the gas money and going to buy shoes. I'm not really sure this will help.

So help me out! How do you save money?

Thanks
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I'm so stingy that this ain't my problem
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But try to find something to save for.
 
get direct deposit at work.

go make an account at a bank that is far and inconvenient for you to go to.

setup a percentage of your direct deposit to go to this bank and the big chunk to your main bank.

you'll never notice.
 
When I get my yearly raise I increase my contributions to my 401k. So if I get a 5% raise I'll increase my contrabutions by 5%. I don't miss the moneybecause my take home pay stayed exactly the same (cant miss what you never had). Plus there are so many penalties with early withdrawels of 401k's thatbelieve me, you will leave the money in there. (sp)
 
Originally Posted by socluis90

get direct deposit at work.

go make an account at a bank that is far and inconvenient for you to go to.

setup a percentage of your direct deposit to go to this bank and the big chunk to your main bank.

you'll never notice.
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I really like this idea. Thanks

And thank you everyone!!!
 
It is a mindset. If you WANT to save, you will save, if not you will continue to burn holes in your pocket. It is all in your mind. Become frugal.

What do you find yourself spending the most $ on?

Do you eat out for lunch often?
 
Originally Posted by blackngold1z

When I get my yearly raise I increase my contributions to my 401k. So if I get a 5% raise I'll increase my contrabutions by 5%. I don't miss the money because my take home pay stayed exactly the same (cant miss what you never had). Plus there are so many penalties with early withdrawels of 401k's that believe me, you will leave the money in there. (sp)
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JP fam
 
When you chart how much money you spend on useless and other junk, you quickly realize how much money you throw away.

I have direct deposit to ING and transfer from there to BofA to pay bills.

I only transfer a small % outside of bills to bofa to spend on myself.

ING = some (though, disgustingly small) interest income at least.
 
Originally Posted by Oh YoU MaD

Originally Posted by blackngold1z

When I get my yearly raise I increase my contributions to my 401k. So if I get a 5% raise I'll increase my contrabutions by 5%. I don't miss the money because my take home pay stayed exactly the same (cant miss what you never had). Plus there are so many penalties with early withdrawels of 401k's that believe me, you will leave the money in there. (sp)
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JP fam
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lol...i was in a rush and didnt proofread. thats why the end of the post had (sp)
 
get direct deposit. put some in checking then some in savings that you dont touch. put like $20 in a separate account that you wont touch until retirement soyou will have something. look up "the latte factor" it helps a lot with saving
 
Originally Posted by cs02132

get direct deposit. put some in checking then some in savings that you dont touch. put like $20 in a separate account that you wont touch until retirement so you will have something. look up "the latte factor" it helps a lot with saving
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I've heard bad things about the latte factor but after googling it and looking at it, it's pretty amazing. If I just save like $10everyday. I'll save around $3,600 a year. Which sounds pretty nice to me!
 
the problem with putting it into a "savings" account at the same bank is that it is easy to transfer money or pull it out.
 
Originally Posted by socluis90

the problem with putting it into a "savings" account at the same bank is that it is easy to transfer money or pull it out.
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and you earn very little interest.

about 2-3 years ago, i was earning about 5% in an online savings account. now its down to 1.2%

but its better than BoA .001% (i may be off on the BoA percentage)
 
LazyJ10 wrote:

ING = some (though, disgustingly small) interest income at least.

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We talked about this a while ago dude. ING keeps lowering their interest rates and the rate of return is microscopic.
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my pops always taught me whenever i get paid, to pay yourself first.

i normally put in a huge portion of my paycheck into my savings. and if i have any bills or payments coming up, i'll just minus it from my check registerand whatever is left, that's all i have for 2 weeks.

technically, i have more money, but i'm just planning ahead, just in case.
 
I'm TERRIBLE at saving money. So here's what I did:

Got a large jar from work

Cash/deposit a certain amount of my paycheck every week and then ask for $50 or so in quarters.

This way I can't spend the $50 in quarters as easily...my bank has a free coin machine so when my jar fills up I take it there.
 
Originally Posted by eLNiNo4530

I'm TERRIBLE at saving money. So here's what I did:

Got a large jar from work

Cash/deposit a certain amount of my paycheck every week and then ask for $50 or so in quarters.

This way I can't spend the $50 in quarters as easily...my bank has a free coin machine so when my jar fills up I take it there.
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Amazing idea! Thank you!
 
Originally Posted by KatieJade4

Originally Posted by socluis90

get direct deposit at work.

go make an account at a bank that is far and inconvenient for you to go to.

setup a percentage of your direct deposit to go to this bank and the big chunk to your main bank.

you'll never notice.
Click to expand...
I really like this idea. Thanks

And thank you everyone!!!
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Yeah I like this
 
I've been effectively living alone since I was 14 and my siblings were 12 and 10. Heres what we did to learn to save money.

1) Pay yourself first - it could be 10%, maybe 25% . . . just put it away, in an hard to access account - such as a CD or IRA

2) Give yourself time before making a purchase. Wait a week or so before buying it. If you really need it, as opposed to just want it, you can still get itafter a week.

3) Like dude said, direct deposit - that way you never have a chance to steal from yourself

4) Use online banks such as ING - they pay higher interest rates and withdrawing is a hassle so you'll be less inclined to filch from your savings

5) Cook at home - I hated this one cos my cooking is @*%@*%@ horrid, but it works. You save a ton of money, especially ifyou use coupons. You can also controlyour portions and nutrition.

6) This is one is my personal one: I gave up TV about 5 years ago. I only watch sports games and I catch all my shows (1 or 2) online, you'd be surprisedhow TV fuels your desire to consume worthless #%##

7) Time your purchases - here's an example: the best time to buy winter clothes is in the spring, when the stores are desperate to clear out the racks. Thebest time to buy a car is usually at the end of the year, when the lot has to be cleared for the new models

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Learn to haggle and negotiate prices - I learned that the hard way, but I get a real rush knowing that sold my scheme to the sales person when he/she issupposed to do the selling.

9) Don't punish yourself - you should keep a healthy balance and reward yourself once a month or so with a small splurge - like a meal out or something

10) Once in a while, log on and check your savings. You'll be surprised at how nicely it accrues which is further incentive to save.

11) compound interest - learn about it. The compounding of numbers is the most powerful force in the universe. You can either be under the wave or you can ridethe wave. Let it work for you.

Good luck
 
For the New Year, I recently signed up on mint.com which is a personal finance tracking site. I found this site helpful since I can monitor all my financesfrom one site.
 
Originally Posted by Yeezy St Laurent

For the New Year, I recently signed up on mint.com which is a personal finance tracking site. I found this site helpful since I can monitor all my finances from one site.
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givin all your info to them is what turned me away.

I seen it reccommend sp? by many folks (including Howard Clark) but there own policy states they're not responsible...i cant roll with that.

and as far as compounding interest, i understand it, but dont know where to do it, to get REAL gains.
 
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