NT, your methods to saving money?

[Mister Meaner]

With my meager salary, I've got to be creative when it comes to saving money. I have employed the help from both of my wonderful parents. Here it is.

- Two savings accounts: 1) $25 a month automatic deduction from checking account with BoA. 2) MCU savings account where $100 of my check gets direct deposited.
- Mom gives me $10 a week.
- Dad, doubles that to $20 a week.

Both monies from parents get sent to the BoA account.

So, without dipping into any account, with my current rate, I should be saving roughly $4200 per year. At 20 years old, is that # good or bad? I've gotmoney in the bank though, along with savings accounts from birth I can't touch.

 

[joseph camel jr]

i mean it really depends on what kind of job you're gonna be having in the future

for most people i think their salary at 20 <<<<< their salary at 30+ or even 25

but like i said it depends... whether or not youre in college, where you live, etc. all are important here

 

[nawth21]

Saving money? ha. we're paycheck to paycheck with my husband laid off.

 

[unc1334]

I have been trying to do this lately, so I'm glad to see a post like this.

Wow, you are lucky your rents give you any money every week, I would kill for that. This month is gonna kill me on the bills...

$110 for Verizon
$268 for my car
$240 for my car tag since its July.....FML
And its my girls birthday, Im gonna be broke..

But, I am not eating out anymore and when I get back on my regular schedule Im going to start saving. Probably $50 a week and I want to open a Roth IRA

 

[pr0phecy718]

Originally Posted by Nawth21

Saving money? ha. we're paycheck to paycheck with my husband laid off.

damn, good luck

 

[damnthosejs]

@ 4200/yr you're doing very well. A lot of people your age are BROKE as a joke. They all invested their money on LV purses, Air Yeezys and a fancy chain.

I'm 23 and I have some money saved and proud of it. I know a lot of people my age who doesn't even have a grand in their account.

 

[al audi]

Originally Posted by Nawth21

Saving money? ha. we're paycheck to paycheck with my husband laid off.

this is a HUGE reason why people get divorces

finances........

remember you said for better or for worse though. this economy aint gettin no better so dont let the stress get to you.

(im bein 100% serious btw)

 

[cidman911]

Tap water.
Bread.
Bologna.

I've gotten so cheap its crazy.

But my whole life I was a big spender, so its just recently that I've turned into a cheap bastard.

 

[q46tothee]

Originally Posted by Super Producer J

With my meager salary, I've got to be creative when it comes to saving money. I have employed the help from both of my wonderful parents. Here it is.

- Two savings accounts: 1) $25 a month automatic deduction from checking account with BoA. 2) MCU savings account where $100 of my check gets direct deposited.
- Mom gives me $10 a week.
- Dad, doubles that to $20 a week.

Both monies from parents get sent to the BoA account.

So, without dipping into any account, with my current rate, I should be saving roughly $4200 per year. At 20 years old, is that # good or bad? I've got money in the bank though, along with savings accounts from birth I can't touch.

At 20 years old, saving $4200+ per year is GREAT....let that money collect interest in the bank, and keep on saving...you keep saving that amount(or more when you're able), you'll be in excellent shape savings wise when you're older....

 

[nawth21]

Originally Posted by Al Audi

Originally Posted by Nawth21

Saving money? ha. we're paycheck to paycheck with my husband laid off.

this is a HUGE reason why people get divorces

finances........

remember you said for better or for worse though. this economy aint gettin no better so dont let the stress get to you.

(im bein 100% serious btw)

Oh I know, but our situation sucked before we got married

It'scool, I make enough to support the both of us and but there isn't much left over to save. Luckily, down the road we'll come into an inheritance andmoney won't ever be an issue but until then it's nose to the grindstone.

 

[JayDean03]

Originally Posted by Nawth21

Saving money? ha. we're paycheck to paycheck with my husband laid off.

that SUX. especially being married.

My wife saves my money for me. I got more money than i've ever had in my life. I'm known to blow it all on kix, accessories, games, car audio

 

[happygel]

dont eat out and cook at home all the time, and if you eat out drink free water with a lemon

and pay yourself every paycheck before you pay the bills

 

[Mister Meaner]

Originally Posted by damnTHOSEjs

@ 4200/yr you're doing very well. A lot of people your age are BROKE as a joke. They all invested their money on LV purses, Air Yeezys and a fancy chain.

I'm 23 and I have some money saved and proud of it. I know a lot of people my age who doesn't even have a grand in their account.

Well even though I have money in the bank, I cosider myself wayy too broke to be buying LV this and that, Yeezy reseller prices, and especiallyjewelry. My 2 week paycheck equates to just about what those Yeezys were going for, and I'll be damned if I work two weeks staright for some sneakers

.

 

[nostrandave68]

I always use a role of method of saving atleast 20% of my paycheck. The other 80% goes to bills [car note, insurance, phone etc] and whats left over is forleisure.

Idk but since ING Direct's interest rate fallen to a meager 1.30% i haven't been that enthusiactic about saving... I remember the days of 4.5%

I was on my way to having 10K in my savings by the end of the summer but decided to get a new car which depleted my savings by 2K plus sepnt another $1500paying off CC balances.

 

[al audi]

Originally Posted by Nawth21

Originally Posted by Al Audi

Originally Posted by Nawth21

Saving money? ha. we're paycheck to paycheck with my husband laid off.

Oh I know, but our situation sucked before we got married

It's cool, I make enough to support the both of us and but there isn't much left over to save. Luckily, down the road we'll come into an inheritance and money won't ever be an issue but until then it's nose to the grindstone.

lol id continue to be a house hubby if i were him

j/k, thats good.

 

[nawth21]

Originally Posted by Al Audi

Originally Posted by Nawth21

Originally Posted by Al Audi

Originally Posted by Nawth21

Saving money? ha. we're paycheck to paycheck with my husband laid off.

Oh I know, but our situation sucked before we got married

It's cool, I make enough to support the both of us and but there isn't much left over to save. Luckily, down the road we'll come into an inheritance and money won't ever be an issue but until then it's nose to the grindstone.

lol id continue to be a house hubby if i were him

j/k, thats good.

The way it's looking both of us could lay around the house all day

but right now someones got the raise the puppy lol and once we get a second car at the end of the summer it will help us out tremendously. The jobmarket just sucks around here, but he's been doing a lot of networking so hopefully something will pan out. Then his earnings could almost all go tosavings.

 

[lilchico4life]

I'm 22 now and I save roughly $5K a month after all expenses. I'm in my second year in CC, since I've been on and off. I am on my own with what Ido. I've been working ever since I was 14 years old. I'm truely grateful for what I have. I don't spend money on anything I don't need. I wishthe best for everyone and hope you all pull through.

 

[dirtylicious]

OP.. you're off to a great start.
personally... I have a 10% monthly income savings rate


what you should do is have a plan..
saving is half the equation.

what do you plan on doing with that money?...and what is your timeframe?
depending on those answers... you can adjust the investment vehicle you use in order to maximize the money that you're stacking away.

 

[Mister Meaner]

^^^ The savings, I'm not sure really. I would say go towards a car, but I want something before the year is over, I'm not waiting 2-3 years for that.
My savings used to be for CC bills, but that's been paid off since February.

Originally Posted by LiLcHiCo4LiFe

I'm 22 now and I save roughly $5K a month after all expenses. I'm in my second year in CC, since I've been on and off. I am on my own with what I do. I've been working ever since I was 14 years old. I'm truely grateful for what I have. I don't spend money on anything I don't need. I wish the best for everyone and hope you all pull through.

you save 5K a month and you're at CC? I don't think you need CC if you're able to do that.

 

[chicagokid23]

leave the debit card at home only a certain amout of money in my wallet when i go out

 

[nkwu11]

OP it sounds like your plan is damn good.

I'm a student who has co-op (paid interns) every four months, and I'm looking for any way to save. I've been getting poor grades so I'll bearound fo rmore semesters than intended, but the way it should work out is after next semester of school I'll be alternating between four months of workand four months of school. I'm working in the tech sector so when I have had work the pay has covered tuition and just enough rent for school (or for thework semester if I move) with SOME cash leftover. Aside from the typical save money on food and textbooks and avoiding non esentials I'm totally lost onhow to save.

The last place I worked out had some stock...options? and basically gave out a portion of hwatever I bought so I've starting investing there but I'mreally looking for a plan to maximize my savings (of the little leftover cash I have) while in school - any one have some tips?

 

[neptunebeats187]

Percentage of each check going into a savings account.

 

[antonlavey]

Carpool, cook

 

[sneakerpimp2k8]

Originally Posted by Dirtylicious

OP.. you're off to a great start.
personally... I have a 10% monthly income savings rate


what you should do is have a plan..
saving is half the equation.

what do you plan on doing with that money?...and what is your timeframe?
depending on those answers... you can adjust the investment vehicle you use in order to maximize the money that you're stacking away.

my father told me to do this....didnt really work as planned though, im gonna take another crack at it

 

[lilchico4life]

Originally Posted by Super Producer J

Originally Posted by LiLcHiCo4LiFe

I'm 22 now and I save roughly $5K a month after all expenses. I'm in my second year in CC, since I've been on and off. I am on my own with what I do. I've been working ever since I was 14 years old. I'm truely grateful for what I have. I don't spend money on anything I don't need. I wish the best for everyone and hope you all pull through.

you save 5K a month and you're at CC? I don't think you need CC if you're able to do that.

Yeah I probably don't need it, but it's great to have something to fall back on. I could be at a 4 year university, but I'm taking things slowly.