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megs
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Post subject: Saving techniques Posted: Tue Feb 22, 2011 4:44 am |
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Joined: Sat Feb 19, 2011 10:17 pm Posts: 14 Location: Sacramento, California
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I have a such a terrible time with saving money, and I was wondering: how do you all get money into your savings & keep it there? Are there any gimmicks or tricks you use? Sometimes I feel like I almost have to trick myself in order to put that moolah in my savings account.
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jessmn
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Post subject: Re: Saving techniques Posted: Tue Feb 22, 2011 4:50 am |
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Joined: Tue Feb 22, 2011 1:46 am Posts: 21 Location: Denver, CO
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Does your bank have automatic transfers? Do you have a savings account? If so, set up automatic transfer for at least 10% of what you take home and soon, you won't even miss that money and you'll watch your savings account grow! I've been doing this for nearly 4 years and while I tend to transfer money back and forth...I've still saved A TON!
_________________ jess
http://www.fotobellaphoto.com http://www.twitter.com/fotobella2008
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miss.geri
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Post subject: Re: Saving techniques Posted: Tue Feb 22, 2011 4:56 am |
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Joined: Tue Feb 15, 2011 4:02 am Posts: 18
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I have a set of scheduled transfers out of my main bank account for pay day: money comes in from my employer, and then the money for my mortgage, car and savings all comes out into the various accounts on the same day without me having to do anything or even think about it. The trick then is pretending that the money in the savings account doesn't exist. That would be the part I have trouble with. It helps as I don't see it in my everyday account, but I know it's there. :S
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Indeed
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Post subject: Re: Saving techniques Posted: Tue Feb 22, 2011 1:24 pm |
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Joined: Thu Feb 17, 2011 9:31 pm Posts: 66
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What are you saving for? Don't think of it as generic savings. Name it your Super Vacation Fund or your Glamorous Retirement Fund or your Swanky Pad fund. Have a goal for it, then it won't seem as 'there' as it does...
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kaitlinrose
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Post subject: Re: Saving techniques Posted: Tue Feb 22, 2011 7:36 pm |
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Joined: Thu Feb 17, 2011 4:08 pm Posts: 18
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To echo what others have said, I automate it. Schedule an automatic transfer into savings every pay day and then just forget that money exists. I don't think there is anything wrong with "tricking" yourself into it!
I also found that working intensely on one goal at a time has worked well for me. Right now, my husband and I aren't saving (besides having a small emergency fund) because we are throwing absolutely every last penny at my student loan. That allows us to really focus on getting that out of the way (which we are doing very quickly) and then we can focus on saving up a more substantial emergency fund and saving for vacations, retirement, etc. It goes against common wisdom to put off retirement savings, but since we are paying off the debt so quickly, it won't make a huge difference in terms of compound interest, but concentrating on one thing helps us be more intense about it.
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SusurrousEmily
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Post subject: Re: Saving techniques Posted: Wed Feb 23, 2011 4:43 am |
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Joined: Mon Feb 14, 2011 6:42 am Posts: 24 Location: Somewhere in California
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Having money in my savings account set aside for a specific thing really helps me with putting it in there and keeping it in. If I know I'll get this awesome thing in X amount of months if I have Y amount of dollars in the account, it's a pretty good incentive.
Also maybe trying to have your money budgeted out very clearly, both for savings and spending. If you take the money you're getting and say so much goes to savings, so much goes to food/rent, and so much goes to fun things, for example, it might help to have a limit on "fun" or non necessity items so that you won't be tempted by money that you know should be put into savings instead.
_________________ Linguistics major, tea drinker, lover of cute things, maker of art.
Blog: Susurrous Notions Twitter: @SusurrousNotion
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goplacidly
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Post subject: Re: Saving techniques Posted: Wed Feb 23, 2011 3:08 pm |
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Joined: Sun Feb 20, 2011 3:22 pm Posts: 6
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Like others, I try to save "an amount" (usually just a little bit, I add in whatever's left at the end of the month) straight off the bat, as soon as my pay goes into my account. Then it's gone I can't spend it. I also have a change jar which I empty my purse into at the end of each week. Anything less than 20p goes in there, and then once it's full I bag it up and take it to the bank (or use those coinstar machines, though they take like 10% commission, so...ymmv) My current jar has been going since January and it's nearly full already. I'm not expecting tons of revenue from that but it's a sneaky way of adding up the pennies...(plus I get a kick out of seeing my jar fill up with silver and copper. You may not be as dorky as me but)
_________________ Oh, and I have a blog...
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kathrynoh
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Post subject: Re: Saving techniques Posted: Thu Feb 24, 2011 4:40 pm |
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Joined: Wed Feb 16, 2011 12:32 pm Posts: 14
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I also had the second account when I was saving - and I lost the atm card for it so I couldn't access the money without having to do an online tranfer (which took a few days). Not having easy access to the money really helps.
Also, once I got a decent amount in the savings account, I was so much more motivated to save.
_________________ http://www.project-kathryn.com
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puxe
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Post subject: Re: Saving techniques Posted: Thu Feb 24, 2011 5:03 pm |
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Joined: Thu Feb 17, 2011 4:35 pm Posts: 70
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I can't tell you how much of a difference using Microsoft Money has made in our finances. We schedule a "money talk" at the end of the month, usually treat ourselves to a restaurant and drinks while going over spending habits and re-evaluating what is allocated where. It really helps us get back on track quickly ("Oh, crap! We spent $150 last month in 'unjustified spending'?! On what?? That was so not worth it!") and gives us big picture projections of where we are, where we were and where we are going financially. Really great! Another thing that has helped us out TONS is a weekly cash only "allowance." It is meant to include groceries, dining out, small items like coffee and Carmex, etc. I find that it's a game for me to put away as much allowance as possible and still eat well - then I save up the "allowance" leftovers for a few weeks and can use it for a freebie fun thing! It helps prioritize our extra spending, and if we run out of those funds early, it's only a few days before that fund is replenished.
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anydelirium
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Post subject: Re: Saving techniques Posted: Sun Feb 27, 2011 7:11 pm |
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Joined: Sun Feb 27, 2011 6:57 pm Posts: 2 Location: Lancaster, PA
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I set myself little challenges. I didn't realize how expensive buying myself breakfast on the way to school every day was, and cutting out four dollars every morning for a bagel and a latte five days a week is a LOT of money after a month or a year.
Also, this seems obvious, but I don't shop for ANYTHING without knowing price comparisons and having a list. Whether it's a DVD or a new jacket, I'm terribly prone to impulse buys, so if it's not on the list, I don't buy it. Lists help me be more organized, too- one trip to the store a week to buy everything I need instead of eight trips throughout the week also cuts down on useless extras, but also gas money and time.
_________________ "To love another person is to see the face of God." -Victor Hugo
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