Post # 1
So. After scraping by the 5 days before my paycheck, like I always seem to do, I’m getting tired of it. I’ve been working for almost 4 years (I’m young, and waited until I was done with high school before I got my first job).
How do other bees save?!
I’ve been looking a little bit online, and stumbled across this SmartPig website, and it seems interesting… I don’t have any big purchases in mind right now, but I’d rather save my money! And unless I go into the bank, or go to the bank while it’s open, which is difficult when I get my paycheck on friday, work 3rd shift on the weekend, and am in school most of the regular week (or working that second job I just started…) I can’t deposit my money into my bank savings, and for some reason, I’ve never been able to log into my online banking account.
I don’t have the self control of some bees with their money. I love spending my money on stuff. Not necessarily clothing, but mostly food and drink. I like to bring my SO out, and I like to spoil and do nice things with my money! I’m the worst saver.
I’ve tried budgetting, but then something always comes up, and the budget gets thrown way off. Bah.
Words of encouragement? Tips from bees who aren’t the best savers? Anything about SmartPig or other online savings things?
Post # 3
I generally don’t skimp on food, since we do need to eat to live, but splurging on food is definitely a no-no. I’m probably not the best person to ask about saving, but a good way would be to lessen eating out and cook yourself more. you’ll be shocked at the price margin in restaurants on food >_<
Post # 4
@Cornmuffin09: I use Mint.com to track my budget and it really helps me keep things in check. Saving requires discipline and since you aren’t used to it, it will be difficult at first. You just have to be really hard on yourself and force yourself to save until it become a habit. When you think about saving, think about how much better you’ll feel when you don’t have to worry about being financially ruined by every little mishap or accident or unexpected expense.
Is direct deposit not an option for your job? Because it’s really easy to set up your Dirty Delete to automatically put some of the money in savings. Another tip that has worked for some friends is to open a savings account at a different bank. That way it’s harder to remove money from savings, so it forces you to really think before making each withdrawal.
Post # 5
I put away about a quarter of my pay-check (after tax) away each month as soon as it comes in. That way it’s not there and I’m not tempted to use it, but I can turn to it if I’m in dire straits.
Also, I keep track of how my bank accounts are looking throughout the month and cut back if I’m getting tight for money and splurging a little at the end of the month if all the bills are paid and there are no other fixed expenses to come.
Post # 6
@VAwife: I went to check out mint.com… but it connects to internet banking, and I don’t know if I messed up the very first time I ever tried logging on, or what, but it’s locked and I have to call customer service, and since I’m at work, I’m going to have to wait… I want to jump on my motivated feelings!
Post # 7
Like other posts. I put some of pay packet into savings as soon as I get paid. Then I can’t spend it. I do have access to it if I’m really stuck but I try not to dip into my savings.
Post # 8
@Cornmuffin09: Don’t buy lunches out every day or go to coffee shops every day. It adds up fast!
Budgeting IS hard but if you at least figure out what your fixed expenses are – like your monthly bills, rent, etc. then you will know how much you will have left over to spend on non-essential stuff. So if you have $400 left over each month then you know that it would be dumb to blow that on going to 3 restaurants since then none of it would be left for clothes or whatever else you need.
We try to shop with a list and plan meals for the week. We generally do one big food shop for the week and sometimes do one smaller trip to the grocery store in the middle of the week if we want to get something that goes bad quickly.
It’s all about prioritization. Don’t go shopping and buy random stuff that you don’t really want/need. Spend money on things you only REALLY want – especially since you’re on a limited income.
Have some of your paycheck automatically moved into a savings account before you even see it.
ETA: I am not the best money manager in the world… I used to be in debt in my early 20s. My bf used to be an accountant and is great w. money so helps me budget. He basically manages the money for us and I like that because I know that I will stick to my spending limits and that the money is being saved and invested but I can still have my fun money.
Post # 9
- Wedding: August 2013 - The Liberty House
I save by not spending. If you are in the habit of indulging yourself, you will do it so much more often. If you go out to dinner three times a week, cutting back to one or two will save you a lot of money per month. Things like making coffee and tea at home and taking it with you save a lot of money too- packing sandwiches, etc.
Post # 10
The best thing that worked for me when I first started saving was giving myself an allowance to “blow”. Its so important. If you’re saving, saving, saving and don’t set aside some blow money, most of the time the budget doesn’t last…especially just starting out.
Using the enevelope method really helped me and spending cash rather than always swiping my debit card was HUGE. It was psychological for me, when I’m swiping I’m not really thinking about what I’m spending, but when the cash is in my hand and after I’ve spent it and I can look into my envelope to see that I don’t have that much blow money left, suddenly those chocolate covered strawberries from Godiva aren’t that necessary and those shoes in Dillard’s aren’t that cute anymore lol.
Try out the enevelope method and don’t forget to give yourself an allowance to splurge/blow.
Good luck 🙂
Post # 11
@canarydiamond: I guess this means I should give up the obligatory pizza runs… I was tallying up the number of times I go out to eat, or that I buy pizza or something along those lines… $60/week. Wow. That’s shocking actually. That’s actually almost 1.5 weeks of groceries for me, when I’m “spoiling” myself….
@rome116: I always hate cash. But I could see how this would work really well. And the blow-money (which I had a really dirty mind about for a little bit, and had to giggle).
I really need to change, and I’m glad so many people have tips out there. I’m also glad to know I’m not the only struggling one…
Post # 12
@Cornmuffin09: LOL, I guess it does sound a bit dirty, sorry! Regarding cash, I was opposed to it as well, but it’s so much better when you’re trying to save, you can really “see and feel” when you’re spending.
Post # 13
In excel I made a spreadsheet of all of our income, all of our expenses and when they are due, and anything leftover beyond those expenses goes straight to savings. I forecast the spreadsheet out by 6 months so I have a general idea of how much I will have leftover at the end of each month and how much I will have in savings. We try very hard not to spend anything that hasn’t already been put into my spreadsheet. I’ve been doing it for two years and it works extremely well for us. I found that before I started keeping this spreadsheet, we never seemed to have any money left over between pay checks. But since we have been keeping it, I discovered that we actually have quite a bit of money leftover between paychecks after paying the bills, we just used to spend it all without realizing it.
Post # 14
here are a couple of tips:
try taking out only enough cash for the week/month and spend only cash, no credit cards, no debit, no cheques. you will be more cautious about what you buy when there is only so much available to you.
keep track where all of your money goes each month. i mean every dime. break it down on an excel spreadsheet and it’s amazing to see where the money goes.
Post # 15
@Cornmuffin09: If you don’t have the self control to NOT spend and to track expenses, perahps an automatic savings withdrawal method is for you. pick a day of th emonth when you KNOW you’ll have some cushion and set it up so you can take out $XXX a month. Go get your online checking set up too! It’s not to hard to trouble shoot.
I used ING Direct for this once upon a time.
Post # 16
@sienna76: I’ve searched the boards for SmartyPig and saw Ing come up a lot. Does this really have a good, higher interest savings? Or is that all old news with the economy the way it is?