Post # 17
The things that work the best for me are:
1) trying to use only cash. My husband swears by it and I was skeptical at first but it really does work! Something about actually having to hand over the cash vs. sliding a card somehow makes me spend much less money.
2) bringing lunch most days. This is both worked out to be healthy and cheaper for me. Now when I buy lunch I really appreciate the “treat” (~1x a week) and I am saving so much money.
3) learning to love what I have. this is with clothes and shoes. every so often I go into my wardrobe and rework clothes I already own into new outfits. this helps me from getting sick of what I own and I have spent so much less money shopping.
Good luck! it is not easy but I try to focus on whatever it is I am saving for so that I do not get frustrated or disappointed.
Post # 18
@Cornmuffin09: At one point ING had higher APRs for high yield savings accounts which is probably when I opened it. Back then it was like 3% I think! However, now it’s in the 0.75% range.
Here is a list of money market accounts and their APRs according to BankRate.com. There are others that are near 1% APR.
Ally Bank and AMEX have no minimum requirement to open an account.
Post # 19
@Cornmuffin09: I always buy clothes when they’re on sale or at Goodwill. And if I see something I like at a store, I walk out without buying it. If I’m still thinking about it a day or two later, I really wanted it!
Post # 20
@ForeverBirds: For a long time I was like, a goodwill whore. (and that sounds bad… but still). I don’t think I’ve paid retail price for anything in many years. If I have to pay for clothes it’s going to be for cheap. I honestly don’t care too much for clothing… It’s the darn food that gets me!
Post # 21
I’d hit Goodwill up every weekend if they ever had my size. I’m tiny, so it’s hard to find jeans (which are what I always need) in my size. On food, I’d second what a PP suggested about bringing your own lunch. Maybe bring your own main entree, and then grab a treat from a vending machine or an order of fries somewhere or something. Or set up one day a week or a month to go out and splurge on a sit-down meal, instead of just doing it on a whim. (Sorry I can’t be more help, but I definitely fall under the term “broke college student” lol. I never have money to go out to eat)
Post # 22
Starting off is HARD. The only way I did it was to give myself a really tight month to start off. That way you have basically nothing to spend and you have to get creative.
For the first month I put aside money for rent, bills and food. Then I took almost that amount again and put it in another account out of the way.
I was left with £40 for the entire month and that had to last. So when I went out for a coffee with my friend, I chose a small tea because it was the cheapest and I didn’t get a cake. I told myself I could do a big food shop once a week, but couldn’t spend money on food at any other time. If I had no sweet stuff in, I raided my cupboards and started baking. I had to ask myself “do I want to buy this bar of chocolate every day? Or do I want to save it and get that bit of makeup that I’m running low on?”. I got the makeup. I lived an entire month on. £40.
That, for me, was the kick up the ass I needed to get me to realise I needed to quit spending. My Fiance helps and says “no” whenever I say I want to go out to a restaurant. It’s tough at times, but it’s been the best thing I’ve EVER done!
Post # 23
Okay. So for anyone who wants to read down this far, another question.
Would it be better to do a 1.00% APY savings account, where I wouldn’t be pulling money out of it constantly? Using it only to save?
Or switch over to a 3.00% APY checking account, where I must use a debit card at least 10 times a month?
I’ve done more research and realize my bank is really crappy, and that another bank would be much better if I’m trying to save (and for the next year, I have a $0 closing charge for closing my account with them).
Post # 24
@Cornmuffin09: I would stick with the savings account. It’s so much easier to build savings when you don’t look at the account regularly. I keep my checking and savings at separate banks.