(Closed) How Do You Save Money?

posted 7 years ago in Money
Post # 17
Member
230 posts
Helper bee
  • Wedding: June 2012

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
Member
6117 posts
Bee Keeper
  • Wedding: August 2012

@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.

http://www.bankrate.com/funnel/savings/savings-results.aspx?local=false&prods=33&ic_id=OA_RateSearch_1_CheckingSavings_33_MMA_and_savings_compare-rates.aspx_

 

Ally Bank and AMEX have no minimum requirement to open an account.

Post # 19
Member
1222 posts
Bumble bee

@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 # 21
Member
1222 posts
Bumble bee

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
Member
1030 posts
Bumble bee

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!

Good luck!

Post # 24
Member
2363 posts
Buzzing bee
  • Wedding: October 2012

@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.

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