(Closed) NWR budget / spending / self discipline help needed!

posted 9 years ago in Money
Post # 3
Member
18628 posts
Honey Beekeeper
  • Wedding: June 2009

I don’t know if this will work for you but a lot of people do well on the jar system.  You take out the amount of cash you will need for the week and have to live on it.  Don’t go back to the bank until the next week.  It might be easier to keep track of the amount of cash you can really spend if it is physical cash instead of invisible plastic.

Post # 4
Member
2017 posts
Buzzing bee
  • Wedding: December 2010

Oh, I feel you there.  Everytime I get a large sum in my account, I feel rich. And I act accordingly. lol

I’ve read that you should you “pay” yourself each week and once that amount is gone, it’s gone.  Also, to set up everything to be paid automatically, including a set amount that is transferred into a savings account each month.  An account that you are NOT allowed to touch:)

I highly recommend ING Direct.  It is seriously the highest yielding savings account I’ve found.  I was so excited the first month I checked my statement even though I had only earned $5.00 in interest.  It was better than the .50 cents my bank would have given me.

Lastly, go check out a website called I Will Teach You To Be Rich.  It’s a young guy and he is seriously a financial genius.  That site will tell you every single thing you need to do to start saving. 

Post # 5
Member
2441 posts
Buzzing bee
  • Wedding: April 2011

Give yourself an allowance.  Similar to the jar system.  Don’t keep extra cash around the house.  Don’t carry debit or credit cards with you day to day.  It is too easy to spend money that way.  Only carry what you need each day.  Only take from the bank what you will need for the week/month (depending on how much you trust yourselves). If it is too easy for you to go to the bank and make withdrawels maybe put some of those larger amounts immediately in short term cd’s so they will earn a bit of interest but more importantly you will be penalized if you touch them.  You could access it in a few months without penalty.  Would that help you leave it alone?  The whole point would be to make it inconvenient for you to overspend.

 

Post # 6
Member
77 posts
Worker bee
  • Wedding: July 2012

I second the Jar approach – or at least, giving yourself a predetermined weekly or monthly allowance in cash and sticking your credit/debit cards in the freezer.

Another option is to move the large sum of money into a seperate bank account. My bank has an ‘e-savings’ account that I can’t access with my debit/atm card. I need to physically go to the bank or log in to my online banking and transfer the money out in order to spend it.

When I get paid (every 2 weeks) I transfer out the amount for our bills (mortgage, utilities, loan, etc) into our joint account, then calculate my “allowance” and withdraw that cash, then move everything else into the e-savings. It’s there if I need it, but it’s a little harder to get to and I have to stop and think about it before I move it out and spend it. So far, it’s working!

Post # 8
Member
192 posts
Blushing bee
  • Wedding: May 2012

I’d get your big chunks deposited into a savings account and then give yourself a paycheck each month (or two weeks, whatever you were used to) into your checking account from that. Agree that you will not, for any reason, dip into that savings account. My friend is a writer, so she gets huge advances a few times a year and this is what she does. It works for her a lot better than her old system of feast or famine!

Post # 9
Member
949 posts
Busy bee
  • Wedding: August 2012

The jar system sounds good. I would also suggest using Mint or some other budget-tracking system– it’s kind of the opposite of a cash system in that it’s easiest to use if you are using debit cards so it automatically inputs your spending. But for me, it’s really helpful to have that super-clear display of exactly where my money went. Maybe a combination of the paypal “jar” system and tracking on Mint?

Post # 10
Member
18628 posts
Honey Beekeeper
  • Wedding: June 2009

I wonder if you can attach your Paypal debit cards to Mint.com?  That would be a good way to keep track.

I know what you mean about cash, I hate carrying it around.

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