Saving Money....

Cherokeekid88

Cherokeekid88

Well-Known Member
Joined
Jun 30, 2007
Location
High Point, NC
Here lately, I have found it to be harder to save money. I like to buy things, but I also like to save. I am living at home savings to move out in a couple of months, but I feel like now is the time for me to buy things that I want since I can afford them now. I get paid ONCE a month, So it is harder to budget that money, but alot can happen within a months time. I do pay for everything except rent and utilities, yeah I still find myself spending little bits here and there and its starting to really take a toll. What do you guys reccomend for really trying to save money...I take my lunch everyday to work and maybe eat out 1-3 times a month for lunch at work. Dinner is usually something cooked at home or something cheap, usually go out to eat maybe 5-7 times a month. I know that if i stop buying so much stuff, it would help, but I feel like I get payed once and I need something to make me happy throughout the whole month until I get payed again. What do you guys do to help save money or make a little extra money on the side without having another job?
 
my wife and i save using the envelope system.. it might seem like preschool but it works awesome for us! We have an envelope for things we wanna save for. even a spending money envelope for whatever comes up. so every paycheck we sit down together and divide our paycheck into the envelopes.
 
I do a couple different things. First off, is I have my budget...which I too, use envelopes on. Put your alotted amount of cash for each expenditure in the envelope...it can get kinda crazy...I have 22 envelopes, the more detailed the better, so you can't just say 'yeah, this classifies as this expense'...when it could really count as a couple. This takes a little bit of will power, to not rob from peter to pay paul. Then when the envelope is out of cash, you're done spending on those kinds of things. If you have any left over, it goes to savings. IE, you budget $100/month to go out to eat, that's what goes in the envelope, you spend all $100 the first week...no more out to eat the rest of the month. Or, you budget $100 and only use $40...the remaining 60 goes to savings.


The other method I use, is to make my savings physically inaccessible. At one point, I had a savings account with Regions bank, closest one to me was 35 miles away. And I didn't get a debit card, and I never opened online banking. So if I needed to drive that 70 miles round trip, I better frickin need that money.

Finally, don't carry the card in your wallet. It's alot easier to swipe a card than physically hand over the cash. Leave the cards at home, cut them up, freeze them in a big block of ice...do whatever you have to so you don't bring them in public with you.



Disclaimer, I'm not saying cards are a bad thing (credit card in particular). These days I pay almost everything by credit card and reap the 5% cash back...but I also never carry a balance on my cards. Hell there was one time, I paid an entire college semester on my credit card. I had the cash in my account, swiped my card, paid of the balance and reaped 5% on 13k. However, I wouldn't advise cards until you get your budget and spending in check.
 
Try to not live above your means... give 10% to church, 10% to savings, then live off the other 80%...

Easier said than done...

EDIT: I'll also say if you don't make much money then the amount you put in savings isn't going to look like much but it will add up over time. W/ my 401K at work, if I get a raise I typically just bump up my contribution % so my check stays the same...
 
stay living at home as long as you can....if your having trouble saving money now, its gonna be alot harder to do it when your out on your own. those meals you eat at home..you will be paying for along with rent, utilities, internet, cable, etc.... But as far as saving now as stated above just set yourself a budget, money to out with, spending money etc... and once its gone... well spend everynight at home til you get paid again
 
Drink more water. Sodas at the gas station really add up.

Next I agree, like you I like to buy things. What I do is buy things that I can resell for a profit. Rather than liquid money (actual cash) I have assets that can be sold to create money for more than I paid for them. I don't win all the time, but I win more than I loose so it averages out to be positive and allows me to have some fun in the process.
 
one thing that killed me was I bought a gas saver. VW MK3. Bought it and said I was gonna leave it stock. Set of coilovers, e codes, oem projector fogs, new windshield, head unit and suspension refresh parts...I've spent alot. My main thing is, I find that if I don't buy myself something everytime I get paid whatever it may be, I feel like...what am I working for...I know its to pay bills and be responsible, but still. I think everyone likes having things. Also, I am going to NY at the end of may...Hotel was like $1000 plus the money to spend while I am there, plus plane ticket. I feel like if I just buy less expensive things...I might be alright. the only problem is I have all of my bills taken out of my account, and I have direct deposit..I guess each month when I get paid I could save a portion of it and then punch out the rest and just make myself live off of that. Working at a bank makes it hard though...It is right there at my fingertips :)
 
here is a few tips....set a budget on what you are going to spend per week.

Put that much cash in your pocket and leave the rest in the bank.
Leave the debit card at home. Every Sunday take the next weeks money out, go straight home and return the debit card to its hiding spot. (mine is in a gun safe)
Then if you need something you ahve to have the cash to buy it..if not you could drive home get the card and go back...hopefully you are mature enough to prevent that.

That has left me at times with a 100k+ income and not enough money in my pocket to eat lunch and NO WAY to get it....do that a few times and the value of a dollar starts adding up.

Someone once said the first sign of adult hood is the ability to delay pleasure....are you an adult or a kid...
 
Cherokeekid88 said:
.....but I feel like I get payed once and I need something to make me happy throughout the whole month until I get payed again. ....
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Cherokeekid88 said:
... I find that if I don't buy myself something everytime I get paid whatever it may be, I feel like...what am I working for...
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Hmmmm... This sounds like typical GenY(or Gen Next) BS The "I deserve it" crap.... I worked hard...
You should pay your parents some $ for rent and food.
You should decided what your priorities are.
If you can't save now how on earth do you think your gonna live on your own? Paying ALL the rent and bills.
 
yager said:
Hmmmm... This sounds like typical GenY(or Gen Next) BS The "I deserve it" crap.... I worked hard...
You should pay your parents some $ for rent and food.
You should decided what your priorities are.
If you can't save now how on earth do you think your gonna live on your own? Paying ALL the rent and bills.
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+1 BTW if you are trying to buy happiness you will end up broke and sad....
 
UTfball68 said:
^^^It's pure willpower. Make the sacrifice now...or when you can't retire at retirement age.
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What would you say if I told you that you were going to die at 38 of pancreatic cancer...?
 
Cherokeekid88 said:
My main thing is, I find that if I don't buy myself something everytime I get paid whatever it may be, I feel like...what am I working for...I know its to pay bills and be responsible, but still. I think everyone likes having things.
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This is your problem. As someone already said, you are trying to buy happiness. That is a slippery slope that you will never climb to the top of. If you don't already have a 401k or 403b, open one up, and contribute a large portion of your salary. At least that way if you are blowing money on stuff you want, you can feel good knowing that you are doing the right thing for your future.
 
Shawn said:
What would you say if I told you that you were going to die at 38 of pancreatic cancer...?
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I try to live thinking that I may die tomorrow, but I better plan for the future. No one wants to be 80 yrs old and working as a greeter at Wal-mart in order to eat and keep a roof over their head.
 
Cherokeekid88 said:
I am living at home savings to move out in a couple of months
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A lot of places require a month's rent as a deposit (some require first and last months) and most utilities require some sort of a deposit, especially if you've never had utilities in your name before. Figure out whatever you're going to end up paying in rent and utilities and start putting that money away now... then you'll know what it feels like to not have that in your pocket. Plus, that money you save now has a purpose and you'll be less likely to mess with it when it will screw up your goals. Saving 10% is good, closer to 20% is even better, especially if you have no real bills to pay.

I think that's what it comes down to for a lot of people, having goals... whether it is saving for a lift kit, a car, a trip, retirement or unemployment... if that money has an assigned purpose it makes it easier to leave it alone and delay gratification. I think everyone should budget in some "play" money (if they can afford it), too, but you have to stick to whatever system gets the job done.

I also think everyone should work toward having an "emergency" savings account that is separate from everything else... and contains enough money to cover your necessities for at least 3 months, if you were to lose your job or not be able to work due to illness... or have a baby and not have paid leave.

If you wad your junk up on the weekend you'll be glad you put some money aside...
 
Shawn said:
What would you say if I told you that you were going to die at 38 of pancreatic cancer...?
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I'd say hope for the best but plan for the worst. I'd say stop suckling the teet and do the responsible thing. I'd say I'd hope by that time my wife and children would be set based off my financial decisions (and of course my life insurance policy). I was merely trying to malke a point though...if you can't do it now, chances are, you won't be able to do it later. I'm 25 and see kids my age that have to have the instant self-gratification...shoot I see 40, 50, 60 year olds do the same thing, but it's more prevalent with my generation. I've been an accountant for PWC and DH and am currently a financial analyst for B/E Aerospace, does that mean my opinion means a pinch :poop:, probably not, but it does mean I've seen all too many folks fail financially and mis-allocate funds and not plan for a future...and while all I can/could do is offer advice, it still sticks in my crawl when the answer is so apparent and folks can't and won't do what needs to be done, then have the nerve to complain about their circumstances. If you want something to change, you have to be willing to change something. But it is easier handling other people's money.
 
I do have 401k and have had it since I started working part time when I was 16. When I got my full time job almost a year ago, I made sure that I went ahead and put a good portion of my check into my 401k every month so that I wouldn't get used to having so much money and then start wanting to put more into my 401k. Also, I am not looking to be told what is responsible and what isn't. I pay my bills that I do have. I help out around the house, cook dinner, do things to make it easier for my parents. They won't let me pay rent because they want me to save that money...Now I understand that also doesn't mean I should be able to go out and buy stuff. It's not like I am letting things go unpaid to buy stuff that I want. I always pay my bills. I was simply wanting some advice on how to save even more money. I do have a good bit of money saved, I just want more and I have sorted out all of my bills when living on my own and I can do it. I think the plan that I figured out was to pay all of my bills the day I get paid....then punch out $100 each week for me to leave on....that will be $400 a month. Anything left over from each week, goes in a envelope. At the end of the month, I will take the envelope and deposit that back into my account and start over again.
 
Cherokeekid88 said:
I do have 401k and have had it since I started working part time when I was 16. When I got my full time job almost a year ago, I made sure that I went ahead and put a good portion of my check into my 401k every month so that I wouldn't get used to having so much money and then start wanting to put more into my 401k. Also, I am not looking to be told what is responsible and what isn't. I pay my bills that I do have. I help out around the house, cook dinner, do things to make it easier for my parents. They won't let me pay rent because they want me to save that money...Now I understand that also doesn't mean I should be able to go out and buy stuff. It's not like I am letting things go unpaid to buy stuff that I want. I always pay my bills. I was simply wanting some advice on how to save even more money. I do have a good bit of money saved, I just want more and I have sorted out all of my bills when living on my own and I can do it. I think the plan that I figured out was to pay all of my bills the day I get paid....then punch out $100 each week for me to leave on....that will be $400 a month. Anything left over from each week, goes in a envelope. At the end of the month, I will take the envelope and deposit that back into my account and start over again.
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I wish I could live on $100 a week. I spend close to that on gas driving to work now...
 
If you really want advice on how to save more money, I think hidden in a few of the gems offered here is a common source.
Spend $15 on this
http://www.daveramsey.com/store/prod326.html

I will almoot guarantee that no less than 4 people in this thread have read it based on their advice ;)
 
^^^What can I say, I went to school with one of his daughters, he was an alumnus and came and talked to the team several times. Another book I like Millionaire Republican by Wayne Allyn Root.
 
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