I have an auto-pay set up for multiple savings accounts. The money comes out of my primary checking around the 15th and gets deposited into various savings accounts held with a different bank. I basically treat it like any other bill and make sure the money is there and available to be withdrawn.
Post by shamrockshake on Mar 2, 2015 16:41:38 GMT -5
We have several sub accounts, I transfer money to those to save for things so it's out of our main account and I can't see it as easily. once I transfer it out I pretend it's not even there anymore
Right now, my H and I have temporarily agreed to discuss all non-essential spending. So if I want something enough to have a conversation with him about it, then I suppose that's a valid want. If it's not worth the discussion, I figure it wasn't worth it in the first place.
When that "rule" isn't in place, I tend to put things in my shopping cart and not check out. I just let it sit there for a few hours, a day. That gives me a chance to think about whether I actually want it or not.
Post by exploding people on Mar 2, 2015 16:43:50 GMT -5
I've just convinced myself that we have way less money than we actually do at any given time, which keeps me from spending. Then I move the excess to savings periodically.
It depends. Sometimes if I have a specific goal, it helps. I started my Disney jar again for our trip next year. I will put a specific amount in it each week. I already know, ballpark, what I need for tickets and dining plan, so that is what I am saving towards. It made a big difference last time and it was satisfying seeing the money grow.
Automatic withdrawals. Our regular minimum savings gets auto-debited on the 15th of every month, so it gets budgeted the same as all the other bills and I know the money has to be there same as my mortgage payment, etc. Then I do the same thing on the 1st for our IRA deposits.
I'm just very scared of being poor again. I don't want to be in the position of not being able to pay for my parents' healthcare. It scares me enough to want to save.
Auto pay in to a separate savings account that's not the same bank as my checking account, so I'm not tempted to transfer back & forth since it takes 2 days to process.
Treat your savings account like a bill. Put it in your budget. Transfer the money on payday so it's not there to spend. We have several savings accounts for different goals and this method helps us.
Oh, I don't. Extra money makes me twitchy too. I always spend it. My recommendation is to buy something that at least holds its value. Then, if you need money, you can always sell it.
Oh, I don't. Extra money makes me twitchy too. I always spend it. My recommendation is to buy something that at least holds its value. Then, if you need money, you can always sell it.
I like you, elle, but this is terrible advice for someone like jezebel. She's a single parent with a very small income. Spending her excess money on something that "holds its value" is not a wise investment strategy.
Oh, I don't. Extra money makes me twitchy too. I always spend it. My recommendation is to buy something that at least holds its value. Then, if you need money, you can always sell it.
I like you, elle, but this is terrible advice for someone like jezebel. She's a single parent with a very small income. Spending her excess money on something that "holds its value" is not a wise investment strategy.
I must have missed that. Allow me to update the spreadsheet.
My bank account is setup so that everytime I used my debit card it automatically transfers $1. It's not much but it adds up. I can up it to $5 per transaction, if I choose.
Besides what everyone else said DH and I get a "cash allowence" every week. We each get $20 in cash to spend on what we want - going out for lunches, coffee, etc and when it's gone that's too bad. This doesn't include things like gas though. DH spends all of his - I try to save it but usually only have about $5 left over.
Classic advice is to pay yourself first. When you get paid, transfer a set amount to savings (or have it set up to automatically do that) and set a firm rule that your savings is not to be touched unless the expense meets a predetermined set of criteria.
Other than that - budgeting, as much as it sucks. I'm not currently saving anything, but I'm on a tight budget and I've been tracking every dollar I spend in an excel spreadsheet. It helps me avoid overspending if I have a running tally of how much money I have left. If I know I have $100 to last me the next 10 days, I'm not going to buy a new shirt or whatever that I don't need. If I don't keep track, though, I might buy something I want because I don't realize I'm overspending.
401K is set at a high percentage so I don't get tempted to spend it.
Then I have a tiny amount that transfers weekly to a Savings account that we never touch.
SOOON I can increase that tiny amount by like, 3-5X once our car is paid off. Then we will have NO car payments! AND in August, we will no longer be paying for daycare once a week! WEEEEEE. BRING IT ON.
I used YNAB when DH was on disability leave & we were living on 40% of our usual income plus some support from my ILs. Any money left over went into savings. A visual reminder of how little we had helped nip most purchases in the bud.
You can get a free 30 day trial & there's usually a Groupon or code for purchasing it floating around.
Being on 1/2 salary recently while on maternity leave, with H getting laid off during that time, was also a quick way to lay off frivolous spending. I got into the habit of asking myself if something was really necessary, and would hold off on any online almost-impulse purchases for at least a day or two.
For me it's online purchases, so I've been making myself write them all down in my planner. It's amazing how much online shopping I do and it's slowed down some now that I'm more aware.
My husband. I cannot be trusted with extra money lol. Knowing he'd be pissed keeps me in check. It forces me to save up little by little for something I want that is expensive. Sometimes by the time it takes me 3 months to get the handbag I want I decide it's not necessary and just stash the $ instead.
If it were up to me I would have savings accounts I couldn't access easily.
we fund IRAs, Noah's 529 and non-retirement savings as we get bonuses, commissions or other windfalls like tax refunds. ETA - the money barely sits in checking, I transfer it immediately out to respective savings institutions.
My husband grew up in a family of 5 with a pastor as a dad and a SAH mom. They, clearly, had very little money. He's scared it's going to disappear one day, but I think I've finally convinced him this is the safest way to "keep" our money. I need to talk to him again and then move most of it from our checking to savings or a money market account.
Post by speckledfrog on Mar 2, 2015 18:04:27 GMT -5
My mom is this way. I think it's really hard, when you live paycheck to paycheck, to see money that doesn't when need to go towards bills. Remind yourself that you need to save it so the next unexpected expense didn't turn into a catastrophic event.
I shared this in the thread from yesterday but a few years ago we had an account set up that we cannot see online and we have to physically go down there to withdraw from it, lol. We put a few hundred in it a month. We also have David's college account set up the same way. We get statements for it every month, it's nice to see it grow when we don't even really miss the money because it never hits our account.
we fund IRAs, Noah's 529 and non-retirement savings as we get bonuses, commissions or other windfalls like tax refunds. ETA - the money barely sits in checking, I transfer it immediately out to respective savings institutions.
My husband grew up in a family of 5 with a pastor as a dad and a SAH mom. They, clearly, had very little money. He's scared it's going to disappear one day, but I think I've finally convinced him this is the safest way to "keep" our money. I need to talk to him again and then move most of it from our checking to savings or a money market account.
I find that shoving it away in a money market account is so much more effective because it's a pain in the ass to take it out, whereas a savings account is easily accessible.