I am not the best at saving money, but when I'm good about it is when I have something concrete and specific to put it toward.
Last year, every time I saved instead of spent, I told myself, "This is going toward landscaping so your yard no longer looks like shit. You know you hate your yard." And I'll be damned, we were able to pay to have the back done professionally and we did the entire front yard ourselves, paying for all the supplies/plants.
This year, every time I save, I remind myself it's going toward 4 trips we're taking this year (1 is a small getaway and two are weddings, but they are in fun places and cost $$$ because of hotels, etc, so I'm counting them as trips).
If I don't have something specific that I am saving for, it's harder.
And let me clarify that we don't empty out our savings to do things like trips or landscaping. We always have an e-fund that doesn't get touched, but this is above and beyond that.
ETA: My job doesn't allow me to do automatic transfer for two accounts. Because I have my check deposited automatically to checking, I can't also automatically deposit to savings.
I do several sub accounts to with automatic transfers - money that needs to be saved short-term goes into accounts I can access easily if I need to (e.g. Christmas fund); money that I shouldn't consider touching for the foreseeable future (emergency fund) is in another bank altogether. Ours is a Tangerine account so I can't just use debit to get at it. I have to transfer it to my regular bank and that takes three days so if I'm going to spend it, I have three days to think about it first!
Post by Balki.Bartokomous on Mar 2, 2015 19:01:33 GMT -5
Budgeting & autopay. I know that we need to save $x and that in order to do that, I can only spend $n. I have $n autotransferred to a separate account every month so that day to day I only see the balance that I can spend.
I don't generally go over that because a) DH would be pissed and b) it has to come from somewhere & I'll be damned if I'm giving up my vacation because I chose to buy crap.
ETA: $n is just my own personal discretionary spending. Regular bills & groceries come out of a separate account.
Post by fuckyourcouch on Mar 2, 2015 19:22:34 GMT -5
I highly recommend a strategy where at some point you are pretty poor and on public assistance, and you will become so paranoid you will be afraid to spend $3 on raspberries, let alone anything else, so you will hoard any money like a crazy person. *
I have automatic deductions taken out of my payroll.
1. Retirement 2. Auto transfer to CHRISTMAS club (not a true savings since I spend it each year) 3. Another auto transfer to a savings account that's used for paying bills 4. Another auto transfer for a long term savings
This might sound lame but when we saved for our last down payment and currently as we save for our next one, I've made a chart with $$ increments from zero to our goal.
I shade in what we save and watch the chart turn more blue (the color I use) than white. I make the increments small enough that I can shade in at least one line every month. It's hanging in our master bath where we can see it multiple times a day.
The money being saved is in an capital one 360 account.
We also make a game out of not spending money. Like, how little can we spend this week?
Not leaving the house helps. Lol. I find if I'm out and about, I will buy a tea or clothes or lunch.
Automatically deposit a portion of our checks into our savings account. Then we have an extra amount we pay as a "Bill" once per month. We keep an emergency savings separate from holiday/gift money and then we also have a house fund (to build a deck, get new floors, etc...)
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.
I have this exact set-up with my credit union at work. To take money out, which I don't think I have ever done, I have to call with a request, fill out a slip and wait 3 days to pick-up the check so it is a pain in the ass. It truly is an account I will forget for a year until I get my yearly account summary. After 9 years is has accrued nicely.
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.
Do you do like a physical jar?
lol Yes, well it's plastic, but pretty much a jar. I don't know, there is something about having to physically put the money in there and then start counting up my total that is satisfying. It worked out really well last time. Hopefully, I will save enough that when we get down there we will only have to pay for souvenirs.
Post by blondemoment123 on Mar 2, 2015 20:10:11 GMT -5
I bank with usaa, so no physical bank. I just opened an account at BOA. I get cash from my normal account and physically deposit at BOA. Making myself actually take cash and put it somewhere out of sight really helps me save.
Post by iheartbanjos on Mar 2, 2015 20:13:39 GMT -5
I track my expenses in mint.com (it's free).
I start each month with all the money I have budgeted for the entire month in my checking account. On the first, most savings transfer out (529's, cash savings, non-retirement investments.)
We keep our savings in an online account (Capital One 360). There's a 48 hour period when you transfer, so it's not easy to get to (although if you need it quicker, you can call their customer service. We had to DI that once when our house closing was moved up.)
H has taken a recent interest in our finances, so with the additional exposure, my spending has gone way down, lol.
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.
Post by Saint Monica on Mar 3, 2015 4:56:13 GMT -5
Fear and guilt are my motivators.
i feel very guilty I couldn't afford to go to my grandfathers funeral (05/2014); guilt and sad that I could only afford 2 weeks off for my dad's passing.
I went to a Xmas party but declined participation in the ugly sweater and ornament exchange. I say no to a lot of events/fun things.
My H is like you, but I enjoy seeing our savings grow. I like knowing that if something happened to either of our jobs we'd be ok for a few months while trying to find a new one. Money goes right into savings from my account automatically every month.
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.
How do you set this up?
The teller asked me. I think it's called Smart Save or Simply Save. I bank with TD, not sure if you're from the U.S. and have that bank there.
The teller asked me. I think it's called Smart Save or Simply Save. I bank with TD, not sure if you're from the U.S. and have that bank there.
I have something similar through BofA. Basically they round up all purchases and that change goes automatically into savings. You don't really notice it, but it really adds up over time.
Post by thatgirl2478 on Mar 3, 2015 13:11:11 GMT -5
- pay all bills first - auto deduct money to various accounts (401k, IRA, kids, general)
when it comes to that impulse to spend - and OH BOY do I get that - REALLY big purchases, which in our house is anything over $200, gets discussed with DH. Moderately big purchases (anything under $200) get 'slept on' for a few days to see if I REALLY need it or if I just want it because I feel like I want to spend money.
It also helps that I do the budget & know how much blow money we have. Plus I'm pretty frugal and tend to not blow money on stuff one of us doesn't actually need. Like last weekend I bought 3 new pairs of jeans - because my other pair (yes one) was starting to get see through in the crotch and would be ripping imminently. I only spent $120 on all 3 pairs...
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.
Also - remove your credit card from being saved in certain websites. Old navy and gap are big for me on this.
Sometimes, I have found that if I need to get my CC out and actually enter the number, I decide against buying it. LOL.