What is your strategy for saving large sums of $$$

[bab]

I feel like every time I get on a good roll something big goes and I have to shell out tons of cash. WTF?
Should I be extreme couponing oR something? Don't tell me to cut my cable. That is a definite no. LOL

[hubes]

Bahahahahahahahahahahahahahahaha

:::deep breath::::


Bahahahahahahahahahahahahahahaha

[bab]

Aug 1, 2012 16:05:47 GMT -5 toledo said:

First: get a large sum of money.
Second: put it in bank.

THIS IS NOT A LAUGHING MATTER ;D

[Bernadine]

I'd rather work a second job than cut back on my spending.

[ThirdandLong]

To save large sums of money for my kids education, I set up an automatic transfer with my online banking system to transfer $ to my kids accounts every pay day. This way it smarts a little less in the end, and it had years to build. You could try something similar into a savings account every pay day.

[sonrisa]

1) Pay cash for everything. Take out x at the beginning of the week and that is your spending limit.

2) Follow the depression era motto: "Make it last, make it work, make it do, or do without"

3) I put myself on a spending diet: no clothes or shoe shopping for a year.

4) All food made at home, by me. (That is also a good weight loss strategy for me too - If I have to bake my own calories, I eat less stupid stuff).

[bab]

I used to before we had kids Bernadine. My H works 2 jobs and I work f/t as well. If I took on extra hours, it would be pointless because we would need a sitter. As it is, I'm about 90% sure I'm going to give up my 4 day work week when school starts so I can drastically reduce my after care/ babysitting costs. I'm so sick of giving other people my money!

[Bernadine]

I meant to include in my post that it's a lot easier to work two jobs when you don't have kids

[bab]

Aug 1, 2012 16:12:33 GMT -5 Bernadine said:

I meant to include in my post that it's a lot easier to work two jobs when you don't have kids

I know. It totally sucks. I miss that couple hundred bucks every week. It made a big difference!!

[leeann]

Take advantage of 10 for $10 sales on brownie mix.

[leeann]

Aug 1, 2012 16:23:51 GMT -5 toledo said:

Also, prayer.

Well, the brownie mix was an answered prayer, but you make a good point. Do nothing and leave it to God.

[Deleted]

Aug 1, 2012 16:05:47 GMT -5 toledo said:

First: get a large sum of money.
Second: put it in bank.

Seriously, that's the only strategy that works for me. We spend all of my paycheck. My bonuses and tax returns go straight into savings/investments and stay there. I am incapable of budgeting savings into our daily life. So withhold more on your taxes maybe?

[mountaingirl]

We don't save large sums as we are more than nest poor but this is how we get by
Get takeout only once every few weeks
DH brings lunch most of the time, that $5/lunch adds up quick
No cable, just internet. We do get most major networks and a few other thanks to cable internet
The only clothes we have really been buying are for work(ok, I did judt get a dress that should stay in style for $25)

[bab]

Aug 1, 2012 16:28:59 GMT -5 toledo said:

bab, see? Just save your bonuses!

I work with the homeless. My bonus is making it home without lice/scabies/bedbugs and or fleas!

[leeann]

Aug 1, 2012 16:32:16 GMT -5 bab said:

Aug 1, 2012 16:28:59 GMT -5 toledo said:

bab, see? Just save your bonuses!

I work with the homeless. My bonus is making it home without lice/scabies/bedbugs and or fleas!

Well, there you go, God loves people who work with the homeless- PRAYER!

[Deleted]

Aug 1, 2012 16:28:59 GMT -5 toledo said:

bab, see? Just save your bonuses!

Now, see, this type of distortion is why I can't help feeling a bit trolled. :drink:

[alzi]

we have money directly taken out of our paychecks and deposited into retirement acct/separate savings. it won't happen otherwise.

[Deleted]

Aug 1, 2012 16:33:12 GMT -5 leeann said:

Aug 1, 2012 16:32:16 GMT -5 bab said:

I work with the homeless. My bonus is making it home without lice/scabies/bedbugs and or fleas!

Well, there you go, God loves people who work with the homeless- PRAYER!

The soldiers wish they could make it home without lice!

[bab]

Aug 1, 2012 16:33:12 GMT -5 leeann said:

Aug 1, 2012 16:32:16 GMT -5 bab said:

I work with the homeless. My bonus is making it home without lice/scabies/bedbugs and or fleas!

Well, there you go, God loves people who work with the homeless- PRAYER!

LOL

[blondemoment123]

Aug 1, 2012 16:11:01 GMT -5 sonrisa said:

1) Pay cash for everything. Take out x at the beginning of the week and that is your spending limit.

2) Follow the depression era motto: "Make it last, make it work, make it do, or do without"

3) I put myself on a spending diet: no clothes or shoe shopping for a year.

4) All food made at home, by me. (That is also a good weight loss strategy for me too - If I have to bake my own calories, I eat less stupid stuff).

I need to frame this and put it on my wall lol

[sonrisa]

Aug 1, 2012 16:28:59 GMT -5 toledo said:

bab, see? Just save your bonuses!

No, no, no. Bab: you need to start saving Elle's bonus ;-)

[cheesierthanchedda]

Aug 1, 2012 16:36:50 GMT -5 TR said:

I have to have automatic transfers set up or it doesn't happen. I had to stop them when H stopped working his full time job, now we just deposit his checks directly into savings and if I HAVE TO pull from savings to pay bills, I do that. But I'd rather it go into savings first.

Make paying yourself just like a monthly bill, even a little bit at first is good.

I do this. But I'm not very good at leaving the money there.

[Deleted]

Aug 1, 2012 16:34:56 GMT -5 sonrisa said:

Aug 1, 2012 16:28:59 GMT -5 toledo said:

bab, see? Just save your bonuses!

No, no, no. Bab: you need to start saving Elle's bonus ;-)

You don't even want to know how small my bonus was last year. I looked at it and squinted it was so small. It was actually less than the bonus I got my first year of practice. This economy has been hell on the bonuses. For reals Sonrisa. The days of yore. The recession reaches everywhere.

[sugarplum]

We put a certain amount away out of the 1st paycheck of the month. We put all of it into 1 high interest account (as high as you can get now) and I have a spreadsheet that splits it between our intended goals. We use the remaining 1st and all of the second paychecks to live off of until the next cycle. The 2 months/year that we have 3 paychecks, all of that 3rd paycheck goes directly into savings. It adds up quickly.

If we have a new goal and a short time span, in addition to putting some of our monthly savings towards it, I also chose something I can live without, such as lunches out or coffee, etc, and put the money I would spend on that into savings. I estimate out the monthly savings and put that in first thing in the month as well. It's a lot harder to cheat then.

[Deleted]

Aug 1, 2012 16:39:16 GMT -5 toledo said:

I want to know how small your bonus was last year.

Guess. In a different post. Without identifying information. I'll tell you if you're hot or cold.

[sugarplum]

Oh, and if it's a longer term goal, once we have an established savings for it, I turn it into a longer term investment like a CD that has a higher interest rate.

[Deleted]

When H and I are tight on money we cut back on: eating out, buying "junk" food, going to the movies and things like that, we got rid of cable, and we didn't do any extra shopping/spending (no new clothes unless it was absolutely necessary, no new electronics, etc.)
I would suggest maybe setting up an account specifically for whatever you are trying to save for if it primarily for one thing.
We also have money taken directly from H's check to deposit into account and we have monthly withdrawals set up for our other savings accounts.

[mountaingirl]

What's a bonus? The thanksgiving turkey?

[mrssavy42112]

Aug 1, 2012 16:12:33 GMT -5 Bernadine said:

I meant to include in my post that it's a lot easier to work two jobs when you don't have kids

True, it is harder. But not impossible. I've found that my friends with multiple kids are more motivated to work that extra job, in comparison to those without kids, like myself.

When I had direct deposit, I also did the auto transfer if some money into a savings. We eat out 1-2x a month, bring our own lunch, I coupon a lot. I paid off my CC debt & only use our debit now. I track our budget & payments on a spreadsheet & use Mint.com to see what areas we can cut back. We take very little, it any, spending money each week. Oh, and I work 2 jobs.

Treat savings like another line item on your budget that you have to pay, rather than just saving 'whatever is left over,' since that rarely happens. If you post your budget on MM, those ladies are really good at finding ways to save more.

[leahmel]

I just have a percentage being direct deposited into a savings account. It isn't a ton (10% of my pay), but enough that it eventually adds up.