A “new” savings method

[Accountingcat]

I felt like I’ve heard every basic money saving tip before but the other day my friend was telling me her method and I was like wow, that’s actually a good one. So it’s just saving unexpected money. Not like the inheritances and big windfalls we talk about here but everything. She said she saves everything that is not her normal paycheck. From $2 rebate check to gifts and bonuses and it adds up quick. It’s funny because I feel like most parents do this with their kid’s birthday gifts but we stop when we become adults.

I have always ignored extra money. Random $30 deposit, meh who cares! For real bonuses or the stimulus I budget as needed but it’s so easy to justify spending that extra money because it’s extra!

I just thought I’d share with the group in case anyone else needs a new method to try out.

[melmel48]

It is going to take forever, but I am saving for a bathroom remodel and saving all "extra" money. When I cash in my credit card rewards, it goes into the bathroom account. When I cash in ibotta $$ it goes into the bathroom account. So far I have almost $400 saved and none of it has come from my actual paycheck. Rakuten $ back goes into the bathroom account etc.

Also, if I get gift cards for stores I shop at regularly I will use the gift card and put the value in my bathroom account. I got a $10 gift card to the grocery store for Christmas. I will obviously spend $10 at the grocery store... so I put $10 in my bathroom account!

It really adds up!

[madringal]

I have always done that as my Christmas fund. Especially all those online rebate things (like ebates), cash back from credit cards, etc.

[aspentosh]

Mar 26, 2021 13:21:19 GMT -5 madringal said:

I have always done that as my Christmas fund. Especially all those online rebate things (like ebates), cash back from credit cards, etc.

I was thinking the same thing. Even for selling of clothes that have been outgrown or whatever. It all goes into PayPal and I use that to fund Christmas presents, next size of clothing for DD, etc. 

Also, any deposit I make into my everyday bank I put right into savings and keep it there until I make a bulk transfer to our investment account, e-fund, or in case I need it in my checking account. 

[notsopicky]

We do this. Commission checks, stock disbursements, tax refunds (it's not much, usually state), rebates, insurance dividend payments, bonuses, extra payouts at work, all of it, go into savings. It adds up!

That's how we fund our e-fund, our travel budget, gift expenditures. We budget our living expenses with just our primary payroll checks.

[gretchenindisguise]

It's on a smaller scale, but I do similar with target gift cards when they have their buy 3 get a $5 gift card. I save them all throughout the year and then use them for Christmas shopping.

[hippygirl]

I call it alternative cash. I have a separate savings account just for it. Rebates, settlements, stipend pay, and money from apps all go onto this account. I save it for gifts or items around the house.

[brooke77]

I’m doing this. I want to buy myself a frivolous gift (a semi-expensive ring), but I don’t want to pay for it outright. So I’m saving for it with “bonus” money. It’s going to take forever, but that’s fine.

[mich1]

This was how I got to Greece and Turkey back when I first started working. I had a job where I worked in a research lab, and I got on several lists where people needed normal blood for something. They paid cash, anywhere from $10-30, depending upon how much they took. I threw all this cash into a big ceramic pig that had no other hole in it other than the slot for money (which meant I had to break it to get access). When I took my clothes off in the evening and emptied my pockets, if I had the 0.40 left over from the soda I bought out of the machine at work, that went into the pig as well. Any unexpected cash went here too.

It took about 10 years, but I had spending money for nearly a month in Greece and Turkey. My airline ticket I got on miles. When I started doing this, I had no idea where I was going to go. It took working with a Greek and a Turkish woman to decide that I wanted to see where they came from. The Turkish woman invited me on vacation with her and her daughter. The Greek woman told me where to go, and what to avoid.