Does Anyone Here Have Good Saving Habits?

[lady_c]

first you have to prepare an actual budget each month based off of estimated expenses (you may want to budget every quarter). you need to literally write it down or create an excel spreadsheet. list every exepense no matter how small, be sure to include an estimate for gas and household expenses such as toiletries and paper goods. also include whatever you plan on spending for savings, eating out, etc. obviously you want your total to be less than your income. if it's not you need to re-evaluate your expenditures. also, you should update your estimates using a 3 month average on bills that fluctuate such as utilities.

if you are not used to living by a budget, it will take some getting used to, but in order to save and stack money for investing, you have to make yourself spend and think within the parameters that you set with the budget.

as far as savings goes, the easiest way to start is by getting your job to direct deposit a portion of your paycheck directly into a savings account so you don't see it. once a few pay periods have passed, you wont even really notice it. also, do not link your savings and checking accounts or get a debit card for your savings account bc you are making it TOO accessible. you may even want to get your savings acct at a different bank or credit union altogether so it is more difficult to take your money out, but still accessible in case of major emergency.

 

[Rozetta5tone]

Thank you for the help...I'm gonna try budgeting again but tbh...I am horrible at sticking to a budget...

All the insight you gave me seems sound enough for me to give it a try...i'm gonna check in with you in a month or two to let you know how eveything is working out...

 

[kingblaze84]

Good advice Lady C, I only have 300 dollars in my savings and even less in my checking account.....I'm getting some nice money from school next week, I'm gonna start saving that. If I'm lucky, I'll have 3 gs in my savings by the time the year is over.

 

[new account2]

I ve developed good saving habits got 10 savings accounts (40k1, Stock Options, savings account I cant touch....etc) I budget what I can afford, leave a lil room in my checkin account and leave money all over the place to the point I forget about it....it comes in handy for them rain days..I also put my money is assets and always try keep an open outlet for hustling

now if I could get my spendin habits up to par i'd be straight LOL

 

[Miltown Marauder]

if you have a savings and checking, automatically transfer funds every payday. It can be something like 50 bucks, once you get used to it, and you get around 1,500 it's clockwork.

 

[Miltown Marauder]

if you have a savings and checking, automatically transfer funds every payday. It can be something like 50 bucks, once you get used to it, and you get around 1,500 it's clockwork.

 

[Miltown Marauder]

Oh yeah, another thing is see if your bank has transition transfers. I have 25 cent coming to my savings EVERY transaction with my check card and 50 with my credit card. So if you get gas, pay a couple bills and go get food, that's 2 dollars right there.

 

[young chad]

I agree with the budgeting advice that the first response gave. I'd also say cut out useless spending, one thing I REALLY had to cut out, was eating out. I used to go to McDonalds for lunch and dinner or atleast go to a restuarant for lunch and McDonalds for dinner...it didn't bother me because I'm a server and I make 100 or more in cash every day..but shit spending 20 bucks (or 10 if it was strictly McDonalds twice)..was costing me like 50-100 a week...Once I got serious about saving money, I started going to the grocery store and buying like 100 worth of groceries, that last AT LEAST 2 weeks..(bread, oatmeal, salad, cereal, peanut butter and jelly etc)..and I started drinking mostly water (sometimes Simply Orange or Lemonade, or V8 Splash)...that's actually healthier then what I was eating, and WAY cheaper..

Next, I bought a safe, and since I make cash on a daily, I usually take a portion (ranging from 20-100 depending on what else I need that day/week) and put it to the side...I put the rest in the bank. The reason I do that, is because money burns a hole in my pocket too, I'm an impulse shopper, so when I see something, either online or in the mall (I rarely go to them anymore) I used to pull out the debit card and make a quick purchase..now with the cash in the safe when I see something on impulse, I have NO access to the money..that saves me A LOT of cash.

Lastly I'd advise buying yourself something small once in a while...the hardest part about making cutbacks is that people often try to give up EVERYTHING, and that will drive you crazy, my mom always told me, to keep your sanity, reward yourself for your hardwork every now and then. Maybe go to McDonalds..go buy a nice shirt, just do something to make yourself feel good, and at the same time you'll be "rejuvenating" your mind that is USED to spending that money burning a hole in your pocket!

 

[caddo man]

Trick yourself! make accessing your money hard. Dont have a checkcard for your saving accounts. And even put away money in a credit union. Do not get any checks or cards to access it. Just have your money automatically transfer over.

Budgeting and sacrificing is the key.