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Thread: Saving Money

  1. #1
    Veteran Member RC's Avatar
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    Default Saving Money

    All right...

    I'm in a bit of a pickle, I've been doing this for almost five years now so I'm not wet behind the ears or anything. I make great money and love my job. Problem is, I can't save any of it.

    I've tried everything but it just melts. I've even tried having my parents hold onto it but I always end up asking for it back.

    I don't spend it on meaningless stuff. I have two kids so it's always something we need, just not something we need RIGHT NOW. (Case and point the $90 stroller I bought today. It's a double and I've been wanting one for a while but still! I make almost $100,000 a year and have NOTHING to show for it).

    Any suggestions? I'm SO frustrated!



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    Veteran Member Rockette's Avatar
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    Default Re: Saving Money

    Open a savings account: take literally half of your earnings and put them there, and make sure you never take them out. It takes a lot of willpower, but this is the way I saved and am still saving while I am going through school.

    Consider other cost cutting factors: Stupid things like buying items on sale, buying gas where they have special rates on certain grades (they have a "super sunday" by me where 91 octane and up are 10 percent off), refinancing your car or paying off your car, eat out less by cooking your own meals... there are tons of things to do here.

    One thing that really helps me... going on vacation with friends. This by far is my largest expense as most of my friends are now out of undergrad and thus want to go on a little more extravagant vacations. Me still being in school, I tend to be a little wary about my spending habits and usually end up sharing a room with 1 or 2 of them. If I went on vacation solo I'd end up spending 3 times the amount of money.
    Isocrates: “Democracy destroys itself because it abuses its right to freedom and equality. Because it teaches its citizens to consider audacity as a right, lawlessness as a freedom, abrasive speech as equality, and anarchy as progress.”

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    Veteran Member Rockette's Avatar
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    Default Re: Saving Money

    +1 = 400 posts for me!

    Another thing: If you must dig into your savings, make sure the amount that you dig out is literally only for an emergency. Things such as if you couldn't make your car payment and it was about to be reposessed. You should get it. I'm 23 now and have been dancing for awhile. There are many girls here who can help you, but at first we all have a little trouble saving some money. When you are a teenager you aren't used to seeing more than 20 dollars a day, and now you get 20 dollars for a few minutes of time!
    Isocrates: “Democracy destroys itself because it abuses its right to freedom and equality. Because it teaches its citizens to consider audacity as a right, lawlessness as a freedom, abrasive speech as equality, and anarchy as progress.”

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    Default Re: Saving Money

    You need a pimp.





    Ok, I jest :-)

    I'd start by listing down all your income and expenditure for a couple of months. At the end of the day, or twice a day just open up your excel spreadsheet and try to think of every penny you spent. X on groceries, Y on rent, Z on takeaway on your way home from the SC, etc.

    You need to work out exactly where all that money is going. 'cos if you have $100,000 a year, it's gotta be going somewhere.

    Before you purchase anything, ask yourself:
    1. is it going to help me increase my wealth/avoid losing wealth?
    2. is it a neccessity?
    3. is it something that's TRULY going to make me happy?

    if you can't answer yes to one of the above, then DON'T SPEND

    The idea about going on vacation with friends is really going to help you.

    What are you living arrangements? It's possible to save a lot of money by restructuring your affairs.

    But before people can help you, we need to know where it's all going
    Last edited by salsa4ever; 06-20-2007 at 04:29 AM.

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    Default Re: Saving Money

    Quote Originally Posted by salsa4ever View Post
    Before you purchase anything, ask yourself:
    1. is it going to help me increase my wealth/avoid losing wealth?
    2. is it a neccessity?
    3. is it something that's TRULY going to make me happy?
    Set down and set a budget for yourself. Really, every damn dollar and know where its going. Once you know where its going you'll be able to save more. You'll also see how much money you're wasting each month. I did a budget one time after some heavy going out partying months and damn I was wasting money by the hundreds.
    I also 2nd the questions above. I also ask myself "if I buy this will this make me more money?" - most of the time that answer is no.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
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    Default Re: Saving Money

    You have to figure out where your money is going. Get a little notebook and write down every single cent you spend in it. Do this for at least two weeks, a month is better. Think about your expenses that aren't paid every month. Maybe you pay every six months for car insurance, stuff like that.

    When I do this I am always appalled at how much I spend eating out. So, I try to eat out a little less, and bank that money. Make sure when you trim expenses, you save that money, otherwise you'll just spend it on something else.

    Try forcing yourself to wait at least 24 hours before you buy something, to figure out if you really need it.

    If you can deposit even 20% of what you are making, the savings add up fast.
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    Default Re: Saving Money

    I would suggest putting your money into something where you actually can't access it, or you will be penalized for an early withdrawal, like CDs. You could even have them all as 6 month CDs, and when they mature, even if you spend the money then, at least you've earned some interest on it first.

    Or hire a financial planner and instruct them to make your money very difficult and time consuming to withdraw.

    At least you recognize that you are unable to save. Some people really can't figure out where the money goes. You are an impulse spender, so you just need to learn to work around it.

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    Veteran Member RC's Avatar
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    Default Re: Saving Money

    At risk of sounding less than intelligent where would I find a financial planner? Do I just look one up in the phone book or is it better to go by reccomendation?



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    Default Re: Saving Money

    There are some places that will charge you a ton of money for financial planning (if you have millions, spending thousands is nothing), but my bf uses Ameriprise, and I know he doesn't pay them too much. You pay a flat fee to start out with (consultation) where they basically interview you, learn your goals, and then tailor your investments around when you'll need the money, when you want to retire, etc. Then I think you pay additionally when you want to trade stocks, consult with the advisor, etc.

    Sorry I'm not much help on other firms, but I know t.d. waterhouse and others want you to have a minimum of 100k to invest. Most people I know aren't at that point yet You could also just ask wherever you bank. If they charge a lot for financial planning you could at least get them to recommend some names.

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    Featured Member Katherine's Avatar
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    Default Re: Saving Money

    Screw the budget for now.

    I bet some people are wondering why I say that.

    It took me a while to learn how to save. I became obsessed with money for a while. And everyone said "Budget, budget, budget, etc..." Well I would. For one day. Three or four at my most committed times.

    At the same time I was getting into credit card debt. Why? Cause they kept increasing my limit. So my debt would hover around my limit. So why wouldn't my spending be based on my cash flow? I couldn't save whether I was making 200 a week or 2000.

    Do what someone above said. Put half your money in the bank right away. Or 40% or 30%- whatever. Stop at the atm on your way home and deposit it! Every night!!! Don't keep it on you.

    You will find that your spending will decrease according to what's in you wallet.

    When you inevitably need more money- you will actually be needing it. It's at that point when you could ask yourself the do you really need it questions.

    If you have 100 dollars in your wallet you won't think twice about buying that 70 dollar whatever. But with 30 in your wallet- I bet you won't even miss it.

    That's my advice.

    I've grown and learned since, and I now save on a regular basis. The funny thing is- I make less money but save more than I ever have. It's because I learned that I'll spend whatever I have- not what I don't. I do have a budget now, and it's sometimes easy and sometimes hard to stick to- but limiting my cash flow taught me how to do it.

    And btw- I use Amerprise. It was a $600 flat fee. I think it's $300 a year after the first year. Of course my advisor makes money off of some of the financial products and vehicles I've chosen (with her advice) to use/buy, but that's the way it works...

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