Tuesday Tips - Saving Money

TysWife2Be

Whether you are saving for a wedding, a downpayment on a house, or just saving, what are some of the best techniques you havebeen successful with when saving?

Maybe there is another method of saving that may work for you but you have never tried it.

I am open to anty and all suggestions...

ravj2001

any extra money that I come across I automatically put in a totally seperate account that I dont have access too...(no checkbook, or tyme card)...


Also I buy two rolls of quarters every week and put in a coin jar (it works)

tamtam7

A woman I worked with suggested that I set up an autmotic transfer through our local credit union.  I have an account with them still because I worked as a Teacher Assistant.  You can arrange to deduct the money from your paycheck and directly deposit it into a savings account.  I've discovered while saving up for the wedding, that I can be pretty good at budgeting and saving money if I am focused on saving for a specific thing.  I will keep that in mind when saving for future big purchases.  My next big thing is saving up for a Roth IRA account for our retirement. 

YasJas2011

That is a great idea Tam and I have done that with one of my savings account and don't think about it once it is withdrawn. I even treat it like a bill. Kind of like pay yourself first kind of thing!

KSTURGIS

I also have a automatic transfer. Money goes into my savings every week. I dont see it and its not connected to my atm card. This makes me have to think about it harder if I want to withdraw money for something.

I also have a change jar. I empty my pockets every night. And when I bartend, instead of cashing in my quarters at the end of the night, I take them home.

cincy2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/cultural-wedding-boards_african-american-weddings_tuesday-tips-saving-money?plckFindPostKey=Cat:Cultural Wedding BoardsForum:400Discussion:d473e4bd-1215-48d3-8935-22c47bef071fPost:9669d109-753a-4c7d-8082-c8bc34694cf2">Re: Tuesday Tips - Saving Money</a>:
[QUOTE]any extra money that I come across I automatically put in a totally seperate account that I dont have access too...(no checkbook, or<strong> tyme card</strong>)... Also I buy two rolls of quarters every week and put in a coin jar (it works)
Posted by ravj2001[/QUOTE]

wow, I haven't heard someone say Tyme card in about 5 years!!!!  LOL  I went to UW-Madison, and Wisconsin is the only place I've been where people call an ATM a Tyme Machine.  <img src="http://cdn.cl9.vanillaforums.com/downloaded/ver1.0/content/scripts/tinymce/plugins/emotions/images/smiley-laughing.gif" border="0" alt="Laughing" title="Laughing" />

tamtam7

@Cincy, I was wondering what a tyme card was.  I kinda read the context clues and figured it out.  LOL

@Yas, yes it really works.  And like RavJ said, it's a separate account and I don't have immediate access to it. 

I also have an automtic transfer of like only $25 (monthly) directly from my checking to my savings, but it doesn't work out as well for me, because that account is too easily accessible.

MIABRIDENTAMPA

We have Wachovia Way To Save Account, so everytime we swipe our debit cards, a dollar is put into our savings. We also setup our dd where we automatically take $100 from our check into savings, so its like we cant miss it because it was never apart of our main check dep. And the biggest money saving tip I learned from Fi was everytime we paid a cc down or paid off one of cars, we took that same money and put it into savings everymonth, that has been a tremendous help with me paying off my student loans.

ravj2001

cincy2011


Im in Wisconsin...lol...so yep...that sounds about right...lolololol



Nothing wrong with the TAKE YOUR MONEY EVERYWHERE machines....lol

berrytr

I do what my father used to do...take all the change I have at the end of the day and place it into a jar.  When the jar is filled, I go to the bank and purchase savings bonds.  You pay half the face value and it doesn't mature for ten years.  I also have an automatic transfer from checking to savings.

cincy2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/cultural-wedding-boards_african-american-weddings_tuesday-tips-saving-money?plckFindPostKey=Cat:Cultural%20Wedding%20BoardsForum:400Discussion:d473e4bd-1215-48d3-8935-22c47bef071fPost:3cb7cd32-3db3-4c9f-a8d9-a8d79f208640">Re: Tuesday Tips - Saving Money</a>:
[QUOTE]@ cincy2011 Im in Wisconsin...lol...so yep...that sounds about right...lolololol Nothing wrong with the TAKE YOUR MONEY EVERYWHERE machines....lol
Posted by ravj2001[/QUOTE]

<div>LOL!!!  I'm in your city at least once a year - my two best friends live there.  (Glendale and Brown Deer areas).  Thanks for taking me back with that one!  LOL</div><div>
</div><div>And so I don't completely ignore the point of this thread, I save money by increasing my automatic deduction that goes into my money market account and try to get out a set amount of cash each paycheck and use only that for food (not groceries, but eating out), entertainment and random little splurges.  This keeps me in check b/c when the money is gone, I'm done until the next payday!  </div>

kimandwillie

At the end of the month, when I get paid for the next month, I put any money left into my savings and basically zero my account and start over.

ishpish

on pay day i put a set amount aside into savings immediately, i essentially 'pay myself' before i buy or do anything else. 

YasJas2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/cultural-wedding-boards_african-american-weddings_tuesday-tips-saving-money?plckFindPostKey=Cat:Cultural Wedding BoardsForum:400Discussion:d473e4bd-1215-48d3-8935-22c47bef071fPost:4cfa81e5-ebd7-456f-a532-048cdceefc8f">Re: Tuesday Tips - Saving Money</a>:
[QUOTE]We have Wachovia Way To Save Account, so everytime we swipe our debit cards, a dollar is put into our savings. We also setup our dd where we automatically take $100 from our check into savings, so its like we cant miss it because it was never apart of our main check dep. And the biggest money saving tip I learned from Fi was everytime we paid a cc down or paid off one of cars, we took that same money and put it into savings everymonth, that has been a tremendous help with me paying off my student loans.
Posted by MIABRIDENTAMPA[/QUOTE]

This is exactly what I do with my Personal savings!