Saving Money

[Sam]

My boyfriend and I are trying to save money for our wedding in two years. We are also saving for a downpayment on a house. Our goal is $40 000 and we have two years to do that. What are some good money saving tips? What do you do to save money? I don't usually have a problem saving money but my boyfriend does. He spends alot on video games, dvds, fast food...etc... I just need some money saving tips. Please help.

[Dave_19]

talk to your bank about taking a set amount from each paycheck adn putting it in a different account

[SirPostAlot]

well saving money, for me at least, is something i can do fairly easy...not htat i make alot of money, but becuase i don't spend alot of money . . .

for me, my motto is "out of sight, out of mind" and also, "save today for tommorw"...

i try to contimplate each and every purchase to see if its something needed or if that money will be better off for something else...

see you can talk to your bank about making sure that you don't spend that money, but you know that cliche "give a man a fish, he eats for a day...teach a man to fish, he eats for a lifetime"...

unless you sit your bf down and talk to him about this spending and make a living (and reasonable) budget, he will just continue to spend that money...

like if your bank does this, in a few years he will be back to his habits...sit him down and just tlak to him about splurging on unnessary things (some luxury goods are ok, but you don't want it to become a compulsive thing you know)...



so yeah thats basically what i would do: just teach him how to save money (there are many people - like my sister - who are poor at this task and must be "taught" (if you will))....



~Jeff~

[iHEAVENn]

-Spend about 40-50 bucks on food for a week at the STORE.

-Do not eat out

-Do not buy new cars

-If you need a car buy a used one

-Do not buy things like make up, new clothes just because you want them, dvds, games

-If you have a cell phone and a house phone, get one of them turned off

-Have your cable/satelite tv turned off.

-Don't drive any where really, but work and home. It'll save ya a ton on gas money.

-Don't buy sodas.

-If something breaks... Improvise if possible

[Lena]

Allow yourself a treat every now and then so that you don't get discouraged.



Stick to the basics. Before buying something think 'do I really NEED it' (you don't need chocolate, fast food, etc.



Use the cheapest form of public transport available when absolutely necessary. Don't drive unless you absolutely have to. Walk or cycle whenever possible (healthy and free - a bargain!).



Shop at the best value places you can. Buy essentials in bulk or take advantage of special offers.



Go to the library for DVD's, CD's, videos, books, etc. Don't buy any (forgo the cinema, too).



Keep track of spending - perhaps agree on a weekly spending budget.



Take care,



Lena.

[OverDrive]

http://www.helpingteens.org/book-0002.html



It really was a great book. It has wonderful ways to cut corners and save money.... but what Lena said above is true as well.

[Michie]

Um...suggestion:

Set a goal...and break it down.



So if you need 40 000 in 2 years, how much do you need to save per month? Per week? And every week, put that amount of money ASIDE and AWAY... Go to the bank and create a separate account where you only deposit the necessary per week money. No withdrawals allowed. And you can use the remainder of your money for food, entertainment, and current expenses (just be smart with your budgeting...remember, you have less money on you!)



I guess I'm parroting Dave and Sirpostsalot...

Originally posted by Dave+--<div class='quotetop'QUOTE(Dave)

talk to your bank about taking a set amount from each paycheck adn putting it in a different account[/b]

<!--QuoteBegin-Sirpostsalot

for me, my motto is "out of sight, out of mind" and also, "save today for tommorw"...

As well as the 'how to save money' usual tips, like eating out less, and using cheap transportation, I think the best way to reach a goal like a set 40 000 is to focus on PUTTING the money away. I have done it...albeit more childishly...and it works. (Glass piggy bank that needs to be smashed to be open. It's not getting smashed until it's stuffed full)



ETA: I just calculated that you need to put away 416.66 every week for 24 months in order to reach your goal. Good luck!

[Dave_19]

i still say my way is better,. you dont; even see the money so you never miss it

[Michie]

I agree Dave.

[snowboardgirl_16]

The best way to save money (I think) is something I learned in a business class. It's called "pay yourself first". Once you get a paycheck, set aside a portion of that money away in a different bank account. The rest is for yourself. Usually I go 10% in bank, 90% my own, but I don't really have a goal for 2 years, mine is just for retirement (yup, lame, I know. the day I graduated I opened a RSP) or anything I need in the future (like med school in 4 years). But that is just a more long-term thing.

Another option you have is talking to your bank about some low risk, short term investment plans. You can talk to an adviser about even investing in stocks or something.

All the other suggestions that other people gave are really good as well!

Good luck!!

[Dave_19]

thats the same thing i said, just you pay the bank to do for you.

[Leapfrog]

Well do you carry cash manily or do you use debit cards/cash cards or credit cards?



I have both a checking and savings account. My checking account is checkless, so I dont have checks and have to pay all bills via online payment. I also asked that I dont get a credit/debit card either. I have a set amount of my paycheck go into each account, the larger amount in checking.



What is in savings is what I have to live off of for 2 weeks. The amount is low enough that it will only cover food, Gas and emergency items.



It's a strict way of doing things, but if I dont do it that way I tend to spend freely.

[Sam]

I am doing better with my saving. I have three bank accounts. I have a chequings, savings and a high interest savings. I have debit cards to my chequings and savings. I also have credit cards. I use my credit cards for quite a bit but I always pay it off at the end of the month. I have never had interest or anything.

Three quarters of every paycheck goes into my high interest account. I am doing pretty good with the saving.