What are your personal tips on saving money?

Question by answermesweetly: What are your personal tips on saving money?
We just can’t seem to save, I’m such an impulse buyer, and my husband has a weakness for gourmet food. Any tips for us, or anyone trying to save money???

Best answer:

Answer by David M
Have it deducted from your check into an account that you cannot easily access. Put in a 401K, IRA, CD etc

What do you think? Answer below!




12 Responses to “What are your personal tips on saving money?”

  1. rayt721 says:

    Save off the top in an account hard to access. You can’t spend what you don’t have. Live off the rest. A 401K or Roth IRA is an excellent shelter from taxes that will be there in the future when you need it. If you are talking more immediately liquid money just reduce your expenses, increase your income, and let you awareness of the weaknesses lead to the awareness for the motivation. Get an account in another state without an ATM card and mail them payments every week, paycheck or month. If you cannot handle your money, we certainly cannot help you.

  2. K_Rockz says:

    u should create a pie chart or something tat will make u split money for each uses, lik some could go 2 savings n some 4 other expenses ….btws u should strive or hav a goal about savin a certain amount because ppl tend 2 work harder when u striv toward something/ or 4 a prize

  3. Joseph T says:

    You really need to be more specific. What type of saving are you talking about? Retirement? Cash? Spending? There are a lot of way to save and different things to save for so you need to clarify.

    In general though, its good you recognize your weaknesses. Now quit using them as an excuse and get control over yourself. Setup a budget. If you don’t know how, search yahoo using the words home budget or budgeting and get some ideas.

  4. Tim says:

    Open a savings account at a different financial institution from where your checking account is (check out Credit Union’s they usually have low minimum balances required and pay higher interest). Then have an automatic transfer set up every time you get paid to go into that account (either off of your payroll or from your checking account). That way the money is not easily accessible but you can still get to it if you need to. Also if you do not have a budget set one up so you can see where your money is going.

  5. v b says:

    Recognizing where the money is leaking from your budget is the first step.

    You admit you are an impulse buyer, cut down on shopping trips and always carry a list. I do a big shopping trip for food once a month and I allow myself one to three impulse items that aren’t on my list. By limiting the total number of trips, I limit the number of extra items bought–and I still feel like I’ve indulged myself.

    As for gourmet food, same deal. Once every 2 weeks, not every night.

    My personal weakness is a bookstore. I have to remind myself to go to the library or reread what I own to limit the proliferation of new books and magazines….

    And in my case, I discovered that if I merely wrote every $ down and tallied it by month, my spending tended to self-correct on it’s own. (I once was in NYC for a month and was horrified when I discovered I’d spent more than $ 1000 for food and entertainment. I usually spend around $ 300! By the end of 6 more months, my average for the year was back where it should have been…I simply reminded myself that I’d indulged in February and now it was payback time.)

  6. MoneyMonkey says:

    You are a candidate for the “envelope system” and a written budget for your spending. Buy a copy of Dave Ramsey’s book, Total Money Makeover.

    We like to snack … donuts, icees, etc. So, we put $ 50 in an envelope at the start of the month and pay for any snacks/fast food we consume outside the house. This works great for us.

    If you’re eating at home like we do almost always, then you might allow for nicer foods like artichoke hearts, shrimp, etc. But, having a budget before the month begins is a must! Savings/Investment is part of the budget before the month begins, and not just with what’s left over. Always pay your savings (mutual funds) first!

    It only takes a short while to make something into a habit, so work together as a team and challenge yourselves to change your spending so you can build some wealth!

    Good luck!!

  7. PB says:

    A good way to save is to have a set amount moved automatically from your checking to your savings on a specific day. If you get direct deposit then set it up for that day or the day after. Make sure you remember the day and amount that will be transferred so you do not think it’s there and try to spend it.

    Find something that you buy weekly/daily, like gourmet food, and start making it at home then have that amount moved to your savings as well.

    Pick up one of the books David Bach has written about saving money. Read about his “latte factor,” it’s amazing what you can save by cutting out some daily impulse purchases. You start asking yourself if you really need that when you are tempted to buy.

  8. Kelsey says:

    When you go shopping bring cash. That way you have a set amount and you can’t buy things you feel an impulse to buy.

  9. saroj ranjan says:

    tips
    1. do not spent more money
    2. do not buy unnecessary things
    3. work online click here http://nepalmoney.googlepages.com/

  10. yallerose says:

    Sign up for direct deposit, and have a percentage of your money put directly into a savings account that you both have to sign to remove money from.

    Both of you need to agree to not spend over $ 10 without sleeping on it first–this worked for my husband and I , we very seldom make impulse purchases any more!

  11. Goonhilda says:

    You need to set things up so you can’t spend some of your money. First of all, go to the bank and set up an account that is hard to access. A passbook account is ideal, as it is only accessible over the counter at the bank, not through an ATM. Just having to go into the bank to access your savings can stop you making a lot of impulse purchases.

    Then, go to your employer and ask to have at least 10% of your income deposited into this account. Then don’t touch it. That money is for emergencies only and is to replace any credit card that you might have.

    If you’re really into gourmet food, perhaps there are other ends of the budget you can cut to find some more money. Have you considered growing your own vegetables to save some money? I grow many of my own vegetables quite cheaply and without much effort. We water them out of our shower recess. Can you shop for basics and buy generic brands?

    I suggest shopping around. If you like top grade cuts of meat, I recommend buying a chest freezer and purchasing your meat in bulk. This will save you a substantial amount on retail prices, especially if you buy a side of meat and have it dressed by a butcher.

    If spending is a real problem, put a time limit on your shopping. Make a list, and set an alarm when you enter the store. If you have a limited time to get everything on the list, you’re less likely to stand there weighing up whether to get top shelf tinned tomatoes or a block of chocolate. Only shop once a week or once a fortnight. Never shop on an empty stomach, and only take cash with you. Then you’re more inclined to rein in your spending at the register, because if you can’t pay in cash, you can’t have it.

    If you’re an impulse buyer, stay away from the shops. That will prevent you from impulse shopping. Only shop with cash, and if tempted, always come back the next day to make the purchase. Sleeping on the decision can help you evaluate whether you really need it.

    Best wishes