How do you save?

20 years ago

How do you make sure that you don't spend all of your income each month? Do you keep a budget? Do you have money auto-deducted into savings before you ever see it? Do you hide it from your spouse? It seems that a lot of people have trouble not spending all of their income every month and I was curious about what techniques the savers find successful.

As for me, I have a couple of approaches. First, my 401K contributions come out of my paycheck without ever passing through my hands.

Second, I have direct deductions set up to withdraw money for the kids college funds and my savings fund a few days after my paycheck is direct deposited. So I see the money in my account, but not for long. I also have my mortgage payment made around the same time. So a few days after I've been paid, the big payments are all made.

I use Quicken to help keep my expenses under control. I do updates at least once a week where I download all of my bank and credit card transactions. I categorize these and then compare my spending against my budget. I e-mail my wife an update showing our discretionary planned and actual expenses and updating her on how much we have left to spend for the month. When we've spent a lot on stuff, we know that we have to be extra careful the rest of the month. When we've been careful, we know that we have a little extra. At the end of the month, any over/under is applied to the next month.

The important aspects for me are that we make saving money one of our top financial priorities and we pay ourselves first. We also monitor our spending to make sure that we live within our means.

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Comments (15)

western_pa_luann
20 years ago
I do the same, all the way down to the Quicken...
mikie_gw
20 years ago
Might try living below your means. Spend fruggally, shop smart. Be suprised how you then worry about where to put your money.
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I drive a lot less then I use to running errands. I combine several into one trip and wait till I do have more then one errand before I go. I compare gas prices when out. I grow my own veggies all year long especially salad stuff like lettuce, tomatoes and peppers. I wish I could grow cukes but never do well on the cool coast. I have 3 compost piles. I freeze or can any extras. I bought a dehydrator at the thrift store and hope to try that. I shop at thrift stores and discount stores (Ross, Marshalls, TJ Max) for clothes and look for sales. Even the thrift store has a half price day. I only buy what I need like jeans when the old ones wear out. And I sew, turning old into new. I cut off the sleeves of long sleeve T-shirts when the cuffs wear out and turn them into short sleeve T-shirts. My Mom use to turn the cuffs and collars on dress shirts. She also use to cut a sheet in half when the center wore out and sew the two outside edges together and you have a new sheet. I buy certain items like paper products, canned goods, and meat in bulk at Costco. I split up the meat and use my sealer then freeze it. And we eat very little meat, about twice a week. I make a lot of non meat dishes. I read this somewhere that you can use half the amount it calls for in detergent or soap in your laundry and dishwasher and they get just as clean. I buy box color and do my own hair and also don't get massages/pedicures or manicures. I go to the cheap hair cutting chain places for a hair cut. I shop at Big Lots, Dollar Store. That is where I buy snacks and some canned food. Always check the dates though. I buy cleaning supplies and shampoo and other personal hygiene products there. I am not sold on buying a certain brand, just get the cheapest. I buy cheap shoes at Kmart and Payless Shoes. I an not a shoe fashion person so just look for ones that are comfortable and fit. I buy all my purses at the thrift store. I can't believe women pay $200 or more for purses. Sorry, but I think that is insane. We check out books and DVDs from the library. The only time I buy books is from the thrift stores or online discount places like Half.com or ebay. And we have a used bookstore locally that will give you store credit (1/2 book value) or buy them (1/3 book value) for your old books. Ones they don't take I send to my Mom or give to the library for their sales. We only go out to eat for special occasions like birthdays and anniversary. I make almost all the meals at home from scratch, no pre-made package food that you just pop into the microwave. DH says I am a better cook then most of the restaurants anyway. And after working in a restaurant during college, I am a little leery of eating out. DH and I, when I was working, brown bagged it for lunch and always had breakfast and dinner at home. He has been taking his lunch to work for 32 years. Imagine how much he has saved. We haven't been on a vacation for 8 years. We use that time to work on house projects. We do all of the work we possibly can ourselves like digging out the septic tank. We had to pay someone to put it in because we didn't have the equipment but we saved thousands doing the digging. We pay off the credit card (1) every month. It is the Costco AE card and we get cash back at the end of the year. A big way to save is don't have a lot of credit cards, it can get out of hand. I either live without or buy things on Craigslist that I want. I just got a 21 speed aluminum bike in great shape and only 2 years old for $60. It was $310 new. I also sell things that we don't need or want anymore on ebay and Craigslist. Why keep it if you don't use it. We also give a lot to the charities. DH likes to clean out the house from one end to the other every couple of years. We use ceiling fans and open windows when it is hot. No A/C. In winter we use the fireplace to take the chill off the main area and don't turn on the heat if we are not going to be around. We cut our own wood from the trees we have been growing for 22 years. And always plant more. There is probably more but can't think of them now. Two good books to read are The Tightwad Gazette I & II by Amy Dacyczyn. I got both copies at the thrift store for a $1 each. Remember Reduce, Reuse and Recycle. Clare
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dadoes
20 years ago
I have all my recurring bills set up in Microsoft Money. Based on balance projection, I keep enough in my checking account to meet those expenses, with some buffer room for variables such as groceries, gasoline, and unexpected repairs. All the rest of my funds go into a savings or money market account. I keep a buffer there of several months living expenses, plus whatever is the required minimum balance. When the balance there grows high enough, some funds are moved to a CD, mutual fund, or whatever. I also put the maximum each year in an IRA, which I've been doing since age 20 or 21. I'm 43 now. :-)
betty_gardener
20 years ago
I am interested in increasing my income. Is tax property leins a good investment: NanaPeoples@sbcglobal.net
sharon_sd
20 years ago
I stay out of stores, except when absolutely necessary and then I spend as little time in them as possible. It works!
wjswecampbell
20 years ago
We have looked into the tax property leins and we think that is a good idea. Go for the gold!
jannie
20 years ago
I had my salary direct-deposited to two banks. One for checking, one for savings for future expenses.
josestrauss
Original Author
20 years ago
I stay out of stores. I do most of my big spending on my computer. It doesn't help my financial discipline to have everything I want a few clicks away.

"tax property leins"? What the heck are you talking about?
bud_wi
20 years ago
Ditto. How do you make money on a property tax lein?? I'm scratching my head on that one.

I thought propertay tax leins are something one should AVOID.
bud_wi
20 years ago
OK. I did a little searching and I came up with this:

http://www.chrisj.winisp.net/freedom/tax_leins.htm

I never heard of it because this sort of thing is not done here where I live.

It looks extremely risky even if you know what you are doing. Not something for the 'Average Joe'.
asthma
19 years ago
I save by NOT buying things my dh and I don't need no matter how good of a deal it is. I always check out the reduced sections in a store and stock up on all kinds of things on sale that I know I will need in the future. Coupons are great to use for sales so you are saving twice. I recently bought a $115.00 pocketbook for a little less than ten bucks off of HSN in their clearance section.. My husband is a senior and I take advantage of that too ! Every dime counts!
tamoko
19 years ago
This is what I do.

It will cost me 20$ to live through the week (not counting food.)

I'm a smoker so I reserve $7.12 a week for a pack of smokes. The rest is to get to and from work. I don't eat at work and I don't buy anything while there. I put the rest into my accound as soon as I cash my check.

What I do is keep a few deposit slips with me, get my check, deduct 20$ from the total and deposit the rest when I go to cash my check.

You can also do a direct deposit so you never even have a handle on the money.

Food wise.. i'd say 50$ a month if it's only you but you have to make sure your friends don't come over and eat all your food.

Invest in teas and such-drinks you can make from water. You don't need juice. Why buy juice when you can just buy a bag of oranges and get the healtier choice? If you go to a supermarket at night you can find some frozen meats on sale. When you go shopping for food i'm sure they have a small booklet at the door with all their specials listed. GO with that.

And just because it's buy one, get one... don't. You proably don't need it. And if it's buy one get one half off only get one. Who carwes if it's half off? You proably wont get around to using it in time.

I have shopping issues. I work at the mall so.. HAHA. That's why I do the direct Deposit. That's also why I don't leave work. I can't be tempted.

Get a book and write down how much you spend EVERY DAY for one week. Total it each day and then at the end of the week total it all. Then see how much you spent that week and what you spent it on and rule out what you need and don't need.

Also, if you want something, buy it, and feel even just a little guilty afterwards then return it. If you feel that guilt then you really don't want it. I usually walk around with something for a while and determin later that I don't want it.

Good luck to you!
steve_o
19 years ago
Food wise.. i'd say 50$ a month if it's only you but you have to make sure your friends don't come over and eat all your food.

What on earth are you buying for groceries that costs you only $10-12 a week? If you're not eating at work, that still leaves breakfast and dinner (or maybe just dinner, but then you're getting by on one meal a day).

Also, if you want something, buy it, and feel even just a little guilty afterwards then return it. If you feel that guilt then you really don't want it. I usually walk around with something for a while and determin later that I don't want it.

I'm not crazy about the "buy it and return it" thing (there's another thread here, I think, on "putting one thing back"). But you mention something that I have found is an excellent way to save money: pick up an item and carry it around for a while (I don't do that with perishable items). I find that I'll pick up something with all sorts of grand ideas why I want it. But if I carry it around for a while, often I'll end up thinking of why I don't need it or can't use it. And I put it back.
sudiepav
19 years ago
I make a habit of putting off most purchases (not groceries) a week. I'm amazed at what doesn't get bought! I shop sales and buy lots of things off-season. Right now, I am busy losing the 20 lbs. that have crept up on me over the last 3 years, and already, I have "new" things to wear, from my closet. We have 401k money and 403b money deducted from checks, and so we never see it. My husband has maxxed out his 401k, so that his employer contributes the max. I had 2 car payments taken automatically out of my check and never stopped them, so I save those every month. I shop at garage sales and am amazed at what I get for a song. I check eBay and 1/2.com for books and things I want. I got a catstudio pillow that I REALLY, REALLY wanted for $25 on eBay...it retails for $145. I learn to wait for things and don't feel the need for instant gratification at the stores. I use the public library...that's really a win-win, as I get to read the books I want, and I'm not clogging up my already overly filled bookshelves with more. I have many of our stocks on an automatic dividend reinvestment plan, so that the qurterly dividends buy more stock. I also use "found" money...refunds, interest I get on my checking account, reimbursements, to buy more stock directly from the company. Sometimes it's only $25 to $50 at a time, but over time, it really adds up. I read somewhere that a big chunk of money should be divided into thirds, spend 1/3, save 1/3, invest 1/3. We got a whoppin' tax refund last year, and I did just that, although the 1/3 I spent, I really saved toward our new kitchen. I was raised by thrifty parents, and I'm a thrifty soul by nature. It took me YEARS to convert my husband to my way of thinking, but now, he's cheaper that I am!
joyfulguy
19 years ago
My wallet squeaks in protest, like an injured mouse, whenever I pull it out.

Since I'm a kind-hearted soul, not wanting to cause animal injury, I try to avoid that as often as possible.

Seems to me that you folks who avoid going to the mall (or out of your store, if there) are fighting a losing battle.

Your money is yours, it doesn't belong to the stores, in exchange for stuff that you never heard of before last week - and can't get along without (according to TV) - not tomorrow ...

... **today**!

As a personal financial advisor, I tell kids that everyone over the size of a toddler has his/her own business.

With employees.

Most employees whose employer doesn't pay them don't stay at that place very long - but the beauty of your situation is that you don't have to pay your employees ...

... they pay you!

As long as you let them stay with you.

I tell a kid that when he/she sends a dollar out to buy some ice cream, the ice cream tastes great - but that dollar worked for them only once.

If they hang on to it, it'll work for them as long as they hang on to it.

With one exception - if they put it into/under the mattress ...

... it goes to sleep.

If they put it into most banks ...

... when one considers the rate of interest that they pay ...

... and the amount of that which must be shared with the income tax partner in your business ...

... and the amount that must be put with the basic asset to offset the erosion of value of each dollar annually due to inflation ...

... it's just about the same.

Quite often - there ain't none left for you!!

If you were a regular business owner, would you lend your employees to a personnel agency, if they were making money on those employees' work, but after your expenses from the amount that they paid you, you were making (almost) nothing ...

... how long would you carry on that game??

As with regular employers - your job as the manager of your dollar-employees is to have them work efficiently and well.

I you don't boss your money - it'll boss you.

With the help of TV, that's always trying to get you to buy stuff.

Good wishes to you and yours for a successful New Year managing those employees!

ole joyful

How do you save?

Comments (15)

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