I suck at saving

[Dominic]

Does anyone else suck at saving $? I have to force myself to save by making it difficult to spend. I have three bank accounts and split my pay check up and put a little in each every pay period. I keep one bank account local but have no checking or debit card so there is no way for me to get money out of it unless I drive all the way out to the bank during buisness hours. I also use INGdirect.com which takes a few days to transfer money back to my checking account so I have to plan purchases. I leave my wallet and cards home during the week so that I can't buy coffee, lunch or snacks. I wish I was better but I am trying. Who else has tricks?

 

[Dominic]

Also I have found that when I am bored if I read about saving online and articles and what not it helps me keep me in the mind set of saving vs. playing on KSL.com and looking for Jeep parts and toys. feedthepig.com sends text messages with savings tips.

 

[ChestonScout]

I am the worst.

Luckily my wife does pretty good. I just give her all the money and she takes care of everything.

Its a lot harder now that Im not making as much as I used to tho. Stupid economy

 

[SAMI]

I suck too. Just yesterday I was at Pictureline buying goodies for my camera when I noticed a lens filter on close out for $5 marked down from $16.. I had to think real hard for several minutes whether I needed it, or wanted it.. I left it there.

I suck at saving big time, but I'm not willing to fork over all my money to my wife, despite the fact that she is good at saving.. I'm afraid I'd never see any of my money if I sent it all her direction.

Fast food kills me.. I did break my addiction to Wendys for the most part.. I used to eat there 3-5 times a week.. Now just once a week on average, maybe twice in a week.

I hate trustfund babies... But, I'm jealous of them for the fact they don't have to worry about money.. But then I'd probably be a superficial egotistical asshole.. Who knows.. I'd just buy friends if I had to..

 

[Brian P]

I suck at saving as well, My wife is great about it, With us working together its easy to hand over my check, We deposit into the same account, Its taken some time but Im getting better about saving $$$'s I just barely spent some of the money Jason gave me for the FJ55's As Ive gotten older it seems I do try to save up for what I want rather than blow my paycheck.
I dont think I could handle not having easy access to my money.
Good luck

 

[TRNDRVR]

I do good a saving.

To me, the number one thing to being successful at saving is being out of what I call "frivolous" debt. I mean no debt on banging stereos or 22" dubs, and crap like that. I think car and house payments are a matter of life.

If you do your banking online, have an automatic transfer equal to $10.00 a day transferred to a different account, or even to a different bank. Sit back and watch and see how fast that adds up.

Just a little insight that might be of some use to you or anybody else who reads this.

Dan.

PS I'm on a 6 week medical leave from work right now with extremely little money coming in. It ain't phasing me a bit!!!

 

[solidfrontaxle]

In the last eight months I've spent the same amount that I've made. In the past I used to make twice what I've spent, but with massive pay cuts and way more expenses on top of expensive new obsessions, I just can't seem to gain more than I spend. For the first time ever I've had to make myself a budget for what I'm allowed to buy for the rest of the year. That means I can't peruse any classifieds and I have to stay off craigslist because I will guarantee find something I didn't know I need and can't afford.

I ain't hurting, I just like to be building up savings, and it hasn't happened in a long while. At least I have ZERO debt.

 

[Cody]

I have a hard time saving these days since my bills are about $800 more per month than my income.

 

[Caleb]

I think car and house payments are a matter of life.

I 100% disagree with this statement. The only payments that are a fact of life are utilities. No matter what, if you have a house you will have some sort of utility payment (I guess unless you go 100% off the grid :brett: )...but if you go after your mortgage and set it as a priority, then you don't have to have a mortgage payment.

 

[DaveB]

Car payments are also not a part of life. I've never had a car payment, just live with what you have for a few years and pay yourself the car payment. Once you have enough saved up buy the car but keep paying yourself the car payment to cover the next one. Or just build a jeep, that's what I do.

 

[SAMI]

Car payments are also not a part of life. I've never had a car payment, just live with what you have for a few years and pay yourself the car payment. Once you have enough saved up buy the car but keep paying yourself the car payment to cover the next one. Or just build a jeep, that's what I do.

This the key..

 

[Rot Box]

Once upon a time... There were a few "skill based incentives" offered to me at work. Up to that point I have been able to pay my bills and live somewhat decent so I decided that if I did take part in this that I would put it all into savings. I had to do some training, special projects and work pretty hard and if I could show the rest of the crew/committee that I was skilled enough they would add X amount of dollars to my hourly wage which totaled somewhere around $200 a paycheck without overtime.

Knowing that I have never been good at saving I took that additional wage and put it in a direct deposit savings (I have a credit union at work) and asked that they only give me an annual statement. I have a pretty good idea of what is in there, but for me its out of sight out of mind

That being said I have to use that money for my hobbies. When you have spent all that time saving you realize how many things become wants over needs :-\ Its a good thing I guess...

 

[Stephen]

I used to be pretty bad then I did two things. First I built an elaborate excel speardsheet that tracked EVERYTHING I spent. That way I got in the habit of holding onto receipts and looking at what was going on with it every day.
Second, I married an economist. At first we tried to maintain seperate accounts but finally I realized that what is the point of being married if you are not willing to share your money? So know she handles the money and things are great. This past year I rebuilt my Samurai the way I've always dreamed of but could never afford to. We've got enough money saved that even though I lost my job last week we are not in dire straights.
Also, aside from my student loans we have no consumer debt. We also plan to never have any again until we buy a house. No car payments, no credit card payments, nothing. The key I think is to be smart about your money, that or find someone who is!

 

[Rot Box]

aside from my student loans we have no consumer debt. We also plan to never have any again until we buy a house. No car payments, no credit card payments, nothing. The key I think is to be smart about your money, that or find someone who is!

Wise man! So many people think oh I'll just keep a credit card in case of emergency or only use it to use once in awhile to keep their credit score up (who came up with that idea? ) and I have to disagree 100%. People need to have savings for emergencies and if its too overwhelming (medical bills, job loss etc.) there are far better ways of paying without using a credit card. I know people that are paying on credit cards that were racked up from Christmas gifts bought over 5 Christmas's ago! And some have over $15-28K worth of cc debt and for what? I work with a bunch of idiots, but I see it all the time wife or husband with brand new cars with bling wheels financed through Schwab's sitting next to me mowing down a $6 burger expecting sympathy because their entire check goes to debt and they can't get approved for a house <okay my rant is over>

Although some people don't have too many options when it comes to cars but I honestly believe that for under 5K there is a good reliable vehicle out there that will suit everyone's needs.

Sorry to get off the subject

 

[Stephen]

Although some people don't have too many options when it comes to cars but I honestly believe that for under 5K there is a good reliable vehicle out there that will suit everyone's needs.

Then why are we bailing out GMAC and Chrysler Financial? Why was there a Cash for Clunkers program?
I had a car payment once. I had a 1998 Jetta VR6, sweet car. I paid $10k for it and got a loan to do so. Not so bad, but jeese what a hassle to have to carry comprehensive insurance and make that payment each month. Bleh, never again!
There are a million (literally) good used cars out there. And if people weren't so gullible to believe that you you should be getting a new car every three years, I bet more people would actually pay off the cars that they buy!
When was the last time you saw a car ad that actually listed the price of the vehicle? I can't remember because all I ever hear or see is, "Lease for the low low payment of $199/Month!"
New cars are nice and all. And I ogle over them as much as the next guy. But I'll like that Mazadaspeed6 just as much as I do now in 10 years when its a quarter of the price and I can buy it in cash!

 

[Caleb]

Wise man! So many people think oh I'll just keep a credit card in case of emergency or only use it to use once in awhile to keep their credit score up (who came up with that idea? ) and I have to disagree 100%. People need to have savings for emergencies and if its too overwhelming (medical bills, job loss etc.) there are far better ways of paying without using a credit card. I know people that are paying on credit cards that were racked up from Christmas gifts bought over 5 Christmas's ago! And some have over $15-28K worth of cc debt and for what? I work with a bunch of idiots, but I see it all the time wife or husband with brand new cars with bling wheels financed through Schwab's sitting next to me mowing down a $6 burger expecting sympathy because their entire check goes to debt and they can't get approved for a house <okay my rant is over>

Although some people don't have too many options when it comes to cars but I honestly believe that for under 5K there is a good reliable vehicle out there that will suit everyone's needs.

Sorry to get off the subject

While I agree 100% that it's never necessary to have a CC, sometimes it make things a whole lot easier. In my case I have a card I use for business purchases (travel, etc). Yes I could make these purchases with my debit card but being able to just turn in my whole CC statement and telling them to pay it is a whole lot easier Also, traveling in general. You usually get extra protection (not benefits mind you, the benefits aren't really benefits) by using certain cards. I however never carry any kind of a balance because it's always work related and is always paid off in full after every charge.

My wife and I's only debt right now is our house, but that should be gone in a few years (~4). My wife and I have been pretty good about saving. IMO, the key to saving isn't necessarily not allowing yourself to buy, but doing it responsibly. It goes back to sticking to your budget. It doesn't matter how much you make (or don't make), you should still create a budget and stick to it. Inlcude in your budget some money that allows you to spend on things you want. Save that bit you've set aside if you want and buy something nicer, but you should never completely cut off your ability to spend.

 

[Amy]

While I agree 100% that it's never necessary to have a CC, sometimes it make things a whole lot easier. In my case I have a card I use for business purchases (travel, etc). Yes I could make these purchases with my debit card but being able to just turn in my whole CC statement and telling them to pay it is a whole lot easier Also, traveling in general. You usually get extra protection (not benefits mind you, the benefits aren't really benefits) by using certain cards. I however never carry any kind of a balance because it's always work related and is always paid off in full after every charge.

My wife and I's only debt right now is our house, but that should be gone in a few years (~4). My wife and I have been pretty good about saving. IMO, the key to saving isn't necessarily not allowing yourself to buy, but doing it responsibly. It goes back to sticking to your budget. It doesn't matter how much you make (or don't make), you should still create a budget and stick to it. Inlcude in your budget some money that allows you to spend on things you want. Save that bit you've set aside if you want and buy something nicer, but you should never completely cut off your ability to spend.

I agree!

 

[TRNDRVR]

I 100% disagree with this statement. The only payments that are a fact of life are utilities. No matter what, if you have a house you will have some sort of utility payment (I guess unless you go 100% off the grid :brett: )...but if you go after your mortgage and set it as a priority, then you don't have to have a mortgage payment.

You didn't read what I said. To me, a car and house payment are a way of life I guess for those who can afford them. House payment and to me, car payments, and utilities are NOT "frivolous" debt.

Bottom line is the best way to save is to not be in "frivolous" debt!!!

DON'T CHARGE BEYOND YOUR MEANS!!!

My Visa balance this month is under $100

I wonder what it's like for a majority of RME members?

How about this, instead of 10% to the organization, how about 10% to yourself first? (I'm trying not to be disrespectful)

 

[SAMI]

As far as that 10% goes, that to some, is a way of life.

That 10% is a freakin hard one to get into that's for sure...

 

[TRNDRVR]

As far as that 10% goes, that to some, is a way of life.

That 10% is a freakin hard one to get into that's for sure...

Being an outsider, I don't understand it, nor will I ever. We have some friends who give their 10% every month. The only thing I see that they get from it 10% more poverty that they are already in. Bottom line, and we know these people really well, they CAN'T afford it.

It's sad.


Pay yourself first!!!