How to save money?

annice22 · #1 06-03-2003, 08:12 AM

Hi sisters

I was wondering if any of you have budgets or created a savings plan? I really need to stop shopping and learn how to save money. I just moved off campus and I never realized how much you have to spend for this and that. I'm working two jobs for the summer. With my second check I'm going to make sure I save most of it.

Does anyone have any money tips or ways that they save money?

One that I've been using recently is to ask myself if I really need it? And to give myself a day or two to think about it if it cost alot instead of making an impluse purchase. But aside from that I can't save money. I need to save money for summer and fall.

FSS

phisigduchesscv · #2 06-03-2003, 11:01 AM

One thing that has helped me is to think about how much I make an hour. When I get ready to buy something that is an I want not an I need thing, I will think about how many hours I had to work in order to be able to afford it. When you come across some things and think I had to work 10 hours to buy that then you think never mind.

jess_pom · #3 06-03-2003, 02:05 PM

When I was in high school, I saved up enough money to get a CD. I couldn't touch the money for 6 months, and then I used it to pay off my car. Maybe something like that could help you.

SapphireSphinx9 · #4 06-03-2003, 04:53 PM

That's a good idea Carolyn! I think I'll use that too!

Annice~Do you get paychecks or direct deposits? It's easier to save money if you get direct deposits, because you don't actually go to the bank to cash the check... Outta sight, outta mind type thing. (well at least for me it is)

Another thing to help is when you're looking at complusively buying something, walk out of the store with the intention of coming back. Walk around the mall, and if you still want to buy that item, then go back. But most likely, you're gonna forget about it, or the need to buy it will dramatically drop.

And lastly... I don't know if anyone else is into crafty things like I am... But when I go to buy something, I think, "Can I make this myself?" And if I think I can, then I look at how I would make it. If I don't think I can, then I consider buying it... But that helps me not buy out the whole mall. And if I do ever get around to making it, it's A LOT cheaper than buying it.

Well, I hope those work. And ladies, I definately wanna hear some more ways to save.

PSLAM~Beth

annice22 · #5 06-04-2003, 12:17 PM

Those are great ideas for saving money.

here is another suggestion:
I started last night creating a budget that I found on-line and made copies for the summer so I can have one for each month. Now I can see where my money is going to.

SapphireSphinx9 I do have direct deposit, It does seem to help.
I also need to stay off of E-bay too. That's a money trap.

Thanks sisters
Enjoy your summer.

pirepresent · #6 06-04-2003, 04:01 PM

annice, where'd you get the budget? I'm terrible with my money - if you could send me that webpage that would be awesome. This thread has been so informative!

annice22 · #7 06-05-2003, 08:43 AM

The website is http://financialplan.about.com/library/blbudget.htm
I copied and pasted so that I could adjust some of the stuff.

It's helped me so far

Hope it helps you too
Annice

Terri · #8 06-05-2003, 10:04 AM

I would always put half my check in the bank, and only withdraw money for really important occasions. Also, I do not use my ATM card, so I have to go into the bank to withdraw money, and since its hard to get into the bank with thier limited hours I withdraw money rarely. Also, if you have a good amount of money saved up, I agree it would be smart to invest in a CD. I have one where I can withdraw half the money at any time if I need it, but because it is in the CD I haven't touched it. It kind of anal, but I hope this helps!

LITP,
Terri
Archon
Zeta Omega Chapter
U of M Dearborn

SapphireSphinx9 · #9 06-05-2003, 04:39 PM

Quote:

Originally posted by Terri
Also, I do not use my ATM card, so I have to go into the bank to withdraw money, and since its hard to get into the bank with thier limited hours I withdraw money rarely.

That's a good idea. My wallet was stolen at the beginning of this year, and even though I reported my ATM stolen, I never asked for a new one... Which means that I have to go into the bank anytime that I need money. It's a pain in the butt... But looking through my old statements when I had my ATM card, they were filled with ATM w/d's.

And the fees that you accumulate if you're not using your ATM adds up. I spent about $20 a month just on fees!

So if you have an ATM card, put it somewhere where you're not going to use it as often as if you kept it in your wallet.

~Beth

annice22 · #10 07-07-2004, 10:25 AM

I figure I would bump up this thread to see if anyone have any new money saving tips.

To save money on gas I started walking to class and to the library because it is summer I can walk around campus and get in shape.

OrigamiTulip · #11 07-07-2004, 10:32 AM

Crashing y'alls forum....

Something I recently started doing was to have my paycheck, which is direct deposit, automatically split by my employer. They put 10% into my savings account every payday, and the balance of my check into my checking account. Since the money never shows up in my checking account, its easy to ignore it and let it grow. I know not everyone's employer will do this, but check with yours to see if its possible.

SapphireSphinx9 · #12 07-07-2004, 12:40 PM

I have $50 taken out of my checking account and put in my savings account, weekly.

It really helps when I really need money (like for rent/car payment/tuition) and it also helps if I overdraft from my checking... (which I just did two weeks ago!!!

)

Also, I sat down and planned out my budget for the next two months. I've written down in my planner when each bill is due and when I get paid. It's helped me not stress about if I've paid my bills on time, or not! Plus, I budgeted less money coming in from my paychecks, so I'll have extra money in my account to spend on clothes or something like that! (kind of like a free gift to myself!)

MooseGirl · #13 07-07-2004, 07:30 PM

i haven't been doing a budget recently because no matter what i do there's always a deficit...

no student loans this semester + not allowed to work more than 10hr/wk= not enuf!

basically I keep the list of local food banks near by, just in case.

#14 07-09-2004, 06:49 PM

Greetings to all my lovely sisters!!! It feels so good to be back. Can you all believe that I forgot my password and the email addy that i used to sign up here.......... Anyways.

I have a few tips that help me out. I do my projected budget monthly and I only leave that amount in my checking account... everything else goes into my savings..

I cut up my credit card!!!!-- I still pay it off but I can't buy anything. closing out an account will affect your credit score in a bad way so don't

ATM cards are Devil Incarnates!!!! you don't need them. If you must, take out $100 bucks and force yourself to stretch it for a week or two.

I went to a finacial planner and she helped me out with the basics.. then she tried to charge me $400 for 10 visits with her. So I put the $400 in my bank account and I just keep adding on to it. Saving money is like being on a diet. You need will power and a buddy! LOL

SapphireSphinx9 · #15 07-09-2004, 07:10 PM

Quote:

Originally posted by PhisigWarner
Greetings to all my lovely sisters!!! It feels so good to be back. Can you all believe that I forgot my password and the email addy that i used to sign up here.......... Anyways.

KC!!! Where have you been? You get locked outta GC and never call! hehe... j/k.

You swear like you don't know that I'm a mod or something!

If anyone gets locked out, lemme know and I'll try to get someone to help you out.

~Beth