Even Small Savings Matter

Discussion in Personal Finance started by Denis Hard • May 18, 2016.

  1. Denis Hard

    Denis HardWell-Known Member

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    Any amount of money can be saved. Can you save $1 a day? It's not that hard is it? If you save only $1 a day by the end of the year you'll have $360 which you can use to buy Christmas gifts or anything else you might want.

    When trying to save money don't aim for a lot of money initially if you can't. Save the little you can. It's better than saving nothing.
     
  2. Corzhens

    CorzhensWell-Known Member

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    We have a coin bottle in the living room. That's where we put the pocket change to relieve our pockets of the big coins.

    Another savings we get is the amount that we deduct from the tip to the waiter in the restaurant. We usually allocate 10% of the bill but that is too much since the tradition is just below 5% as the maximum. So when I was the one who gave the tip, my husband would get the excess and vice versa. That's psychological but it works because we feel like saving money from the tip.
     
  3. Zyni

    ZyniWell-Known Member

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    That's a good idea, @Denis Hard@Denis Hard. Saving a dollar a day is a good start. I should start doing that too, although I never really have much cash on me. I'll have to start getting a small amount out, so I can tuck a dollar away.

    I do the change thing too. I have a change jar in my room. My husband has a coffee can. We always tried to do this with our kids, so they all had banks when they were little. I got my first grandchild a cute chrome piggy bank (and of course started her off with a handful of coins to put in it).
     
  4. davos

    davosActive Member

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    You can take a glass jar and label it writing your moneysaving's purpose. Like beach vacation or something. Then put it in a noticeable place like dinning room or in a hall way near a well lit place. Everytime you come across it and yo have loose money, put that in there. And people or family members would also do the same.
     
  5. Ke Gordon

    Ke GordonWell-Known Member

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    I do manage to save money but I think I should try to do it electronically, because when I have something like a change jar, the temptation to dip into it when the money is tight is always there. I think putting it in the bank or on a card means that is just a bit harder to get at, which could be the help you need to stay out of it. However, if I labeled the jar for something...it might help.
     
  6. Lushlala

    LushlalaWell-Known Member

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    I heard the same thing from a good friend who's also a financial advisor. He's always saying the worst thing you can do is not save anything at all, and that even the smallest amount is worth saving. I do agree and now regularly try to pop something in my savings account every month, once I've taken care of all the important outgoings like bills. I've always wanted to do that 52 week challenge, but for some reason, always remember too late LOL It seems a little easier said than done.
     
  7. PennyPincher

    PennyPincherMember

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    I totally agree with how much even saving a little money helps. There have been times when I used the change in our Keebler Elf bank to buy gas and groceries. At the time we drop the change in we think nothing of it, but it sure is good to see how much we have saved when we actually need to use that money.
     
  8. xTinx

    xTinxWell-Known Member

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    Yep, even the smallest savings can already make the difference in your everyday budget. For instance, if you have a coin bank with you where you regularly deposit a dollar or so each day, just letting time pass by without minding how much you've saved. The next time you take a peek, you'll be surprised to discover you've actually saved enough to pay for utility bills, a trip somewhere, an emergency expense or a few dresses.
     
  9. DrRipley

    DrRipleyExpert

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    I completely agree. I was taught at an early age to value coins so it's something that has stuck with me to this day. Whenever I see people disregarding coins and considering them lacking in value I sort of cringe inside because I know every penny counts. I don't keep coins for long anymore because I think they are bulky and heavy and difficult to transport but the idea has stuck with me, so whenever I look at differences in fees digitally no matter how small I always factor them into my decision.
     
  10. atlmom5

    atlmom5Active Member

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    Every little bit counts, that change really does add up. My parents used to keep a huge jar filled with coins, which was always a conversation piece whenever people came over, and over the years that jar of coins funded: back to school shopping, school lunch, gas money, and family vacations. Because I grew up seeing my parents doing this, I know the value of coins and that every little bit counts, therefore, my children are grouping up with that same philosophy.
     
  11. Jamille

    JamilleActive Member

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    When it comes to small savings, my best memory of it was a 3-in-one money back insurance plan that I took from a reputable insurance company. The insurance covers hospitalization, accident, and life insurance and if no claims are made within ten years, I'll get my premiums back. The monthly premium was $5 and I opted to pay quarterly. I didn't even notice that I was paying something because the premium was really that low. Ten years passed and since I didn't file a claim for anything, I got my money back - all $600 of my total contributions.
     
  12. luri

    luriActive Member

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    That's right, even a small saving matters. If you save a dollar in a day, you will have $30 by the end of the month and $365 in one year. One dollar is a small money, however, $365 is not. You can buy so many things from this amount.
     
  13. larryl332

    larryl332Active Member

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    Well this is something that hopefully people understand going in, but it is also something that you certainly learn more and more as you go. All those little things can add up really quick.
     
  14. to7update

    to7updateActive Member

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    I don't save money, I never did, I simply don't spend more than I have too, and eventually this is the best way of saving. Another thing I do, is to work as hard as I can because every dollar does count that is the fact, so if we can earn a little extra, we can live a little better.
     
  15. moondebi

    moondebiActive Member

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    Small saving is indeed powerful, and could add up to a handsome amount at the end. One should be responsible while spending. A little step at a time helps us to to save a good amount per month.
    I try to wisely utilize every chance of earning and try not to be extravagant as well. Keeping a budget in mind is nice way of spending optimally. Optimum spending is the key of good saving.
     
  16. Rosyrain

    RosyrainActive Member

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    I think that it is harder to save money these days because currency for most people is just a number on a computer. It is much easier to spend when you are not thinking of it as actual cash. I have gotten into the habit of pulling cash out of the ATM ever time I get paid so I can squirrel away some actual cash. I am not as likely to dip into savings if I am forced to pull it out of my stash spot.
     
  17. Jasmin Cottontail

    Jasmin CottontailActive Member

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    Indeed. It's hard to save money especially for people who earns a little or for people who have bigger lifestyle that their earnings. I have the same problem before since I try to save money but will use it when needed so in most cases, there would be nothing left. So what I'm doing is that I'm cutting a small portion from my earnings and save it and consider it gone so I won't be able to use it even though I need the money. At least I can able to save bit by bit :)
     
  18. Shine_Spirit

    Shine_SpiritActive Member

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    No matter the amount, money is money and it's precisely the small amounts that end up making a difference when we least expect it. I have always had the habit of saving money and I know the benefits that this can cause.

    It's worth every penny. :D
     
  19. overcast

    overcastActive Member

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    Yes indeed every small savings matter. You can see that even saving 1$ a day or week may add up at the end of the month. And another thing is that 20$ or more can be something should be saved each week. And at the end of the year, that's where it'd be harder to see how the small savings would be different for every scenario. Because we all need to focus on different savings pattern.
     
  20. Barida

    BaridaActive Member

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    This is one aspect of life that people always overlook because everyone wants to make it big maybe by magic without knowing that little by little makes the bag full. I developed the habit of saving #20 daily in a wooden safe box while I was growing up and after 5 months that I opened the box, I was amazed by the amount of money I saw in there! This is something I was doing for fun without knowing that I would save that big.

    In most places in Nigeria, many sellers and business people save at least #100 with a fund collector who pays them back the money at the end of the month or more depending on how long you want your money to be there. it is not easy, but if we form the habit of saving little every day, it will be beneficial to us in the long-run.
     
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