Saving money

Discussion in Off Topic Discussion & General Questions started by SarahLizzie • Jun 21, 2012.

  1. SarahLizzie

    SarahLizzieActive Member

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    How do you go about saving money? Do you have a difficult time not touching the money you set aside?

    No matter what I end up using the money I am trying to save not long after I began saving it. It always ends up being for like an emergency situation, but still, the savings never builds to anything. Do you have any suggestions to stop yourself from using your savings in an emergency situation?
     
  2. ukfan41

    ukfan41New Member

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    Just have a friend hold your money. Also you could put it into a savings account which you cannot touch. You could always also just try and improve willpower.
     
  3. Linky

    LinkyExpert

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    Perhaps what you can try is to get two automatic debits going off your mainstream account....1) for savings and 2) for emergencies. If it goes off automatically, you do not see it, so you do not get tempted to use it. If the cash you have coming in is not enough to cover your needs, then you may need to get another income stream....but having a savings fund and an emergency fund is vital. Good luck.
     
  4. BarelyHangingOn

    BarelyHangingOnActive Member

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    If you didn't have that money put away for an "emergency" then you would really be up the creek. It sounds like you are saving money for the right purpose but you are just running into some tough luck. That is what we save money for. Either to buy something or to have it when we need it for a car repair or house repair/upgrade.

    If you need to save more than cut something else out of your life. Stop buying coffee from the doughnut shop and put that money away. Cut back your home phone, cut back your cable plan. Find a way to save more if you need it.
     
  5. tosaytheleast

    tosaytheleastActive Member

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    I am really having a hard time saving money these days especially now that I have a stable source of income in a daily basis. Im not good in saving money because I tend to buy things that I dound cool even if I don't really need it. I really wich I could overcome this habit.
     
  6. Pat

    PatWell-Known Member

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    Saving money does require discipline, have a deduction taken out of your account earmarked for savings is one way. Know why you are saving the money such as buying a new car, put so much as side for the car and every time you are tempted to touch the money say to yourself "if I spend this I will delay my new car" it helps me when I feel like I have to spend every penny I have.
     
  7. mimi8zm

    mimi8zmMember

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    I prefer if I can't touch it because then I would not think of spending it. So it would be better for me to put my money in a time deposit or even in a mutual fund.
     
  8. Farrah

    FarrahActive Member

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    I keep a separate savings account at a separate bank with no ATM card. I linked my Paypal account to it. So, most of the money I make online I just send on over there. I do treat myself once in awhile but for the most part it goes to my savings account. I am on a fixed income that barely covers my monthly expenses and wouldn't be able to save anything from it. Plus, once its in my checking account and I am hungry, I am quick to whip out my debit card and buy what I am craving.
     
  9. SarahLizzie

    SarahLizzieActive Member

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    Thank you for all the suggestions. I am going to haveto try something different other thn exactly what I am doing.
     
  10. Adeal4u

    Adeal4uActive Member

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    I would say saving money is a learned behavior. When you're younger if you get an allowance and you're quick to spend it, chances are when you grow up those bad habits will haunt you. I had to teach myself not to just spend money on things that I don't need. Every time I walk in a store or look online I find something I want. It takes some will power not to buy anything, but in the end I'm happy that I didn't give in to temptation.
     
  11. Victor Leigh

    Victor LeighActive Member

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    I remember reading about one strange way of saving money.

    There was this guy who put his spare cash into a plastic bag which he tied up very tightly to make it water-proof. Then he froze this little bag of spare cash in a small container of water. Whenever he wanted to use this money, he had to to take it out of the freezer and wait for it to thaw. Apparently by the time it had thawed, he had lost the urge to spend the money and he re-froze it.
     
  12. Linky

    LinkyExpert

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    I have heard of some people who do this with their credit cards in order to prevent themselves from impulse buying. I am still unsure if it is truth or not. Sounds a bit bizarre...but hey, if it works?
     
  13. tetutato

    tetutatoActive Member

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    Lol strange... you guys have hard time saving money while I have hard time spending money :p