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Old 03-20-2013, 09:55 PM   #1
IamRAMBO24
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Default Tips on saving

Recently, I've been able to save up some money; to be honest, I'm a one day millionaire. Whenever I get a paycheck, I just blow it. This kind of spending habit is unhealthy and I came to realize I am a lot more comfortable when I have a sizeable amount saved up in the bank. The question is, how do I keep it there. What techniques do you guys use to make sure you don't blow money at every chance you get. It's hard because there are so many things I want to buy and having a decent social life means I'm always invited to go out and spend money. A night of clubbing usually runs my tab up to $100+ (get a few shots in me and it's christmas), and I have this habit of finding creative ways to blow money, which needs to stop.
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Old 03-20-2013, 10:07 PM   #2
DMV2
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Default Re: Tips on saving

Change your lifestyle and only spend money on needs like groceries, bills and gas. Not that hard to figure out.
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Old 03-20-2013, 10:11 PM   #3
lefthook00
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Default Re: Tips on saving

Set long term savings goals, and long term purchase goals. Save up for a down payment on a home. Put your money in a cd, stocks, bonds, a roth, etc. Then you won't be spending it. In many cases, you won't be able to without incurring a fat penalty. You may think it's too early for that, but the sooner you start, the better.

As for clubbing, just pregame. Drink a flask or a 6 pack or both before you go out.
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Old 03-20-2013, 10:47 PM   #4
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Default Re: Tips on saving

Save about 15% of your money in a no risk savings account that is emergency only. Should get enough money to be able to cover 6 months worth of living expenses.
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Old 03-20-2013, 10:56 PM   #5
IamRAMBO24
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Default Re: Tips on saving

Hey guys thanks for the advice; you are really helping out a fellow brother. Will rep you all when I can rep some more.

I've always had problems with saving up because I've always had situations where I needed to spend more than I earned, and recently, I've been saving up a bit here and there to where I'm at a good enough income, but I'm afraid my spending habits will rear it's ugly head and that nice balance sheet will dwindle again, so I'm trying to do whatever I can to build it instead of losing and all of these are great ideas.
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Old 03-20-2013, 11:01 PM   #6
NoGunzJustSkillz
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Default Re: Tips on saving

Quote:
Originally Posted by IamRAMBO24
Hey guys thanks for the advice; you are really helping out a fellow brother. Will rep you all when I can rep some more.

I've always had problems with saving up because I've always had situations where I needed to spend more than I earned, and recently, I've been saving up a bit here and there to where I'm at a good enough income, but I'm afraid my spending habits will rear it's ugly head and that nice balance sheet will dwindle again, so I'm trying to do whatever I can to build it instead of losing and all of these are great ideas.
i'm sure they'll greatly appreciate that.
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Old 03-20-2013, 11:10 PM   #7
IamRAMBO24
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Default Re: Tips on saving

I have this habit of finding reasons to spend money when I don't need to; any advice on how to stop that.
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Old 03-20-2013, 11:11 PM   #8
Styles p
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Default Re: Tips on saving

i have a savings account and i act like that money is not there, unless my car breaks or i have to buy an appliance for the house. i also have about $2,000 under my mattress that i tap into if im going out and need more than whats in my pocket.
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Old 03-20-2013, 11:13 PM   #9
IamRAMBO24
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Default Re: Tips on saving

Quote:
Originally Posted by Styles p
i have a savings account and i act like that money is not there, unless my car breaks or i have to buy an appliance for the house. i also have about $2,000 under my mattress that i tap into if im going out and need more than whats in my pocket.

So where do you live.
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Old 03-20-2013, 11:19 PM   #10
StroShow4
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Default Re: Tips on saving

I have a simple method to save money. I decide how much I can spend for the week each time I get a paycheck. I cash that amount and put the rest in the bank. I don't have a debit card so I can't blow the money in the bank on an impulse. The amount I cash is the amount that I can spend until the next check. I try to keep a certain balance in the bank, and I invest everything that is deemed excess, mostly in stocks.
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Old 03-21-2013, 01:55 AM   #11
bmulls
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Default Re: Tips on saving

Quote:
Originally Posted by IamRAMBO24
I have this habit of finding reasons to spend money when I don't need to; any advice on how to stop that.

Step 1: Spend less money


...


Yeah, that's really about it
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Old 03-21-2013, 03:02 AM   #12
G-Funk
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Default Re: Tips on saving

IF u still live at home with ur parents, try to see how much of ur check u can save, most of the check? half? u save 1000 a month, u can have 6 thousand freaking dollars in only 6 months.
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Old 03-21-2013, 03:24 AM   #13
maybeshewill13
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Default Re: Tips on saving



self control
Use in a sentence
self-conĚtrol
[self-kuhn-trohl, self-] Show IPA
noun
control or restraint of oneself or one's actions, feelings, etc.
Origin:
1705–15

Related forms
self-conĚtrolled, adjective
self-conĚtrolĚling, adjective

I'm 23, already traveled around the USA, Canada, South America and Fiji (I'm from Australia). Spent probably a total of $35,000 on traveling alone plus I have plenty of luxuries ($6000 worth of camera equipment, car, nice TV, cable TV, awesome hifi setup, playstation, killer computer, iphones/ipads, 2 guitars etc etc) and I still have $20,000 saved up towards a house deposit. Heading to the USA/Canada again for a month this year as well as a week in Bali with the girlfriend. Saving really isn't hard.. especially if you live at home. If you aren't at home anymore, you should have taken advantage of it when you did.

Last edited by maybeshewill13 : 03-21-2013 at 03:39 AM.
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Old 03-21-2013, 08:03 AM   #14
JohnnySic
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Default Re: Tips on saving

Easiest way: If your employer offers a 401K (or similar plan), set aside at least 5% per paycheck. You wont miss it.
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Old 03-21-2013, 10:30 AM   #15
glidedrxlr22
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Default Re: Tips on saving

Stop going out to eat. It adds up. That'll help you with your lady's weight problem too.
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