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Thread: Advice on Saving Money

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    #1

    Advice on Saving Money

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    With a move in my future, I am trying to save as much as I can so I have something I can contribute with when I get out to my DF (I will be seeking employment the second my feet touch the ground where he is). Currently, I have a part time job and work 35 and 42 hours every other week. My car insurance is deducted from my account on the 10th(ish) of each month and Netflix is on the 28th. My question is, does anyone have any advice or tips on how I could maybe split up my checks between my checking and savings account? For some reason my boss pays us in cash instead of by check (it is all legal and we do get paystubs lol) and in my two years there, I have made it a ritual to throw the change in my little piggy bank for when I'm saving for something I don't need but would like to buy. I plan on doing that still but maybe just put half of the actual paper money in each account? Half on the 42 hour weeks? I'm not sure! All I know is that I want to have some kind of money saved for the move. Thank you!
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    #2
    I calculated up all my expenses, though it sounds like I have a few more than you, and then I see what I am left with. From there I think I picked like $250 from each paycheck (I get paid bi-weekly) and that goes straight to savings. I still have a little bit left over in my checking that I probably could move to savings but instead I just buy random stuff hahah

    For you, maybe pick a number, let's just say $100 and try to put that in to savings each month, so long as you can still cover your other expenses. On the weeks where you do work a little more, you could put an extra $50 or whatever in to savings if you want. What I do try and avoid doing is moving money from my savings to my checking, unless it's a major reason, not just like I spent too much on clothes haha

    It stinks he pays you in cash because I love having direct deposit set up, less temptation to change the numbers and put more in to my checking hah. Hope that helps!
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    #3
    Ugh being paid in cash sounds like it could be harder to work with! Like more temptation I mean lol

    So for savings, what we did first is make a budget. Started by just tracking all of our expenses one month and looked at what was coming out, and what we had left over. Then we looked at how much we could realistically save every month. If you want to save more, you can start looking at your expenses and seeing what you could cut out. It helps to break things down to wants vs. needs for this. For example if I wanted to save more money, I could cut my Netflix and Hulu subscriptions, or cut the eating out budget I have and take more lunches to work, etc.

    Whenever my paycheck comes in, I pay myself first. What I want to save goes into savings, the rest goes to bills, and leftover is the discretionary spending I have for the month. Once that money's gone I don't get any more fun money until next month. So basically I don't keep anything in checking that isn't money to be spent on bills/fun stuff, and everything that's for savings goes into the savings account. I think it's easier to separate it that way, plus it's more effort to take money out of savings so it's something I would have to justify to myself and wouldn't be as tempting to "just this once" dip into those funds. Since you have cash maybe you could do something like, deposit savings for the move into savings account, deposit money for bills into checking, and keep the cash on hand for your spending money?
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    #4
    I agree, before I get paid I figure out which bills I have due that week, what I need to buy (food wise) and what I can do without. Then I try to figure out what Im going to "need for the week.". I really try to put atleast (the very miniumum) $100 into my savings everyweek.
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    This is what I would do in your case:

    Make it a ritual to go straight to the bank and deposit the money. That way it is in the bank and not in your hands. Then, take your bills and divide them up. What is due on or after the 1st but before the 15th, set to auto pay on the 1st. Everything else, set to autopay on the 15th. That way your bills are paid and you don't have to worry about the money coming out at all different times. You can easily see on your account what you have. Then, since your hours vary but the minimum is 35 hours, use that as your income. Add up all your bills and subtract from your income. Be honest about your variable items like groceries, gas, eating out, and anything else you spend money on. See what you can lower. I like to give a monthly total for each and then divide that into weekly installments. So say you can do $400 a month in groceries, then you get $100 each week. For things like eating out, movies...splurges I guess you could say, don't completely cut that out but keep it as low as possible. We have 4 kids and shoot for no more than $125 a week. Sometimes you may go over in a week but be less than that another. Just don't go over the monthly total. Then see how much you have left. I like to leave a little bit of that in checking for things that pop up. Say you have $400 left, put $300 in savings and leave $100 in checking. Next month, if you didn't need it, move it to savings. Now, anytime you work more than 35 hours, that goes straight to savings. Don't include that to live off of since you could work less. After you get a good amount in savings, say $1,000, make another account like a money market. Start putting anything over the $1,000 balance into it. The new account beccomes your don't touch money and your savings account becomes your emergency/saving for a specific item account.

    ETA: and make your transfers to savings a bimonthly event. Your bills are paid on the 1st and 15th, transfer money then, too. Have it automatically set up like the auto pay bills. $300 a month? Then $150 goes straight into savings. And if you worked over the 35 hours you'll have to manually go in and transfer that amount but do it that day or even when you deposit your 'paycheck'.
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    #6
    Quote Originally Posted by BLBnJVB3 View Post
    This is what I would do in your case:

    Make it a ritual to go straight to the bank and deposit the money. That way it is in the bank and not in your hands. Then, take your bills and divide them up. What is due on or after the 1st but before the 15th, set to auto pay on the 1st. Everything else, set to autopay on the 15th. That way your bills are paid and you don't have to worry about the money coming out at all different times. You can easily see on your account what you have. Then, since your hours vary but the minimum is 35 hours, use that as your income. Add up all your bills and subtract from your income. Be honest about your variable items like groceries, gas, eating out, and anything else you spend money on. See what you can lower. I like to give a monthly total for each and then divide that into weekly installments. So say you can do $400 a month in groceries, then you get $100 each week. For things like eating out, movies...splurges I guess you could say, don't completely cut that out but keep it as low as possible. We have 4 kids and shoot for no more than $125 a week. Sometimes you may go over in a week but be less than that another. Just don't go over the monthly total. Then see how much you have left. I like to leave a little bit of that in checking for things that pop up. Say you have $400 left, put $300 in savings and leave $100 in checking. Next month, if you didn't need it, move it to savings. Now, anytime you work more than 35 hours, that goes straight to savings. Don't include that to live off of since you could work less. After you get a good amount in savings, say $1,000, make another account like a money market. Start putting anything over the $1,000 balance into it. The new account beccomes your don't touch money and your savings account becomes your emergency/saving for a specific item account.

    ETA: and make your transfers to savings a bimonthly event. Your bills are paid on the 1st and 15th, transfer money then, too. Have it automatically set up like the auto pay bills. $300 a month? Then $150 goes straight into savings. And if you worked over the 35 hours you'll have to manually go in and transfer that amount but do it that day or even when you deposit your 'paycheck'.
    Great Advise.

    For our family, we became cash only. We would take what we would use for groceries and put in an envelope. When the money was gone, we didn't get more. Every dime has a job. We have been slack since the move; but, we have agood grasp and know what is spent for what.

    Get a budget and stick with it. Also, give yourself a little bit to just spend as you want. Mani, Pedis, ect. BUT, stick to it.
    "Obstinacy is a fault of temperament. Stubbornness and Intolerance of contradiction result from a special kind of Egotism, which elevates above everything else the pleasure of its own autonomous intellect, to which others must bow.: Carl von Clausewitz

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