Saving

[andrea]

how do you save money out of your paycheck?

I dont mean like cutting cost, just like ok this check i will put 100.00 in savings or whatever?

[Deana]

We have "x" amount that we take per pay period and put it in our savings - just like it's a bill (we have it direct deposited into our savings to make it easy). A great tip that my dad gave us is to put your checking and savings accounts at different banks. That way, it's not so tempting (or convenient) to transfer funds (and hence, reduces impulse spending!).

[angelrenee]

Ours isn't so much savings as it is a way to make sure all of our taxes are covered with a refund check coming! We have an extra $50 or so come out of our checks for taxes. It's saved us before when we paid more than expected (stupid marriage tax!)

We also have 5% of Scott's salary pulled out and put into the employee stock program. We've done that since he was hired, so we've never known what his payckeck would look like without that withdrawal. Makes for a pretty quick buildup of emergency funds.

[Csara]

We also make sure to put money aside to pay our taxes every year.

[jana]

I put 10% of each paycheck into savings. It's a small enough amount that I don't feel like I don't have any of my paycheck left, but it's a large enough amount that it actually adds up.

[andrea]

thanks guys i am trying to find ways to save that money.. i really like the idea of having a savings account at a different bank...

how do you stop yourself from going and getting it... i had a good about saved and went wow and guess what i blew it... i got to figure out how not to spend that moeny lol

[Neneuu]

It is very tempting to spend all of your savings, but you really have to discipline yourself. DH and I have decided that we need to keep $2000 in our savings at ALL times and treat it likes it's at 0 when it's at $2000. You just never know when that rainy day will come and it will be a life saver!!!:)

Also, you can put money into something you can't see or readily get to - like a CD, money market account, or something like that (check your options at your bank to see what is best for you)... the interest accrued will be higher and since it's a little more of a hassle to get to you probably could let it get pretty big!

[andrea]

hi Neneuu

thanks so much for the advice. I still have to large cd's at my bank in ga. that i wont touch and just get the statements monthly.

but i just once again spent all my savings here again lol.

but this time since we are planning on that move again, we are just going to start saving my whole check (hopefully LOL )

[Csara]

Andrea, I found this "savings calculator" online. It walks you through the steps to figure out how much you can save:

http://moneycentral.msn.com/Investor/calcs/n_savapp/main.asp

[Neneuu]

Originally posted by Loveshack
hi Neneuu

thanks so much for the advice. I still have to large cd's at my bank in ga. that i wont touch and just get the statements monthly.

but i just once again spent all my savings here again lol.

but this time since we are planning on that move again, we are just going to start saving my whole check (hopefully LOL )

Glad I could help! I'm such a tight wade when it comes to MY money, but I have no problem spending other's!!! LOL:p

[SJTaylor]

Thanks for the tips I really need to start saving so that I can buy a house. :D