I would like to know how do I go about saving money for the future?
By Machelle Smith from GA
Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!
There are several ways to approach this;
1 - each week after you get paid write yourself a check for a pre-determined amount, put the checks in a safe place and don't cash them. Make sure your put them in your check book journal though.
2 - When you get money, no matter what the source, take out 10% (like you would for church) and put it in a coffee can or box for safe keeping.
3 - if you don't trust yourself make a deal with someone you do trust to hold your money (or check).
4 - if you have no one to trust start a savings account and only deposit money, never withdraw on a whim.
The best place to get this sort of advice would be at your bank. They offer assistance like this for free, and the person you talk to would have a lot more experience than any of us do. Also, they'd be able to ask you all the necessary questions, to determine your personal needs. :-)
Make it a game with rewards for your good behavior, whatever motivates you; gold stars, your favorite dessert, pedicure. Create a chart and mark your progress. With me, once it became a game, I found all kinds of ways to save more money - transferring the money I save with coupons to savings, rebate checks, all kinds of things.
We have a really funny way to save money. We take a pint jar with a lid and add to it any ones, tens, twenties and any change we have that we can spare every month. This includes any monetary gifts you receive or any money someone owes you that you have already covered. When we know an event is coming up we can simply raid the jar and use the extra money. Then we start the process all over again.
When my daughter first got pregnant we started this and by the time my Grandson was born he had well over 2,000. dollars. We also did this for the weddings in the family. This will really make you smile when you are low on cash and need it to pay something big that was unexpected also.
You can keep a jar on your dresser or in the bathroom and empty your pockets daily into it. The little bit you put in there adds up over time and you don't even miss it.
Also, you can start a Christmas club and add money to it every month. Then at Christmas time you have that extra gift money. Good luck to you!
Also save all the money that you had left over at the end of the month, that you had budgeted and didn't spend. Utilities and groceries are a great way to save this way. Sometimes they are quite a bit less than you budgeted for.
Response from "Suntdyt" is wonderful. I am going to adopt myself. I would suggest, however, if writing checks to self with the intention of not cashing... that you sign the back and write "For Deposit Only" under signature. This way if they are ever stolen, the bearer is unable to cash them. Thanks for the great advice.
Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!
