An easy way to save cash

Many people face alot of hurdles trying to save cash since it involves discipline and even self denial. I have developed a very easy and ingenuous strategy to go round this hurdle. Simply save on a certain denomination of coins by putting them in a piggy bank. If you dip your fingers there, return the money with interest to the piggy bank.

 

I have my own savings because my salary is divided into 4 bank accounts - for home expenses like food and utilities, transportation, etc. But the remaining money is usually a pittance which I deposit in another account which holds my lifetime savings.

My husband has his own trick. He is a card-bearing senior citizen who has the privilege of a 20% discount in food outlets and 5% on grocery items plus also in medicines. For each discount that he gets, he would put that amount in his drawer (an office table in our living reserved for our desktop computer). Last Christmas, he confided to me that his savings is already amounting to $80. And that's only for a year and a half for those discounts. So I said to him that maybe he should be eating more often in fast food outlets, joke.

 

Haha sounds like having an imaginary bank or something like that. The problem is that I don't bring much coins with me, and always spent it as spare change. Although you can make your own piggy bank to store cash

 

Saving definitely has its benefits. Whether its for short term or long term purposes, it works. I ended up having to go on fmla for about 5 months-unpaid might I had-and luckily I had paid into my company's matching 401K program and was able to maintain with little tweaks on certain things. One thing I do is keep change jars. Every time I get change, it goes in the jar. Trust me it adds up. What you have to remember is that whatever you use, you definitely replace it. The other thing that proves to be helpful is getting some type of rewards card-whether you do it through surveys or an actual cc company, it is another plus that works in your favor. All of the purchases you make end up giving you rewards that you can cash in at some point for different things. Last but not least, the other thing that works is to do it if you can. Save something out of each check, whether its $5, $10 or $20. It will add up and put that money into its own saving account. Preferably a savings account that accrues interest, even better.

 

Many people shy away from the use of credit cards. I still use them, but I use them very careful, always paying off my monthly balance in full. They are more or less a way to simplify my bookkeeping. The main reason I still opt for credit cards, is because I use cash back rewards cards. I put everything possible on my card each month and earn the rewards credit. I save it up for a whole year and then I cash it out. You can save a few hundred extra dollars this way. A little nest egg.

 

I am horrible at saving! It doesn't matter if I have a lot of income, or none. (But the none definitely makes it impossible to save any!) So I have no tricks of my own to share with you. Even the piggy bank isn't safe when I need change for a coke.

But my mother was really good at telling herself "no" when it came to spending money. She had a couple of tricks for saving cash: she would stash them in any one of her collection of 500 romance novels. She also admitted to putting an occasional twenty in a canister of flour!

The book thing might work for me. But if I hid money in any food substance, I don't know that I could eat it, knowing how filthy money is after been handled so often by who knows?

 

I have been functioning without a savings account for while due to a turn in my income. I feel really vulnerable with out it. Fortunately, I am credit card free and have a very small part time job now. All income I get from that part time employment is going straight into savings. We all need a cushion should we become seriously ill , loose employment, or need to repair after a natural disaster.

 

Saving money is something that is terribly hard for me since my income right now is so low and my basic expenses are barely covered. I used to save my change, but unfortunately I have caught my roommate dipping into it several times without my permission. I know it's only change, but it is still stealing and it angers me to no end. I'm sure once I am on my feet more I will have more success in this area.

 

Easiest way for me is that whenever you are planning on spending money, NEVER cut below the halfway point, pretty much like replanting a tree or plant. I have followed that through the years, and not once have I had any problem with my savings. It also controls my "desire" to spend spend spend, as I would have to consider budgeting since I have set a limit for myself, and not overdo it while I am waiting for my next payday. It's a struggle, but it's a life I'm happy with, as I have never regretted anything that I have purchased.

 

One really good way to save money is to ask yourself, "Can this purchase be postponed?" I run everything through that filter before buying. And I find that most things can wait. I have further observed that by waiting, many times I figure out another solution, or for one reason or another, I cease to need the item I was so anxious to buy in the beginning. This ends up saving me a lot of money.

 

One of the easiest ways to save money is by automating your savings. Each time you get your earnings a set percentage of the money should be transferred to your savings account. Makes it very easy to save. If you can't use this then try another but similar saving strategy — pay yourself first each time you get your money.

 

It depends a lot of your income. As a few of the thumb rules:
1) buy in bulk, but only if they are not going to go bad. For instance, I may not eat 10 kilograms of rice over the next few days, but I will definitely cook them over the next few months;

2) If you are working in the city, see if you can't rent bikes for free from the townhall. In Cluj, you can rent bikes for free for an hour and there are docking stations almost everywhere.

3) Last, but not least, instead of living a cheap life, focus on earning more money while you still can. If you invest your money right, at some point, saving money will be piece of cake because you will want more and more.

 

That's it, I do throw all of my coins into a tin though (specially designed. You need a can-opener to get to the good!)

I guess maybe I'm lucky as I don't so much need to trick myself into saving. When I get paid, what I'm putting away for a rainy day is my first port of call and I deal with what I have left as it comes.

I've been a lot better off since taking up my second job, also though. So, I guess that's a thing.

 

I also put any change I have in small piggy banks. It does sum up but I never replace the money I take from it in case I need to.
Sometimes I would hide 10 Dollar or 20 dollar bills in an old wallet.
I have placed money in books before and totally forgotten about it.
Forgetting where I hid the money always worries me.
You would not want to hide money and then when you need it you can't find it.
But by not spending a lot of money you also save a lot.
It is not always easy. I think if I would be living alone it would be easier.

 

Track you expenses and also it is easier to stop yourself from buying worthless things when you use cash instead of cards. When you use your card you just don't notice where the money goes, you just give your card and that's all you see. It's actually proved that it is psychologically easier for humans to not actually see the money they spend.

 

Actually what the OP says makes a lot of sense. I used to do this for a while, now I've never had trouble saving money so that wasn't the reason, I simply hated having a lot of coins in my pocket. So everytime I'd come back home I would empty all the coins I had into a jar. Overtime it actually became quite a large amount.

 

Look another no brainer, but I'll throw it out there anyhow.
Maybe only buy needs or things you know to be legitimately useful, rather than going away with the windmills and buy becuase something it 'pretty cool' or just because you feel like it.

Buy with purpose, even if you know that purpose is a while off. When the SHTF it's likely money won't be worth shit. Opt for possessions.

 

I am horrible at saving! It doesn't matter if I have a lot of income, or none. (But the none definitely makes it impossible to save any!) So I have no tricks of my own to share with you. Even the piggy bank isn't safe when I need change for a coke.

But my mother was really good at telling herself "no" when it came to spending money. She had a couple of tricks for saving cash: she would stash them in any one of her collection of 500 romance novels. She also admitted to putting an occasional twenty in a canister of flour!

The book thing might work for me. But if I hid money in any food substance, I don't know that I could eat it, knowing how filthy money is after been handled so often by who knows?

 

My bank also has an option to have a special storage for your money that you can only access one specific day every month; that way you don't take it for an impulse purchase or you using up your remaining funds because you have the assurance of still having some money in the bank that you can use any time. That storage removes that, and you can only take out the money inside at a specific date (the day where you put money) next month, so it's in good hands and you have to do some saving in order to survive til then.

 

Right now I've actually been putting 50% of all that I earn into my drawer. Since I still live at home and have all my living expenses paid for I can afford to do this. Once I end up moving out I'm sure that the money I've saved up will help a lot with buying a house.

 

I never spend coins. Every night I empty my pockets of the coins I collected throughout the day and put them in a jug. Average is just under $2 a day since usually there is about $300 every six months or so when I cash it in. Typically we use that money for extra spending cash on vacations, but sometimes use it to buy a frivolous item we would not normally buy.

 

The thing that I tried that was an easy and effective way was putting the coins in a piggy bank from the change I got when I bought something. You wouldn't mind how much coins you put there since it's just coins so you won't bother to get it. The point here is you won't expect that something small will cost a lot by the time you are going to open it.

 

Great book on saving an earning money is Richest Man in Babylon! I have read it and listened to it on audio. First, concept is pay yourself first and pay bills second! Second is get your money to work for you!

Another great book on changing they way you think of money is Rich Dad Poor Dad! This will change your viewpoint on accumulating and spending money.

 

I did the same thing for years. Now I also throw in all my one dollar bills. They are worth about what a dime was good for when I started doing that. I have a wad of ones now and am probably going to turn them into dollar coins. When I wear out a pair of jeans I always cut the legs off to make bags and char cloth. I sew the ends up when they are full of coins and throw them in the bottom of my gun safe or in the back of a closet. Coins will survive a fire. In a world where the banks are closed and only cash will have any value coins and small bills will be in short supply.

 

i started to get the credit union to deduct $25 per pay back in the day 30 years ago , many many years later i had increased that amount $340 per pay every two weeks . every time i got a raise in increased the deduction accordingly, i do not want to brag but i have two houses, 5 pension plans and i go to florida every year for a month. if you are young you should start up this type of thing, you will not notice not having that extra $25 in your pocket , you will just spend it on pizza or beer. but after a couple f years when you see a couple of grand in your account you will thank me.