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Saving Strategies

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  • Saving Strategies

    What is your strategy for saving money?
    Mine is quite simple. 20% of my paycheck goes into my mother's savings account who is instructed to not let me have it unless I'm going to make a big investment such as buying a car or house, or there is some kind of emergency that I can prove exists.
    It has worked out great for the last 3 years, I forget I even have it sometimes!

  • #2
    I wouldn't be able to trust my mother enough to give her any of my money! LOL

    My savings plan is not really a plan. I just see what I need each week and what I want, anything left over gets saved. Sometimes I have a lot leftover, other times, only maybe $50. But it all adds up!

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    • #3
      I have a safe in which I keep money and I keep adding to it. It's not exactly a huge amount but if something devastating were to happen, I'd at least have that.
      It's better than keeping money in the bank, you never know what could happen and I don't want to trust anything electronic and internet connected with my livelihood.

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      • #4
        Originally posted by Coleminer View Post
        What is your strategy for saving money?
        Well, I like to put away between 10 and 40% of my weekly paycheck away. Sometimes I can do 40% other times I can only do 10% but I aim to put away a minimum of $500 a month. Thus far, it has been working for me. I have just over 9 grand saved and I have only been doing this for a year and a half or so.

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        • #5
          I'm still quite young and don't have a saving strategy yet, but I like your idea, Coleminer. My parents are financially secure so I could trust them to keep it for me.
          Also, I keep hearing about investing in gold or other metals. Since gold always holds its value you can never lose. Apparently.

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          • #6
            Stop buying useless things!

            About to buy McDonalds? Don't, put the money in savings.
            About to buy a $700 phone? Don't, get one for much cheaper.

            There are so many things we overspend on, it's crazy how much you'd save over the years if you tried.

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