Tuesday, January 13, 2009

Tightening the purse strings

In an effort to save up more money I decided that after each paycheck I will put $200 in my savings account. Here's hoping that I keep it up!! Now I know that $200 isn't a lot but I seriously make no money and that's the best I can do right now. I'm hoping that if and when I get my raise I will be able to bump up that number. But for now with my hourly rate, plus student loans, train passes and credit card statements this will have to do.

Also if I do well with budgeting, at the end of each month if I have some money left over I will put it all in my savings. Sure that means I need to really watch what I spend and no more online shopping but it'll be worth it when I slowly see my savings rise and I can finally afford to move out of my mom’s house.

Do you have any tips on saving money?? If so I need all the help I can get.


Karen said...

When I worked at BIG LAW FIRM, I was able put $500 a week in to a separate saving account. It came right out of my check so I never even missed it.

I blew through most of that money when I tried my own firm.

Now my salary is quite reduced, but I still put $300 - $500 a week away, but I only use the money from second job or from my trust dividends (not a huge amount) for "good times" gambling and shopping.

It sucks.

Anonymous said...

I'm not good at saving money at all but I think that putting some away like you are is a really good idea. I also look at little things I buy like a cup of coffee and realize I could save a ton of money by just making it at home instead or skipping it.

magda said...

If you can automatically divert money from your paycheck, I'd go that route. That's how I'm funding my 401K--I have my company take it out before I even see it. I don't know if 'd have the willpower to send it over myself, and I'm used to getting a lesser paycheck every month. It's normal now.

If not, I'd try to treat savings as a bill of sorts--set it aside first thing. For me, at least, the hardest part is seeing the money; if I can convince myself that it isn't mine to start with, and that it's not mine to spend, and I can't just "wait till next month to save," I surprise myself with how much I can amass. Just be disciplined!

Alexandreena said...

Same here. I have it taken out of my paycheque before I even see it. So I cannot really consider spending it if I never really see it. It's harder giving it up after I got my little greedy shoe-loving hands on it.