Thanks for voting!Stockpiling money sure can be challenging, but who doesn’t love a good challenge? This website lists no fewer than 52 ways to save for an emergency fund (even when your monthly budget’s on life support).
Whether you’re saving for an SOS fund, a Caribbean cruise or something in between, a great way to start saving is by exercising a little self control. (We can think of at least 52 ways to do this, too, but we’ll just mention a few here.)
“Convenience” purchases? They’re really “more money” purchases. Pre-shredded cheese, pre- rinsed, bagged salad and premeasured amounts of dishwashing detergent in tablet form are just a few of the items priced for the time savings they offer. Skipping anything ‘pre-’ will shave down your weekly expenses sizably, and add a little extra dough to your bank account. Now, this only helps if you actually throw it in your savings. Well, duh.
Another savings downfall is paying for a label. Aha, snob-shopping. Valet park your car at the mall? Recently enjoy a coffee drink that is unpronounceable by the general population? Closet full of name brands? Sure you might impress your friends, but it leaves a negative impression on your bank account. Pick and choose the luxuries that are most important to you. We know there are some items that can not be compromised, and should not be, especially when it’s a matter of safety or reliability. And you’re allowed a splurge every now and again, as long as you plan for it in advance.
You’d be surprised at how a little adds up quickly. You gotta start somewhere, right? So keep tossing in the change and enjoy the magic of compounding interest. Now, about that 52 Pickup – what tips can we pick up from you?
Tags: Emergency Fund, Saving, Tips
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When I talk myself out of getting pizza delivered or fast food, I take the money I would have spent and transfer that money to savings online. All those $5, $10, & $20 deposits really add up fast.
A bottle of Italian syrup gives coffee brewed at home the same flavor as coffeehouse drinks for a mere fraction of the cost.
I bought a 1987 Mercedes 300TD, its a station wagon with over 200,000 miles on it but they can go well beyond double that if taken care of. The car cost me $2000 and I do not have car payments.
Figuring the normal car payment these days is $500 a month I take $250 from each of my paychecks and put it into a “Drive Free’ fund. If this principle sounds familiar that is because Dave Ramsey does a bit on it over @ http://www.daveramsey.com/etc/lms/drive_free/ and I found it so inspiring I started it instantly.
I pay myself a car payment per month and soon I will have enough for a brand new used car, probably another 300TD perhaps in better condition. =)
I’ve started the “10% solution” in my office.
Anytime I receive payments, I take 10% of payment and deposit it into an ING business savings account. The results are staggering! Now my business has a 3 month “safety net” too!
There are many “good parts” to this action.
for piece of mind,
We get to see the cash balance climb;
We have the safety net
We have continued good incentive to price out design services fairly,
We have switched our mindset to “buy equipment on credit” to having the cash to do what we need - Immensely better!
Now, if I can just get my kids to buy into the idea at home~!
IN my opinion Children tend to duplicate their parent’s action and hate being told. Instead of giving cash or telling them what to do, I credit my children’s ING savings account. If they really need the money, they have to wait for few days to transfer to chg account and then spend. Most often they don’t. End result-They saved money without feeling They HAVE to, but automatically. Now they have automatic savings set up from their earnings.
I am an avid coupon and sale shopper. With that idea in mind, I take the money that I saved either through sales or coupons and put that money in my ING savings account. Stores print the money you save at the bottom of the receipt from your purchases. For example, ShopRite will print ” You saved $15.86 in coupons”, I withdrawal that amount of money and put it in my ING savings account. I have been doing this for the past three years. Because of this savings, I was able to go further with my education. I now have my Master’s Degree! If I continue until this next time next summer, I will be going on a cruise. Thanks ING!
Coffee Drinkers : buy a small french press and use it anytime you get the urge to go buy a coffee when at the office.
$3.00 x 5 days x 4 weeks x 12 months = $720 annually versus $6.99 bag of ground coffee / month ($ 84 annually)
* if you MUST have a latte, invest in an espresso machine with steamer - it will pay for itself in 3 months
Join a Co Op market and use membership specials and monthly discounts towards grocery purchases
(Example: Madison Market, Seattle) Also take advantage of the bulk food section (serious savings!)
Beer Drinkers: Invest in a Kegerator (I’m serious) and buy Kegs of beer. You will pay $0.25 - $0.50 / glass
Having an actual tap allows the Keg to last for months. Also, the savings versus going out and paying $4 +
for a pint are quite significant
Use your Crock Pot! Stews, Soups, Roasts, Chicken, et al You can make a $2/pound whole chicken turn
into a delectable feast (and leftovers for lunch)
Make your own bread
Ditch your cable television - who needs it anyway what with Hulu, PBS.org and Netflix (minor cost)
Sell your car and buy a bike. If you work within a 20 mile radius from your home, you shouldn’t be
driving. Think of the savings if you have car payments, gas, insurance and parking charges
NEVER buy any clothing or housewares item that you 1) don’t need and that 2) isn’t ON SALE
Take the time to peruse sale racks and discount stores - NEVER, EVER, buy retail….EVER
ex: $110 pants on sale for $19.99 (Anthropologie) $95 Swiss Army Luggage for $19.99 (Ross)
$369 Cuisinart EM-100 Espresso Machine for $129.00 (Amazon)
I once read about of a guy who took his loose change out of his pocket everynight and put it in bucket. At the end of each year, he puts the change in a savings account. Over a number of years (I’ve forgotten how many), and with interest, he had $43,000.
I started doing this. I am a woman, so I empty my change purse at the end of each week. My first year, I had $160 dollars. It was such a rush! To help it along, I usually break a dollar, instead of giving the change in my purse to the cashier.
I use http://www.peapod.com for all my shopping online, and I stay out of the stores. Peapod is cheaper with all the sales, and I do tip my driver. I cut out cable a year ago, and I do not miss it. I do use http://www.netflix.com and I use dial-up aol.
I have my saving automatically sent to the Ally bank, for they do have the best terms and rates. I still help the poor, and happy I am not one of them.
Have you actually price compared the cheese? For the last almost 10 years shredded has been the same price as blocked everywhere I’ve gone. Now sliced cheese is usually still more expensive.
Don’t blindly follow any money saving advice. Look at the prices at your actual stores.