How do you save money for a rainy day?
Post ReplyPost New TopicPosted 1/13/2013 by eriusa in NSBR Board
 

eriusa
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Posted: 1/13/2013 1:28:46 PM
I stopped eating out;
Hitting the pop machine at work;
Hitting 7/11 for a pop before going to work;
stopped Netflix;
As soon as my cell phone contract ends no more smart phone;

What else should I do?



Erica

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Posted: 1/13/2013 1:38:57 PM
It rains a lot here! I think we're on about our 3rd straight week of rainy days.


Saving money for a rainy day? I need a better mantra than that.



My absolute best way to save a buck: I put whatever I want into my cart and wait. If I'm in a store and I've picked up a bunch of stuff, I'll take myself to a quiet spot and begin going through each item. Funny how much easier it is to decide what I really want and what I can do without when I feel like I *could* have had it - it was in my cart, wasn't it!





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cmpeter
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Posted: 1/13/2013 1:40:06 PM
Does your bank offer a savings plan? Like rounding up all your debit card purchases to the even dollar and putting that amount in savings? Ours will deposit a dollar for every debit card purchase into savings. You can also put any bonus/unexpected money into savings instead of spending it right away. There was a post here and on Facebook about putting a dollar for every week into savings...week 1 of the new year put in a dollar, week 2 put in 2 dollars, etc...by the end of the year you have ~$1,300.


Cindi

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Posted: 1/13/2013 1:41:02 PM
Pay your savings account first, and make it a line item in your budget. It will be there if you truly need it later in the pay period, but you won't impulse spend it out of your checking account if it is off in savings. (I realize that's not actually a cost-cutting way to save cash, but it really has been effective for me to physically write myself a check and move the money, no matter how small the sum.)

If you're not already doing it, plan your meals for the week and make a grocery list off that plan. I can easily drop $20 every time I go into the store to pick up things I'd forgotten, so making the list (1) cuts down on original impulse purchases and (2) cuts down on extra trips to the store. I know some people will tell you to look to coupons and sales but since I switched to this meal planning/list way of doing things, my grocery bill is pretty consistent week to week, regardless of whether I shop sales, cut coupons, impulse buy, etc.

MandKsMom
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Posted: 1/13/2013 1:42:16 PM
I stay out of the stores, shop with a list, a new concept for me. I am a shopper when I. Want entertainment. We don't use credit for anything anymore, paying cash I am cheaper, lol.

katethecatlover
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Posted: 1/13/2013 3:22:51 PM
Direct deposit from wages into a savings account, then we chose not to have an ATM card for that account. We have to drive half an hour to the credit union to withdraw.

I try not to go to malls as entertainment, and I avoid online shopping as much as I can. I try not to buy things mindlessly, which I've often done in the past. We're keen readers, though, and getting kindles reduced the amount we spent on books. I take my lunch and morning coffee to work rather than buy, and I started meal planning to limit restaurants. I try to get enough sleep! Sounds silly, but that's when we end up at restaurants or with takeout meals.

We got a Costco membership. And best of all, my husband does the food shopping, and he just buys what's on the list. Unlike me.


purpledaisy
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Posted: 1/13/2013 3:27:28 PM

I stay out of the stores, shop with a list, a new concept for me.
I'm trying to do this more and more. Going into a store "just to look around" or going off list messes me up every time.


Becca

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scrapper100
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Posted: 1/13/2013 3:43:38 PM
Stay out of stores and when you do shop shop with a list. Same with on-line stores. I used to shop just for entertainment and don't do that anymore. Unsubscribe to some of you emails those that come from places that will tempt you to shop because something is on sale - there will usually be more sales - stuff at Bath and Body works is almost always on sale, same with Old Navy and Kohls.

Meal plan so you don't end up doing take out or going to a restaurant I think in addition to shopping this is the one that has saved us the most. I miss going out but feel better to not be spending as much.

Find cheap entertainment - DVDs from the library or Redbox if you are good at returning them on time to avoid late fees. I read a lot and most of my books come from the library. Learn your library system and how to put things on hold. A lot of the books I get aren't even from our city or county but from other libraries in the state.

If you have cable look at your bill for ways to cut back - do you have more than one DVR? Do you have several premium channels if so do you really use them. We found we really weren't watching HBO except when a few of their series were on so we got rid of it and haven't missed it. We also got rid of another set of channels that wasn't a lot of money but we never watched and figured the 4 or 5 was better off not going to the cable company every month. Call the cable company to see if they can give you a discount usually they can without cutting anything pass on something to save you a few bucks a month.

Learn to cook instead of buying processed food cook from scratch it will taste better, cost you less and you may find yourself loosing a few pounds. Meal plan and don't buy too much food most of us throw our and waste quite a bit of food.

Find free things to do for entertainment in your area - use your local parks and trails. Most communities have something every few months that is free or low cost that is a lot of fun - street fairs or some kind of festival just don't spend a lot of money there.

Start small but put some money aside into a savings account and then each payday see if you can add more than the time before. We do our banking on-line as much as possible and I can transfer money into our different accounts very easily - we have accounts set up for emergency, household repairs/remodel, vacation, car, taxes, Christmas that way if we need it we have it but it is earmarked for something specific. I find it much more fun to put money into an account for vacation or car than others but hey whatever works. When you first start you may only be able to put $20 a pay period in there but if you do this every time it will add up maybe in a few months you will be up to a couple hundred.

Good luck.

ETA: I thought of a few more if you can work overtime do it and add it to your savings. Have a garage sale and again add it to your savings. So many people get money like this and immediately treat themselves you need to learn to be more disciplined and in the end it will pay off. Same with bonuses if you are lucky enough to get one or a tax refund. If you have bills or credit cards pay them down with this money instead of going out to buy something fun. If you must buy something small to treat yourself but put the majority of it away. Once you pay off your CC if you have them you will have more money as it isn't going toward those every month but then put that money in savings in case something happens because it always does.


Patti

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Posted: 1/13/2013 3:46:37 PM
Open a mint.com account. It will track all of your spending and you'll see where your money is going. When I realized how much we waste at Starbucks, eating out and just shopping, I made the decision to stop. That's it. Just stop.



Carolann
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Posted: 1/13/2013 3:59:55 PM
Something that I do is put all of the change (coins) from purchases into a piggy bank. It's not all that much, but it adds up over time. Periodically I will take it to the bank and cash it in. I also take my aluminum cans to the recycler for cash. Again, not a large amount but it helps me save for something I want. I get a set amount of cash each pay period; if any is left at the next pay day that goes into the rainy day fund. I also have an automatic transfer set up to my savings account each pay period. I'm trying to do less impulse shopping.

MergeLeft
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Posted: 1/13/2013 4:04:19 PM
Keeping to a budget is a good long-term goal, but in the short term, I agree with just paying yourself first. Most banks will allow you to set up an automatic withdrawal from checking into savings with each paycheck. If you set aside some reasonable amount from each check and then require yourself to live only on what's left, you're better off than the vast majority of people.



Cindy March
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Posted: 1/13/2013 4:30:05 PM
Write down everything you spend your money on. After a few months you will where your money is going.


Cindy
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katethecatlover
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Posted: 1/13/2013 4:32:36 PM
Forgot - another thing I do is save every $5 bill I get, and stick it in a box and bank it when it gets to $200. Small enough to not really miss it, large enough to make a difference.

peasbkind
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Posted: 1/13/2013 4:57:36 PM
It took me a long time to get to this point but:
budget, with wiggle room and fun money built in
don't spend change
all etsy, ebay and fb group income goes into savings every $100 now that I paid off my car 2 years early
stopped drinking soda
eat out a max of 1 x week
walk more, drive less
simply do not buy anything I don't absolutely need and don't have a substitute for


OLW 2012 == authentic



Nicole in TX
The Peas did what we do and went insane over it

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Posted: 1/13/2013 5:01:03 PM
I opened a separate bank account and am depositing any extra money I get there.

For instance this week I got a refund check from an insurance company. My parents gave us $100 for Christmas, etc.

It is going towards funds for an anniversary trip.



I-95
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Posted: 1/13/2013 5:07:00 PM

Write down everything you spend your money on. After a few months you will where your money is going.


^^^THIS^^^

I was shocked when I discovered what I was throwing money away on, really stupid things.

Stay away from shopping malls. I was just thinking about this yesterday. I took DD and her friend to a shopping center...we had lunch at Red Robin $50. We stopped at Target to get some syrup for the soda machine...oh and while we were there we needed xxx...$150 later we left. We went to Joann's to get some colored thread...what should have been a $2 purchase turned into a $60 purchase...all stuff we didn't NEED! At the end of the day I had spent more than $400, most of it on spur of the moment items we could have lived without.

If you are a shopaholic...go to Goodwill, you can have a spending spree for $20 and be just as happy with the junk you didn't need as you would be if you'd hit Macy's for stuff you didn't need.

ostrich girl
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Posted: 1/13/2013 5:11:09 PM
Like Nicole I have a secret stash of money for our anniversary trip. I add money $5-10 dollars at a time, or more if I can afford to take an extra $20 at the atm. This goes directly into that stash. I added my Christmas money and I will do the same if I choose to take my lunch instead of eating out. It's only a few dollars at a time, but it adds up. I have over $1300.00 saved over the past 1 1/2 years.


-mich


eriusa
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Posted: 1/13/2013 5:42:58 PM
I started the Facebook challenge. I've also started a Christmas savings. I decided to get my daughter either a laptop or desktop this year.

The only spending I've done is with gift cards I received for Christmas.

I'm just trying to prepare for the lean times.


Erica

Mallie
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Posted: 1/13/2013 5:55:20 PM
I don't buy coffees or soda or have incidental daily expenses that add up. So for me, it's keeping out of hobby/craft stores. I can walk into Target, Walmart, the mall and buy nothing. But go into a scrapbooking store... Bad idea. So I just need to keep out of them.

This reality was brought home to me when I reorganized and purged my craft room last fall. I found out I buy a lot of stuff I've yet to even touch. Hundreds of journal tags and flowers. So many 6" paper pads. Even tons of adhesives. I bought them ALL on sale, but even still, the amount I have is Ridiculous. So I promised myself that I wouldn't buy any more craft stuff unless it was an actual necessity, like running out of something essential. So far so good.

I'm glad I did it because this month we've had some unexpected large expenses, so the money I didn't spend went towards those actual necessities.

I'm also getting ready to ditch my cell phone plan and go with a pay-as-you-go plan. (I was actually taking a break from checking reviews on plans when I popped in here.) When I analyzed it, my dh and I are spending $110 month and used the phones less than 15 minutes per month between us. Total waste of money that needs to end.

benem
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Posted: 1/13/2013 6:23:06 PM
I don't have cable and my only Internet is on my phone. I take my lunch to work and I take a Coke to work daily. I park on the street for free when I can.

Most importantly-- when I do these things I take the amount I didn't spend out of my cash flow and put it in a separate account.


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scrapmaven
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Posted: 1/13/2013 9:44:38 PM
If you can, buy in bulk when something is on mega sale. It saves money in the long run, but you have to have the cash up front to do bulk buying. Credit cards just suck up extra money. If you use your card pay it off that month. Don't use your cards unless you have that much in your checking account and can pay it off that day.

Can you reduce your trash can size? That saves $5 here and there. Sell stuff on EBAY or at consignment stores just to make some extra money. Read magazines at the library. Turn out the lights in every room except the room that you in at the moment. Buy generic. It's often the same product, just packaged differently. HTH.


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Posted: 1/14/2013 12:10:39 AM
Only buy things on sale and save the savings... For example, if a shirt is $30 wait until it goes on sale before buying it, and lets say it's on sale for $20, spend $20 on the shirt and put $10 into your savings account... You save the money by not spending it, and then also save it by putting it into a savings account, GIC, etc... It makes you really aware of how much you buy because you'll be out $30 even if you only spend $20 on the shirt...


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ktNryansmom
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Posted: 1/14/2013 12:37:33 AM
I automatically have $$ transferred to my savings account the day I get paid.

I don't touch it.

Then I plan my budget and spending based on what I have after putting $ in savings


Karen

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writermom1
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Posted: 1/14/2013 2:02:51 AM

Stay away from shopping malls. I was just thinking about this yesterday. I took DD and her friend to a shopping center...we had lunch at Red Robin $50. We stopped at Target to get some syrup for the soda machine...oh and while we were there we needed xxx...$150 later we left. We went to Joann's to get some colored thread...what should have been a $2 purchase turned into a $60 purchase...all stuff we didn't NEED! At the end of the day I had spent more than $400, most of it on spur of the moment items we could have lived without.


Agreed

We live a good 15 miles from major shopping and with the price of gas I'm almost duty bound to have the "while I'm here's" each time I shop.

I am better at weeding down purchases when I shop with a calculator. Keeping a running total of how all the little things add up really helps.

Also no sale on non-essential items is better savings than not spending at all. Just because something is a "great deal" doesn't make it a "great deal for me."



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JRussell
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Posted: 1/14/2013 7:57:52 AM
"I automatically have $$ transferred to my savings account the day I get paid.

I don't touch it.

Then I plan my budget and spending based on what I have after putting $ in savings"

This is what I do and then it is electronically moved to ING which is tougher to access To transfer money back from ING takes a few day thus no impulse purchases.


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recap.pea
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Posted: 1/14/2013 8:19:12 AM
I think you have made some good changes so far.

Also, take a look at your other bills...can you cut your cable to basic plan? Can you do things to make your home more energy efficient? Do you use coupons and take advantage of grocery store sales?

Try this 52 Week Savings Plan , it systems to be pretty manageable for most people.

melanell
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Posted: 1/14/2013 8:39:49 AM
We have always put a certain amount into savings each week. Plus we save separately for any upcoming vacations, parties, and Christmas.


This year I am also trying 2 fun things to save more....the 52 week plan another Pea mentioned, and the $5 bill idea, where you save every $5 bill that you happen to come across...either is given to you in change or whatnot.


As to how you can spend less, gosh, we don't use so many things that other people do that I forget what we have "given up" because we are just so used to it.

We almost never eat out.
We rarely order in or get take-out.
We try to make our own desserts instead of buying pre-made, which tend to cost more and not taste as good.

We have the cheapest cell phones imaginable.
We are a 1 car family.
We have no cable, no dish, no Netflix, etc..

We try to meal plan and shop less to cut down on impulse purchases.
We have never purchased soda or coffee, so there's an automatic savings over some people.

DH packs lunch and snack for work each day instead of buying something there.
DS packs a lunch as well.

We borrow books & movies instead of buying them, or if we do buy them, we often buy them second hand.
We often buy things for the kids second hand as well.

I scrap my stash instead of always buying new things.

Whenever we receive a free $10 gift card for JCP or Kohls, I use it.....even if it is just for socks or underwear. We'll eventually need them, so why not save $10 bucks, or even get them free, right?

We check Amazon to see if a Subscribe & Save deal is available for items we use all of the time, and if there is a savings, we buy those things through them.

I don't go for mani/pedis or regular spa treatments or anything like that.

We rarely go to the movie theater.

If we're going to go somewhere, we try to always see if there is a coupon or AAA discount available.

I try to do all of my errands at once to cut down on gas & wear & tear on the car.

I'm sure there is are dozens more, but you get the idea.



PhotoHorse
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Posted: 1/14/2013 8:42:36 AM
We gave up pop this summer, and I quit eating processed cereal.

We hardly ever eat out. No coffees to go and no convenience store snacks. I pack my food for all the sporting events we attend...to save money, and calories, and to make sure I have something good for my body to consume.

I shop at the consignment shops for my clothes.

I buy used equipment when I need something for the horses. I also give a few lessons from time to time for some extra money.

I shop sales and cook at home for the meals that I can (around sport schedules).

I also substitute teach and do some contract crafts when there's interest.

stampbooker
PeaFixture

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Posted: 1/14/2013 8:46:19 AM
Cindi, What bank do you use that deposits a dollar for every debit card purchase?

Julie

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Posted: 1/14/2013 8:58:44 AM

Write down everything you spend your money on

I've been doing this for years with a simple excel spreadsheet. It's just for fun money and at the end of each column I write in red my weekly budget goal so I know how close I am getting to that. If there's some clothes I want to buy I will pre-enter that in next week's column so I know I have to wait until then to buy it.

I automatically have $$ transferred to my savings account the day I get paid.


Yep this is my vacation fund and how I pay my taxes.




TREZmom
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Posted: 1/14/2013 9:23:17 AM
We do a lot of the same things as melanell. It's not about savings for us, but rather a lifestyle. Sometimes less is more and it's great knowing we can take care of ourselves, in an emergency. When I was first married, we had NO money and lots of debt (from my DH's side). We scrimped and saved and even had to ask my parents for financial help once or twice. I never want to feel like that again and I would rather go without, than ask anyone for help. I guess it's about pride for us. In our house, we always try to differentiate between a "need" and a "want". If we don't need it, we usually learn to live without it.

hilsmom
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Posted: 1/14/2013 9:51:04 AM
PAY CASH. This cannot be said enough.

I did away with every single credit card. I have heard people say you need ONE for emergencies. No, you don't. Use a debit card. Zero interest. I drive an 11 yr old car, but it's paid for. I will buy a new one when I have enough cash saved for it. Looking back, there is nothing I ever put on a credit card that I couldn't have waited and saved for, and it cost me about twice as much by the time it was paid off.

SPLURGE. Pick your battles though. I chose three splurges for myself. Mine are books, really good coffee, and a small amount of scrap/craft supplies. I don't splurge on all three each month, I mostly get books from the freebies I can find on my nook, I do mail order my favorite coffee (but it still saves a fortune on coffee house/K cups), and I don't buy craft supplies anymore unless I know exactly what I will do with them. With these tiny splurges, I don't feel cheated by living cheaply. I know I will treat myself to something each month, and even though it isn't expensive stuff, it's still earmarked just for me. This has totally cut down on the urge to shop for other stuff.

USE A MENU. Plan it ahead, and stick with it. Saves a bundle.

LOOK AROUND YOU BEFORE YOU BUY. You may already have a great substitute for something you are tempted to purchase.


Happiness looks good on everyone!

melanell
Ancient Ancestor of Pea

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Posted: 1/14/2013 10:25:06 AM

LOOK AROUND YOU BEFORE YOU BUY. You may already have a great substitute for something you are tempted to purchase.


I totally agree with this.

We rearrange belongings we already own to serve different purposes fairly often, and we tend to find ways to fix an issue without buying something new.



AngelJunkie
AncestralPea

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Posted: 1/14/2013 3:48:56 PM
Open a separate account and put money in it each paycheck. $5 $10 $50 whatever works. It has to become a habit. Leaving it in the same account you use to pay the bills and make general purchases is too easy to access.


Lois

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StuckOnPeas

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Posted: 1/14/2013 4:34:10 PM
I posted this savings chart on my facebook & here it is for you!
Good Luck!
52 week savings challenge

Shop at thrift or 2nd hand stores.

Try to build your meals with foods on sale.


Don't cry because it's over. Smile because it happened.
-- Dr. Seuss

dreamerpea
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Posted: 1/14/2013 5:00:59 PM
it's always raining here. I wish I could help! Anything I save ends up being used!



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