The Saving Money Thread

[CaptainJaneway]

I use Ing Direct and i love them to death. About 2 years ago i opened a cd with a 1000 dollars so when i moved i could use it on a new tv. So each year when it comes up for maturity i just roll it over. So i have gained 151.00 dollars in interest alone. It doesn't seem like a lot, but it is a start.

I also have the ing checking account which gains interest. I try not to use that account except in a case of an emergency.

i do have the ing savings account. i have racked up a lot of interest during the years especially when the rates are higher. I think the most i made was about 300 in interest one year. Compare this to a regular savings account at a bank you get pennies.

I do have a regular bank account that i have direct deposit. From there i transfer money to ing then to my other savings and checking accounts. Those i leave off limits unless it is an emergency. I take about 350 each week and put it in those various accounts. my main checking account i leave for bill paying and other things that may come up. so i was tell my self that i am broke. lol no money to spend.

I am also trying deperately to save for a down payment on a house.

[BookstoreEscapee]

My friend's parents had a 5 gallon water-cooler bottle and they took $1000 out of it to give to her sister for her wedding. It wasn't even close to empty afterwards.

[Cat]

I do the change-in-a-jar thing as well, but I use the change to get iTunes credit from coinstar.....just probably just take it to the bank (rolled, of course )

[RavenStarr]

There has been a lot of great advice on here.

My favorite one is saving change. I'm going to start saving my change. I've come up with some ways to be more disciplined about it.

1. Get a large jar with a lid. Cut a small hole in the lid.

2.If the jar is clear, put wrapping around it. This will prevent me from seeing the money and being tempted to spend it.

3. Wrap duct tape around the lid. This will prevent me from having easy access to the money.

4. Store it in the closet up high and behind the shelf. Out of sight out of mind.


In the next few weeks I'm going to open a savings account at my bank. Luckily there is no minimum balance.

I'm also going to start leaving my checkbook, bank card, and any cash I have at home when I go to work. I can't spend money if I don't have it with me right

[Mr. Rager!]

A note on this: It may be different for me because my bank is a credit union (and I love them!), but my checking account actually gets a better interest rate than a savings account would. So for me, I am thinking of opening a second checking account purely for savings, without the restrictions of savings account, and just putting my saved money in there (see above). That gives me saved money AND access to it if I am in dire need or an emergency rears its ugly head.

I have a credit union too. But, I have the ING Direct savings account because it is a higher interest rate than my checking and saving accounts through Mayo.

http://home.ingdirect.com/products/p...SavingsAccount

vs

http://www.mayocreditunion.org/emplo...schecking.html

I do not put all my savings in my ING Direct account because I do realize that emergencies do come up. But, out of the $550 a month I do put into savings, $300 is going to ING Direct while the $250 is going to my Mayo Savings Account.

[protege]

I had to buy a new vehicle, I thought I was going to be sick when I wrote the down payment check. I don't like spending large sums of money anymore, it actually makes me feel sick.

You're not the only one. Back in 2007, I had to get another vehicle--that stupid Mazda had failed its state inspection *twice* and I wasn't about to mess with it. I traded in that heap, and cashed in one of my long-term CDs. That went most of the way to purchasing a new car--the rest was financed. My monthly payment is about half of what the car would have cost...if I'd financed all of it. Hopefully, if I get a year-end bonus, that car will be paid for by year-end. Then I can start saving money again It's actually hard for me to save money. Most of what I make, goes right back into the house--utilities, food, insurance, mortgage payments, etc.

Speaking of the mortgage, if it wasn't going to cost about 2 grand to refinance, I'd actually do that. Rates are a bit lower now than in 2006 when I moved in. But, since I don't have the money, I can't do it. At least not yet.

But, what sucks, is that home repairs are a bitch. Small repairs I can deal with. Major things, like my A/C unit keeling over in 2008...are painful I either have to put it on the credit card, or take months saving up for it.

[Jester]

4. Store it in the closet up high and behind the shelf. Out of sight out of mind.

The flaw with this part of the plan is that if it is out of sight and out of mind, you are not going to be dropping change into it on a regular basis. I think the whole idea behind the change thing is that every day when you get home, any change you have, you drop it into the jar/bucket/receptacle/ex-wife (whatever large empty hole you happen to have). So while hiding it may make it less likely for you to spend it, it also makes you less likely to get any use out of it. So you may want to think this part of it.

Just a thought.

[RavenStarr]

The flaw with this part of the plan is that if it is out of sight and out of mind, you are not going to be dropping change into it on a regular basis. I think the whole idea behind the change thing is that every day when you get home, any change you have, you drop it into the jar/bucket/receptacle/ex-wife (whatever large empty hole you happen to have). So while hiding it may make it less likely for you to spend it, it also makes you less likely to get any use out of it. So you may want to think this part of it.

Just a thought.

After giving it some thought, you are right Jester. I think I'm better off setting my jar on my dresser. That I'll see it and want to put change in it. If I had it hidden, I would most likely forget.

I did make my change jar today. I cut a hole just big enough to fit coins and dollar bills through. I put tape around the lid several times. I covered the jar with paper. I wrote on there: CHANGE NOT TO BE OPENED UNTIL FULL. So I'm going to try real hard not to open it.

[Akasa]

I've found this site helpful:

http://www.hillbillyhousewife.com/