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Need help building up my savings account



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zigi




 
 
    
 

Post Thu, Feb 09 2006, 12:19 am
does anyone have tips on how to put away money? I used to have money in the account but it was used up and I need to start adding to my account. I try saving but I need the money for paying bills etc. I feel silly putting away a few $ at a time and if I keep the money at home something seems to always come up!! also with yom tovim comming up all the time. there are finacial web sites but they don't adress the fact of shabbos and yom tov. pesach, shock all the matzah and wine... sorry for rambling but I really need some tips to get used to saving, thanks!
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red sea




 
 
    
 

Post Thu, Feb 09 2006, 12:25 am
You know, you are right, whenever I try to plan stuff, I look at all the charts and info online too and there really is a need for someone to put out a financial advisement plan, frum style, include all the extras like tuition, camp, holidays, etc.
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Crayon210




 
 
    
 

Post Thu, Feb 09 2006, 1:07 am
1. Put those few dollars away! A few dollars away is a few dollars you won't spend.

2. Why don't you try to make up your own financial plan? Figure out the costs of things, then budget a reasonable little extra for "Miscellaneous". Maybe you'll find you have a few more dollars to put away.
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JEWISHMAMA




 
 
    
 

Post Thu, Feb 09 2006, 5:15 am
We just opened a new account in my name only and every month we have a standing order that transfers money from our current account into the savings and does not get touched. Work out how much money u need for the month and make a standing order for the rest.
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chen




 
 
    
 

Post Thu, Feb 09 2006, 8:29 am
1.the financial experts all say 'pay yourself first". If you cannot arrange automatic funds transfer from your checking to savings (the easiest and best way), consider savings a "bill" that you must pay off the top b4 you pay anything else. put whatever set sum you decide on into the account first thing every payday.

2. when shopping, always give the cashier more $ than the cost of your purchase. throw the change into the bottom of your purse and forget about it. every night, put the change from the bottom of your purse into a jar. once a week or once a month take all that $ and deposit it in the bank.

If you are tempted to use the $ in the jar, get a container with a slit in the top and that is not easy to open

3. rather than concentrating solely on saving more, concentrate on spending less. take a look at books like "The tightwad gazette" for lots of ideas.

4.if you buy s/t on sale or with a coupon, take the difference between the sale price and the full price and put that in your little change bank.

5. trim the edges. when you have several larger bills and several singles in your wallet, put the singles in your savings jar.

6. immediately deposit any gifts you get, rebates you send away for, income tax refunds, lottery winnings, or any other unexpected money that comes your way.

6a. If you get a raise, immediately bank the extra money and continue budgeting as if you didn't get the raise. This is very easy to do with automatic funds transfer.

7. before buying anything, and I do mean anything, ask yourself "do I really need this?" Not "can I use it?" but "do I NEED it?" Be ruthless. If the honest answer is "no," skip it.

8. Employ mild austerity measures. Cut down to the bone your use of convenience foods and disposables. Buy less expensive cuts of beef or poultry, substitute chicken for beef, and so on. skip that chocolate bar or Starbucks coffee. take the $ you would have spent and stash it in your savings jar.

9. avoid cash machines! figure out your average biweekly (or however often you get paid) cash needs and take out that sum in cash. then do not go back to the cash machine until next payday.

10.
Use it up
Wear it out
Make it do
Or do without.

there is nothing silly about putting away a few $ at a time. $20 in an envelope every week comes out to $1040 after one year. That's just sitting around in your socks drawer without accruing interest--it's more if you actually put it in a bank.
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shoy18




 
 
    
 

Post Thu, Feb 09 2006, 8:31 am
I have a ing.com account, its an online savings account which yeilds a 3% interest rate. It automaticlly takes money out of my account every week. The best part is if you need to use the money you have transfer it, it isnt easily exsessable at all so you arent tempted to use it
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queen




 
 
    
 

Post Thu, Feb 09 2006, 9:18 am
wow chen----- that was great!
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Chanie




 
 
    
 

Post Thu, Feb 09 2006, 3:54 pm
shoy18 wrote:
I have a ing.com account, its an online savings account which yeilds a 3% interest rate. It automaticlly takes money out of my account every week. The best part is if you need to use the money you have transfer it, it isnt easily exsessable at all so you arent tempted to use it


we too made an account in which we make sure to put something in every quarter. ING has worked for us too, since it has a high interest rate, yet it's not an investment (so it's not locked in) and you can put in as much or as little as you want without worring.
We also made a third account (at our regular bank) for our misser money, but thats a separate thing.... also so that we should not by mistake spend that money.
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proudmom




 
 
    
 

Post Thu, Feb 09 2006, 4:07 pm
shoy18 wrote:
I have a ing.com account, its an online savings account which yeilds a 3% interest rate. It automaticlly takes money out of my account every week. The best part is if you need to use the money you have transfer it, it isnt easily exsessable at all so you arent tempted to use it


you took the words right out of my mouth, I was going to say it but I wanted to read through the posts first to see if anyone mentioned it
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proudmom




 
 
    
 

Post Thu, Feb 09 2006, 4:08 pm
shoy18 wrote:
I have a ing.com account, its an online savings account which yeilds a 3% interest rate. It automaticlly takes money out of my account every week. The best part is if you need to use the money you have transfer it, it isnt easily exsessable at all so you arent tempted to use it


you took the words right out of my mouth, I was going to say it but I wanted to read through the posts first to see if anyone mentioned it
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Aish




 
 
    
 

Post Thu, Feb 09 2006, 4:25 pm
chen, that was great information. thank you.
also, the "pay yourself first" idea is wonderfully written and explained more in detail in David Bach's book. a great and educational read.
I highly recommend.
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