How can I save money without spending it?

[Beattie]

Take your income. Pay whatever bills you have. Take 90% of whatever is left over and stick it in a savings account. I recommend ING Direct.

 

[kranky]

The suggestion of keeping money in a hard-to-get-to bank is the answer. Deposit something (via mail if you need to) in the distant bank every paycheck. Don't have a debit card or other easy method of withdrawals. Make it so that if you need the money, you have to physically drive to the bank.

If you can do that for a while, you should be able to move the money back to your own bank and still keep your hands off.

Think about the fact that it takes no more discipline to mail a check to a distant bank every pay than it does to (as was pointed out) recognize the difference between needs and wants. It's critical for everyone to be able to have self-discipline with money or else you just keep raising your expenses to keep pace with your income, and when the inevitable surprise expense shows up, you're screwed.

 

[Garet Jax]

Originally posted by: eldorado99
I know I'm really asking for it here, but do any of you have suggestions (seriously) for a way for me to save money, I always seem to spend it as soon as I get some, and I really need to start hiding a little away for safety.

The most effective way to save is to "pay" yourself at the beginning of the month (or immediately after getting paid). Move the money into an account that can't be accessed with a debit card.

 

[DaveSimmons]

Open an INGDirect savings account, put your savings there. But if you have no willpower you'll probably clean it out as soon as you see sonething shiny or a dog with a puffy tail walks by.

 

[sciencewhiz]

Are you buying a lot of small things with cash? A few big things with a card of some type (credit or debit)? The first step is identifying your bad habits.

 

[Feneant2]

Get a GIC (Garanteed income return) account opened at your bank and have them dump a part of your paycheck to save in there. Mine is up to 1210$ and it's money I never see since it goes in directly from my paycheck to it. I also converted it to an account where I can cash it out by calling the bank to move in my main account.

 

[dxkj]

Start small. Take a $100 bill and put it in your wallet, and don't spend it. See if you can leave it in there fr a month. If that works, bump it up to $200. the point is to be able to understand that life goes on even if you don't spend the money on that thing you want. Hell, start with $50. ANy amount will do, just tell yourself not to spend it no matter what. If you can do this for three months straight (keep $100 in your wallet) I guarantee you you will have a better understanding of money and you won't be impulsive.

Methinks davy mark is going to be mugging someone in 5 months 🙂

 

[Ender]

Give up already. Your poor self control won't allow you to build up savings.

 

[benliong]

I find that having a fix "allowance" for fun is really a good thing to do. You have to restrict yourself to how much you can spend for things that are not necessary. I guess if you say $200 for fun, put whatever that's left (aside from paying bills and eating) into your saving accounts.

It's all abotu self control and how you appreciate the value of money. I'd been in situation where I have negative amount in my bank and I don't have a job. Times like this really make you appreciate money alot more.

 

[benliong]

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