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YAFT: Is this a good financial idea?

Nocturnal

Nocturnal

Lifer
Would it be a good idea for me to make a small goal like say, save up $500.00 and when that happens I can spend $100.00 of the money I saved up? I am trying to figure out a decent plan in which I can save money for bigger and better things than always having to find something that I can only afford with my one pay check. Now saving for me is extremely hard. I have a problem with spending money on stupid useless things.

Do you have any small time goals that you set so that you can save up money?
 
You would be better served to just save for what you want. Either that or put a % in investments and put a % in for your play money. Thats what I do myself. What goes in savings STAYS in savings. Its frickin hard, but I do it. Then, what I want I save for. Sometimes I dont put as much in savings so I can get a bit more in my pocket to buy what I want, but I always try to save something.
 
I utilize my employer?s savings plans. We have a pretty good 401k plan as well as a stock purchase plan.

The company deducts for the 401k and stock purchase each pay period, the 401 is pretty much untouchable and I leave the stock alone most of the time and then I deposit a little bit into my ing direct savings each check to save a little "working capital" otherwise it all goes to bills or the things I want/need.

If your employer offers either of these benefits I'd strongly recommend enrolling.
 
Most of my money is invested (mutual funds) and maybe 3-4% is in my Ameritrade account (and I'm a somewhat active trader). I use some (maybe ~20%) of my gains from trading on expenses (gas, impulse buys) and reinvest the rest. So far that's worked out pretty well for me and pays for excursions to the city and dinners and stuff when I'm at school. But mostly, it's just controlling spending
 
If your employer provides 401k and Direct Deposit with multiple accounts, I would suggest a % in 401 or like investment, and % to savings/money market, and % to checking.

If you "pay" yourself first using this method, the money you are left can be play money. I always buy useless things, and just being out of college and having more disposable income, I was very susceptible to buying things left and right. I had to cut myself off from Newegg for a month b/c I was out of control (They make it too easy!).

With this new method, I am in much better shape. Hell, I put 15% of my check into 401. I should prolly do more!
 
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