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Old 04-08-2016, 04:09 AM
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Join Date: Apr 2016
Location: NYC
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Default My 7 Tips to Saving

My 7 Keys to Saving:

Have more than one bank, I understand a saving account is great. However with today’s technology I feel it is to easy to just transfer money over to your checking. The way I did it I had a Chase checking and savings, but I also had a Wells Fargo account. I had an automatic transfer of 33% of my check is put into Wells Fargo. I never touched my Wells Fargo Bank card it got to the point I didn’t even know where it was. Which is actually a good thing. Then, 17% into Chase Savings and 50% into my checking.

Stop buying lunch at work. I calculated I was spending $10-$12 a day five times a week. Thats $60 a week, $240 a month, and $2880 a year. Once I realized this I, started to bring my own lunch to work or left overs from dinner. Imagine investing $2880 a year.

Stop Buying Materialistic Items. I started to realize in my younger years I was constantly buying things just because of brand names and didn’t really think about the price. Once I noticed how stupidly I have been spending my money for years. I stopped immediately. Remember this “You rather be driving a Mercedes in Sketchers than riding the train in some Nikes or Jordans” Don’t be the guy with $1000 outfit on but $50 in your pocket.

Keep track of your Finances. This is a major key to it all. I know I’ve done it before we all do it. Spend money for a week or two just swiping our debit cards and never check how much we’ve spent. The sooner you stop doing this the more aware you will become about how you spend your money. Once you figure this out I could guarantee, you will start saving more. It worked for me I know it can work for you.

Stop saying “I want”. I used to be one of the most guilty of the I want phase. I would get a check and all I could think was I want this, I want that. Start asking yourself “do I need”. For example: you’ve been walking by a store you see a nice coat each day on your way to work. You want it, but first think is the coat you have on broken does it not keep you warm. Do you “need” the new coat?

Just say NO! You don’t have to always say yes when your friends want to go out. If your one of those people who constantly go out and spend money on weekends. Try and cutback and I promise you will see the difference in your bank account where it matters. The drinks and good times aren’t going anywhere. Trust me.

Get Yourself a Free Hobby: This actually works marvelously. What I chose to do was play video games. I always enjoyed playing games so why not use it to my advantage. While I was playing guess what I wasn’t spending money. I wasn’t going out so I gave myself a substitute to keep busy.
Those are my 7 Tips for saving. If you have any questions or comments please comment I’d love to hear from anybody. Thanks now let us continue the “Chase”!

Mind you Im 25 years old these are my personal tips. I'm sure some of you are much more experienced than I'am and I would love to learn more ideas.
Sarah Johnson, removalto and tom_a like this.

Last edited by jeffrey; 04-09-2016 at 11:14 AM. Reason: forum rules
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Old 05-18-2016, 04:18 AM
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Default tips on saving money

Nice tips. ALso, one more important thing, if you have availed a loan which has a high interest rate then always check on the current ROI given by the banks and wisely do a balance transfer to save money.
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Old 06-01-2016, 04:17 PM
FLA FLA is offline
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didn't he say he started bringing lunch from home?

you save so much, which is great but is any of it in retirement savings?
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Old 06-01-2016, 09:14 PM
Banned
 
Join Date: Jan 2015
Forum Posts: 17
Default My 7 Tips to Saving

Hi, I appreciate all the tips that you have mentioned. You are correct with it. Personally, I have my bank for my savings and put some of my extra money in any investments like a house & lot. By the way, I think, its just a matter of discipline in order to cut down our expenses and be able to save for the future.
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Old 05-18-2017, 08:52 PM
$ Saving Third Grader
 
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thanx for the tips
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Old 06-08-2017, 09:40 AM
$ Saving Kindergartener
 
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Thank you! Great information!
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Old 06-08-2017, 09:41 AM
$ Saving Kindergartener
 
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Thank you! Great information!!
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Old 07-11-2017, 02:40 AM
$ Saving First Grader
 
Join Date: Jul 2017
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Quote:
Originally Posted by 7Figures View Post

Stop buying lunch at work. I calculated I was spending $10-$12 a day five times a week. Thats $60 a week, $240 a month, and $2880 a year. Once I realized this I, started to bring my own lunch to work or left overs from dinner. Imagine investing $2880 a year.
I used to buy a coffee before work, lunch at work and then a coffee on the way home. Once I realized how much I was spending I quickly stopped, it was thousands every year! I take a flask of coffee and my own lunch now.
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Old 08-17-2017, 01:08 PM
$ Saving Kindergartener
 
Join Date: Aug 2017
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This is great! I'm 24 and just starting to put some money away and found this extremely useful.
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