Savings Tips

moneyangel73 · #1 (**permalink**) 10-22-2006, 01:18 PM

First, treat your savings like a bill that you have to pay, and this will encourage you to save money every month.

Second, slack your savings. It may be possible to save £100 per month for 2 years to get £2400 Emergency Fund, but time may not be a problem and you can half the savings (£50 per month) for double time (4 years) to get the same fund, and you will have £50 per month spare for luxuries now and still save money. This is called slack savings because you are slack with the savings target date.

Slack Savings also came from my real angel. The first tip came from research.

shelbylovesmelby · #2 (**permalink**) 10-22-2006, 03:45 PM

payroll deduction can also be the tool to help you save, as you will eventually not notice the $ missing from your check

greedy4chips · #3 (**permalink**) 10-22-2006, 09:11 PM

Quote:

Originally Posted by shelbylovesmelby

payroll deduction can also be the tool to help you save, as you will eventually not notice the $ missing from your check

Payroll deduction is a super way to save money especially if it is a Health Savings Account. I am always suprised to hear how many people do not take advantage of this option.

Diolla · #4 (**permalink**) 10-23-2006, 08:59 AM

You can only have a Health Savings Account if you have a qualified high deductible health insurance policy.

It is cheaper for me to have regular health insurance since both I and DS have chronic health problems.

mahon73 · #5 (**permalink**) 11-01-2006, 02:53 PM

It's not easy to save if you're not used to it. You have to force yourself to put money away and not use it. Once you get in the habit of doing that you will be amazed at how fast it accumulates.

Ima saver · #6 (**permalink**) 11-01-2006, 03:03 PM

I budget for my elec. bill. When it runs under buget, I put the balance in my savings account.

tener · #7 (**permalink**) 11-01-2006, 03:33 PM

Quote:

Originally Posted by moneyangel73

First, treat your savings like a bill that you have to pay.

you right, that approach works, once you put that money away you forget about it.... later on when you need it, it comes as a nice suprise.

instantinfo4you · #8 (**permalink**) 12-06-2006, 11:46 AM

I don't think that people should be putting alot of money into savings. I think that money would be better suited in investments were it can grow a little, instead of just sitting. You have to make your money work for you. Not work for your money.

PRICEPLUS · #9 (**permalink**) 12-06-2006, 04:47 PM

Saving and paying off debt are the two top priorities in my world. I hope to, with my wife, be debt free before years ends! I consider any investments a part of my saving as it were!