Beginner in the House

**shelbylovesmelby** · 10-01-2006, 06:00 AM

Re: Beginner in the House

Hi! Welcome to the board!

There are alot of great tips by alot of wise thrifty people.

I would say the first thing you sould do is to look @ your monthly debt & your spending habbits. What can you go with out? Can you live w/o that $5 cup of coffee in the morning on the way to work = $5 a day in savings ect.

You can also pick up catalogs or print photos of your goal wich is a car & place them in your wallet ect as a reminder of why you should put that extra item you wanted back or why you are brown bagging lunch.

You can also maybe open a seperate savings account for the money you are saving. Plus plot out a reasonable amount each pay day that you can put aside for your car + change or whatever extra you'd like to put in there as well. Also make sure you don't get an ATM card attached to it, as it'll lead to temptation to spend what you've saved.

Good Luck!

**sweeps** · 10-01-2006, 06:02 AM

Re: Beginner in the House

Sign up for the automatic debit plan and ask the loan company to take our more than the minimum payment. That way it'll be hands off and you'll pay off the loan early.

**Otacon** · 10-01-2006, 06:10 AM

Re: Beginner in the House

Thanks SLM, handy tips, I especially like the photo-in-the-wallet idea - ingenius!

**shelbylovesmelby** · 10-01-2006, 06:11 AM

Re: Beginner in the House

Originally posted by Sweepsplayer

Sign up for the automatic debit plan and ask the loan company to take our more than the minimum payment. That way it'll be hands off and you'll pay off the loan early.

Or you could always do payroll deduction if your employer allots for that tward a savings account. Or if you do get a loan you could have an amount set out of your paycheck every time you get paid. Not only will you get ahead on your loan but if you make weekly or bi-weekly payments on your loan you'll save even more than if you just over paid your loan itself.

**Otacon** · 10-01-2006, 06:13 AM

Re: Beginner in the House

I'd prefer not to go the loanshark route SP, it scares me! I plan to save about R20 000 and use that as a chunky deposit on my car.

**shelbylovesmelby** · 10-01-2006, 06:13 AM

Re: Beginner in the House

No prob Otacon

I hope our ideas can get you on your way to that car.

**Otacon** · 10-01-2006, 06:16 AM

Re: Beginner in the House

You've got a tongue twister of a nick SLM, very groooovy

I'll keep you updated on my progress.

**shelbylovesmelby** · 10-01-2006, 06:16 AM

Re: Beginner in the House

True, depending on what interest rates are by you. Or if you need the credit rating you could save up the majority of amount and then take a small loan for the difference as well.

You could still do a payroll deduction into that savings account you set aside for the car, that way you'd never really miss it & be used to getting a lil less on your check but in the back of your mind realizing the stash you are accumulating.

**shelbylovesmelby** · 10-01-2006, 06:17 AM

Re: Beginner in the House

TY! I think

**Otacon** · 10-01-2006, 06:20 AM

Re: Beginner in the House

Another good idea (payroll deduction), I'll consider it.

**shelbylovesmelby** · 10-01-2006, 06:29 AM

Re: Beginner in the House

Alot of people do that, even better if it's @ a bank or credit union you don't keep your checking account at that way you don't have to worry about the temptation of transferring money from savings to checking w/o actually having to go to both places & physically moving it yourself. Which depending on your schedule may be more hassel than anything to run to both places.

**Otacon** · 10-01-2006, 06:42 AM

Re: Beginner in the House

You have got to be a consultant SLM, you impress me more with each response!

**creditcardfree** · 10-01-2006, 06:48 AM

Re: Beginner in the House

I'm sure you have a goal of how much you want to save towards this new car each month. But while doing that, any time you come across unexpected money, such as gift money, rebates, overtime pay, tax refunds, or selling an item put that towards your savings goal. It will happen that much faster.

I agree with the auto payment to savings to help to stay disciplined.

Good luck!

**Otacon** · 10-01-2006, 06:54 AM

Re: Beginner in the House

Another great idea, unexpected money normally goes down the drain, but I'll keep your advice in mind next time CCF, thanks!

Beginner in the House