Name the single most important thing that has helped you save money

[JenniferG]

Before I found this site I would randomly transfer money online to my savings account, however what happened more often than not I would find excuses to spend the money. I read several posts about online banking and how people would set up multiple accounts for purposes of saving money and ended up opening an ING account with a few sub accounts.
So far my categories are:
Escrow
HOA
Car Insur.
Christmas (I'm currently using this as my vacation fund for June after June it will once again become the Christmas fund)
Emergency fund (I also have one at Wells Fargo)

I now contribute a set amount on the 1st and 15th of each month.

So my question is, what is the most important thing that you do that keeps you on track and saving money.

[kork13]

#1: Automated savings (same as you)
#2: A written out, general monthly spending plan (budget)

I have enough going on in my life without having to worry about if I'm saving enough. Thanks to #2, I'm able to figure out how much I need to/can save. #1 takes care of it for me, and so long as I don't go on a mad spending spree, I always have sufficient money available when I want/need it.

[bones72]

The determination to have the ability to live my life as I chose, not to be bound to debt! Therefore automated savings almost exactly as you do.

[Like2Plan]

1. automated savings ($$ taken out off the top before I ever see it or have a chance to spend it. )

2. Short term goals (written down)

3. long term goals (written down).


It's fun to go back and review the goals from the past.

[MonkeyMama]

"Name the single most important thing that has helped you save money"

The short answer to that are:

1 - Live on less than I make
2 - Don't waste money on cars. (Only buy something reasonable with cash).

If I did nothing else, our frugal approach to cars has saved us a fortune over the years. So it comes to front of mind. Likewise, when I got a raise from $10k to $30k (out of college), I saved the difference. When we married and bought a home, we lived on one income and banked the other ($50k per year). I suppose to simplify the answer is to say to put limits on yourself. This is why I do not like debt. IT is too easy to live up to your means when you finance purchases that are more than you can really afford. Likewise, it doesn't take a lot of time and money management skills to tell yourself you can only live on one of two incomes, or that you aren't going to spend that big raise. You just do it. (Before you commit to bigger spending plans anyway. You need to make this decision BEFORE a raise, etc., for it to be easy).

From a day-to-day managing money standpoint, the best thing I ever did was buy Quicken software. I know where every penny of my money goes, without having to spend much time on it (download the data, run reports, etc.).

[GREENBACK]

I started using a couple different credit cards for 90% of every purchase I make and starting tracking those expenditures by category. That has been, by far, my best move. Started that years ago and continue it to this day.

[photon2157]

- Forget about budgeting & recording every single expenses. It didn't work for me.
- Instead, set a predetermined savings % based on your monthly income. The move that % into a savings account the first time you see your salary in that month.
- Aimt to gradually increase the predetermined % over time. (If this month you save 30%, aim for 35% for this time next year).
- Cook for lunch & dinner on weekdays.
- Only eat out on weekends.
- Always buy car with cash, do not use finance.

[bjl584]

The single most thing that made me save was watching others around me that didn't.

[KiwiJo09]

My online bank. It's much harder to use your savings when it takes 2 business days to transfer over.

[Fizgig]

I hate to be redundant, but yeah, automatic transfers by a landslide.

Also, just the realization that things don't make me happy, but a sense of security and autonomy do.

[maynard]

Reading Dave Ramseys book

[khosta]

I'm still "learning" how to save - but the thing that has helped me realize I need to is... Once a month when I have to pay all my bills - rent, student loans, CC, cell, etc... - I don't have much money left to get me through the next two weeks. I manage, but by a slim shot. I'm saving now so that when that horrible time of the month comes when I need to pay bills I will have the extra money!! And tot ell you the truth, this forum has opened my eyes a lot too! Fingers crossed!

[littleroc02us]

We do this:

#1 Mortgage checking account: Mortgage payments are made from here
#2 EF: Only use in case of Emergency
#3 Daily use account: Most active account-automatically pays bills and my wife and mine's allowances/contribute auto pay to Roth IRA's.
#4 Savings account for large ticket purchases

*Works for us

[tripods68]

1. Pay myself FIRST

2. Suze Orman Show

3. Brewed my own COFFEE at home/lunch

4. Credit Card balance paid off monthly

5. Lesson learned from other peep's financial mistakes

[JuniorTT]

1) My mom started teaching me when I was about 10 yrs old to always pay credit cards in full. When I was in college 1000 miles from home with very little income, everyone started getting credit card applications in the mail. Many signed up and started blowing money they couldn't pay back while I tossed my application in the trash with a smile. By graduation I was already miles ahead of many others.
2) Making my own Excel spreadsheet that tracks my spending and net worth down to the penny. I update it every day.