I have got to learn how to save money!

iVillage Member
Registered: 04-02-2003
I have got to learn how to save money!
8
Thu, 10-28-2004 - 10:39am
On my way home from work yesterday, I rear ended (lightly tapped) the car in front of me. Neither vehicle had any body damage, but the other driver had already called the cops before even checking for damage. Well, then she tells me that her radio popped out when I hit her. I told her that I didn't think it was properly installed if it came out that easily. Well, the police officer got there and told her the same thing. He said he didn't think it was broken and that she needs to take it back to the place she got it installed and have them reinstall it correctly. It did not even have a faceplate around it. Anyway, I have to pay for any expenses if they charge, but the officer told her that they should not charge, because it was poor installation.

Well, last night I was dreaming about the situation and I was having to come up with $400+ to cover cost from this wreck. It was awful! I was asking the guy to charge part of the charges to three different credit cards, because I don't have credit for the entire amount on any of the three cards. It was so real, because in the dream I knew exactly how much credit was on each card and was telling him how to split it up.

I need an emergency fund, but I just can't seem to save money. If I have access to money, I will spend it! I tried an ING account thinking that it would be better because it would take a few days to get the money, but that didn't help.

Every bit of extra money I have right now is going to pay for Christmas, but as soon as I am finished with it, I am going to get some money saved no matter what!

Kathie

iVillage Member
Registered: 02-19-2004
Thu, 10-28-2004 - 10:44am
Even if you save $25 from each paycheck, it will help. You have to tell yourself that money is FOR something, not just 'savings.' Set it aside specifically for the next car accident, and if something else comes up, like needing new tires, then give yourself permission to use it for that. But find a way to trick yourself into saving. You can do it.

I've been horrible at saving money my entire life. I'm like you, I spend it. But I've managed to keep $300-$400 in my checking account for a year or so. I wronly use it like overdraft protection, so I tend to dip into it a little each paycheck, but then I also try to put it back and I'm better than I was. Just hang in there and keep working at it.

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Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Thu, 10-28-2004 - 11:13am
Embarrassing as it might be, ask for help with this. Set aside whatever you can as soon as you can, and ask your husband or a parent or a very close friend to hold your money for you where you simply cannot have it unless you absolutely need it.

I do not have an emergency fund yet. I am hoping to get it set up beginning in January. Right now my emergency fund is my parents' checkbook, and that is embarrassing enough to make sure that it's a *real* emergency.

Kelly

iVillage Member
Registered: 04-02-2003
Thu, 10-28-2004 - 4:01pm
My parents are pretty much my emergency fund right now, also. I will not really be able to start my saving until January also. How about we challenge each other to really get this done as soon as possible in January (earlier if it is possible!)

Kathie

iVillage Member
Registered: 09-21-2004
Thu, 10-28-2004 - 4:38pm
I feel your pain. Everytime it seems like I am going to have money to save, something happens that I can't put off, like vehicle repairs, or kids need shoes, clothes, etc. If I could just get ahead..... :)
Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Thu, 10-28-2004 - 5:04pm
I'm going to put aside $100 in January and every month after that if I can (I am realistic enough to know that I cannot save money in December, I can only hope not to charge anything I'll have to pay for in January!). I am hoping for a decision on a raise in January, but I won't see a difference until the end of March, at which time I hope to be able to set aside more. My goal is to have $1000 set aside for real emergencies - like car or oil burner repair - and then slowly build up a fund of 2 months' worth of living expenses - which will take a LONG time.

How about you - what will you set aside?

Kelly

iVillage Member
Registered: 03-16-1999
Wed, 11-03-2004 - 8:08pm
I have found that I am pretty good at saving change. sometimes I expand it to one dollar bills. I started saving "states" quarters. I keep dropping it into a bank or whatever. It seems to add up pretty quickly. I also use ebay to get money together for saving. Everybody and their brother will tell you this one but it does work. pay yourself first. When you get paid take out a predetermined amount of money and stick it in savings. Live on the rest. It can be a small amount of money as long as you do it consistantly. One woman I know (who'd gone through the depression) said that if you make $20 a week, save $5. She died a fairly wealthy woman despite the fact that she never made a big salary. If you wait to see what is left over at the end of the month... there usually isn't much. My employer pays monthly. I found that once I got used to it I love it! Once a month I make decisions about who gets paid and how much. All of my bills have been moved to the first week of the month and all I have to think about after that is my day to day expenses. All of my major purchases are handled at the beginning of the month which helps with impulse buying. I keep a list of things I need or am thinking of buying. At the end of the month I take a look at them and decide what to buy. I also take a look at my balance at the end of the month and try to either move it to savings or snowflake it to pay something off. DO NOT try to stash a lage sum of money each month that eats into your funds for basics or debt repayment. Better to have a slower growing pot of money than one that gets raided every month.
iVillage Member
Registered: 04-02-2003
Thu, 11-04-2004 - 8:57am
My goal is to set aside $100 every two weeks starting in January. I was hoping to have $500 + enough money for my Disney trip in June. It doesn't look like I will be about $100 short, but one more paycheck after my trip will bring it up to the $500 (as long as no emergencies happen). Then I can put the $100 per paycheck to debt.

Now, if I can just stick to this plan!

Kathie

iVillage Member
Registered: 05-10-2004
Thu, 11-04-2004 - 9:51am

When DH & I made the decision to be wiser with our money, we literally did not have a dollar extra to put into savings.