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Thread: So I managed to save 10k last year

  1. #1
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    So I managed to save 10k last year

    Thanks for all the advice last year because it really made a difference! I really didn't think I could save more than 2k but I managed better than I'd expected 😍.

    Now since you guys were so informative and helpful, what are some more tips on keeping strong and increasing that goal to 15k? I am trying to put around 350-450 into my savings every week.

    Kinda hard cos I still need to socialise and that unfortunately tends to cost money. ;(
    Last edited by Honeycomb8; 01-09-2019 at 11:41 PM.

  2. #2
    Platinum Member mustlovedogs's Avatar
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    Could you try and find cheap or free things to do, like board games? Or a book club, maybe a wine swap where you taste each otherís favorite bottles, etc?

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    Are you physically active? How about hiking or any sports related group activity.

    Many museums have a free evening and how about free events in your city.

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    Hey, great to read you saved 10k last year! Good on ya!

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    Platinum Member Wiseman2's Avatar
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    Talk to an accountant and a financial planner. Make your money work for you and grow
    Originally Posted by Honeycomb8
    what are some more tips on keeping strong and increasing that goal to 15k? I am trying to put around 350-450 into my savings every week. Kinda hard cos I still need to socialise and that unfortunately tends to cost money. ;(

  7. #6
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    Open a brokerage account. Fidelity, Vanguard, Schwab, etc. As Wiseman suggested, make an appointment, and they can get you set up in something that will help you earn more than your savings account.

    You donít have to cut back on going out, but you do have to cut your spending while youíre out. Order house brands of alcohol; order appetizers instead of full meals. Share entrees with friends. Aim to cut your dining out spending in half.

    Great job BTW!! $10K is a lot of money!!!

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    Platinum Member Annia's Avatar
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    Congratulations! Amazing efforts!

    I've been having problems saving money. Can you share or link me to the thread with the tips on how to save more money?

    Also as to socializing, would it help setting a specific "socializing budget" monthly that is in accordance to what you want to save? I've read online people who put the money they intend to spend on a certain category in an envelope and will only spend it from there and when it's over it's over. I've never tried it so I can't tell you if it's a good method or not, but I've read online people saying it works very well.

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    Annia, to find the thread that Honeycomb is referring to, click on her name and view the thread from January 2018 where she wanted to save money by Xmas.....which she did! Sorry I canít copy & paste the link from this device.

    As for how to budget, itís pretty simple really. Iím a little OCD, but I literally keep track of every single dollar I spend. If Iím out & about and I buy a latte, I put the $4.00 in my phone notes until I can add it to my spreadsheet.

    My spreadsheet has a monthly budget for everything, but only about 8 categories.
    Fixed expenses, listed by each. These include my monthly gym dues, cable bill, etc.
    Dining Out
    Groceries
    Clothes, shoes, accessories
    Misc.
    Large, unexpected expenses

    Thatís it. Make yourself a budget for whatever categories work for you, given your income, and vow to spend one solid month of tracking every single dollar you spend. Youíll be amazed at what youíre spending on junk (I know I was).

  10. #9
    Silver Member thisisrichey's Avatar
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    keep "paying yourself first" (aka the % off each paycheck you decide to "put away" and not touch until you reach some goal for somethign specific).
    As for how to maximize saving yoru money.... Just look at every single expense you have and ask yourself if you can trim corners. For instance for me:

    1. i trim corners on heating/AC buy looking into incentive programs with my power supplier (for me there is a plan that gives me discounted rates at outskirt times and higher rates during prime use times... i opt for these discount plans and program my thermostate to use MINIMAL power during the peak times... then do all my heating or dishwashing or laundry during off peak times). I also turn down the thermostat in winter and wrap myself in warmer clothes or a blanket.. and don't turn down so much the AC in summer and bought a small personal fan i blow at myself during hot days... etc. etc.

    2. I "cut the chord" and minimize my tv packages. Instead of paying cable i may do $35/mo with YoutubeTV, or just go with a Hulu or a NetFlix. I can always rotate around as needed between the 3 say if... i want to watch the NFL season i'll shut off netflix and get youtubetv. but once the season is over, might cut youtubetv and go back solely to netflix. Lots of stuff you can do here.

    3. Minmize on wireless service. i don't always buy the latest phone. I've opted to pay iCloud for $2.99 instead of spending an extra $300 to get more memory on my iPhone. I switched to T-Mobile for unlimited data and a flat monthly fee for their service.

    4. I love the idea of doign more "cheap" group activiites rather than just do the happy hour eat out thing. Why not a potluck at home? Cookout at a friends house? Do a group netflix or board game night? The lady I'm dating and I (since i hav some unexpected expenses for home repair in Dec) now Netflix binge our favorite show for our dates rather than go out. That saves at least $50/date! And we get more private and cuddle time!

    5. Hopefully you feel comfy or this will start you on the path of exploring financial investing. A great idea i heard somewhere for beginners.. is to figure out how long you can go without the money or touch your savings and then "rotate/invest" that money in the highest yielding CD's you can find for that time length. So let's say you have $300. You figure you can comfortably not touch it for 6 mos. You go and find the highest yielding 6 mos CD on the market (lets' say you find something at 5%).

    What you do then is buy your first 6mo/.05 CD (say it's January) for $100. (you still have $200 usable savings if you need it)
    Then in March you buy another 6mo/.05 CD for $100. (you still have $100 usable savings if you need it)
    Then on May you buy a 3rd 6mo/.05 CD for $100. (you have $0 usable savings)

    Come July you get paid $105. and still have $200 accruing interest. (you have $105 usable savings if you need it)
    Come Sep you get paid another $105 from teh 2nd CD you bought. Now you re-invest first $105 in another 6mo/.05 CD. (you now have $105 usable savings if you need it).
    Come Nov you get paid another $105 from the 3rd CD you bought. Now you re-invest the second $105 in another 6mo/.05 CD (you now have $105 usable savings if you need it).

    And just keep rotating that way. In essence you are getting paid every 2 months your 5%, and basically have your last paid 5% on hand if needed.
    And of course since you didn't invest it all at once and have to wait.. if the market goes up and you can find a 6% in 6 mos.. you can take advantage of that.

    Hope that made sense. Good luck! and GREAT JOB!

  11. #10
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    These are amazing tips, thanks so much! I will definitely start keeping a diary of my expenses and will look into buying stocks later on this year. I think one of the best tips I've gotten was the delayed purchase. If I wanted something, I was told to wait it out for a month- if after the month is up and I am still wanting it badly, I can then consider buying it.

    I've cut down on my lunch costs and will stick to a monthly entertainment budget. Ideally, if I can save 400-450 a week, I know it'll be worth it in the long run.

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