how do you save money?> (1 Viewer)

[thejosiekiller]

how do set aside money that you earn as savings? explain how and why you choose this way to save save SAVE@!

 

[Skittled]

Multiple bank accounts (with different banks -- one student account for free at each), and split the income: some into one to save, some into another to spend.

From there, in an attempt to maintain some flexibility, physically get out less money than the allocated "spendings", and use this cash as a weekly budget. Remainder is useful for big "one-off's" or bills or other splurges, so that you don't eat into your "savings".

...and then a physical Piggy Bank for the change left over at the end of the week.

(Might seem complex, but it's not in practice and works quite well!)

 

[thejosiekiller]

oh i forgot to say how i save

even though i have weekly payment from work i only save at certain times

say if i work hard one week and earn more than i usually do, i take a chunk of that and put it in ING and try not touching it

i should just deduct a certain amount every week, but i work varied hours per week and dont like automatic deductions to be made.

its not wokring out too well i have to admit- since ive been working at woolies they have paid me in total $10000 after tax, with only $2000 in ING savings and $150ish in the st george account after a period of 7-8months of work

 

[glitterfairy]

I only have two of the above options - my bank account and piggy bank.

However my rule is to IMMEDIATELY invest half my earnings each week. So, I'm only used to having about half to play with as opposed to the full amount... then I end up with a nice ever-growing nest egg in the bank


EDIT:

i should just deduct a certain amount every week, but i work varied hours per week and dont like automatic deductions to be made.

In this case, I'd have a bit of a think and at least deduct a minimal amount each week, something that'll be ok even in the weeks where you're not working as many hours. It all adds up

 

[bustinjustin]

Set aside 100 for the fortnight, a bit for the credit card, the rest to ING.
Then I starve if I run out of money.
To prevent splurges, I think of the 9 other shirts I could buy and the bonus holiday in another part of the world, namely Asia, if I set aside that money, thanks to the favourable exchange rate.
Otherwise, yeah, starve, and/or borrow from friends without any intention of repaying them...

 

[redruM]

Set aside 100 for the fortnight, a bit for the credit card, the rest to ING.
Then I starve if I run out of money.
To prevent splurges, I think of the 9 other shirts I could buy and the bonus holiday in another part of the world, namely Asia, if I set aside that money, thanks to the favourable exchange rate.
Otherwise, yeah, starve, and/or borrow from friends without any intention of repaying them...

About 70% of my pay goes directly into ING automatically. I'll add more/take some out to keep the balance in my commonwealth at about $200.

Other than that, just budget. Give a little for a couple of weeks and splurge a certain week.

 

[jase_]

Yeh as the others have already said, I control my spending (and save money) by putting it into an ING account. That way, I can't EFTPOS it out and it also invests in there as well!

 

[Skeeta]

i only earn about 100 bucks a week, so half of that is petrol.. i try to save around 20-30.

when its holidays though and i'm rolling in it, i put at least half of it away

 

[...]

I have 2 accounts(both from the same bank, as you see later why)

one is a savings account, the other is "spending"

my wkly wage goes straight into the savings account..and each fornight I will take out a certain amount from it to my spending account (it seems if it is the same bank, the money transfer is instant, whereas different bank takes like a day or two)

I know how much I make a wk(part time job), so I know how much I should take out if I want to save..so eh

 

[Not-That-Bright]

I don't go out much.

 

[townie]

whenever i have money left over i put it aside, and i dont spend my youth allowance at all (not that it's much!!) and i just <3 Tax Return Time!

 

[santaslayer]

save all the money u earnt and just use ur parent's money for everything?

 

[Kabeio]

Always saving a fraction of income.

 

[Katie123]

i put $40 a f/night out of y/allowance away and then wehn i work i will be putting half away (thats the theory ) i want to have a car by the end of the year so i have to save =>then i will save for europe

 

[OZGIRL86]

I try and save at least a minimum of $300 p/wk,and then with the rest of my pay I use for my phone bill, shopping(clothes, shoes, etc), laybyes etc.

 

[mishka]

I like to have a "comfortable" amount in my normal "everyday" account where my pay goes in, petrol and any other expenses are taken out.

I save $50 a week by automatic transfer to ING. Once I have excess in my "everyday" account I move it as a lump sum to ING.

My credit card is on standby for larger items (always planned!) and I make sure that I put money away for the bill when it eventually comes in

 

[jhakka]

I don't spend it.


Actually, I have joint accounts, so I can transfer whatever percentage of my pay each week.

 

["Chubby"]

if i have money, and i see something i really like and it's on sale...i think to myself, do i need it? am i actullay going to use it? am i actually going to wear it? if there is a no in there then i don't buy it and ta da! u hav some spare cash ahaha

 

[iambored]

as with most of the other people, multiple accounts. i work on the basis of out of sight, out of mind. once i move the money to another account, i forget i have it.

 

[Katie123]

i just see my savings as i have bought something that i cant refund therefore i dont have that cash anymore