What's your saving's plan?

[Auset]

Are you good with money? are you able to just save without a problem? Or do you have a little something to the side but wish it was more. If you are a great saver what are your tips and what is your rainy day plan right now? If you are not a great saver what are your questions?

[KitaWita73]

Unfortunately, I'm not the best saver. I get paid on a monthly basis and usually put somethin' aside for the month from each check, but it always seems that I end up usin' it either the week before or the last week out of the month before I receive my next check. I was doin' a lot better when I was workin' both full-time and part-time, but I haven't worked part-time in the past two years due to a car accident and re-enrollin' back in school at night. So I juss gotta learn a better way to save my money.

[Simply_Uneque]

Good topic Auset!!!

I would love to have some of these tips too. I have savings accounts set up for myself and my girls, but when times get rough, I am always dipping in it. I wish it were some way that you could deposit all the money you want, but could not take it back out until a certain time.

I know how to manage my money. I just haven't learned the art of saving it... really saving it, if that makes sense.

[Auset]

hey girls get ready for your lesson.
Let me start with something Simply Uneque said, I wish there was a way to deposit and not be able to dip in it until a certain time.

Well there are a few ways to slap you hand and get you saving.
The most inexpensive way is to take out small savings bonds. You may purchase an ee bond from any bank without charge. They are bought for half the face value for instance a $50 bond is bought for $25 now of course it will be 17 years before you would be able to get $50 back but the purpose is to begin to save and not thiink about it. These bonds, if you really need them you will not be able to pinch off of until at least a year.
One thing I do is buy one once a month for about $25 and just put it in my safe. I bonds are bought for the face value ie $50=$50.

A second way to save and slap your hand would be to open up a cd or certificate of deposit. with a cd you can open it at any bank for a deposit as low as $1000. Some banks start at $2000. a cd locks the money in for two years earning some interest but the interest will not be something to look forward to unless you put a good $100k. So forget about the intrest upfront.
When I worked for Wachovia we had this cd where you can open it for $1 and transfer $25 or up once a month to fund the cd. I forgot the name of a cd but it was what I offered most people that didn't know how to save or didn't have $1000 upfront.

Kita I would suggest that you start up a budget. In when you budget put yourself in it. Make yourself a bill and pay yourself. But the money that you pay yourself you shouldn't touch. Start a rainy day fund. Something for that rainy day when you reall need it. Then budget yourself for leisure, food, bills, gas, rent, ect.

The savings plan I'm doing now with my man is $11 a day. He started this up for us because we always have two fives and a dollar a day we can put to the side. If we stay true we will have $3960 each after a year. I'm trying to get a house next year so that it good for my down payment.

Have two seperate saving agendas, rainy day, and goal savings. That way you are saving for something.

[joyluvmusik]

I'm so bad at budgeting..it's disgusting and I do have immediate needs and wants to supply for...so thanks Aussie for the tip....maybe I can start with setting aside any amount till it accumulates....

[KitaWita73]

Thanky so much for this info. I'm gonna look into purchasin' a bond as well as puttin' some money aside as a bill to myself.

[Simply_Uneque]

I am going to put some of these suggestions into effect when I get my check tomorrow. No time like the present.

Thanks Aussie!!!!