Good ways to save money?

[SammyPops]

Either take it to vegas or lose 7% to coinstar.

7%!!! wtf?

A lot of banks round here offer free coin machine to their clients.

on the other hand war vegas!! I was there just before christens. I like vegas, not good to save money though

 

[SammyPops]

thinly veiled Jones shot...

no dice. dude is in rehab, good for him.

 

[Bay Area]

if youre living paycheck to paycheck, you probably shouldn't be going out a lot.

My point is you should be going out a lot. Why cut back if you are already poor? If all your needs are met, spend the leftover amount to have fun.

 

[jmac98]

My point is you should be going out a lot. Why cut back if you are already poor? If all your needs are met, spend the leftover amount to have fun.

Or spend it on ways to become less poor. Short term pain for long term gain.

Educate yourself. Invest. Try to own vs rent to build equity. Then once you get your feet under yourself, you may begin to enjoy yourself and/or the fruits of your labour.

 

[equus]

Or spend it on ways to become less poor. Short term pain for long term gain.

Educate yourself. Invest. Try to own vs rent to build equity. Then once you get your feet under yourself, you may begin to enjoy yourself and/or the fruits of your labour.

because that's too hard for some people and theyre lazy.

 

[Henry Swanson]

7%!!! wtf?

A lot of banks round here offer free coin machine to their clients.

on the other hand war vegas!! I was there just before christens. I like vegas, not good to save money though

Haha!

I go to vegas with a certain amount of $$$ that I've already told myself I won't be coming home with.

 

[Matt]

My point is you should be going out a lot. Why cut back if you are already poor? If all your needs are met, spend the leftover amount to have fun.

You have it all backwards, imo. To escape poverty, you need to NOT spend all your money on frivolous shit.

However, if you are perfectly happy being poor, then you should continue to waste money like water.

 

[FlowWithTheGo23]

Do you have an emergency fund set up? If so, these expenses don't seem like a big deal at all. Having an emergency fund is one of the most important financial aspects IMO.

I guess not...just a general savings account.

 

[Henry Swanson]

take x amount out and set it aside. if you've been living on what you had before your raise, take the $ you got in your raise and put half towards saving and the other half towards whatever. an "oh shit this just came up" account I guess. if its just stretching bucks and budgeting then here .

This x 1000

For awhile there I was doing with all my raises and bonuses.

I set up a different automatic savings plan for vacations and shit I want to buy.

 

[SammyPops]

Haha!

I go to vegas with a certain amount of $$$ that I've already told myself I won't be coming home with.

ditto- and that amount adds up fast!!! and the wife loves the outlets mall, which is good but still adds up.

 

[equus]

You have it all backwards, imo. To escape poverty, you need to NOT spend all your money on frivolous shit.

However, if you are perfectly happy being poor, then you should continue to waste money like water.

yeah if you have an extra $200 a paycheck, spend it. no need to keep that.

if you get paid every 2 weeks, that's an extra 5200 on a year you could use for whatever. and imagine being 25 and saving that excess 5200 for the seven years it typically takes to double in a mutual fund. you would have 36k saved roughly in that time by when you got to 32. then if you invested it(just that money) it would be over a million for retirement at 63 years.

 

[jmac98]

Dunno if this also helps, but if you open a savings account on your 18th birthday and place in a dollar a day, you'll have a million dollars @ age 50.

 

[Matt]

Dunno if this also helps, but if you open a savings account on your 18th birthday and place in a dollar a day, you'll have a million dollars @ age 50.

Can you show me how that calculation works? What sort of compound interest are you working with here?

 

[equus]

Can you show me how that calculation works? What sort of compound interest are you working with here?

lol. uh yeah I was just trying to figure that out too. the Canadian dollar mustve really skyrocketed...

 

[Wolveswithkeys]

people that think saving money and retirement is stupid don't have the money to save.

cue revolver or rr for their favorite line.

You sound

Spoiler

like you understand finance well sir.

 

[jmac98]

When I was in grade school, my grandmother sent me a mail clipping from the newspaper about it.

I don't have the clipping here 20 years later, but do remember 18 to 50 @ $1/day.

Apologies if it's not accurate.

edit:

http://www.earlytorise.com/become-a-millionaire-by-investing-only-a-dollar-a-day/

Here's an article of similar idea. Obviously my numbers are wrong, and for that I apologize. This again was like 20 something years ago as well, so my memory is probably not bang on, but perhaps a few other factors also changed since then.

 

[equus]

When I was in grade school, my grandmother sent me a mail clipping from the newspaper about it.

I don't have the clipping here 20 years later, but do remember 18 to 50 @ $1/day.

Apologies if it's not accurate.

that's equals out to just under 12k days. which I think would be about 12000 dollars then as well.

Damn Canadian financiers.


was grannies last name "Madoff"?

 

[mesomorph]

Just avoid buying unnecessary shit and set aside a part of your paycheck every month.

Even a savings account is better than keeping all the money on one account where you're more likely to spend it. I personally go for funds.

 

[DoctorTaco]

Do you track your spending? Start there. Keep track of every thin dime and where it goes. You may be surprised at how much money you're wasting each month on nickle and dime bullshit- eating out, bars, impulse buys, etc.

 

[DoctorTaco]

Or spend it on ways to become less poor. Short term pain for long term gain.

Educate yourself. Invest. Try to own vs rent to build equity. Then once you get your feet under yourself, you may begin to enjoy yourself and/or the fruits of your labour.

Adam carolla and dr. Drew talk about this all the time. "A good life vs. THE good life"