What would you say is the fastest & best way to save mon

Erik · Last edited by Erik on Aug 26, 2003 4:07 pm; edited 1 time in total

What method do you folks think is the best way to save money. Opening a second bank account and automatically direct depositing money into it - or is there a better way?

Thanks,
Erik

Leggester · Posted: Aug 25, 2003 5:21 am Post subject:

Don't spend any. Don't drink, don't smoke... ...

Drink water, not pop ( water is free ).

Why would opening a second account help you save if you don't with the first account?

Now, personally, I do have two accounts. Every month, I have an automatic transaction from the first to the second. That way, I have 'X' amount depostited in my rainy day account every month. Doesn't matter if it's 20, 50, 100, 200 - you'll start building an account.

Then if it's around a thousand or two, withdraw and put it into a 6 - 12 month account such as a CD.

There's many ways to save, very few are a get rich quick. You'd be surprised though after a couple years!

throttlekitty · Outlaw Joined: 16 May 2003 Posts: 115

i would have to say...DONT FREAKING SPEND IT!!

what i tried to do once was automatically subtract like $100 when i would deposit some checks but it ended up like setting your watch a couple minutes faster so you think you running late but you really have 5 minutes. you know you have the five minutes so you end up never being on time and i always remembered i had an extra $100 in there and it usually got spent real quick like.

kitty

B-rad · Posted: Aug 25, 2003 7:18 am Post subject:

If you have a savings account that gets X amount transfered into it it tends to help out a lot. I'm with you though, I have a hard time saving money.

Dpierce37 · Ladies Man Joined: 23 Apr 2003 Posts: 7659 City: Austin

The only way for me to save money would be to sell the boat, give up wakeboarding, Drinking, women, clubin', gambling, night-life, and become a monk in the east Ande's mountain range! Puppy Eyes

J_DOGG · Posted: Aug 25, 2003 11:03 am Post subject:

Stay away from girls! and anything else fun for that matter.....

Grouch · Posted: Aug 25, 2003 11:07 am Post subject:

Stay away from girls and booze.

Get a PS2, borrow games from your friends and become a hermit. Laughing

K-dub · Ladies Man Joined: 12 Jan 2003 Posts: 14760

I also agree with staying away from the girls.....they'll suck you dry in more ways than one!!

needmoreair · Posted: Aug 25, 2003 11:19 am Post subject:

too bad you didn't ask me in APril QQQ was selling for $26 a share...

You didn't specify - you want to earn money or save money? Big difference. Put money in a savings account - and earn nada.

Drop some money in the market - earnings potential - but also possible downside risk. There are so many battered tech stocks right now I wish I had $100K to drop in the market -

llenta · Addict Joined: 22 Jul 2003 Posts: 788 City: Davis

I know it's been said by it can't be said too many times. STAY AWAY FROM GIRLS if you want to save money. When I'm with a girl i can't save a dime even when I'm working 40 hours a week.
________
Weed

Lindsay · Posted: Aug 25, 2003 12:47 pm Post subject:

Stay out of debt, especially consumer debt i.e. credit cards!!! If you can't afford to pay cash, you can't afford it. Even at a low interest rate. Do you really want to be paying off that dinner a year after you ate it? Heck, I work for a credit card company and I'm very debt averse...so are most of the people I work with...because we see how easy it is for people to get in over their heads and create a situation for themselves that will take them YEARS to resolve.

Stay away from the addictive/expensive stuff: smoking, espresso, alcohol, drugs. Waste of money. Going out to eat also gets expensive. Take your lunch to work rather than going out.

Auto debit is a good idea, just make sure you get something better than your average saving account. Look for a money market with a better return. Look into something with a minimum balance requirement so you'll be less tempted to dip into it.

Get a boyfriend Razz

Grouch · Posted: Aug 25, 2003 12:50 pm Post subject:

Find yourself a rich olderlady (Sugar Mama or Cougar as K-Dub calls them) Give her some sexual pleasure in exchange for her to pay your bills. Twisted Evil

Remember that she doesnt have to be hot just rich.

Nor*Cal · Ladies Man Joined: 12 Jan 2003 Posts: 9479 City: Sac

If I stopped going to bars that's like 30 bucks a week minimum. Times 52 weeks equals $1560. Ehh drinking provides that much entertainment.

wakeup · Soul Rider Joined: 20 May 2003 Posts: 327 City: michigan

needmoreair, what do you do for a living?

MattyBoyR6 · Outlaw Joined: 09 May 2003 Posts: 239 City: Mesa

Erik, it realy depends on what you want to save for: retirement, new board, sex change, new car, ect.

If you have a goal it will be easier to save the money. Set the goal and do not buy uneccesary items until you reach your goal. Having more than one account is a very good way to hide money from yourself. Puting money where there are penalties for early withdrawal will keep that money away from easy spending.

Also get yourself a small pocket notebook and keep tabs on everything you spend money on. Even the $0.50 toy dispenser at the supermarket. You will quickly see where you are spending your money and where you can cut back.

I have many years as a financial planner so if you have more indepth questions let me know.

Erik · Posted: Aug 26, 2003 5:02 am Post subject:

Thanks for the responses. Bunch of smart people on here.

I am trying to save for a few things, but basically I just want to be a better financial citizen actually and have more cash on hand for bigger expenses when the need crops up. I am starting by getting rid of my expensive SUV in exchange for some sort of cheaper alternative, but I think I can cut back in other areas too. Like not going out to lunch as much and stuff like that. As for the stop spending money on girls...well... I do have a steady girlfriend so I'm not throwing a lot of cash around that way but I do still go out from time to time. I actually think my biggest problem is dumb stuff - like unnecessary impulse items. I need some sort of electro-shock device attached to my wallet - that would help!

I opened a second bank account and have a form ready to start dropping some cake into the secondary account automatically from my paycheck. I need to go on a financial diet and this one dosent start next monday. Starts now.

needmoreair · Posted: Aug 26, 2003 5:31 am Post subject:

I was in account management for several ad agencies up until last November - got laid off - joined a large mortgage company - where I basically sell vehicle, mortgage and realestate discounts for this company (to their eligible suppliers and their employees) that is connected to one of the big three automotive co's. Moral of story -- Got laid off - had a 90 day vacation - came out on the other side with a better job for more money! Very Happy

Getting laid off can seem pretty bad - but sometimes it all works out.

Dpierce37 · Ladies Man Joined: 23 Apr 2003 Posts: 7659 City: Austin

If you work in an office, try not to go out to eat everyday for lunch. I spend around $2100 a year just on lunch!!!! ( $8 (avg. cost of lunch) X 5 day's ) / 52 weeks

That doesnt include going out to dinner that night and a couple margarita's later either. Rolling Eyes

but I can't cook anyways Wink

streeter · Posted: Aug 26, 2003 8:59 am Post subject:

EZ - Army, Navy, Air Force, Marines, Coast Guard.

All bills and meals paid. Just $ock it away.

Grouch · Posted: Aug 26, 2003 9:13 am Post subject:

Make some stick figure drawings of farmers and houses and sell them on E-Bay. Laughing

MattyBoyR6 · Outlaw Joined: 09 May 2003 Posts: 239 City: Mesa

needmoreair, I worked at an investment company. Well actualy it was more of a place where you could buy/sell securities but get no advice *coughschwabcough* coughsuckscough when I got laid off. I got a 3 month severance package in which I recieved more than when I was working, and got to claim unemployment. What a great time. I took a road trip on my motorcycle, when wakeboarding a lot and was still able to make more money from trading.

I love getting laid off or quitting my jobs!

wakeup · Soul Rider Joined: 20 May 2003 Posts: 327 City: michigan

I need some help making money!!

XxWakeboardxX · Criminal Joined: 06 Jul 2003 Posts: 87

I just got involved with this company that you can save 15-22% on all your gas purchases...which can really add up if you're like me and has a boat that sucks that stuff down....You can also make some money in it too, which is very nice.