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RE: Best Way to Save Money? - 9/2/2008 10:54:58 AM
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nevaehs_gaze
Posts: 341
Joined: 6/3/2006
From: United States
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Many companies who do direct deposit can actually deposit a chosen amount into your savings account from your paycheck too, so you don't even have to think about it saving. It was super nice for me!
I also go by the 1/3 rule, that is to use 1/3 of your monthly income for your rent/mortgage, 1/3 for bills, groceries, and necessities, and 1/3 for savings. If there is any left over it goes to balance another category out, which may be under, or if it's not possible for 1/3, maybe 1/4s would work for you. Rent, bills, groceries/necessities, savings. It works for me!!
I also like the saving your change idea. I did this back in college.
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RE: Best Way to Save Money? - 9/3/2008 10:25:14 AM
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FreeEagle
Posts: 40
Joined: 7/2/2008
From: Minnesota
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The best way to double your money is to fold it in half and put it back in your wallet. But on a serious note, the fact that you're asking for advice is the first step to recovery. It don't matter how much you make, what matters is how much you keep. Everything you have is God's, you were just assigned to manage part of it. Think of it this way - If you had saved a lot money in the bank, and one day you went to make a with draw. The banker tells you "OH I'm sorry my wife and I wanted to go on vacation and we spent your money" That banker was not very responsible. Many of us are like that banker with God's money. The bible teaches that we are to; 1.) Give, 2.) Save, 3.) Not be in debt, 4.) If we're responsible with a little then we will be given more. So what does this look like in a real budget
At least 10% Giving
10 -15% Save - first and emergency fund of $1000 (set aside $20 - $50 every pay), later this fund is to equal 3 - 6 months of expenses. And this is also to save for opportunities and investments.
10% - To additional to paying off debt - later this will be added to your investments.
Balance is what you live off of.
So what do you need to do in order to achieve this?
1.) Take giving and savings off the top of every and any kind of pay (tax refunds, bonuses etc.)
2.) Cut back where you can.
a.) Eat in instead of out, b.) buy foods that you prepare vs those already prepared in a can/ box/ dinner. Always eat before going grocery shopping, use a shopping list and buy only what's on the list. You will buy more junk food if you're hungry when shopping. c.) Don't spend money you didn't assign in your budget - tell every dollar where it's going. Money is ACTIVE - If you don't tell it where it's going, it'll tell you it's gone. The budget should be WRITTEN before the money comes. d.) Turn off extra and unused lights, computers etc. Put TV's and other items with remote controls on a power strip. Even when off a TV is using energy looking for the remote switch. Place a bottle of water in the toilet tank to use just a little less water. And do errands and grocery shopping while on the way to / from work. e.) If need be, take a second job, or start a part time business until all debt, including car and house are paid in full.
f.) Read "Richest Man In Babylon" by Og Mandino. And take Dave Ramsey's Financial Peace Course for a better understanding of the fast moving dollar.
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I will instruct you and teach you in the way you should go;
I will counsel you and watch over you. Do not be like the horse and the mule, which have no understanding but must be controlled by bit and bridle or they will not come to you.
Psalms 32 8-
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RE: Best Way to Save Money? - 9/6/2008 10:52:40 AM
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bzirk
Posts: 2945
Joined: 4/11/2005
From: Where the deer and antelope play
Status: offline
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quote:
ORIGINAL: nevaehs_gaze
Many companies who do direct deposit can actually deposit a chosen amount into your savings account from your paycheck too, so you don't even have to think about it saving. It was super nice for me!
That's what I did when I had my first job after college.
I had my paycheck going to three different places, and I was stunned at how quickly the money added up. I no longer work for a company that has electronic funds transfer. However, I was converted at a young age to the power of paying myself first before considering that money in my monthly budget. Also, it should go without saying that it's best to give to the Lord's work pre-budget as well. If it's a budget item, it will almost always get cut too quickly.
Technically, any money you get is part of your budget, but most people do not think of budgets appropriately. They think of budgets as discretionary -- even their house payments and car payments at times. So it's good to never even have saving and giving be items of a monthly working budget. If you never have that money as part of a budget, you won't take from it for "good reasons" like a down payment for a house or a car or a "once in a lifetime vacation," or that "opportunity that's too good to pass up."
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may the God of hope fill you with all joy and peace in believing, so you will abound in hope by the power of the Holy Spirit. Romans 15:13
Great quote: I just ain't God and don't know it all. -- SonInMe1
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RE: Best Way to Save Money? - 9/7/2008 9:18:02 AM
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InfoCentral
Posts: 158
Joined: 8/1/2008
Status: offline
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Require less.
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RE: Best Way to Save Money? - 9/17/2008 7:01:18 PM
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Tricia3517
Posts: 43
Joined: 7/21/2006
Status: offline
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I was always told to put 10% of your paycheck to tithing and 10% to your savings and then live on the other 80%. Sometimes this is hard to do because of other emergency expenses which pop up. But if you can put some percentage away to savings and to your church, God always comes thru to assist with other issues. My husband, Steve, was an auto worker and was laid off alot in the 30 years that he worked there. Funds were always tight but we always had enough to pay our bills and have some left over for pleasure spending. Ask God to show you what He wants you to do. LOL,
_____________________________
Tricia
Pray the promises of God even when you do not see how they are to be fulfilled. Pray w/the simplicity of a little child & believe that He'll answer your prayers.
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RE: Best Way to Save Money? - 9/17/2008 7:58:59 PM
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bzirk
Posts: 2945
Joined: 4/11/2005
From: Where the deer and antelope play
Status: offline
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quote:
ORIGINAL: Tricia3517
I was always told to put 10% of your paycheck to tithing and 10% to your savings and then live on the other 80%. Sometimes this is hard to do because of other emergency expenses which pop up. But if you can put some percentage away to savings and to your church, God always comes thru to assist with other issues. My husband, Steve, was an auto worker and was laid off alot in the 30 years that he worked there. Funds were always tight but we always had enough to pay our bills and have some left over for pleasure spending. Ask God to show you what He wants you to do. LOL,
Well said.
_____________________________
may the God of hope fill you with all joy and peace in believing, so you will abound in hope by the power of the Holy Spirit. Romans 15:13
Great quote: I just ain't God and don't know it all. -- SonInMe1
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