| Best way to start saving money |
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Elmira Nancy
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| Best way to start saving money |
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I need to start saving money for a house. I do not make much money and I have some bills. But I do have some spare money every now and then. Whats the best way to save money without being tempted to spend it.
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Wed Dec 09, 2009 6:23 am |
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coaster
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Discipline.
~Tim~
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Wed Dec 09, 2009 7:51 am |
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oldguy
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quote:
But I do have some spare money every now and then.
For most people this doesn't work - in fact it seems to be the recipe to fail.
Do the opposite - have a fixed amount withheld from your pay and deposited in your fund - and live on what's leftover (as opposed to 'saving' what is left over).
This is the premise of the Automatic Millionaire (a book) and I can testify that it works. 
BTW, most people say to save the house DP in a savings account - but I use a stock index fund at a no-load company. It adds risk, but it works 8 or 9 times out of 10. And when it doesn't work, you need to be flexible, wait a year or two, then buy. I bought all of my rental houses this way.
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Wed Dec 09, 2009 5:55 pm |
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Sime
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As coaster said, discipline. But you sound like you're already on the right track - if you are determined to save and thus seeking advice on how to save that says that you have already got past the first stepping stone "learning from past mistakes".
Yep, learn from your past that spending it doesn't work and discipline yourself.
Also think about how important savings actually are. You can't be completely clear on how important savings are otherwise you would already have made some.
You can never have enough savings. Trust me, put a bit back one month, then a little next month - even just say $200 a month or if you can't afford that then $100 a month - each new month makes a difference - all those little increases add up at the end of the year.
It' doesn't neccessarily matter if you've saved thousands of dollars by the end of the year - because these are savings - meaning it takes time to save them... they are not for spending anytime soon, and they are actually for an even later time in your life - say several years down the line... by that time you will have lots more saved.
Don't spend them - save them!
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Thu Dec 10, 2009 1:46 pm |
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Cherryl Hanson-Simpson
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Ok you already know how to save because you have some already put away. The next step you should be seeking is investing this money. Talk with an Agent at your bank about the different options available for you. In doing this you will be earning as well which will help you to achieve your goals.
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Thu Dec 10, 2009 10:44 pm |
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Blackbash
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quote:
Originally posted by coaster
Discipline.
Definitly crucial, but I would start with a brainstorming session. Think about what is important to you and how you can find the happy medium between saving money and quality of life.
Then remove everything that is not important for you...it's not that easy, I can't explain this in a few sentences.
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Sun Dec 13, 2009 10:43 pm |
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coaster
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quote:
Originally posted by Blackbash
quote:
Originally posted by coaster
Discipline.
Definitly crucial, but I would start with a brainstorming session. ......it's not that easy, I can't explain this in a few sentences.
Ya...  ...you noticed the time of day I posted that?
Saving money involves discipline, yes, but it's not the kind of discipline to punish yourself, it's the discipline of willpower. I'm convinced that just about everybody can live on less. And then it's the discipline to convert the difference between income and outgo to savings. It sounds simple, but it's not. It involves a plan. It involves knowledge. It involves change. It involves patience.
It's a waste of time to post a specific plan because what works for one doesn't work for another. I think it's a good idea to just "pay yourself first" by setting aside x percent of your monthly income. And I think that learning to distinguish between "needs" and "wants" is helpful. But saying you'll pay yourself first is easy and actually doing it is another thing. So you have to come up with a plan, and in order to come up with a plan you have to know where the money comes from and where it goes, i.e. a "budget", then you have to change your way of doing things so you make it work, then you need to be consistent, and then you need to be patient.
Ya, I can sum it up in one word, but it can take many sentences to even scratch the surface.
~Tim~
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Mon Dec 14, 2009 12:10 am |
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Blackbash
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Nice one, it's really like that. I actually worked on this the last month, how to guide people on their way with ideas that actually work. Of course not everythings works for everybody, but most of it.
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Mon Dec 14, 2009 12:34 am |
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coaster
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You've earned enough forum cash now to advertise your book in the Market Forums, if you want. 
~Tim~
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Mon Dec 14, 2009 5:28 am |
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watkimf
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| Get a roommate |
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a roommate should help you to save more money....
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Mon Dec 21, 2009 5:23 pm |
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No-Brainer
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In my opinion the best possible step to save money is to turn on a fresh new cash flow stream and dedicate it to that agenda.
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Tue Dec 22, 2009 1:38 am |
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Blackbash
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quote:
Originally posted by coaster
You've earned enough forum cash now to advertise your book in the Market Forums, if you want.
Interesting thought, are you some kind of moderator in here?
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Wed Dec 23, 2009 1:13 pm |
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No-Brainer
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quote:
Originally posted by Blackbash
quote:
Originally posted by coaster
You've earned enough forum cash now to advertise your book in the Market Forums, if you want.
Interesting thought, are you some kind of moderator in here?
I am a moderator, but that's only because I hung around so much they decided to give me a job as a spam killer.
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Wed Dec 23, 2009 5:30 pm |
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Blackbash
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quote:
Originally posted by No-Brainer
quote:
Originally posted by Blackbash
quote:
Originally posted by coaster
You've earned enough forum cash now to advertise your book in the Market Forums, if you want.
Interesting thought, are you some kind of moderator in here?
I am a moderator, but that's only because I hung around so much they decided to give me a job as a spam killer.
Sorry for being totally offtopic, but who does own this board? I tried to find a contact link...
Thanks guys for the ideas!
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Wed Dec 23, 2009 8:48 pm |
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No-Brainer
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quote:
Originally posted by Blackbash
quote:
Originally posted by No-Brainer
quote:
Originally posted by Blackbash
quote:
Originally posted by coaster
You've earned enough forum cash now to advertise your book in the Market Forums, if you want.
Interesting thought, are you some kind of moderator in here?
I am a moderator, but that's only because I hung around so much they decided to give me a job as a spam killer.
Sorry for being totally offtopic, but who does own this board? I tried to find a contact link...
Thanks guys for the ideas!
Maybe he likes it that way???
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Wed Dec 23, 2009 8:54 pm |
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