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Simple ways to save money next year.

Discussion in 'Personal Finance' started by Melissa, Dec 28, 2017.

  1. Melissa

    Melissa Member

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    Hey, guys! Do you often have to save money, or you don't like this occupation like me? I wonder whether it's necessary to treasure money in the coming year, or I can easily forget about it?
    Thank you in advance for your replies.
     
  2. twerpner

    twerpner Active Member

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    I would suggest you look into churning. Whether that be bank accounts or credit cards. It easily nets me a few thousand per year in cash or points to spend.
     
    anotherdevilsadvocate likes this.
  3. OldFart

    OldFart Well-Known Member

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    @Melissa

    I'd say save as much as you can, without hurting your living standards. Always nice to have something saved up later on in life, even if it's only a small amount.
     
  4. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    You can do surveys for money.
     
  5. BermudianOption

    BermudianOption Active Member

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    Automate your savings. Either schedule to automatically take some money from your bank account and put in your investment account, or use an app like Digit that automatically puts money aside for you.
     
  6. Melissa

    Melissa Member

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    Yeah, that's a problem that as a result, I get a small amount of savings. Actually, I'm that person who doesn't like to plan something for two/ more months ahead, I'm more spontaneous, and most often I do like "it's now or never" :)
     
  7. Melissa

    Melissa Member

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    You mean do surveys for online stores?
     
  8. stock1234

    stock1234 2017 Stock Picking Contest Winner

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    https://www.bankrate.com/banking/savings/rates/

    Rates still aren't great for saving accounts but a lot better than few years ago. Now I have online saving account only because it offers way better rates than the ones with branches.
     
    bigbear0083 likes this.
  9. Three Eyes

    Three Eyes Active Member

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    One way to get equal-to-or-slightly-better money market rates inside your equities account is to stash any uncommitted cash into a money market ETF like the PIMCO Enhanced Short Maturity Active ETF (MINT). It's very liquid, easy to get in and out, and preserves cash quite well for an equities instrument.
     
    Timbo likes this.
  10. Timbo

    Timbo Active Member

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    A whopping 15 bucks per thousand, then you have to pay taxes on it " depending on your tax bracket". That's why I pulled everything out last year and got involved in the markets, my broker pays a competitive interest rate on my uninvested funds. Pays a little chump change and my funds are there when I find the right trade.
     
  11. Timbo

    Timbo Active Member

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    I have learned to be conservative over the years, in my younger days I lived by the "paid on Friday-broke on Monday" mentality and it just didn't work out very well for me.
     
    Jrich likes this.
  12. Melissa

    Melissa Member

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    I wonder how you've learned to be conservative. Looks like it was hard for you to this, doesn't it? Sorry for my curiosity.
     
  13. Melissa

    Melissa Member

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  14. Timbo

    Timbo Active Member

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    That was YEARS ago, it takes goals-disciplined decisions and time. I would like to retire in the next 5-7 years that is my goal, if I only spend/buy the things I actually need by being conservative, the goal becomes more realistic. If I go out and buy the latest gadget/gizmo that I can easily live without then I have rewarded myself with a undisciplined decision and taken a backstep to achieving my goals. Make sense???
     
  15. Jrich

    Jrich Well-Known Member

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    Start smoking... you'll find out quick how easy it is to come up with an extra $200 a month (pack a day)

    Then quit, and put that $200 a month in your trading account
     
  16. stock1234

    stock1234 2017 Stock Picking Contest Winner

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    Well whatever works for you, everyone is different ;) A lot of people probably feel like 1.5% annual return isn't enough and I agree, that's why I am putting some of my money into the market too and the current low interest rates environment is a big reason why the equity markets are so hot today. I think we used to get 4% in the saving accounts before the financial crisis in 2008, but those days probably won't be back anytime soon.

    I just like to have some of my money being saved for emerging funds in the future personally, and that's why I am trying to put some of my cash monthly into the saving account when I have some extra cash rather than 100% of my cash into my brokerage account ;) No matter how good a trader you are, you can still make some bad trades and even have a bad year in trading. For some part of my money I am being extremely conservative with them and put them into the saving account, and for some part of my money I am being more aggressive and willing to take risks for greater returns.

    Not sure what kind of rate your broker is offering to you, but most of the brokers are paying well below of 1% I think. As for paying taxes to Uncle Sam for the interest payments from saving account, I agree that it kinda sucks. We have to pay taxes for capital gains and dividends too though, so I wouldn't exactly avoid saving account because of taxes.
     
    T0rm3nted and bigbear0083 like this.
  17. stock1234

    stock1234 2017 Stock Picking Contest Winner

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    Don't leave any balance on your credit card would save you a lot of money unless you got some kind of 0% APR promotion :D I learned a hard lesson when I was young, I paid off my balance but it definitely took me awhile, I would have saved a lot of money if I didn't spend recklessly and just paid off my balance every month :(
     
  18. Anny.M

    Anny.M New Member

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    I economy my money by drinking coffee at home and not buying it in cafes
     
  19. Kat

    Kat New Member

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    Of course I have to save money. I don't like it, but that's life.
     

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