Simple ways to save money next year.

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

  1. Bridget Mallory

    Bridget Mallory Active Member

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    this is an effective way to save money, been doing this for 3 years now.
     
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  2. twerpner

    twerpner Active Member

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    Any other churners in here???

    Started doing this seriously as of last year and I have to say its addicting. I took my emergency fund money that I keep in a savings or checking account and move that around from bank account to get a new account or some direct deposit bonus, and its netted me far more than I would have just leaving it in my bank account.

    I will be going on vacation here in a few weekends solely paid for by this hobby (read addiction). Definitely happy with my returns so far, and I have only just scratched the surface it seems.
     
  3. Bridget Mallory

    Bridget Mallory Active Member

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    One more thing you could do is to live below your means
     
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  4. LanimcIntyre

    LanimcIntyre New Member

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    There are various ways by which one can save money. Cut all your extra expenditure and buy those things which are necessary. For a good saving follow these points:
    1) List your expenses.
    2) Make a budget plan.
    3) Decide your priorities.
    4) You can make your savings automatic.
    Following such steps may help your savings grow.
     
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  5. Three Eyes

    Three Eyes 2018 Stockaholics Contest Winner

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    Excellent points. I would also develop an Assets/Liabilities spreadsheet and track your net worth quarterly. All the efforts to save begin to show up there and it only encourages additional savings/cost-cutting measures AND keeping out of debt.

    I think #3 is hardest for most folks and arguably the most important in terms of guiding consumer (spending) behavior; there is so much we take for granted as necessities that are not. I dropped out of the workforce at age 50 (I'm 53 now). When asked how I did it, I describe owning the same Toyota for 20+ years, never having cable TV, getting reading material (books, magazines) and movies from the library, and so on. (Interesting side note...I belong to 4 different library systems in 4 separate states and they all stream movies now! so no more DVDs.) Priorities require thinking about choices we didn't even know we have because we are so used to having our life line mapped along the paths lit up by the familial and societal expectations all around us. It's not easy to swim back downstream when all the fish around you are trying to figure out how to leap over the next set of falls.
     
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  6. ElectricSavant

    ElectricSavant Active Member

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    Pay yourself first.
     
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  7. AnuShetty

    AnuShetty New Member

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    So my method of saving money is by investing. It allows me to forget about the money but actually, I am saving it. It also acts like an emergency funds.
     
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  8. AbbeyMayward

    AbbeyMayward New Member

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    I agree with #3 being the hardest. At least, that's the case for me. And thanks for that idea about making an assets/liabilities spreadsheet. I feel like it could take a lot of work but it might be worth the effort!
     
  9. Three Eyes

    Three Eyes 2018 Stockaholics Contest Winner

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    A little effort (but not much!) to set up something basic, but then easy to maintain after that.

    How many bank accounts do you have? Equity accounts? IRAs and 401ks? List those down the first column on the left of the spreadsheet and in the second column type in today's value. Add a row below them for subtotals. Shade this section light green. Note: Do not count cars, houses, property, or art as an "asset". Even if they generate income, that income will add to the value of one of your accounts listed above.

    How many loans (including car and mortgage and student), and balance-carrying credit card accounts do you have? List those further down the first column (after the assets) and enter today's value in column two. Add a row below them for subtotals. Shade these light red.

    Now add a row at the bottom subtracting the liabilities from the assets. This is the magic number you want to grow every quarter.

    Column three will be the values for these line items as of Sept 30. Column four will be for Dec 31. And so on. So you only have to update it 4 times per year.

    Once you start getting some data, you can graph your progress. You will (relatively) quickly see how efforts to save $ (and pay off loans) translate into changes of your financial position.
     
  10. renegadelook

    renegadelook Member

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    save 10% of your salary every month and you'll be surprised how much money you have at the end of the year
     
  11. HeidyD

    HeidyD New Member

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    If you couldn't save money till now what will change in the next year?
     
  12. The Brontide

    The Brontide Active Member

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    Gads this thread is a bit dated.

    Simple things? Let's see...

    No more 8$ coffee on the way to work
    No more eating out lunch every work day.
    Trim off Netflix and quit buying the latest Apple Everytime it hits the stores.

    I could go on and on. But seriously, it's easy if you really want to save.
     
  13. A55

    A55 Well-Known Member

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    Stop recreational shopping. Once I stopped buying fashion items. I had money. I don't have the latest name brand jeans and shoes. I quit buying toys and gadgets. The biggest saver was not buying new cars. Just keep driving and maintaining the car I already have. Chicks don't hook up with a guy wearing old clothes, driving an old car, and doesn't have the latest iPhone. Now I don't get girls like when I was young, so maybe it's because I am old.
     
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  14. jaredsouthern

    jaredsouthern New Member

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    Gold is one of the best ways for saving
     
  15. Bridget Mallory

    Bridget Mallory Active Member

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    Save as much as you can and make sure to have an emergency fund
     
  16. Anthony123

    Anthony123 New Member

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  17. Stocksam

    Stocksam New Member

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    There are a lot of ways to save money, but you need to be disciplined to achieve your goals:
    Make a budget
    track your spending
    Pay off your credit card
    Open a savings account
    Control your impulses
    Plan your meals
     
  18. IMJ

    IMJ Member

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    Pay yourself first on predetermined value "X".
    Establish a method to retrieve funds from credit cards when arbitrage situations arise.
    The end. That's the answer.
     
  19. Rustic1

    Rustic1 Well-Known Member

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    :cool2:
     
  20. Bridget Mallory

    Bridget Mallory Active Member

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    Record your expenses. The first step to start saving money is to figure out how much you spend. And then find ways you can cut your spending.
     
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