For those of you who save $

[Nocturnal]

How do you save money when you know you have lets say $15,000.00 saved up enough to upgrade your computer, enough to probably get a new car, or whatever else you're interested in. How do you STOP yourself from going to the bank and withdrawing all of that money?

 

[Imported]

I'd like to know too.. I used to be able to save.. but now I can't seem to save anymore (Bought a 20" LCD the other day =X)..

 

[Maleficus]

The way I look at it i have different levels of savings

Some is for emergencies that you just have to tell yourself to not touch and one day chances are you will be thankful for it and if not then your children/whoever you leave it to will be thankful, but eventually it will be used.

Others you save for a big purchase or just something you decide you want whenever. Don't get to the point to where you save ALL your money, what god does it do you if you never use any of it?


Pretty much just gotta tell urself i set this aside for so and so and thats what i will use it for, period.

 

[Luden]

plans, goals, etc.

 

[chiwawa626]

You save money by buying a dell and a crappy car

 

[Nocturnal]

Thanks for the kind advice.

 

[Nocturnal]

It would take me 3.5 months in order to save up enough for a Sony V1 5.0 mp digital camera at its retail price of $699.99.

 

[CTrain]

You're so right.
I saved about $9K and I went out a bought a car.
That put me back in debt but now I'm back to about $4K saved and I have that itching again.
I better put it in some type of investment before I spend it again.

 

[Nocturnal]

What stops you from spending that 4k on computer parts or parts for your car, sound system, etc?

 

[wicktron]

Originally posted by: Nocturnal
What stops you from spending that 4k on computer parts or parts for your car, sound system, etc?

Discipline. Knowing that you don't really need the aforementioned items. They do nothing but boost your ego, which BTW, is a temporary effect. I take pride in being frugal in making purchases and just saving money. Making money by it sitting around sounds like a great idea to me.

 

[Spagina]

Have a plan or goal for the money. I let myself spend a little bit, but overall I save 90% of the money that comes in. Basically just make a plan and stick to it, you won't spend it then.

 

[Daovonnaex]

It's called self-discipline. I'd also like to add that mindless consumption does not lead to lasting happiness. Sure, it's nice to have a great computer or an awesome car, but at the end of the day, there's a sense of satisfaction that comes from having lived a lifetime on the values of hard work and thrift and being able to impart these values, along with the assets you've amassed thanks to saving, to your children. Of course, I'm only 18 and I do spend money on computers and cars (though I save a lot as well), so what the hell do I know?

EDIT: It's also a lot easier for the older generation to save, I'm sure. Many people forget today that inflation simply didn't exist in the past, because until 1971 (aside from a brief period from 1933-1943), the United States was on the gold standard, and the purchasing power of the dollar stayed constant. As such, there was never a penalty in allowing your money to sit in a bank (it's plain to see the effects of fiat money: household savings rate has dropped from 15% to 1% since 1971).

 

[mztykal]

What stops me from spending? The fact that I already have a 4.0mp Nikon camera and I have all my car parts paid for.

Well, I'm saving now. Does that count?

 

[Nocturnal]

TTT

 

[minendo]

Always be prepared. I have enough saved up that if I were to lose my job, I would be able to support myself and girlfriend for ~6 months.

 

[Nocturnal]

Originally posted by: minendo
Always be prepared. I have enough saved up that if I were to lose my job, I would be able to support myself and girlfriend for ~6 months.

Man you're one smart/lucky guy. I wish I had your brains and will power.

Anyone know how to help someone who has no will power with saving $?

 

[yukichigai]

I forget the money is there usually. At any given time it is highly unlikely that I will actually know how much money I have in the bank.

 

[Sepen]

My incentive is winter. Winter is very slow for my business and I save like the Dickens from April until November, just so I can pay my bills in the lean months.

 

[T3C]

goals, you have to have a goal if you are ever going to save money

 

[CPA]

Easy, don't save that much money in the bank!

I'm quit serious too, invest into something that is not quit as liquid. That way it's too much of a hassle to pull it out in order to buy that new computer.

 

[Garet Jax]

Amazing that RossMan hasn't chimed in with his saving strategy.

 

[Nocturnal]

I currently have a list of goals that I've managed to make in Excel. Some of the goals are to buy something nice for my car such as a paint job which would be $1500.00 from a friend of mine. So I averaged it out and if I were to save $300.00 per paycheck I would be able to get the paint job in like a little over two and a half months.

But then again I'll have other things I'll want. I want a Gameboy Advance SP, I want a new PS2 because mines is currently broken, I want a X-Box to replace my PS2, etc etc. The list goes on and on. I know it all depends on what I truly want but at times I don't konw what I "truly" want lol.

 

[Nocturnal]

I even wanted to buy a Fuji digi cam tomorrow, the Fuji 2650 2.0 mp camera. But I thought about it, if I were to save a few weeks of paycheck I would be able to pick up a nice Sony like the F717 or the new DSC-P10.

 

I save a LOT. I'm 18, and I currently have $3200 in savings, and about $1330 in checking, all from part-time jobs. I'm not saying that to brag, but I'm telling you that it CAN be done.

I don't buy stuff that I don't need. Granted, I just purchased a Dell Axim, but I count that as an early birthday present for myself, and I don't plan on making any large purchases in the next few months. The way that I was REALLY inspired to save is by opening a savings account in addition to my checking account. It helps a lot psychologically to squirrel that money away so that it can't be accessed by writing a check or swiping a card.

Basically, evaluate EVERY purchase to determine whether or not you NEED it, or can AFFORD it. If you can comfortably afford it, then great, buy it as a little present for yourself. But if you can't, or if you can wait for something cheaper and better, then save your money.

Trust me, I feel great every time I look at my bank account balance. It feels much better to know you HAVE money than to know you just SPENT it.

 

[Buttzilla]

key word...single life