Advice on Saving Money
- Thread starter MJ Truth
- Start date
my niece the sameway...so i had her jus cash out...whatever she had left over give it to me...she left n i hid it in her apartment....
end of the yr..i go by get it ..n give it to her..
- Set up automatic deposits in an account from yoru paycheck.
- Pick a bank that is HARD to get to. Maybe a local branch in your parents' town.
- Burn any checks they give you.
- Don't ask for a debit card for teh account.
- Don't set up online access.
- Basically, do as much as you have to physicaly go there to withdraw money.
- And the most important thing, only save as much as you know you can do without. People talking (just save 20% of your take home!) are on some bullshyt, you'll drain that account the first time a Nike commercial comes on. YOu want to save enough for it to mean something but not enough that you'll miss it.
- Think of a way to cut your budget by teh same amount youre saving too. That will help offset any impact.
The God Poster
LWO representa
This has helped me the last few months too. Instead of paying your bills all at once split em up. Pay half rent first pay check & remainder when it's due
That putting it to the side def wont work for me consistently
pawdalaw
Superstar
The most tangible answer is lifestyle. What do you spend your disposable income on? Do you buy stuff/ you don't need, are you spending based on brand? Are you a quality or quantity type of guy?
Do you eat healthy? Do you buy staple toiletries/foods in bulk? Do you have a lot of possessions? Do you know how to build a wardrobe of clothing where one piece of your outfit may be expensive but the accessories and or other pieces are midrange. Do you wear a lot of colors, thus having to have a lot of garments to build outfits?
Do you understand the concept of minimalism? The world is filled with consumers and producers, which one most describes you? Do you give freely? Do you tithe, support a cause or charity?
Are you a spirit connected to source of supply or are you a shadow following the flesh?
I could ask you a hundred more questions but hopefully this gets the ball rolling.
Do you eat healthy? Do you buy staple toiletries/foods in bulk? Do you have a lot of possessions? Do you know how to build a wardrobe of clothing where one piece of your outfit may be expensive but the accessories and or other pieces are midrange. Do you wear a lot of colors, thus having to have a lot of garments to build outfits?
Do you understand the concept of minimalism? The world is filled with consumers and producers, which one most describes you? Do you give freely? Do you tithe, support a cause or charity?
Are you a spirit connected to source of supply or are you a shadow following the flesh?
I could ask you a hundred more questions but hopefully this gets the ball rolling.
PublicEnemy
Rookie
Here is a #money “game” you can play with me to start building financial discipline. http://buff.ly/2toby48
Good advice in this thread 
Make sure you have an emergency fund. I think Dave Ramsay recommends at least $1,000 in your emergency fund, while tackling your debt. But once your in a better position financially, try to get that emergency fund to cover 3-6 months of your expenses/bills.
I'd also recommend looking into a high yield savings account. There are plenty out there but Ally would be my recommendation.
Make sure you have an emergency fund. I think Dave Ramsay recommends at least $1,000 in your emergency fund, while tackling your debt. But once your in a better position financially, try to get that emergency fund to cover 3-6 months of your expenses/bills.
I'd also recommend looking into a high yield savings account. There are plenty out there but Ally would be my recommendation.
The Fukin Prophecy
RIP Champ
More money does not equal more savings if you don't know how to save breh...
I used to have a major problem always buying shyt I didn't need which got worse every time my salary got bumped...that's a fresh suit...copped...that's a fresh jacket...copped...that's a fresh pair of shoes...copped...that's a fresh Yankee fitted...copped...
Everyone I have put on cash only has had their saving double in a year, it works because it forces you to focus your mind on what you really need to get through the day...
When I switched to the cash only lifestyle, it was...that's a fresh suit...but I only got $100 on me...
I'm not gon lie, at first I felt like a window shopping broke nikka, but slowly my mind started to only focus on shyt I need and if I felt I needed that suit, I'd bring more cash with me the next day...If I didn't need it, I would completely forget about it...
Vandelay
Life is absurd. Lean into it.
I throw it in my 401k and I throw $350 a paycheck in another bank that not only doesn't have many branches, but I also do not have a debit card too. I have to go to the bank to access this account.
UberEatsDriver
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Being disciplined with credit cards works just as good as throwing it away.
Reason why people fukk up with credit cards is because
1.) no discipline
2.) They fail to do their HW to know how much debt they can afford with their cash flow at most.
You’re one missed paycheck away from being on the streets. That 400-600 leftover comes out to 200-300 every 2 weeks. You take $50 out in cash and thats your fun money for the 2 weeks, once you spend it thats it. Do the same on the next check. End of the month you have 400-500 in your account. Where do you want to be two months from now, with a grand in your bank account or scraping dollars waiting for your next check
I have about $400-$600 left monthly after all of my bills, including gas and groceries. But I spend all of that during the month.
Bigb41513
I ain’t lying we real San Francisco giants
Get money took out of your check. Have it transferred into a bank or Creidt Union account. Tell them you don’t want a debit card. That way if you wanna get money you have to go into the bank. Also if you happen to have any money in your account the night before you get paid transfer all but one dollar to another account. Calculate the amount of money you spend on bs a month, then divide by 12. Should be a wake up call. Good luck!
Eat smart examples: taco tuesday, dollar menu places
calixprynce
...
if u eating fast food, u aint saving money
beenz
Rap Guerilla
for those of us who are lucky enough to still be working, it's pretty easy to save. besides the basic bills I would be paying regardless, all my other spending has gone down. not driving, so saving gas and wear and tear on the whip. gas is cheap regardless. not going out, so saving money. not going out to eat either, so there's that savings. plus all the extra time I have now that I'm not commuting to and from work to boot. not shopping for clothes, cuz there's no point in that right now.