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I need a "Nest Egg" just in~case

I need to learn how to save money even if I feel like I cant save any. Is there way you save money without spending it???? If you have any ideas let me know...

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rosesrred1

Asked by rosesrred1 at 9:33 PM on Dec. 29, 2009 in Money & Work

Level 15 (1,976 Credits)
Answers (7)
  • Open up a savings account with a neighborhood bank. Even if you only put away ten dollars a week you are saving. When you get to $1,000, open up a money market or investment account.
    rkoloms

    Answer by rkoloms at 9:42 PM on Dec. 29, 2009

  • We have a set amount of money that comes straight out of the paycheck and into a savings account, and we can't access it unless we go to the bank itself. Since the money is moved automatically as soon as the paycheck is deposited, we don't miss it, and since it's a serious hassle to go to the bank to get money out or transfer it, it's easy to forget it's there, and it just sits there. Most banks have the option to do this, you'll just have to go ask.
    Sit down and write out a budget, too. Set yourself an allowance, and pull it out in cash. Once the money is gone, that's it, you can't have any more. It'll take self control, but if you're determined, you'll do fine. There's a nice feeling of satisfaction to sit down and watch the amount of money climb in that savings account, and you'll find yourself finding other ways to save money so you can watch it grow faster.
    debra_benge

    Answer by debra_benge at 9:43 PM on Dec. 29, 2009

  • Anonymous

    Answer by Anonymous at 9:50 PM on Dec. 29, 2009

  • I opened a TD Ameritrade money market account, courtesy of Suze Orman's Save Yourself program (from her book, "Women and Money"). I love it and it was very easy to set up. It doesn't come with an ATM card or anything, and if I ever need to pull money out, it takes a full 24 hours to show up in my checking account, so it must be a REAL super emergency if I need it! Put away $50 a pop or more and watch your savings grow! It collects interest too.
    ThaMCE

    Answer by ThaMCE at 11:19 PM on Dec. 29, 2009

  • Just have a purpose for your money. If it's a Just in case fund-- label it. Like Just in case of job loss, just in case there is an emergency, just in case_______________________

    Have a purpose, have a goal, and have a plan to get to that goal and you'll make it.
    Check out the Dave Ramsey group on Cafemom for more information.
    Anonymous

    Answer by Anonymous at 11:33 PM on Dec. 29, 2009

  • visit daveramsey.com.
    Katt709

    Answer by Katt709 at 11:53 PM on Dec. 29, 2009

  • I definately have a hard time saving money when I know it is in the bank. When I was younger I had no responsibility, so the money stacking up in my bank account was taunting me. I could EASILY have had a down payment for a house if I'd just have kept my spending paws off of it. However, I didn't and I blew through cash super fast. However, now I know better. Even though it still taunts me. The Hubbs and I try to put as much in the bank to save as we can. Sometimes it's five bucks, sometimes it's fifty. Whatever you can manage to keep in there. It all saves the same way.

    Just remind yourself that you're better off if you ignore it. If you have someone you can trust.. Your mom, a best friend, a sister, anyone that can actually hold the account information for you. That way you cannot get into it even if you convienced yourself you needed to. That way when you're tempted you can get into it, and you can honestly save money.
    JazzlikeMraz

    Answer by JazzlikeMraz at 12:29 AM on Dec. 30, 2009

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