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Frugalistas Frugalistas

where/what to do with my money so i dont spend it. Other than just dont spend it please!

Posted by on Mar. 6, 2013 at 8:24 AM
  • 32 Replies

Lets just say i love to spoil my daughter but that tends to make me live from paycheck to paycheck. I would like to easily just be able to not have such an erge to not spend money every time i have it.

happy st. patricks day Happy Saint Patty's month to all momma's!

by on Mar. 6, 2013 at 8:24 AM
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Replies (1-10):
moogsmom03
by on Mar. 6, 2013 at 8:54 AM
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Make a list of your goals, post it on the fridge or somewhere that you can see it every day. Then open up a savings account and set up a direct transfer or direct deposit to save a certain amount every payday. Also realize that the more you save now, the more you'll have later. If you have money to blow you have money to save. There really aren't a lot of tricks to it, just discipline.

specialwingz
by Corey on Mar. 6, 2013 at 9:31 AM
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The best way to spoil her and put money away at the same time is to put a portion of that money you "spoil" her with into a college trust fund.  We Use Fidelity.  But, there are several places that handle this type of investment.  Even if it's a samll bit, it grows through the years and is there for any college needs she will have in the future, including college living expenses.

I know it's hard to think about now when she is little.  But, trust me.  After raising 4 kids, I can attest to the fact that those 18 years seem so far away when their little.  Yet, those same 18 years are there before you know it!  It happens FAST!  Believe me when I say that you (and your dd) will be very happy that there is money set aside for college!

That having been said...I'd do 2 things.  Set up a the college trust fund and set up a household savings account.  Portion the amount of money you want to put away between the two.

lillucky8
by Jen on Mar. 6, 2013 at 9:33 AM
Id make a list of your bills so you know how much you have extra. Then decide a certain amt for splurge items and save the rest, plan for a vaca or something. We just started saving for disney trip in a few yrs
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mybratsmom
by Silver Member on Mar. 6, 2013 at 9:40 AM
We make a budget - and we have a "kids fun" and "kids savings" category". The fun is for things like the 8th grade graduation trip, or cub scout uniforms. The savings is for college. We are supposed to meet with a rep from Edward Jones to talk about a better investment for college in two weeks. Believe us, time flies so incredibly fast. I want to do better than my parents did for me for my kids, so if I can save enough for reasonable college expenses and still teach them the value of a dollar, I'm going to do my best to try.
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anotherandree
by Inga on Mar. 6, 2013 at 9:45 AM
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I kinda go off of this, that might make it more tangible.  Have a cash envelope with "fun money" in it to spoil your daughter.  Let's say your budget will allow $20 a week.  Put that IN CASH in an envelope.  Once that cash is gone, YOU ARE DONE.  You could also save up for 2 weeks and do something really cool for $40.  I know that having real money makes it harder for me to see it go.  But also knowing that you have the $20 (or whatever) devoted strictly to spoilling the crap out of your dauhgter :) might make it easier to put away the check card. 

Quoting mybratsmom:

We make a budget - and we have a "kids fun" and "kids savings" category". The fun is for things like the 8th grade graduation trip, or cub scout uniforms. The savings is for college. We are supposed to meet with a rep from Edward Jones to talk about a better investment for college in two weeks. Believe us, time flies so incredibly fast. I want to do better than my parents did for me for my kids, so if I can save enough for reasonable college expenses and still teach them the value of a dollar, I'm going to do my best to try.


chicken13
by Silver Member on Mar. 6, 2013 at 9:48 AM

For my dd's first birthday I set up a 529 plan.  I wanted to give my daughter a college education.

i paid for my own college. I worked 2 jobs, barely ate and had to deal with roaches, no heat, and a really seedy apt.  I wanted better for her.

I started with what I could afford, then every pay increase, I put a little more.  Surprise money, a little more.  It all adds up and before you know it....they'll be applying to colleges.

anotherandree
by Inga on Mar. 6, 2013 at 9:48 AM

BTW, this is a GREAT question.  Many people just go off the "will power" of I-Just-Won't-Spend and then end up feeling horribly guilty when they blow their budget or "deprive" their child.  It seems like an all or nothing, but there usually is a middle ground  You have to step aside and let others help you see it. 

JakeandEmmasMom
by Silver Member on Mar. 6, 2013 at 10:10 AM

 I think it really helps to have a goal.  It's much easier for that money to burn a hole in your pocket if there isn't something big (like college, a new car, a vacation, etc.) that you're saving up for. 

ballerina.2006
by Member on Mar. 6, 2013 at 10:16 AM
Make it a bill. Determine a set amount to save every month and open a saving acct for your dd and place the money in there. If you oay the savings "bill" like you would a car payment and think of it as a mandantory payment you'll do better saving.

Start small or you'll set yourself up for failure. So if you normally spend $200-300 on dd start with $50 savings then move to $100 etc until you can save the amount you want with every check or every month.
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Lindalou907
by Bronze Member on Mar. 6, 2013 at 10:51 AM

Have the money transfered every pay check into a bank on the other side of town, and don't have an ATM card for that account. And all these other ladies are correct about college savings, start NOW.

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