What was your best way of putting away money?
I "skim" a little off DH's paycheck, just the odd amounts. I will also take cash to the store and then put away anything left over.
We have a change jar that all our change goes into at the end of the night. Pennies go in a seperate jar for VBS as "Pennies are for Jesus" offering night. It's amazing how much change adds up. We have almost $200 in change in just 6 months and penny night at VBS yields about $800 for whoever the mission is that year just in penny's!
Before I started using an online budgeting system, I would increase all deductions to the nearest $1 and decrease all deposits by $100 in my check register. If the deposit was under $100, I just didn't register it all. This help me keep a nice cushion in my acct - just in case - my 'emergency fund'.
Once I started using my online budgeting system (ynab) I now budget to the penny and have sinking funds for EVERYTHING that I might need money for this year - e.g. I have already saved $1500 towards summer camp costs for my 2 kids.
As for any cash that comes my way - well, I let's just say that I consider myself a cash hoarder. LOL I roll coins (these really do add up fast!) and because I am budgeted for everything, cash is an automatic savings for me. I do use it to pay the kids allowance, which is part of my online budget however I see no reason to go to the bank & withdraw the money so I keep a "Cash" Acct online for this purpose only.
This year, I am participating in the 52 Week Money Savings Challenge so the rest of my cash mainly goes to that.
what seems to work best for us is to pay our bills first, then only leave in checking what is needed for groceries and gas for the next 2 weeks and the rest goes into savings (and forget you have it unless you need it)
this is something i keep preaching to my kids well adult children . that they need to put back money and then not touch it for anything but emergency . but they seem to think if they have it they must spend it . anything is better then saving to them . want to get them to see a this is better way to do things .
My parents started that when i was a kid but as i got older and got a job they didnt do it any more. thats when i need help with saving the most
Quoting sugarsmom2:this is something i keep preaching to my kids well adult children . that they need to put back money and then not touch it for anything but emergency . but they seem to think if they have it they must spend it . anything is better then saving to them . want to get them to see a this is better way to do things .
Each month $100 goes to savings account automatically via online banking. Its also good not to keep too much money in checking so you don't spend it. Only keep what you need to pay bills, buy food etc.
Rounding every purchase up to the next dollar is the best way. Even if something costs 19.01, stash the other 99 cents.
I have one of these we keep money in
Connect with CafeMom:
Switch to Mobile Site
Getting Started Guide
Frequently Asked Questions
Part of the CafeMom family
© 2014 CMI Marketing, Inc. All rights reserved.