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Thread: Saving Moolah

  1. Default Saving Moolah

    Hi SP,

    Hope you are all having a great holiday season!

    I am sitting here with a really broken PC and I am in desperate need of a new one. I currently have near 300$ and if I really wanted I could go out and get a PC that "worked" but I would rather hold off until I have a bit more cash and get a gaming rig that will last a while. So anyways, I make quite a bit of cash off of eBay but I am always super tempted to spend it. Checking my bank online... God I hate seeing the money grow. Basically what I'm asking is how can I not only restrain myself but also save money in the process? I was at the mall last week, debit card in hand, and thankfully I only managed to spend 3.66$ at the nearby Taco Bell.

    Please help me save some cash!

  2. Default Re: Saving Moolah

    It's not the best idea to buy a gaming PC if you're that strapped for cash.

    Do you have a job? How much are you getting from eBay? What are your expenses? My advice would be to come up with a monthly budget. I use Mint, which ties into your back accounts, allows you to set savings goals, and gives you spending reports.

  3. Default Re: Saving Moolah

    A method that works for a lot of people is to take a percentage (say 20%) of any income they get and immediately throw it into a savings account. For paychecks, this gets them used to only spending 80% of their pay and they tend to almost forget about the other 20%. It's easier when the money isn't in your checking account for instant use as well.

    Asking "do I really need this?" when you're about to buy something is a good idea too. Shop around for cheaper prices when you can.

    Most importantly, have fun. Don't try so hard to save money that you're not enjoying yourself. Buy Taco Bell once in a while, or go see a movie, etc. Choose an amount you think is reasonable and make that your entertainment/free spending budget, money that you can spend without feeling like it's wasted.

  4. Default Re: Saving Moolah

    Get a savings account, preferably one where you can only deposit into it directly. Deposit a set percentage of income, as MasPan suggested. If you need to go to the bank itself to actually withdraw from the savings account, you will be much better off. The issue you currently have is that all of your money is immediately available to you at any time. You have no reason to not spend it. Putting it away into an account you have to work to get it out of is essentially cutting yourself off, because you will think before you withdraw from it in the future.

  5. Default Re: Saving Moolah

    You need to establish what your average income is before you can really budget. I use a small limit credit card ($300) to limit my spending. I litterally just 90% of my first paycheck in the month in savings, then pay all my bills; (Car/rent/CC) with my end of the month paycheck. I keep about a $200-400 in my checking for gas as my local gas station doesn't take CC.

  6. Default Re: Saving Moolah

    @Dusk; I'm only 16. I don't have bills or any of that. I make about 40-50$ a week on eBay but sometimes I sell stuff that gets 100$+. So maybe around 150-250$ a month from eBay.



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