Do you have a technique of saving money over a two year period ?

Question

share your money saving story with me

Answer 1

Bankrate.com
Saving when you're barely surviving
Monday August 28, 6:00 am ET
Don Taylor
Dear Dr. Don,
I am a husband and father of two young toddlers. My net pay is just enough to scrape by every two weeks. With health insurance premiums well over $400 per month, my net pay is only enough to cover the bills. Every time I set aside money, I end up having to use it all for some unforeseen expenditure, and then some with credit cards (whose balances continue to escalate). Where does one in my situation begin to save?
-- Underfunded Mike

Dear Mike,
Your question is one of the more difficult issues in personal finance. How do you work toward the future when you're having trouble getting through the week?
The key is to keep spending less than income. Easier said than done, but that doesn't mean it doesn't need to be done. Spiraling credit card balances aren't the answer. Credit cards just postpone the problem and have you spending money on finance charges that should be going toward meeting your family's needs.
Differentiate between what's necessary and what's nice in your monthly spending. Cutting out cell phones (or alternatively land lines), cable TV, dinners out, etc. brings down your monthly nut. Bankrate has a budget work sheet that you can download to put together a monthly spending plan. Talk to your employer's personnel department to see if there are ways of reducing the health-care costs while keeping family coverage. Taking advantage of flexible spending accounts to pay for medical costs with pretax dollars is one possible way of accomplishing this goal.
The other side of the equation is to increase income. Take a second job, or a third. Don't think of it as forever, just until you can get the credit card balances down and build a bit of a cash cushion. If your wife doesn't work, perhaps she should. Bankrate's "Should my spouse work, too?" calculator will help with that math.
The answers aren't easy, but you've got to ramp up income, throttle back on spending or both to get to the point where you move past paycheck-to-paycheck living and get to the point where your income is also building toward your family's future.
If you've worked through all this and still can't see a way, it's time to ask for help. Your state government might be able to help with health-care insurance for the children, for example. A Bankrate feature, "Finding help in hard times," has some other ideas, too.
To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "financing a home," "saving & investing" or "money."

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Investopedia – Debt Consolidation
http://www.investopedia.com/terms/d/debtconsolidation.asp

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http://www.investopedia.com/university/20_investments/

Answer 2

This is a really obscure way to beat the system and save a little money: go to eBay and buy rolls of stamps below face value. The category is Stamps: US: Postage. People with excess stamps list them for auction and they always go below face value, even the rolls of current stamps. If you work in an office and can become the office's stamp supplier, this could add up to serious money. If you're really hard core you can look in this category and in the US Lots and Accumulations category for older stamps that cost less than 39c. These go for even bigger discounts because of the hassle of putting multiple stamps on envelopes. Slightly damaged stamps that collectors don't want but are still valid for postage go for even bigger discounts, and the biggest discounts, pushing 50%, are for piles of stamps with the gum missing. If you mail large packages, you can also get deals on expensive unused stamps like the older Priority and Express mail stamps. I recently bought a $13.65 Express mail stamp for about $12.50 after shipping, and there are better discounts if you buy several at a time.

Answer 3

This is something my husband does and I am amazed of the amount he has at the end of the year......here it is:

When he is writing out a check to pay a bill....he writes the check for the amount, but when he logs it...he always rounds it up by a few dollars. Like if the bill is for $26.42..he will write the check for that amount, but then write $30 or $35 in the checkbook. He always has an even amount in his register(no change amount). You get uesed to just rounding the amount up, and when you get your monthly statement, dont look at their babalnce, just make sure each check has cleared. Then in 6 months to a year, you will have extra money in the bank without even realizing it.
His mother was so amazed by it that she started doing it too. Even if you just round up to the nearest dollar or two, it will still add up, especially over 2 years. We use the extra money either for christmas, or to take a vacation...Let me know if you try it.......Good Luck !!!

Answer 4

pack your lunch. Even going to McDonalds would be ~$5.00 a day... You can pack for $1-2 a day. So saving $3 a day - $15 a week, $60 a month

Go out to eat ONE time less a month

If you smoke - quit

Stop subscribing to newspapers / magazines (get your news and commentary from the net)

Answer 5

When you get your paycheck, save some of it BEFORE paying your bills and stuff. If you put some away, and then pay bills, rent, etc... you'll see how much you have left and you'll realize how much you've been wasting. You'll find out its easier to find ways to save gas, stop eating out, etc. because it saves money. I say save about 5-10% of your paycheck before you pay for what you have to pay for.

Answer 6

stop spending your money on things you don't really need and put it in an isa savings account or something similar.

Answer 7

every month, put some away, when you get paid for the month, and just don't touch the money...and then add more as the months go by, and it should work to benefit you...

Answer 8

invest in premium bonds. you dont get interest, but you have a chance of winning big money every month, and you can get your money back when you want it.

Answer 9

Yeah..give my woman the cheque book and put money in afterwards...

Answer 10

ISA's they are the best!!! Or premium bonds!!!!!