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Question about saving money maybe stupid

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Old 01-06-10, 04:26 PM
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Question Question about saving money maybe stupid

Ok so dh and I are saving some money for a down payment for a vehical purchase at the end of the year.
Now I will be the first one to admit I have NEVER been one to save money.So this is going to be interesting on how we are going to save a big down payment.
So now reading up on saving techniques they say to "pay yourself first". So my first question is question is,How much do you pay yourself first?
I know how much my bills are and roughly how much we need to live per paycheck.So is that it?
 
I just save the remaining?
Or is there a technique you ladies have that can help a first time major money saver?
Thanks ladies for any help
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Old 01-06-10, 04:39 PM
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to pay yourself I think you just consider yourself a bill "If that makes since" you can set the amount like $100 a month or $25 a month and pay that amount into your savings every month. I just stared a Savings Account at my bank and it automatically takes $25.00 from my checking account every month. I can take money back out but it has a reward program from the bank and when I reach $1000 I get a visa card for $100 dollars. It's a great incentive. My bank is US bank you can check to see if your bank does anything like this. It's really cool.
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Thank you imagine!
countrycutieluv (01-06-10)
 
Old 01-06-10, 04:45 PM
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My bank has a program that puts your change into savings automaticly.Say if you buy items for 12.60 it rounds your purchase to say 13.00 and puts the change .40 cents into your savings account automaticly. I also have it set where my it automaticly takes $25.00 out everymonth and puts into my savings account.
So I guess I do have the right idea on the savings thing.
With dh gone with work I'm able to save ALOT more money (less gas and food).Now I just need to keep my hands out of the savings and keep my eye on the prize.
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Old 01-06-10, 05:38 PM
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We've had to save for things like this and it works best for us to budget everything we're going to spend for a given period of time and then we just put all of the rest in savings. This is how we have our Excel budget sheet set-up. Whatever is leftover goes directly into our Emergency Fund. When we were getting out of debt, that amount went directly toward debt.

You have to find a way that works for your family and STICK WITH IT! You might want to open a separate savings account that is specifically earmarked for this purpose. You'll be a lot less tempted to use it if it's set aside.

One of the biggest ways to make your money go farther is to buy used.

Good luck!
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Thank you Dopey406!
countrycutieluv (01-06-10)
 
Old 01-06-10, 06:52 PM
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Thanks Deanne.That is exactly how I have the savings plan set up.Any money not budgeted for bills or nessities goes straight to savings. I have a stricked $ amount set asside for gas and food.
Once I make my first big deposit for the savings I will open a seperate one that wont be linked to my checking account.
We are going to buy used! I was contiplating buy a new car but I really what the newer bodystyle tahoes (we need the towing capability)and I don't want to take the depresiation hit on a new purchase.. So I should have my savings good for my used purchase by the end of this year(I read that the end of month and end of year is best time to buy a car). I already have my budget set on the $ amount I will spend on my big purchase and so I just have to hurry up and wait for my saving to accrue.
Iam glad to know that I was on the right track on the saving money.
I feel much better!
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