topic Re: Q: How Do You Save Money? in Among Friends

Q: How Do You Save Money?

justashopper — Sun, 10 Mar 2024 02:26:11 GMT

There was an article that said the average person has $64,000 in savings. They didn't say what was including in that amount. So interpert that the way you will... but it got me thinking

what's your hack to try to save money? what do you do with the money you save?

Re: Q: How Do You Save Money?

rms1954 — Sun, 10 Mar 2024 02:28:24 GMT

The only "hack" is don't spend and don't use credit cards.

Re: Q: How Do You Save Money?

Mom2Dogs — Sun, 10 Mar 2024 02:29:50 GMT

We use our credit card a lot, and pay it off every month.

Re: Q: How Do You Save Money?

rockygems123 — Sun, 10 Mar 2024 02:33:42 GMT

@justashopper wrote:
There was an article that said the average person has $64,000 in savings. They didn't say what was including in that amount. So interpert that the way you will... but it got me thinking

what's your hack to try to save money? what do you do with the money you save?

@justashopper

American Express online savings APR is 4.35% with no holding period as in a CD.

Savings tip is living within your means and beyond; i.e. make more $ than you spend.

Shop sales on essentials like grocery items and buy more what is needed vs what is wanted.

Re: Q: How Do You Save Money?

Lucky Charm — Sun, 10 Mar 2024 02:34:39 GMT

I roll every last bit into CDs. This past week it was a 5.25% for 7 month-er. Before you know it, it'll be October.

I don't use cash for anything. Credit cards for even a pack of gum! (I don't actually buy gum, but you get what I mean.) Credit cards give cash back or gift cards for places we're always spending money. Win/Win.

I use grocery stores that offer $$$ off gasoline-- which jumped 19 cents since Tues.

Re: Q: How Do You Save Money?

SaveTheTurtles — Sun, 10 Mar 2024 02:38:46 GMT

We use no credit cards. I use a coupon app so scan each receipt for points which equate to gift cards for stores. But the main thing is to make sure to put money in savings every time you get paid. Invest wisely.

Re: Q: How Do You Save Money?

They CallMe MRWILKES — Sun, 10 Mar 2024 03:12:37 GMT

Using credit cards doesn't mean you are carrying a balance. There is not always a negative connotation to credit card usage. I see no reason to avoid their use, personally.

I use mine for the cash back rewards on almost every purchase. Once the charge is posted, reward accrued, I just go in and pay the charge. I never wait for the end of a billing cycle.

I advise against the advice to avoid credit cards. They can be a fabulous means to save and can be used exactly like cash, if you have the discipline and gumption. Get a cash back card and USE IT!

For me, the cards are a very sound and rewarding financial management tool.

Of course, this might not work for everyone. Credit cards have been given a bad rap by those who likely have had a bad experience with them.

Re: Q: How Do You Save Money?

tansy — Sun, 10 Mar 2024 02:53:10 GMT

@Lucky Charm wrote:
I roll every last bit into CDs. This past week it was a 5.25% for 7 month-er. Before you know it, it'll be October.

I don't use cash for anything. Credit cards for even a pack of gum! (I don't actually buy gum, but you get what I mean.) Credit cards give cash back or gift cards for places we're always spending money. Win/Win.

I use grocery stores that offer $$$ off gasoline-- which jumped 19 cents since Tues.

I also use a cash back CC for virtually every purchase. I check the balance every day or so for accuracy and to prevent overspending.

Re: Q: How Do You Save Money?

katie1859 — Sun, 10 Mar 2024 03:00:33 GMT

I live below my means

I don't use credit and pay cash for goods

I have a monthly budget that is created every month ahead

I have 1000.00 put aside for emergencies

I put aside a cash flow savings of 6 mn if expenses

And I buy stock in my employer stock plan

Plus I maximize my 401k bc of employer contributions

So it's a rule in my life to spend with thought, save with intention and plan everything else.

Now days, it's required

I have to save on groceries, so yes I budget that too. Making a weekly menu with a list is my savings grace.

Tough times means sacrifice big time.

Re: Q: How Do You Save Money?

deeva — Sun, 10 Mar 2024 14:29:26 GMT

Start paying yourself as soon as you get your first job. Then, if you employer offers a 401k, invest in it. Always live below your means.

Instead of wasting money on extended warranties, I put maybe $20 or $50 a month in savings and when something breaks, I have the money to pay for the repair using a reliable company that I choose, not one chosen by the warranty company.

I use a credit card for most purchases, but I pay the entire balance off every month.

Re: Q: How Do You Save Money?

Meowingkitty — Sun, 10 Mar 2024 03:19:39 GMT

Among all those listed above I try to put possible (wants not needs) purchases on hold for at least 48 hours. Often times I think about it and change my mind and say forget it. I'll ask myself if I really need it or can I made do. If after a couple of days I still feel I want it I'll get it. Lots of times I either forget about it or just don't want it anymore. Also I use one credit card. No store cards and pay it off every month. Keeps tracking easier.

Re: Q: How Do You Save Money?

patbz — Sun, 10 Mar 2024 16:42:07 GMT

On large purchases ( nhouse, car) pay as much down as you can and always pay extra monthly ex. additional $500). If rates go down refi, if possible go from 30 yrs to 15 yrs, even if your mthly payment is higher. Consider buying a used car with very low mileage. A little thing we do is DH and I cut each others hair (my last salon haircut was in 2019, used to spend $1000 A year).

Re: Q: How Do You Save Money?

rockygems123 — Sun, 10 Mar 2024 03:24:27 GMT

@They CallMe MRWILKES wrote:
Using credit cards doesn't mean you are carrying a balance. There is not always a negative connotation to credit card usage. I see no reason to avoid their use, personally.

I use mine for the cash back rewards on almost every purchase. Once the charge is posted, reward accrued, I just go in and pay the charge. I never wait for the end of a billing cycle.

I advise against the advice to avoid credit cards. They can be a fabulous means to save and can be used exactly like cash, if you have the discipline and gumption. Get a cash back card and USE IT!

For me, the cards are a very sound and rewarding financial management tool.

Of course, this might not work for everyone. Credit cards have been given a bad rap by those who likely have had a bad experience with them.

@They CallMe MRWILKES

Agree 100%. Most of my expenses go on Amex which is paid off monthly. When I remodeled last I used Amex points to add hardwood floors to most of my house. Fixtures also.

I've accrued about the same amount of points again and will use them toward household items or possibly travel.

Re: Q: How Do You Save Money?

Effie54 — Sun, 10 Mar 2024 03:37:32 GMT

I use credit cards or cash. I don't use ATM cards. But I only buy what I can afford to pay at bill time. If I can't afford it, I don't look at it nor buy it. Plus, we use coupons and sales at the grocery stores. It's really common sense.

Re: Q: How Do You Save Money?

GingerHead — Sun, 10 Mar 2024 04:50:35 GMT

What? You can save it? haha

Seriously, we use our Amex Blue cash card on everything and pay it off at the end of the month and we get cash back on our purchases.

I use Mr Rebates and really look for deals and my extra purchases are really considered and researched.

I buy beauty tools and gizmos to save on expensive derm visits

Try to eat healthy and exercise to save on medical costs.

Do more Stay-cays and not many va-cays (but maybe we do that because we prefer it....but it does save $$$

Re: Q: How Do You Save Money?

occasionalrain — Sun, 10 Mar 2024 04:12:01 GMT

I put everything I buy, every bill on a credit card because I get cash back. I pay the balance off each month so I never pay interest. Chase pays 5% on Amazon purchases and this quarter also pays 5% at grocery stores and gas stations. Next quarter Discover pays 5% back at restaurants and grocery stores. It adds up to hundreds of free money. I keep money in a Discover savings account that pays well over 4% interest and transfer what I need to pay off cc balances each month.

Re: Q: How Do You Save Money?

cindyNC — Sun, 10 Mar 2024 05:52:58 GMT

Look at needs vs wants.

Invested in company 401K plans when working

CC for online purchases, usually cash or debit card for local purchases

Always shop sales or wait for what I want to go on sale.

have always kept my cars past 100,000 unless it's a vehicle w/issues.

Re: Q: How Do You Save Money?

speedy girl — Sun, 10 Mar 2024 05:58:41 GMT

From the day we got married (many years ago) we paid ourselves just like any other bill each month. It was non-negotiable and went into our savings faithfully. When we had enough then we would transfer money into a CD and start saving all over again. It has served us well and our nest egg.

Re: Q: How Do You Save Money?

Desertdi — Sun, 10 Mar 2024 07:24:16 GMT

The Arizona legislature is currently considering requiring high school students to complete a course in FINANCIAL LITERACY.

Re: Q: How Do You Save Money?

Luvsmyfam — Sun, 10 Mar 2024 14:03:24 GMT

@Meowingkitty Sounds silly,but I usually unplugg everything but tv,and turn heat way down.Of course that is how I broke my wrist bc I got tangled in blankets!Let that teach me a lesson

HAVE A GREAT WORKWEEK Q BUDDIES