What is your Money Saving Strategy?

Bullwizz on 01/06/2014 - 14:21
Last edited 01/06/2014 - 14:40

Its something much of us tend to know about but many have trouble to honour by it.
We often aim to save for a higher saving goal or purpose whether it is for a new car, home or something more or less ambitious.
Many though, tend to fall into the trap of IMPULSES and expenses/unanticipated spending that are not managed/budgeted effectively.Yes none of us are perfect. Yes we are all different within and may have different goals,expenses and situations.

So.. fellow ozbarginers, those whom are supposedly more superior in knowledge and experience when it comes to identifying value of purchases to save that extra cent..

What is your strategy to save your money to beat that stopwatch on the timeframe you set? What are your principles,tips & tricks,victims and sacrifices to achieve that extra dollar and say no to that delicious golden taco floating in mid air when you only need a loaf of bread ?

Lets hear it.

Financial

Comments

  • xeion on 01/06/2014 - 14:44
    +1

    If I NEED something to survive and generate an income, I'll buy it.
    If I WANT something, I don't by it until it falls into a necessity

    • Bullwizz on 01/06/2014 - 14:55

      Thats correct! however.. its hard for alot of people to really convert that to a true habbit. Especially the shopaholics and a massive problem is that many of us tend to have psychological confilict: heart vs. head to try convince our head to identify certain products as a need rather than a want by coming up with various justifications to break the barrier and hence we end up buying that want. What are some ways you all use to overcome that? I recon having another person that knows you well with you is handy as when someone credible tells me "you really dont need that" i would really rethink carefully before buying it. hard to trust yourself at times as we usually make up excuses to trick our head!

  • aggregate on 01/06/2014 - 15:11
    -6

    The more you spend the more you save!

  • Islund on 01/06/2014 - 15:23
    +2

    Look at doing financial strategy online at open2study. Very practical an helpful.

    • itajac on 01/06/2014 - 17:43
      +1

      Signed up for free course,thanks :)

  • Almost Banned on 01/06/2014 - 15:58
    +1

    Spend less than I earn…?
    When I really wanted to save I made a budget and tried to stick to it.
    At the moment I just tend to control impulse buying.

  • cypher67 on 01/06/2014 - 16:49
    +8

    If I want to save money I try avoid ozbargain

  • [Deactivated] on 01/06/2014 - 18:32
    +8

    Live like a hermit. No wife, no kids,no pets, only imaginary friends.

  • dimes on 01/06/2014 - 19:36
    +2

    I divide my net income into different areas, for example, paying off a loan, saving up, and what I will spend during the week/fortnight.

    I use Ubank to save, so each time my savings go into there. It's great that it takes about a day to get the money back, because that prevents impulse buying, and I have to consciously make the effort to log on, do the transfer and see my balance decrease, as opposed to simply taking out money from my wallet or scanning my card.

    With my spending money for the week, I withdraw that from the ATM and keep it in my wallet. So every time I make a purchase, I can see how much I got left and know when I gotta start cutting back to have enough for the rest of the week.

    • Bullwizz on 01/06/2014 - 19:44
      +1

      a savings account not readily acessible is great for minimising impulse purchases. What are some other savings account options from the banks that are similar and require a wait/penalty/effort to withdraw money from to deter this behaviour?

      • zerocritical on 02/06/2014 - 07:49
        +1

        I use commbank goal saver account. Pays 4% pa interest if your balance increases by at least $200 a month and you have no more than one withdrawal per month from that account. If any of the conditions fail you get negligible interest. So it keeps me away from unnecessary withdrawals.

    • [Deactivated] on 02/06/2014 - 15:59
      +1

      One flaw in your plan dimes…. you have a loan and a savings account.

      Channel savings into eliminating that debt first!

      • dimes on 02/06/2014 - 22:09

        Hi Richard,

        Thanks for noticing. You're right, I should focus on paying off my loan first. But when I started, I had a personal reason to save up a spare bit of money and try to drag my loan out. Now I am really trying to smash my loan by putting more into it than my savings.

  • bruschetta on 01/06/2014 - 19:57
    +1

    This is a really interesting question.
    I'm really enjoying to find way the save money, even though the best way to save money is to spend it in the right way, my friend.
    I mean money shouldn't be the goal, but a way to fulfill your dreams, your passions!
    What are you really interested in? Cooking? Then use your money to get better in cooking. Sport? Then buy training equipment.
    Therefore sometimes is nice to get a dinner, taste some pies or live something different isn't it? But we must realize that nowadays we have already wayyyyyyyy tooooooo much (especially in the 'first world') and be blind by our own selfishness and not even share anything with our 'family'.
    Money isn't happiness, is absolutely well know.
    Health, family and spirituality are the most important things in the world.
    I also like to donate part of my money, sometimes to companies sometimes to friends in need. I don't know, that's me..

  • Baghern on 01/06/2014 - 20:50
    +2

    carry cash, you often think twice, thrice on impulse items

  • affable on 02/06/2014 - 07:40

    The best ways to save money I've found are-
    1 hop off the "bleeding edge" (no not suicide) rather than "needing" the latest gadgets which are always $$$ when first released. Mainly applies to new-tech, eg smartphones, set a $100 or $200 budget and wait for a phone that suits. TV's the same, cars are going the same way with hybrids etc.
    2 Ignore the Jone's and compare yourself to the "have not's" instead.

  • eclaw on 02/06/2014 - 18:06

    Shares might crash big time the moment you buy them but they are extremely likely to get back up there long term.
    The car you just bought - depreciation is priceless =)

    1) Purchase assets whenever you can
    2) If something is going to lose value over time, don't pay full price for it

  • Cheshire Cat on 02/06/2014 - 23:38
    +1

    Start life poor. You will gain a great sense of the value of money and waste it less. not necessarily spend less but waste less and that's the main key to saving.

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