$1 at a time

This is a thread for people who are saving up for something, or who want to start saving up for something.

Could be a new gadget or toy.
Could be for your retirement.

Saving money is similar to managing your weight.  If you want to have more money (fitness), then you have to spend (eat) less than you earn (burn).

So we'll talk about

• ways to spend less money on the stuff we need
• how to figure out if something is a need or a want
• (legal) ways to earn more money
• practical strategies for saving
• safe places to put our money (hint: not Nigeria)
  

and we'll encourage each other and cheer for each other for however many dollars we've managed to save.  And we'll profusely congratulate you when you manage to reach your savings goal.

(I will probably be the only one in here.  ::giggle:: oh well!)

I want to save to get my tattoo finished.  I'm in!

I own an old school house. Sometimes a nightmare of epic proportions.

Every year hubby and I take on a new major remodeling project with us doing all the work.

This year we are combing two puny bedrooms into a master bedroom with floor to ceiling library and rolling ladder (10 foot tall ceilings), installing hardwood floors, electrical rewiring, new drapery on a massive span (24 ft wide 8ft tall) of windows.

I'll save money by curtailing all unnecessary clothes shopping, I am addicted to thrift stores and consignment shops so this is not very difficult.

I planned on selling more stained glass pieces.

With this economy I expect large custom pieces will not be in high demand, so I will swallow my artistic pride and make a plethora of window charms, sun catchers, small lamp shades and put them in some local shops, send some back east to sell in my sister in law's shop, and perhaps look into art fairs.

But I still want other things, like seed starting supplies for a jump on the veggie garden.....I don't know if it's a need and probably not all that expensive, but with all the above happening I am not sure I can justify the purchase.

What are you saving for nomo?

• ways to spend less money on the stuff we need
  • ask my wife, she manages to cloth our kids in months worth of gymboree for cheaper than walmart and then resell the stuff as "used in good condition" for a profit... 0.o
  • menu-planning (going to start a blog about by the end of february)
    
• how to figure out if something is a need or a want
  • does your neighbor have it? so what...
  • realistically almost everything barring sustenance, shelter, clothing and maybe transportation is a want
  • of course hiring a maid or a gardener may be a "want", but considering what I make and what I pay for these services, it's a no-brainer as long as it frees me up to make more money at my rate.
    
• (legal) ways to earn more money
  • do something useful (anything really) for someone that doesn't have the time, ability or desire to do it themselves.
    
• practical strategies for saving
  • cut back on spending
    
  • save 6-12 months of living expenses in a liquid account in case you lose your job
    
  • max out anything that your employer matches.
    
  • pay off consumer debt using a concept like the debt-snowball or something that works for you.
  • start investing with a strategy that works for you (this is my preferred approach)
    
• safe places to put our money
  • any bank as long as you're below the FDIC protected limit.
    

Direct deposit is an amazing tool! If you have direct deposit, open a bank account with an online bank like Zions Bank, it typically has one of the highest interest rates out there. And don't get a debit card for it. Have a certain amount automatically go into it every paycheck. You'll forget all about it until you really need it :] and without a debit card you won't spend money unless you take the time to get some out!

I love saving money :] When I still lived with my parents I worked full time and only paid for my cell phone and a Netflix plan. In just under a year I saved about 20,000 dollars. I still have 50 bucks a week go into that account and I don't even miss it!

Even once you've saved the amount for your special item, reevaluate.  Do you need it?  Do you really want it anyway?  If you keep saving just a bit more could you get a better thing that you'd use more?  Is there something else that you want more?

This is why I still have a laptop  that's almost 7 years old even with the cheapies on the market.  I can do everything I need to do at home from it (primarily internet and e-mail).

I have direct deposit too and I love it! But in addition to that I started automatic transfers of only like $50 a month the day after my money transfer into my main checking account. I don't even see it, so I don't miss it. 

okay, i'm in.

need or want: a new laptop.

here's the deal.  my old laptop (3.5 years) is working pretty well (say, 80%), but the hard drive is basically full.  i keep deleting everything i think i can do without, but i can't free up more than about 3GB. 

problem: i need to install windows office, because i need powerpoint.  i need it for my thesis defense, but if it were just one presentation, i could find a way around it.  hopefully, i'll be presenting my research at several conferences in the next few months.  i need dependable technology.  right?  and office--even the home & student version--would use up 1.5GB, leaving...well, little room for error.

so, is a new laptop a need or a want?  and if it's a need, should i make do with a smaller, cheaper machine that i might outgrow in a year, or should i shell out for something that's going to last?

financially - well, i'm virtually broke, in that my income is almost zero.  i have a bit of money coming in this week (student loan).  i can buy a higher-end machine, which should last several years, but will leave me with nothing leftover.  or i can buy a cheaper machine that will leave me with a few hundred bucks, but i might have to replace it sooner.

i'm almost finished the first draft of my thesis, so i'll be starting the job search soon (in the next week).  so hopefully i'll have a real income within a couple of months.  i'm not going to starve, either way....

damn.  y'all know what i want you to tell me, right?

Keep in mind that I'm essentially a financial analyst...others may find this...symptomatic of OCD...

I'm saving up for an LCD TV. 

I actually budget using a simple Excel spreadsheet (14 rows, 4 columns, if that).  I account for all my fixed expenses (rent, utilities, car insurance, internet, car loan, ed loan, cell phone, etc.).  Given what little is left over, I set a monthly savings goal keeping in mind reasonable variable expenses (mainly food and gas).  I move the savings into my ING account (yes, I know HSBC has a better savings rate...and other banks, for that matter) at the end of the month after my fixed expenses are actually expended  and curse the Fed for killing the interest rate (goshdarnit, I don't invest with borrowed money (why else would they bring the rate to zero...they want us to borrow money to try to get a better return on it)!  I'm trying to save up a down payment, so raise the stupid rate, Bernanke!).

If a big emergency expense comes up (e.g. car repair), I just pull that out of whatever funds I've got and start over again...

*sigh*

I should have the TV come summer. :D

Original Post by pgeorgian:

okay, i'm in.

need or want: a new laptop.

here's the deal.  my old laptop (3.5 years) is working pretty well (say, 80%), but the hard drive is basically full.

Is any of the software or files that is using up your hard drive space unnecessary?

Original Post by dnrothx:

Original Post by pgeorgian:

okay, i'm in.

need or want: a new laptop.

here's the deal.  my old laptop (3.5 years) is working pretty well (say, 80%), but the hard drive is basically full.

Is any of the software or files that is using up your hard drive space unnecessary?

 we'll have to get sara to offer some advice on this, but, you could get a new hard drive for your laptop for much less than you'll pay for a new laptop, even a cheapie

but i'm not a techie - i'd have to get my brother to help me with something like this, or even to make sure that doing this would help

Original Post by dnrothx:

Original Post by pgeorgian:

okay, i'm in.

need or want: a new laptop.

here's the deal.  my old laptop (3.5 years) is working pretty well (say, 80%), but the hard drive is basically full.

Is any of the software or files that is using up your hard drive space unnecessary?

 Can you get an external hard drive? To hold all your files?

Original Post by bagga:

I own an old school house. Sometimes a nightmare of epic proportions.

Every year hubby and I take on a new major remodeling project with us doing all the work.

This year we are combing two puny bedrooms into a master bedroom with floor to ceiling library and rolling ladder (10 foot tall ceilings), installing hardwood floors, electrical rewiring, new drapery on a massive span (24 ft wide 8ft tall) of windows.

I'll save money by curtailing all unnecessary clothes shopping, I am addicted to thrift stores and consignment shops so this is not very difficult.

I planned on selling more stained glass pieces.

With this economy I expect large custom pieces will not be in high demand, so I will swallow my artistic pride and make a plethora of window charms, sun catchers, small lamp shades and put them in some local shops, send some back east to sell in my sister in law's shop, and perhaps look into art fairs.

But I still want other things, like seed starting supplies for a jump on the veggie garden.....I don't know if it's a need and probably not all that expensive, but with all the above happening I am not sure I can justify the purchase.

What are you saving for nomo?

 very interesting project!  i am swooning at the thought of your library  *swoon*

the last few years have been rough for me - i've seen my costs go up, my income remain the same (except I just got a 4% raise, so that's something) and I'm not making any progress on getting my student loan paid down.  So I want to put more money toward paying that off.  And I want to have a 6-12 month cushion too.  Doesn't sound all that fun when I type it out like this.

To hell with it! I wanna go to Hawaii!

Sometimes I struggle with impulse control.

Original Post by bagga:

 

I planned on selling more stained glass pieces.

With this economy I expect large custom pieces will not be in high demand, so I will swallow my artistic pride and make a plethora of window charms, sun catchers, small lamp shades and put them in some local shops, send some back east to sell in my sister in law's shop, and perhaps look into art fairs.

 

 

 I had a friend that did stained glass pieces. I had her make up four little sparrows to use as Christmas ornaments - they are a treasured addition to my tree every year. The glass sparkles beautifully in the lights.

I suggest you make ornament sets as well.

Also, your home sounds absolutely beautiful. :)

As to the OP - a few hundred a month to spare....can't decide between Healthcare and retirement.

Original Post by ignayshus:

• ways to spend less money on the stuff we need
  • ask my wife, she manages to cloth our kids in months worth of gymboree for cheaper than walmart and then resell the stuff as "used in good condition" for a profit... 0.o
  • menu-planning (going to start a blog about by the end of february)
    
• how to figure out if something is a need or a want
  • does your neighbor have it? so what...
  • realistically almost everything barring sustenance, shelter, clothing and maybe transportation is a want
  • of course hiring a maid or a gardener may be a "want", but considering what I make and what I pay for these services, it's a no-brainer as long as it frees me up to make more money at my rate.
    
• (legal) ways to earn more money
  • do something useful (anything really) for someone that doesn't have the time, ability or desire to do it themselves.
    
• practical strategies for saving
  • cut back on spending
    
  • save 6-12 months of living expenses in a liquid account in case you lose your job
    
  • max out anything that your employer matches.
    
  • pay off consumer debt using a concept like the debt-snowball or something that works for you.
  • start investing with a strategy that works for you (this is my preferred approach)
    
• safe places to put our money
  • any bank as long as you're below the FDIC protected limit.
    

You are sorta the Warren Buffet of CC+, Ig.

In the last year I've been in 'debt paying' mode, and every spare dollar has been going toward that; however my company just sent out a notice that they are freezing salaries and halting contributions to 401K. Overall the company is pretty secure, and I'm not too worried...

But now I've switched my plan to "saving mode"....my goal is to have 2 months expenses saved by the end of April.  I'm an analyst, so spreadsheets are my friend :) and I have an extensive one for my budget. Once I have the 2 months I'll switch to half/half...half towards debt and half towards savings.

So my strategy:

• Eating out - Bring lunches and allow myself 1 day a week to eat out with co-workers
• Grocery Shopping - plan my meals for the week and take advantage of 'cheaper' ingrediants...example: beans, rice, venison from my dad, and sale items
• Entertainment - go to the library, walk in the park...find free things to do and limit movies, shopping, ect.
• Ways to generate more income
  • go through my DVD and book collection and see what I can 'happily' sell on ebay
  • If/when my current roommates move out, get new ones.
    

Original Post by ignayshus:

max out anything that your employer matches.

Plah.

Trying to figure out if I should contribute to the dependent care flex spending account or just take the tax deduction given my low level of expenses causes me headaches.

Is any of the software or files that is using up your hard drive space unnecessary?

we'll have to get sara to offer some advice on this, but, you could get a new hard drive for your laptop for much less than you'll pay for a new laptop, even a cheapie

 Can you get an external hard drive? To hold all your files?

wow - you guys aren't supporting my rationalization at all!  dnrothx, i've already uninstalled everything that i dare. 

nomo, you're right, i could probably get a new hard drive for my old machine.  i just think it's on its way out, and i can't really hand it over to someone for service right now.  i'm going to need a new one;  it's just a question of when (and i know i don't save anything by buying sooner; they always drop in price).  but who's sara?

rach, i already have an external hard drive for back-up.  yeah, i know.

the new ones are just so small and light!  and shiny!

oh, i am so in.

i need to get out of personal debt.  i don't have a degree or a diploma or, well, anything to show for it.  just a fairly decent amount of debt. 

i've got myself on a really strict budget, but still manage to screw it up.  working two jobs (one barely ever though)...

tips for making extra (legal) money would be my preferred help!  :)

pg... external hard drive or even cheaper a multicard reader + a couple of 4gig sd cards.

the first option would put you back 50 bucks, the second maybe 30.

Original Post by kathygator:

You are sorta the Warren Buffet of CC+, Ig.

plus good looks

minus the bank roll