Have you ever tried this....

[Tiggerlover91]

.....charging yourself $1 everytime you write a check or use your debit card? DH and I were having some financial struggles so we talked to a friend who gave us this advice. Everytime you write a check, charge yourself a dollar. For example, you write a check to Walmart for $45.87, write in your register $46.87 or just round up completely and write $47. The money is never really gone and the bank will always show a bigger balance than you. I don't do change in my checkbook, so this is working really well for me. Before if I wrote a $21.56 check to K-Mart, I would just round up to $22, well now I go the extra dollar for my fee. Since I've been doing this in late August, there's an extra $83.00 dollars in my checking account. Somehow the bank also has $40 more than I can account for, so we're talking $123 that I've got whenever needed. Isn't that cool? I know that money is there, and I've never touched it. I have no reason to if that makes any sense. I'm also getting better about putting my tips into the bank. Before I would keep it on me, as much as $200 at a time and it would be gone in days!!! Now I only keep about $10 on me and it's working out just fine. Only DH has a debit card since we were having problems with both of us having one before so that's why I keep the cash and the checkbook. I also charge that $1 fee when DH uses the debit card....it's working wonderfully!! What a great way to save for a Disney trip right??? What a great way to save for anything!!
We also have a savings jar at home that we throw odd dollars and loose change into. There's about $50 in there right now. I'm so proud of myself. Money or finances has NEVER been my strong point, but I'm so glad the Father finally got me there. DH and I have this extra money "lying" around if we happen to need it. It's a great feeling and I'm so very proud of myself to have the discipline to not spend it!!

~~~Denise

 

[mad4themouse]

Glad that you found a system that works for you.

The purist in me would never go for this. I need to know exactly how much I have in my checking account at any given time. If the bank and I don't agree down to the penny every month, I will spend an hour looking for my error (it's always my fault). That extra $40 that is unaccounted for would really send me for a loop!!

 

[GoofItUp]

mad4themouse - I'm glad to know I'm not the only one that has to have everything to the penny. Of course, being an accountant I guess it's good I feel that way! TiggerLover91, If it works for you that's great! I know LOTS of people who seem to never balance their checkbook anyway and this would work wonders for them!

 

[floridagirrl2]

We haven't tried this--we're already awful about balancing our checkbook so we wouldn't dare! Here are some of the ways we save money:

Finally bit the bullet and increased my 403B (retirement) account contributions.

Put all change in a change jar.

When my husband (self-employed) gets paid in cash, put all the cash in the change jar (note: he still has to pay taxes on this--this is not a way to get out of paying taxes--just a way to DO SOMETHING with the cash so it doesn't burn a hole in our pockets).

I have read that some people also put a one-dollar bill a day into their change jar--this would be a big help too.

 

[DisneyBrat]

I LIKE your IDEA I think I am going to try it I never balance ours either... I use a running total and check my online to see if all the checks have cleared but never really keep it balanced... I would NEVER make a good accountant I hate to do that kind of stuff... Thanks for the tip

Lew

 

[Cindy B]

If it works for you, so be it.. My Hubby is a purist when it comes to reconciliation .. (he has been seen scrounging around looking for the "lost" 7 cents!)

When I waitressed, all the tips went to the bank THAT VERY NIGHT! All the paychecks (yes, the tiny actual paychecks) went right into the bank as well.

 

[Charleneluvsdisney]

This has been working for me to help save money. When I received a raise at work, I didn't account for it. I have been writing the old rate into my check book, while the new rate has been building up nicely. I figured that if I was paying my bills before, I might as well save the extra!

I do make sure my account is balanced and that there are no errors.

I have also been successful selling items on ebay. I leave that money in there too.

 

[maggiew]

Tiggerlover,
Congratulations on taking steps to control your finances! I think you are doing great.

Maggie

 

[Tiggerlover91]

Originally posted by maggiew
Tiggerlover,
Congratulations on taking steps to control your finances! I think you are doing great.

Maggie

Thank you Maggie, I appreciate the compliment!

 

[HockeyDadof2]

Something that has worked for us was to open an account with a web bank and have money directly debited from our checking account on a weekly basis. It's not as easy to get to the money for spontaneous things, so we tend to save better that way. Not knowing exactly how much was in my checking account would drive me mad, I am glad it works for others though.

 

[iNTeNSeBLue98]

That sounds like a clever plan. I think I'll try it, only take it a step further. Instead of listing deposits in dollars and cents, drop the cents and round down. I have direct deposit and DH usually deposits his entire payroll check.
Eventually I should have more money in the bank than I'm spending. This may be tricky as I too always compare my register to my online statement. I keep at it until I have it right, but once I see that I'm "ahead" it might change my way of tracking my checkbook.