Saving money...how do YOU do it?

[Stepharoonie!]

Hi gang,
Well, I'm curious. How DOES everyone save money? Stupid sounding question I know, but I'm trying to find the best ways to save money so I can take my daughter on a cruise next year.
I've heard little tips like taking 10% of your paycheck and putting it away into a savings account every week....or send $50-100 to a savings account and pretend it's a "bill" that you're paying every month.
I used to be horrible about spending what little money that I did have....but lately, I've gotten better at the "do I REALLY need this??" question.
Any and all tips would be appreciated!

 

[Prince Eric1]

I don't think that you can beat a Christmas club or Vacation club. The money comes directly out of your check or checking account and goes into that account. If you did it like paying a bill you may skip one. After a while you get used to it and don't miss it.

 

[EthansMom]

Well, I use a monthly budget to help me keep on track with my spending and saving. When I have a big ticket item that I want to save towards, I estimate a total budget for the item and then divide that total by the number of months until I want to purchase the item and save that amount each month.

For a cruise for two, I'd estimate a cost of about $2500 (based on my cost for past cruises) and if you say want to go next November, then I would have a line item on my monthly budget that would be "Vacation: $208.33" ($2500/12).

Using a realistic budget, we've managed to pay off several thousand dollars of debt, fund retirement and college savings accounts, go on nice vacations, and pay cash for an expensive house remodel. I highly recommend it. (I just keep all of the receipts from purchases and tally them every few days to check my spending. -- This has shown that DH and I were spending gobs of money on coffee shops and bookstores.)

I highly recommend Royal Caribbean Cruises, www.royalcaribbean.com.

Best of Luck,

Teresa

 

[lalapodip]

You might consider selling items on eBay! A lot of us here are doing just that - and putting the money toward Disney trips. I am selling outgrown clothes right now, but there is plenty of stuff in the attic that I will eventually tackle and put up for auction as well. It is SO important to budget also, and the forced savings is one easy way to do it. My DH bartends once a week, and I always take his pay and cash it and "hide it" - if all goes to plan, this $$ will pay for all of our cruise extras. Good luck!!

 

[off2disney]

I put a minimum of $20 (or more) a week in my Christmas Club (Vacation) account - that goes in first before I pay bills. Where I work, I sometimes bartend - all my tips go into the vacation fund. I save my change - I always pay with a bill instead of using change. When I fill up my change jar, I roll it and deposit in in the vacation fund (if you get it out of your hands and into an account, you aren't as liable to spend it). I save $1 bills -- any one dollar bill goes into the change jar. Then, when I've saved $150 or $200, I buy travelers checks and put them aside. Again, if it's not in cash, you're not as tempted to say "Oh, I need to buy ......(whatever)...and I'll put it back later". (Sound familiar???)

Although I've not done this, I've read where if you have children, have relatives and/or friends give your children Disney Dollars for birthdays and holidays. This way they will have their own money to spend for "souvies" and it won't come out of your general budget. That way they can decide to buy what they really want, and when it's gone, it's gone.

I bought my airfare early (Feb for Dec trip) when it was cheap and paid off the credit card; pre-paid my room at All Star Sports, plus a credit on my room account that I will use towards food charges.

I watch specials and when I see little somethings that I know my grandson would enjoy at Disney (games, cards & toys) I pick it up - that way, he'll have little Disney surprises each day without paying the higher prices at Disney.

Brenda

 

[dznyacct]

I use several methods to save for a WDW trip:

* I have a separate vacation savings account at my credit union and every payday $$ are automatically deposited there. I know the $$ is there, but I never touch it except for vacation expenses (room deposits, plane tickets, etc)

* I save ALL loose change, never using coins to pay for anything. This is VERY easy and I usually save about $400/year.

* All "found" money (rebates, birthday $$, any unexpected/unplanned $$) goes to the vacation fund.

* I participate in my company's flex spending plan for unreimbursed medical/dental expenses. All reimbursements go to the vacation fund.

By using these relatively painless ways of saving (plus being DVC members), we go on a two week WDW vacation every summer. I am so motivated to save for our WDW vacations. I LOVE having leftover $$ (I just went on a weekend trip that I had $200 spending money and ended up having $60 leftover) and being able to add it to my vacation savings fund. We even had enough "extra" money to take my son's best friend on our vacation in July. Believe it or not, I came home with enough money in July to pay for him to go on our DCL cruise/WDW vacation next July. His parents could never pay for a trip like that and I am thrilled to be able to have him come along. He and my son have been friends since they were 4 (they're now 14) and I really feel like he is part of the family. Good luck saving!!

 

[momtokendantom]

If we get a tax refund back or any unexpected work bonuses, they go directly into our vacation account


Michelle in MA

 

[Prince Eric1]

A guy gave me this tip once too and I have been doing it for almost two years. Whenever you write a check, round the amount up and write that amount out of your checkbook (example, total bill in store is 23.13, you write down $24, 87 cents saved that you don't miss). When your paycheck gets put in, don't add in the cents. You figure if you write 150-200 checks a year you may wind up saving $100 or more that you don't really know about. Its also great because you've got a little extra in the bank in case you somehow ever were a couple bucks short on one you wrote. This will of course not work if your a down to the penny balance person, but for others you can save quite a bit and never notice.

 

[pogo123]

This is what I do for spending money (I budget each month for the actual resort/tickets/airfare). I pay an extra $10 or so each month on my utility bills. That way, when vacation time rolls around, there is enough credit, and all I have to worry about that month is the mortgage payment. The money I have left that month then after mortgage, normal savings deposit (retirement, college, you know...) is my spending money for the trip. I know it kind of goes against the "letting someone else get interest on your money" but it works for me!

I also do the saving loose change & putting rebate $$ away thing. All together I usually get about $900 saved w/out really trying.

 

[disneyatl]

Something I'm doing is buying Disney gift cards off of Disneystore website. I buy one a month to use towards purchasing my tickets. Disneystore.com ships the gift cards free of charge and also includes a new catalog. Plus I'm a member of upromise.com. I purchase through their website and then get another 4% towards college for my DD.

 

[mainewmn]

I have a separate savings account that gets automatic transfer every week directly out of my check. I learned to live without this money and its fun to watch it grow in the savings. We are leaving in 38 days and I’m already planning that the last paycheck I get I will continue with this arrangement because I can save A LOT of money this way.

 

[Tiggerlover91]

Originally posted by Prince Eric1
A guy gave me this tip once too and I have been doing it for almost two years. Whenever you write a check, round the amount up and write that amount out of your checkbook (example, total bill in store is 23.13, you write down $24, 87 cents saved that you don't miss). When your paycheck gets put in, don't add in the cents. You figure if you write 150-200 checks a year you may wind up saving $100 or more that you don't really know about. Its also great because you've got a little extra in the bank in case you somehow ever were a couple bucks short on one you wrote. This will of course not work if your a down to the penny balance person, but for others you can save quite a bit and never notice.

This is exactly how I save money but to one more extreme. I charge myself $1 for each check I write or for each credit/debit card transaction I have. For example, if I pay $45.67, I write $47 in my checkbook. You won't believe how much money that will add up to down the road!!! Now as Prince Eric1 stated, if you're a down to the penny person, this won't work. For me, I just need to see the bank with a bigger balance than mine, so this is a WONDERFUL system for me!! I also throw odd dollars and all loose change into my trip savings jar. That stands at about $73 right now. It's amazing how fast that adds up also. That extra money in the bank and in my savings jar isn't just for my Disney trip two years down the road, it's for whatever may come up that may or may not be unexpected. If nothing comes up though, that trip will be well paid for before May 2006 rolls around. As said before, this doesn't work for everyone, but for those who can do it, it's amazing the money that can be saved!
Best to you in your saving endeavors!!

Denise

 

[GAIL HAYDEN]

Simple,
I pay myself first and always. I have a very strict budget, and I stick to that. Within those confines, I have a great time, I even go gambling at Foxwoods.

 

[jkovick]

Glad you have decided to go on another cruise! After your cruise earlier this month I didn't think you would go on another. Good luck, I hope you and your daughter have a great time.

 

[frannn]

DH and I claim less than we are entitled to in exemptions from our pay, so we usually end up with a sizeable tax refund. I know we are losing out on the interest this $ could have earned, but I figure it would have been spent if the government wasn't holding it. We use the refund to pay for any car & home repairs we need, then pay off the credit cards. Any $ left over goes into the savings account to be used towards vacation and to increase our nest egg. In addition, we have our pay directly deposited into our accounts. I give myself an allowance of 350. every two weeks, and spend that on groceries, other necessities and wants. I got a Disney Visa card, which earns Disney reward dollars towards my trips. I did get into a bad habit of spending a lot with this card, as I accumulated 101. in reward $ after only a few months! (But this included 2 sets of APs and the resort bill). I try to purchase everything I want/need from the dollar store, flea market, or ebay. Grocery shopping is done by the sales circular. I shop off season and sales for gifts. I do splurge a lot on Disney stuff, will be trying to curb that. I use the DC card for discounts whenever possible (will be very sad when that ends!). I also drive a '96 Toyota, so as you can imagine, I don't surround myself in luxury! It is also important to pay the least amount possible for all the compenents of your trip-airfare, hotel, car, etc. Good luck saving!

 

[cyndibelle]

we are planning our first trip to disney world for february..we found great airfair for 4 its 549 bucks...that took some looking...but as for money..we are selling stuff on ebay..we have resale shops around us that you take your stuff too and they buy your used items on the spot...clothes ..toys...books...workout equipment..etc...hubby is doing side jobs...and then all extra money that comes in we set aside for the trip..we have told family that for christmas and birthdays before our trip we would like disney dollars....works out good that way.....we are soo excited about going..and the last thing you wanna do is have to worry about how much money your spending..

 

[Stepharoonie!]

Well, so far this past week I've saved all change and $1 bills (and a few $5 ones). I also opened another free Wachovia checking account to start putting in eBay money.

Saving money is HARD! It sort of sucks when you would reallyreallyreally like to buy something, but you tell yourself to wait.

Has anyone ever looked at savekaryn.com before? This chick knew how to work it last year...she had strangers practically pay off all of her bills! Wish I had the guts to do that.

Anyways, I'm doin' alright so far with this saving money...with Christmas around the corner, it's going to be hard...my ex has been telling our daughter that "Santa's gonna bring you a bike this year!" and he's assuming I'm going to be the one to buy it. Hopefully, Toys R Us will have a kick bootay sale after Thanksgiving!

If anyone has anymore money saving tips, please send them my way! I'd appreciate it!!

 

[mad4themouse]

As I see it, there are 2 ways to save for a WDW vacation. You either spend less of what you make or you make more.

On the spend less side, I do the following:

• No credit card balances. I pay them off in full, on time every month. I get to keep what would have been spent on paying interest.
• Coupons, coupons and more coupons! I clip like crazy and save at least 20% off my grocery bill every week.
• I don't have call-waiting, call-forwarding or caller ID. They aren't a necessity, IMHO.
• My pre-paid cellphone costs me $10 every 45 days. I roll over the remaining minutes because I never use them all.
• We have basic cable. I have yet to see anything in the HBO, Cinemax or Showtime listings that would make it worth the extra money every month.
• I keep my heat at 65 in the winter and air conditioning at 72 in the summer.
• I save my change. All of it. And I don't use CoinStar to count it because they take a percentage.
• I don't buy trendy clothes. Well-made classics bought at clearance are a better investment. I just got 2 Liz Claiborne outfits for a total of $60. They're summer clearance items but they'll still look great in 2004 and beyond.
• If it ain't on sale, I ain't buying it. If it is on sale, I ain't buying it unless I need it.

On the earn more end of things:

• I use a rewards credit card to pay for just about everything. If it can be charged, it goes on the card. I get 1% back in the form of Webcertificates.
• I do rewards programs and make almost $100 per month.
• I teach French to grade schoolers before the start of their regular school day.
• I eBay away the things I no longer need. I'm in the process of listing items for others for a flat fee.
• I have $50 taken from my checking account and placed into an interest-bearing savings account. INGDirect had an offer that they would add $25 to a new account. I get 2.9% interest and it's a little harder to get at than if it stayed in my checking account.
• I changed my long distance provider to the one that my frequent flier program is hooked up with. They had a hefty 10,000 mile bonus for signing up and 5 miles per $ spent.

It all adds up quickly. For our next trip (10 nights), I have paid for all our park passes, the airfare, all 3 nights at the Portofino Bay at Universal and the first night of BC concierge so far. I also have $600 in Disney Dollars, another $800 in change, over $250 in webcertificates. If eBaying goes well this Christmas, I'll have the whole trip paid for before January!

 

[DiznEeyore]

Originally posted by Prince Eric1
A guy gave me this tip once too and I have been doing it for almost two years. Whenever you write a check, round the amount up and write that amount out of your checkbook (example, total bill in store is 23.13, you write down $24, 87 cents saved that you don't miss). This will of course not work if your a down to the penny balance person, but for others you can save quite a bit and never notice.

I just wanted to say that this *can* work even if you like to have your checkbook balanced!

When I write a check, I write the exact amount in the "subtraction" column and the rounded up number in the balance column. I write the difference (the "extra") in a small column in between those numbers. When I hit the bottom of the register page, I add up all the "extra" amounts, then carry that number to the bottom of the next page. When that page is full, I add its "extra" to the amount I've already listed and enter my new "extra" balance on the next page. I've been doing this for over 2 years and my checkbook is always balanced to the penny!

 

[barbeml]

Can't say enough about saving change and adding "found" money. For this trip, I started saving singles in addition to change. Wow did that add up!