your nest egg

how do you go about savings?

I have had such a problem with saving money and paying off bills. I know I should open a second account and transfer a bit of money over to save it. But I just don't seem to be able too save, maybe I spend too much on stuff I don't need, now that I am living at home, I should be able to save some.

What accounts do you use? High interest savings? checking, credit unions...rrsps

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13 replies since 13th December 2009 • Last reply 13th December 2009

Reply #1:

Money sucks. The only reason I don't get into money problems is because I have a decent salary. I spend way too much on stuff I don't need. We do save money monthly though on a separate account. Gijs and I both have our private accounts and every month we transfer equal amounts on a shared account for mortgage and all other house hold spendings. And we each have a separate savings account.

In my job I work with a lot of people on minimum incomes. With prices of today it's nearly impossible to save money. After paying all costs for rent, food, energy, water and insurance it's almost all gone. It's definately a good idea to set aside some money every month in advance and not wait to see if you'll have some left by the end of the month to save. Hope you'll get a job soon Michelle!

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Reply #2:

thanks Marieke, I will be setting up that extra account

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Reply #3:

Good girl ;) Start with little amounts cause if you transfer too much you'll have to transfer back and then it's tempting to take too much. The best way to achieve in anything is to set achievable goals.

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Reply #4:

I was thinking 20 dollars each paycheck

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Reply #5:

Sounds like a good start!

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Reply #6:

me too

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Reply #7:

Although I'm in the same boat as you Michelle, I plan on changing that all when I start working full time in the spring. The extra bank account is a great idea, and they usually recommend that you usually save about 10% of your income (for long term savings such as RRSP's, etc). My plans are a bit higher than that:

30% for debt repayment (Pay off $10000 of my student loans)
40% for savings (trip to asia and masters program)
30% for living (it means I will be living like a hermit in my own home, but I'm ok with that)

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Reply #8:

yup, in order to pay off loans you kinda have too

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Reply #9:

Well, my mom and dad are paying my college,
And I live at their home xD So Im all fine.

Anyway I do work after collage like 15 hours a week
And I've put like €800,- a side for a vakantion, painting my hair, new coat and stuf (=

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Reply #10:

that seems like a plan. Its always good to have some extra, who knows when you may need it

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Reply #11:

I have the IRS take out an extra $10 a week from my paycheck. That way, I never see the money and when I file for a tax return, I can decide then what to do with it. You could have them take out more, if you can afford it. You could open up an IRA with the money, put it in a savings account, give it to a friend who won't let you touch it, or buy a CD.

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Reply #12:

Michelle, depending on your bank you may be able to sign up for a savings/debit account that rounds up every amount that you spend and deposits the rounded up amount into a savings account for you. My bank just mentioned that to me..but I'm with a credit union....

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Reply #13:

Until I can get a bank account it’s the coins I find in a big piggy bank.

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