Log In Sign Up

Building Savings.


Forum: 2009 Playroom

Notices

Welcome to the JustMommies Message Boards.

We pride ourselves on having the friendliest and most welcoming forums for moms and moms to be! Please take a moment and register for free so you can be a part of our growing community of mothers. If you have any problems registering please drop an email to boards@justmommies.com.

Our community is moderated by our moderation team so you won't see spam or offensive messages posted on our forums. Each of our message boards is hosted by JustMommies hosts, whose names are listed at the top each board. We hope you find our message boards friendly, helpful, and fun to be on!

Reply Post New Topic
  Subscribe To 2009 Playroom LinkBack Topic Tools Search this Topic Display Modes
  #1  
February 17th, 2011, 07:07 AM
Platinum Supermommy
Join Date: Jan 2005
Location: New Haven, CT
Posts: 53,701
Send a message via AIM to MommaDucks Send a message via Yahoo to MommaDucks
A girl in the Jan '08 PR had posted this, and I got curious, as I am always struggling to save a buck..

Quote:
What are some tips and ideas for building up a savings account that have worked for you? Beyond just pinching pennies (most of us are frugal to make ends meet, not to build savings), actually putting those pennies away and not touching them.

When you are already on a tight budget, how do you build up savings?

If you bought a house or car, how did you save up the money for a down payment? If you had help, do you think you could have done it without help?

Is it better if one partner is in charge of saving and the other spending/bill paying?
Do you have a marital strategy for this or does it all fall on one or the other? Who is better at saving money?
__________________

Nicole: Tom's Wife [5.7.05]; Mommy of Thomas [9.6.05], Collin [1.17.08], & Bailey [10.2.09]
Reply With Quote
  #2  
February 17th, 2011, 07:28 AM
~Paula~'s Avatar Platinum Supermommy
Join Date: Sep 2006
Location: Ohio
Posts: 27,123
When you are already on a tight budget, how do you build up savings?

Jay has a 401K and some stocks through work, etc.. so it goes straight from his check to savings so we don't have to worry about it. It's easier that way, if you don't ever see the money, you don't miss it.


If you bought a house or car, how did you save up the money for a down payment? If you had help, do you think you could have done it without help?

We bought our house with no money down, by getting a VA loan. It had an extremely low interest rate and allowed no money down. Other wise, we wouldn't have been able to do it at the time. DH had just graduated college and had just started working with Progressive when we bought our home.

Is it better if one partner is in charge of saving and the other spending/bill paying?

Jay does both, Like I said above we don't see the money it just comes straight out of his check.

Do you have a marital strategy for this or does it all fall on one or the other? Who is better at saving money?

Since he's the one working it falls to him because obviously I can't set it up to take money out of his account. lol
__________________



Reply With Quote
  #3  
February 17th, 2011, 10:25 AM
Platinum Supermommy
Join Date: Apr 2008
Location: Sitka
Posts: 8,182
Send a message via Yahoo to natty
We have an automatic transfer set up so at the 1st of every month we put money in saving without even having to think about it before we had Elise and we were both working we would save wayyy more and was able to pay over half of our car on the spot and our payment now is only 200 for 3 years we pay more each month so once the car is paid should be in less than a year we will just transfer that money into savings as we are not used to having it any way
We both are in charge of certain bills and we both take charge we talk about everything so we are both on the same page. We also have separate credit cards to still have some privacy like if i want to get him a birthday present and don't want him to know
__________________




Reply With Quote
  #4  
February 17th, 2011, 01:02 PM
MellieB's Avatar Platinum Supermommy
Join Date: Nov 2005
Location: Melbourne, Aust.
Posts: 64,110
We are currently saving for a house. We make the savings a priority. It comes out of our main account automatically and goes into the savings account. Both girls also have a savings account and the same things happens with that too. It comes out automatically. That way we are left with no choice but to put money each month into the savings.
__________________

Thanks to Claire1979 for the amazing siggy.


Tweet Tweet Facebook Bloggin'

Our Angel Baby on Facebook

Reply With Quote
  #5  
February 17th, 2011, 05:29 PM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
Posts: 39,401
Right now we both have 401K's that come out automatically form our checks.

I will be getting a severance package from work so that will be most of our savings that will start it.

I plan on saving most of our tax refund,.
__________________

Do you love food, entertaining, cooking?!?! Then you will LOVE Tastefully Simple. www.tastefullysimple.com/web/cpisch

Reply With Quote
  #6  
February 17th, 2011, 06:44 PM
Platinum Supermommy
Join Date: Jan 2005
Location: New Haven, CT
Posts: 53,701
Send a message via AIM to MommaDucks Send a message via Yahoo to MommaDucks
We have nothing. Absolutely nothing saved..
Tom does have his work plan, not quite a 401K, but I can't remember what it's called. He can take it out whenever he wants, but we still are building to hopefully accumulate enough for a down payment on a house in a few years.

Back before using, we had $50 automatically come out of Tom's check every week.
Now..it all gets spent. I highly believe in the automatic transfers, like Paula said, you don't spend what you don't see.

Since we lost our checking and savings accounts, we've stopped saving. Especially since I stopped working. I'm the saver in the family. Tom always TALKS ab saving but never does it.

Also since then, Tom has taken over all of the bills and rent. Kinda hard when he is the one with the cash on him all the time. Which totally sucks. When I'm in control everything was paid on time. Yes, we mostly lived week to week, but the bills were paid and we weren't receiving shut off notices every other month..

The van, we put the down payment on ourselves, but it really wasn't that much. One of Tom's checks covered it..
__________________

Nicole: Tom's Wife [5.7.05]; Mommy of Thomas [9.6.05], Collin [1.17.08], & Bailey [10.2.09]
Reply With Quote
  #7  
February 18th, 2011, 05:28 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
Posts: 39,401
I know the feeling all to well Nicole.

I hope you get some saved up soon
__________________

Do you love food, entertaining, cooking?!?! Then you will LOVE Tastefully Simple. www.tastefullysimple.com/web/cpisch

Reply With Quote
  #8  
February 18th, 2011, 05:35 AM
ashj_1218's Avatar Hiya!
Join Date: Jul 2010
Posts: 11,971
What are some tips and ideas for building up a savings account that have worked for you? Beyond just pinching pennies (most of us are frugal to make ends meet, not to build savings), actually putting those pennies away and not touching them. We have our paychecks split into what they are used for. Some of Daves goes into an account we use for the property taxes. Some of mine goes toward a small stash I keep for gifts. We also collect all of our change in a paint can. It has been cashed in twice, each at over $300. It adds up quickly. But for now, we are paying off bills (debt), so we are not saving anything right now. We will start as soon as the debt is gone.

If you bought a house or car, how did you save up the money for a down payment? If you had help, do you think you could have done it without help? As horrible as it is, our down payment for our house came from a lawsuit DH had because he got sideswipped by a hit and run who destroyed his lower back (slipped a disk, still causes pain everyday). He went after the person who was caught doing it for medical bills and the judge awarded "pain and suffering" on his own accord (I think he hated the guy who did it, there was long list of things he had gotten away with in the past). It was a nasty trial (the guy who hit him was a loser), but it ended up with us having a couple thousand dollars for a down payment. I doubt we could own a house if it was not for that money. Thankfully, we both bought our cars well before we got together and they were paid off before coming into the marriage. And still in good shape.

Is it better if one partner is in charge of saving and the other spending/bill paying? DH is in charge of both. I have a budget that I try to stick to. I stash a little money here and there. But DH is an accountant, so he is in charge of the money stuff (I do know about it all though).

Do you have a marital strategy for this or does it all fall on one or the other? Who is better at saving money? He is better at saving. I am in theory, but in practice it is harder for me. I am in charge of letting him know the daily bills, what I need for the budget or if I need "extra" for something. And he is in charge of telling me how the bills are going and how we are planning to tackle our debt. So we have a system that works, for now.
__________________
Reply With Quote
  #9  
February 18th, 2011, 05:58 AM
TulipDawn's Avatar Platinum Supermommy
Join Date: Nov 2004
Location: Vicenza, Italy
Posts: 7,155
Send a message via Yahoo to TulipDawn
What are some tips and ideas for building up a savings account that have worked for you? Beyond just pinching pennies (most of us are frugal to make ends meet, not to build savings), actually putting those pennies away and not touching them.

Well, moving here we were living paycheck to paycheck. Bills would get paid, credit cards would get the minimum payment but by the end of the month we were back to using credit cards again -BAD! We moved here and because of the extra money we got for living here we started to get things paid down. Then our crappy car started going down hill and we had to start using more credit cards. We eventually joined Greenpath, even though we hadn't made it to being late on credit cards. This way they would make the credit cards a)unusable (scary) b)lower the interest rate and c) we only had to worry about one payment instead of the multiple credit card payments. Plus, our payments with them are lower then when we were making them ourselves and it will be paid off in five years, instead of 20 years! We actually plan on paying it off sooner now that I have a job. Both dh and I both have Thrift Savings Plans (the Army - 401K)

When you are already on a tight budget, how do you build up savings?
When money was tight there was no savings.

If you bought a house or car, how did you save up the money for a down payment? If you had help, do you think you could have done it without help?
We are buying a car with approved $1,000 but we are looking at possibly lowering it to nothing down.


Is it better if one partner is in charge of saving and the other spending/bill paying?
I wish my dh would take responsibility sometimes of the bills. He's clueless. However, since he leaves for a year or so at a time it's much easier if I do it.

Do you have a marital strategy for this or does it all fall on one or the other? Who is better at saving money? We are both spenders, however, that is changing now that we aren't living paycheck to paycheck (ironic, huh?)
__________________
Reply With Quote
Reply

Tags
gtky , qotd

Topic Tools Search this Topic
Search this Topic:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -7. The time now is 01:05 AM.



Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0