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It's become apparent to me that saving money is a bit of a hard task.
Seems like everyday there's temptations that will throw you off track, or relatives that don't have jack$h$t and send you on a guilt trip.
Anytime I get enough money saved up for whatever reason, it ends up getting tapped into and the wall I just built comes crashing down.
The former seems to be the easiest of the two to avoid, but the latter appears to be the hardest thing to get a reign of.
While material goods could be held off for however long as you could go without it, one runs the risk of ostracization/estrangement if you tell a certain family member or friend to f--k off!!
Driving a semi-truck as a job, I feel I comfortably make enough money to take care of things, however, the above mentioned issues keep nipping me in the behind.
So, this is for all you pros out there that have come out somewhat on top of things.
What are other strategies to effectively keep more money saved and piled up for that rainy day?
What are your family and friends asking you for money for? We've never had this happen. And unless someone was in serious dire straits I wouldn't hand money over.
"Pay yourself first" every paycheck - make believe it's a bill you have to pay.
Open an online savings account at "ING", so you're not tempted to go to your neighborhood bank/ATM and withdraw cash. (And you can tell "borrowers" that you don't have the money to lend or give--because it's tucked away at the online account).
Then, link that account to your regular bank and automatically have a set amount transferred to the online account in whatever frequency you get paid. If it's every week, then say $20-40/week (more or less, you decide); you'll see how fast it can accumulate - and you've never had it in your hands to spend or lend! Because it's linked, when you have a serious need/emergency, you can transfer funds into your regular bank account so it's available to you.
Absolutely create a 'no touch' account of some sort that GETS PAID FIRST every time you get a pay check (I autodraft both my retirement and my 'gonna retire to the islands' account immediately as my paycheck drops)...this money is NONEXISTENT to you and cannot be touched by you or anyone else.
Budget your lifestyle around what you have left.
Tell the greedy people you can't afford to help them. Because you can't. Not on what you have left over.
The best part (for me, anyway) about doing this is that you don't have to feel guilty at all about spending the rest however you want.
Create a budget, be very honest about what you make, what your fixed expenses are, what your fun money needs are, and what your savings needs are...track it and stick to it like glue.
Dedicate some of your budget for emergencies, maintenance, or whatever it is that sidetracks you so it won't dip into your real savings.
And if you have any debt, AT ALL, remember that when a friend or relative asks for money, you are essentially taking a loan to help them out. That might re-set your thinking about whether or not to say yes.
It's become apparent to me that saving money is a bit of a hard task.
Seems like everyday there's temptations that will throw you off track, or relatives that don't have jack$h$t and send you on a guilt trip.
Anytime I get enough money saved up for whatever reason, it ends up getting tapped into and the wall I just built comes crashing down.
The former seems to be the easiest of the two to avoid, but the latter appears to be the hardest thing to get a reign of.
While material goods could be held off for however long as you could go without it, one runs the risk of ostracization/estrangement if you tell a certain family member or friend to f--k off!!
Driving a semi-truck as a job, I feel I comfortably make enough money to take care of things, however, the above mentioned issues keep nipping me in the behind.
So, this is for all you pros out there that have come out somewhat on top of things.
What are other strategies to effectively keep more money saved and piled up for that rainy day?
Treat savings like it is a bill. Open up an online savings account and do direct deposit.
I agree with the others, you have to pay yourself first by setting up an automatic withdrawal that will go into an account you do not touch. We did this an it was incredibly effective. Plus, when family members ask to borrow money you can honestly say you don't have any extra money to lend them because this account is for your future and it's untouchable.
Another strategy that worked for me was when I got a raise I simply put the raise into this untouchable (retirement, in my case) account. Since I was used to living on the pre-raise amount I never missed it and my savings built up faster.
If you haven't read The Millionaire Next Door you should do so. It's an easy read and it gives you very doable tips that will secure your financial future. I wish you well and can tell you, as I sit here just recently retired and moved to Florida, saving now will allow you the freedom to have the kind of retirement you want. Best wishes.
Have your employer hold 10% in a 401K. Hopefully they match funds. My company matches up to 6%. The best time to start this is when you get a raise, so you hardly even notice it.
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