Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
Is it better to throw money into a savings account, even if you don't have extra money to do so? What is the general rule to the amount of money you put into savings? I opened a seperate bank account that doesn't have a card or anything and makes me physically have to go into the bank to withdraw/deposit money to keep me from spending my savings. I barely live within my means... I have like $20 extra dollars left at the end of bills, food, and whatnot... I was never taught how to save growing up and now that I'm 30 and have nothing to show for it, I'm finding I really want to learn. I don't want to struggle anymore when emergencies come up that I am not prepared for.
My very first "savings" account was my check book. I didn't want to bounce checks anymore, so I rounded up my check and rounded down my deposits. So literally, my savings were pennies.
Eventually, when I started to get a little confidence in my ability to manage money I started a savings account, which like you was at a different bank.
Every payday before I did anything I put money into that account. Right now, don't worry about the amount... just do it!!! Get6 into a habit of saving money. I'm at a point now that before I get paid, I'm thinking what I can throw into savings, then I worry about bills.
The bills have always gotten paid and my savings habits have become quite healthy.
I got to a point two years ago that no matter what I wanted to save at least 10% of my paycheck. Now I am at 40% and trying to get to 50%.
It is a wonderful feeling knowing that money is there in case of emergencies. If the car breaks down, I got money. I live in Nebraska but my family is in New Jersey, I now have the ability if someone dies or gets married or whatever I can go there without worrying how I will pay for it.
It's a great habit to get into and that is all it is - a habit. Just force yourself with every paycheck to put something - anything - into it. Eventually you'll find more ways to add to it.
And eventually things you never thought you could do - you can - and you will do it all with cash.
The best part about saving is waking up in the morning and not worrying about bills or a paycheck because the money is there... it's a very stress free way to live.
And the more you save, the more you will find ways to enjoy the savings without blowing it all. For me, that is a month long trip to England every winter - which is paid for with cash and which I'm saving for now.
As you can see, I enjoy talking about savings... it does make life a lot more enjoyable...