What are some of your best tips for building your savings?

I'm trying to save some money for a downpayment on a house. But it's hard to save money when everywhere I turn there is something I need to spend money on.

I do my best to live within my means, but we are all guilty of spending money on stuff. What are some tips and tricks that work best for your to save some money?

A lady I work with said that whenever she uses her debit card, $2 is put into her savings. I thought that was a pretty great idea! She also takes whatever change she has leftover from the day and puts it in a jar.

Do you guys have any neat ideas or tricks that work for you to save?


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Most Helpful Guy

  • For some people, it works best to have a certain percentage of their paycheck go directly to a savings account.

    The trick to saving, is being able to find and cut frivolous spending.

    Make sure to brown bag your lunch, buy more raw foods and less "premade"/"convenience" food, eat out less often, and drink alcohol at home more often instead of always going out

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Most Helpful Girl

  • "when everywhere I turn there is something I need to spend money on. "

    Do you truly Need?

    set a goal - ea. month cut an area
    if you want to put $50. away ea. month for 2-3 months.
    $100. next 2-3 months..
    or $1000. a month
    all depend. on your income and expenses..

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What Guys Said 10

  • You need a budget.
    I've set up separate accounts each allocated for a specific purpose.
    This is to pay rent.
    This is for food.
    This is for electricity.
    This is for phone bills.
    This is for the internet.
    This is for gas.
    This is for monthly household upkeep.

    After all of that I set the money aside into a savings account , contribute to my portfolio and my rainy day funds.
    I only keep a few hundred bucks in my current account. If I use up all of my money in my current account , then I'm out of spending money for the month.

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  • Yay I like these questions. Okay these have to be intentional goals you have to create a plan! Now make it a goal to budget first. Second save up $1000.00 in an savings account aka emergency fund.
    This means you stop going out to eat. Just for fun add up how much you spend going out to eat. Another way is paying off all your debt smallest to largest.
    Truthfully you can get this and more from a book I read called The Total Money Makeovet by Dave Ramsey. He has help millions of people get out of debt and build wealth. You can listen to his free podcast!

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  • Refinance your car (s) if you have a loan on them. Particularly if you can get a lower interest rate.

    Consulate debt onto a single card or personal loan, again, particularly if you can get a lower rate.

    Don't go out to eat, don't go out to movies, don't go out. Or, if that sounds too hard, do it with less frequency. Cut the amount in half.

    When you get your paycheck deposited into your checking account transfer the entire current balance into savings.

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    • 3mo

      I've tried to consolidate my debt, but the bank said they would not allow it. But I'm not quite sure why. So then I tried to get a personal line of credit (cheaper than credit card interest) and was denied that too. I even tried calling my credit card companies and asked to have the interest rate lowered. I've been paying on time, more than my minimum and I've been a good customer. So I'm not sure exactly what to do. Maybe when I went into the bank they weren't sure what I was trying to do?

    • 3mo

      I don't know if you can in Canada, but go to Quizzle and see if you can get your credit report. It'll give you an idea of what the lending agencies are looking at. Look for anything delinquent on there... If it looks wrong report it and try to get it corrected. You should be looking at your credit report at LEAST once a year. Quizzle Plus is also a great program you can sign up for. I can't recommend it enough.

  • Keep a ledger
    Put away money every paycheck
    Put in a downpayment account
    Pay off short term debt
    Cut off certain expenses like movies... Or cut down

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  • Stop spending.

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  • Most people i know save primarily automatically. For instance an auto deposit into a separate account or a 401k with automatic contributions. Have an account that you're allowed to spend it all from. Then you're guilt free.

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  • Grow a bank

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  • Get a job.

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  • don't spend more than you earn

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  • There's an app, I think it's called acorns or something. It does that automatically

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What Girls Said 3

  • For me, I'm trying to keep my savings 50% of my paycheck. I don't pay any bills and I might as well save rather than using it on dumb shit that doesn't last.

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  • The trick is to work so much that you don't have any time to go shopping

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  • 15% off the top of each paychech. Hurry up. JUST DO IT! Don't even discuss it with yourself. Thank me in a year 😇

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