How do you successfully save money? Do you and your partner agree on the same saving method?

My plan for saving money is knowing how much I spend on bills and on personal needs, withdrawing all that money and leaving the Bank card at home. The rest of the money would stay in my bank account but would not be touched anymore.
It happened to me so many times... I went out, spent money in some fast food place, then went to fashion stores and bought a bunch of crap, wore it once or twice and never again...

Do you feel the same way?
Do you feel like carrying your bank card or credit card everywhere you go is the reason why you end up spending too much money on things that you don't need?

Do you feel like if you withdraw the money and taking only the exact amount that you need enables you to have more control of your money?

I feel like having cash money makes me feel more in control of my money and of course I wouldn't walk around with large quantities of money because I would feel more nervous (and would be at risk of being robbed).

Anyways do you have a savings plan? Will you share it with me?

Thank you very much guys! I appreciate the time you took to share your options and saving methods!
Have a good day šŸ˜Š How do you successfully save money? Do you and your partner agree on the same saving method?

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Most Helpful Guy

  • When I was really fit, I never worried about my diet. I could eat whatever I wanted (because I didn't eat more than I needed to eat). In the same way, we don't spend more than we need to spend. Money isn't even an issue. Just like food wasn't an issue for me about 20+ years ago.

    My wife and I pretty much spend money on what we need and once in a while on fun stuff. We save what is left over.
    We put everything on credit cards (2% cash back). We pay them off every month (unless it's a 0% introductory offer).
    It's more of an internalized control. A budget isn't necessary for us. Just like a diet wasn't necessary for me 20+ years ago.

    If I were falling behind. (Not able to pay off credit card debt.) I would stop using them immediately. I would trim back all unnecessary expenses and I'd get out of debt immediately. I'd go on a financial diet. (A budget)

    People just need to spend less.

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    • ok...
      I can't trust credit cards, but it's amazing how it works for you.

Most Helpful Girl

  • Hey I had the same struggles as you. I always spent way to much on stupid stuff i didn't really need and never saved anything so i asked my brother, who is an absolute saving/finance genius to help me. This is what he told me to do and i promise you it helped me a lot! 1) make a plan of your fix expenses like the rent, car and other stuff. 2) Then calculate what you NEED for living (not what you want) in a month. if you are not shure what you really need to spend (for me it was more than i thought, for others it's less) get an app where you can write down immediately what you are spending and for what. This is SO important, you will see clearly what are you spending for what so this will help you a lot to figure out where you need to save money and what you really need for living.
    3) One time you know how much you want to spend for food, hygiene, bustickets and other stuff its time to decide how much money you want to spend only for your personal pleasure. Is it 20 Dollar, is it 100? get clear about it and set yourself a limit. If it's important for you to go shopping once in a while thats fine but do it consciously and know your limit!
    4) Make a plan! Now you know exactly what you need to spend in a month and for what. Make an register in your computer with every month of the yeah, write in it what you planned to spend every month and what you want to save. At the end of the month you will check your banking details and write what you actually spent in the line under your plans. The Exel Program can automatically calculate how much you saved or if you're over the top. With this One-Year-Plan you will always be aware of your financial situation.
    5) Take the sum of money that you need for living and devide it into 30. Now you know how much you may spend in a day. You can also devide it into 4 and see how much you may spend in a week but get conscious about what your daily output should look like.
    That's the masterplan, i hope it's not to complicated and that i did explain it well. Sorry if my englisch sounds a little bit funny sometimes, im not native speaker šŸ˜

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    • Thank you
      I understood I'll use some of the tips for my actual savings plan!
      your English is great I am not native as well.
      where are you from

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Have an opinion?

What Guys Said 12

  • My recommendation which is similiar to what you do is to create a separate account, in which you transfer the amount you know you can do without until the next payday where it repeats the action of tranferring the same amount. That way the money grows and if you happen to have to pay a fine or whatever, you've got the spare account.

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  • my money is completely separate from my girl. me and her don't use each other's. I don't use banks, cards or anything besides cash. I bought a corvette a few months ago and I paid all in cash. over 20k all in hundreds. the banks are government regulated and there's lots of problems possible when using them. and when you get paid in cash all the time you can't really let the authoritys know. I'm only 21. I'm very cheap and know how to handle money exceptional well in multiple circumstances.

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  • I invest that money which I don't plan on putting into my savings account. I save money because it's no longer accessible, and likewise it is now building on itself each year. Additionally I watch my finances obsessively, and use my credit card on all transactions because of the benefits from them (cash back), then pay those bills off at each month's end.

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  • you need logical thought. it just depends on you. some dont understand that coffee is not important and "must have". others dont understand that if you pay 300$/ā‚¬ more for better quality you will maybe save money over time.

    for someone who has high logical thoughts this is so easy. this is like explaining someone that 5+5=10. but if you are deaf? or dont even want to hear it?
    it just depends on you.

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  • Set aside the money you want to save. Say like 20 to 30 % of income every , month. Invest it where the return is high , so that it will grow quickly. Stock markets can give high returns.

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  • I mainly spend on necessary things in life and put the rest away into the bank.

    that's the most common method.

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  • #1 don't use credit card. Use a debit card. You can't spend what you don't have.

    #2 make a budget list and start cutting down your spending. Cut until it starts to hurt. Start with the largest like rent and all the way down to meals.

    #3 have the bank automatically withdrawn the saving amount of money in your checking account as soon as you deposit your pay check. You can't spend what you don't have.

    #4 put the money into an account until it reaches at least 20-40k+ and begin to transfer them to a brokerage account. It's a psychology thing, people save more when they can see how much their savings are accumulating.

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  • I keep finances separate.

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  • Don't spend it

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  • we have our separate savings

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  • The most successful way for a man to save money is for him to remain single.

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  • I... have a really complex system for this.

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What Girls Said 9

  • I actually find keeping cash worse as once a $50 note is broken it's basically pocket change and just seems to easily disperse whereas with anything over $50 I'm hesitant to break it.

    I find setting a budget and having different accounts works for me. Short term savings and investment accounts can't be accessed without going into the bank and generally I can't be bothered for that unless it's really required. I get paid monthly so set aside spending money for the second half of a month that transfers into my daily account half way through the pay period.
    Money management is highly individual, it's all about finding what you can stick with

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    • your reason for finding cash worse is a result of poor control of yourself. cash is king

    • Show All
    • @Mr_President šŸ˜‚ Definitely I'll informed.
      And FYI kiddo I moved out when I was 17 and bought my first home when I was 21. So as I mentioned, money management is highly individual and I have no use, nor need for your "tips"

    • right right ofcorse ofcorse

  • My boyfriend and I are going through a hard time with money and we're helping each other. We made deals like
    - no fast food
    - no take away
    - planing what we eat for dinner and saving with groceries
    And we're only doing activities that involve no money spending or places that have deals like there's this cinema near us that have Mondays $6 tickets for students, we're kinda learning to have fun and a good time without money and I'm surprised how well we're doing

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    • That'sā€‹ great.
      My partner and I are also trying to eat out less, and buy de essential food ( I've been buying way too much and end up not being eaten)
      And save of course We are trying our best...
      Good luck with everything, hopefully we will succeed

  • If you really are serious about saving money and staying out of debt, listen to Dave Ramsey - He is the best. He teaches people to get out of debt, stay out of debt and save money.

    We listen to him on the radio and he's wonderful

    https://www.daveramsey.com/

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  • I am very Good Here, dear, in Saving Money, honey. My Male Roomie as Well is even Better than me.
    Bad times are Bound one Day in some Way to Hit us, and it's Best from the Rest to Hoard every Dollar at Home when you find yourself on your Own Alone. xx

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  • i set up my bank account where I have $50 automatically transferred from my checking account to saving account every payday. also the night before I get paid I take what ever money is left in my checking and transfer it to my savings so I start out with what I get paid

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  • I put $25 away every Friday after pay day. I use my bank card but I have a stash of savings stored away I don't touch.

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  • I have yet to figure that one out.

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  • Have an economic plan. I once had one that I called the 20/20/20/20/20 Plan.

    20% for my pets
    20% for my brother graduation president
    20% to save for the future
    20% to spend how I like
    20% to give to my dad

    But I don't have income of any sort, so I've given up on this

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  • Save first spend the rest later

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