Comments on: How to Supercharge Your Savings http://beyondbeermoney.com/2009/04/10/how-to-supercharge-your-savings/ Tue, 16 Feb 2010 20:58:50 +0000 hourly 1 http://wordpress.com/ By: Debbie http://beyondbeermoney.com/2009/04/10/how-to-supercharge-your-savings/#comment-37 Debbie Mon, 20 Apr 2009 19:46:12 +0000 http://beyondbeermoney.com/?p=251#comment-37 Great ideas! Great ideas!

]]> By: Eric http://beyondbeermoney.com/2009/04/10/how-to-supercharge-your-savings/#comment-20 Eric Sat, 11 Apr 2009 00:56:38 +0000 http://beyondbeermoney.com/?p=251#comment-20 Everyone has their own style of saving as well as their own preference. What worked out best for me is first budgeting out how much was to be spent. I would always budget my savings 5-15% (depending on the paycheck) before dishing out money into other categories. Second I would take money out of the bank and have cash in hand for categories such as clothing, food, gas et cetera. The money was then placed into envelopes with its respective name on it. Once the money was depleted from the envelope that was it, no more spending in that category. I found that using a debit card lead to a significant amount of charges as well as a distant feeling towards the money. When you have cash in hand it is different. If you only have 20 dollars in your misc envelop do you want to spend that 4.50 on a latte, or would you rather have a nice lunch during the week? There are two points to this. First pay yourself first, and second expand your savings by curbing your spending on crap! This isn't a new system, and it's not my creation. This has been around for years and most of our grandparents used it their entire life. My grandmother trusts her envelopes more than she trusts the debit card! Everyone has their own style of saving as well as their own preference. What worked out best for me is first budgeting out how much was to be spent. I would always budget my savings 5-15% (depending on the paycheck) before dishing out money into other categories.

Second I would take money out of the bank and have cash in hand for categories such as clothing, food, gas et cetera. The money was then placed into envelopes with its respective name on it. Once the money was depleted from the envelope that was it, no more spending in that category.

I found that using a debit card lead to a significant amount of charges as well as a distant feeling towards the money. When you have cash in hand it is different. If you only have 20 dollars in your misc envelop do you want to spend that 4.50 on a latte, or would you rather have a nice lunch during the week? There are two points to this. First pay yourself first, and second expand your savings by curbing your spending on crap!

This isn’t a new system, and it’s not my creation. This has been around for years and most of our grandparents used it their entire life. My grandmother trusts her envelopes more than she trusts the debit card!

]]> By: Jesse @ PFFirewall.com http://beyondbeermoney.com/2009/04/10/how-to-supercharge-your-savings/#comment-19 Jesse @ PFFirewall.com Fri, 10 Apr 2009 20:41:10 +0000 http://beyondbeermoney.com/?p=251#comment-19 10% is such a small number when you think about it. It really is easy to save that much once you get it in your mind and do it each paycheck or each time you get money. My wife and I actually donate 10% to charity and then save 10%+ 10% is such a small number when you think about it. It really is easy to save that much once you get it in your mind and do it each paycheck or each time you get money.
My wife and I actually donate 10% to charity and then save 10%+

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