My savings account

26 Oct

The saddest of my bank account is always my savings account.  I have an interesting way to try to keep my savings account at least with $50 in it at all times.  I have split my account into 3 different ones.  The first one is called a relationship savings in which I can put money in and take it out as much as I please.  This is very nice becuase I can do it online, so when my bank account is getting dangerously low to that $0.00, I can move some money over from this account to my checking account.

Next I have a tax savings account.  My second job is just a side job helping a nice little lady do her yard work and organize her house, she has me as an independent contractor which means that I have to keep track of how much I owe in taxes, she does not take it out of my paycheck.  This is terrible for me, I never remember to take it out of my paycheck either and since I mostly live paycheck to paycheck, I don’t really have any extra to spare to be saving.  Right now I only have $47 in there and it should be much higher.  At the end of the year I will let you know how terrible this is to not keep saving for this.

The last savings account is at times the worst and yet it is probably the best.  It is a savings account that I can only put money into and if I want to take money out of it, I actually have to go to a bank and request that some of the money be moved to another account.  This is terrible for me when, there is something that I want to buy or just to float my checking account for another week until my paycheck comes in.

I am really terrible at keeping the savings accounts up – I am not perfect by any means!  I go over my budget and do not save like I should, but it is a work in progress.

There are some things that i have learned to do.  If there is something that I really want to buy (check out how I shop) and it costs alot of money, I put that money into one of the savings account and decide if it looks better in the account or if the thing that I want to buy is really worth it.  Usually I decide that it is not worth it.

I have read many times, that if you just put a dollar or five dollars in each day, or if every time you get paid you put 20 dollars in your savings account you will eventually have a massive savings account.  However, when mostly every dollar that you make needs to be used to pay bills, tuition, buy books and support some fun for yourself this is extremely difficult to do.  Another thing that I have seen suggested is that if you buy something then take the exact same amount of money that you spend on that item and put it into your savings account.

I really need to work on my saving skills.  Is there anything that you works for you when you are trying to save money, or do you live paycheck to paycheck like I do?

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4 Responses to “My savings account”

  1. Elizabeth Medina October 26, 2013 at 12:47 pm #

    I really like this blog post! What has worked for me is setting up a save-as-you-go account. This account puts a dollar in my savings every time I make a purchase. This allows you to save money while you spend money, and leaves you with less money to spend in your checking account! The less money you have available to spend, the less you will be tempted to buy unnecessary things.

    • nicolesand October 28, 2013 at 3:33 pm #

      That’s awesome Ely! I really need to see if I can get something like that set up with my accounts. I am terrible at saving! It is true that the less money you have the less you will spend on unnecessary things.

      It also helps me to think about bigger thing that I want to save up for and if I think about well I bought all this little stuff and now I can’t reach my goal and that helps to motivate me as well.

  2. nancy October 26, 2013 at 4:28 pm #

    Ecery dollar should have a name before you get it! Pay yourself first.

    • nicolesand October 28, 2013 at 3:36 pm #

      Hey Nancy, I actually disagree with you on this one. By paying myself first then I am leaving out all the other things that I know I need to pay off, such as school bills, medicines, rent and food are the most important. Most months I can just pay those off and then have a little left over for all the other things I need. If I were to pay myself first then I might not be able to make all my other bills. I usually think along the lines of getting everything else paid and then with what is left over is mine.

      Thanks for your comment!

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