Saving money thoughts

**MandiDawn** · 01-02-2009, 12:50 PM

Hello -
I'm completed BS2 a few times now, keep going back to it. I've found that I have some kind of mental block that keeps happening when I hit BS3 (fully funded emergency fund). So, while thinking about this today, I decided to treat it like another bill, like I owe myself that money! So instead of saying "I want to save 1,000" I'll be saying "I only owe $700 left to myself" type of thing.
Hopefully this mindset helps me to reach my goal.

Anyone else hit this problem? How did you overcome it?

**dcompton** · 01-02-2009, 12:56 PM

That sounds like a sensible plan to me. Sometimes we have to trick our minds into behaving.

**homesteadmamma** · 01-02-2009, 01:17 PM

That sounds like a sensible plan to me too.

**ladykemma2** · 01-02-2009, 01:21 PM

first check for tithe, second check for freedom account (savings), then i pay bills.

**MandiDawn** · 01-02-2009, 05:08 PM

The thing is, I have an amount automatically deposited into my savings, dont' even see it or miss it I've been doing it since I got my first paycheck at 16.

It's the saving money past that. I put everything off for bills and debt, then I get out of debt, and there's 50 things I NEED!! that I've been putting off.

This year it was:
1. new belts for my car (preventive maintence, it's 5 years old)
2. New tires for my car (see above)
3. My only sister had a baby, so I threw her a baby shower. I don't regret this one bit, I love my sister and she does alot for me.
4.Hunting (ok, this was a want, not a need

)
5. New canvas for camper. It did really need it, had holes and such in it when we bought it, couldn't put it off any longer.

So after all that - I didn't save as much as I wanted to last year, and ended up iwth a small CC balance (which I just paid off!! Yay!)
So now, I need to somehow put away more into savings, I dont' anticipate any big expenses this year, except finishing all the remodeling in this house.

**SHOPGIRL** · 01-02-2009, 11:07 PM

I can understand. There is always a place for your money to go. So, what I did is just set up an automatic savings account. I have money transferred from my bank account monthly and weekly into an online ing account that makes fairly good interest. Actually, quite a bit better than my local bank. If I need the money, I can have it electronically transferred. I also set up bank accounts for my kids online. I have $5 transferred per week into their account. It's not a lot, but it's at least something. Now that they have $500 in each of their accounts, I'll probably set up a 529 college savings plan for them. Then, I'll set up a monthly transfer for them.

**missmanny** · 01-06-2009, 12:52 AM

Its hard, I finished BS2 a couple of months ago and pretty much as soon as I did there were a heap of things that my money was needed for - christmas, car maintenance and a heap of little things like new clothes and a hair cut (have lost a lot of weight) and didn't get my hair cut the whole time I was paying off debt.

I have now given myself a kick up the backside and am dutifully socking my money away into the EF account so that it will be fully funded. It isn't as if I have no money in there I just know that I should have had more money in their by now.

I am about to get "Gazelle Intense" with the EF and go through my house this week to see what I can list on Ebay / advertise to sell in the free clasifieds that I can put towards the EF. I am also waiting for some money refunded from a couple of recent doctors visits and that will go straight in there as well.

I know that I just have to be as focused about the EF as I was with paying down the debt but after such a long hard slog with BS! it was hard to get remotivated.

**fixer** · 01-07-2009, 11:58 PM

One of the smartest things to do is to pay yourself first. Dw and I have been doing this for all of our marriage. Some months we are tight because we take a certain amount off the table at the begging of the month. That money goes into either savings or a certificate of deposit. Once you get used to it, you really don't miss it. It shows you how little you can live on.

**redeme** · 01-08-2009, 02:24 AM

I've found having a written budget helps keep this in line. After, BS2 was complete, I set up sinking funds for car repairs, tires, medical, canning equipment, etc. along with the FFEF, (one account with a spreadsheet to track it). That way I had money set aside for upcoming expenses and was able to purchase a few things that I wanted, not having to just use blow money. It took longer to get it funded, but I was more content along the way and it was easier for me to stick to the plan.

**SheKat** · 01-08-2009, 07:54 AM

I think thinking of it as a bill is a great idea. Perhaps even think of it in stages that way when you save your first $1000 you will experience that feeling of success then make the next bill $1500 or something like that. Good luck with it.

**MandiDawn** · 01-08-2009, 12:38 PM

For those who say to pay themselves first - I kinda already do that. Every paycheck has money taken out and put directly into savings. (been that way since I was 16). But some months I have extra that I really should put into savings also.
I have two options now: Either bump up my automatic deposit come april (when I expect to have extra money) or trust that I can stick to my budget and actually put it away. Both have pros and cons, but I have until april to think about it. I think my mind won't be made up until then anyway.