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Archive through February 06, 2008

Reality TVClubHouse Discussions: General Discussions ARCHIVES: Jan ~ Apr 2009: Savings for a Purpose Thread (ARCHIVES): Archive through February 06, 2008 users admin

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Wargod
Moderator

07-16-2001

Monday, January 28, 2008 - 1:36 am   Edit Post Move Post Delete Post View Post Send Wargod a private message Print Post    
We've got weight loss, smoking, and exercise threads here where people encourage each other to quit, lose and move and I'm wondering if something like this would work here too. Maybe we can encourage each other to save some money for specific purposes.

Here's the deal, ever so often I go on a big kick about wanting to save money. Not our savings account type money or emergency money, but just save some money so eventually we can use it for something...frivilous. It never seems to work out though, sooner or later we have something come up and figure what the heck, here's some cash and then it's gone.

So I am getting down and serious about it. I think part of the reason we've failed at this in the past is because we don't really have anything in mind for the money we save or a goal for how much to save. With that in mind, I (should say we, lol) have decided we'd like to start a "house" fund and a fun fund.

The house fund isn't meant for emergencies (we have that already) though it could certainly be used for an emergency if needed. There's always home improvement projects to be done and right now we have several we could do but can't decide what to do first so we don't have a specific project or goal in mind yet. I figure what'll happen with this one is once we decide on a project, we'll figure out how much it will cost, that will be our firm goal to save and then when we have it, do the project and start over saving for a new project. Some things, like painting or replacing windows, can be done without using this money, I'm talking big projects like new flooring or re-landscaping the back yard, lol.

The second fund is "Fun" money. I'd like to say it's a Vacation Fund but realisticly I know this will be where the least amount of money goes so a saving for a vacation may be a bit of a reach. But I also don't want to say it's just for a family night like dinner and a movie out. Maybe a trip out of town for a weekend or something.

Anyone want to join me? I certainly think I'd be more honest with myself (tee hee, what do you mean a new craft project isn't a home improvement???) with a buddy system in place. It doesn't have to be large sums of money, a couple bucks here or there, the change out of your pocket. Ya don't have to say how much you want to save or how much you have saved if you don't want to, just a "I'm saving for a trip to Africa" or whatever and I've saved 2% so far. Whatever you are comfy with.

Ok, so me and Darren:

For our house fund, I'd like to save (soft figure for now) $2,000. Whatever we decide our first big project is, that should be enough to either cover it or at least get a start on it. I'm sorta leaning towards new flooring in at least the living room and den but with summer coming up having the back yard redone sounds really nice too. We'll only be saving money for this fund on our non utility bill paycheck (we pay all of those at the first of the month) but we are aiming to put $100 a month towards it (more if we can but we're not going to hurt ourselves in other areas just to get more in either.) Also part of income tax, any bonuses Darren gets, and any baby sitting money I get for watching little nephew will go to this fund.

For the fun fund we are being more modest and know it will take a while to be able to do anything really extravegant. $20 at the begining of the month and $40 at the end will go to this fund, plus a smaller part of income taxes and Darren's bonuses. I'd like $1,000 by December in there and maybe over Christmas break we can get out of town for a couple days. We may decide though to wait 2-3 years and take a bigger vacation. I take my nephew to McDonalds a couple times a month and if I cut that out, I've got $20 right there. Little changes and $60 that flies out of our pocket can go to a vacation! Right now I have $20 cash plus probably another $20 in change saved.

Hukdonreality
Member

09-29-2003

Monday, January 28, 2008 - 5:29 am   Edit Post Move Post Delete Post View Post Send Hukdonreality a private message Print Post    
War, I save for Christmas presents by NEVER using change. Even if something costs something like $15.15, I'll pay with $16.00 and put the $.85 in my bank. Every year I have around $250.00 or so and it is completely painless. It's fun to roll it up in December, knowing I don't have to charge anything for Christmas.

Right now I'm not working, so I can't do anything other than that. I know that my friend and I want to take a trip to Nova Scotia to the area where Anne of Green Gables is filmed. We tentatively have plans to put x amount of dollars away each week towards that. I have to hold onto the money though, she has had a tendency in the past to dip into funds like that instead of going to the ATM. Ya can't save that way!

Lumbele
Member

07-12-2002

Monday, January 28, 2008 - 6:07 am   Edit Post Move Post Delete Post View Post Send Lumbele a private message Print Post    
Our garden needs a complete overhaul, so I might start a minimum 20 bucks/month piggy bank with you. It will take many of those 20s, though.

Rosie
Member

11-12-2003

Monday, January 28, 2008 - 8:38 am   Edit Post Move Post Delete Post View Post Send Rosie a private message Print Post    
I do just about the same thing with change, Hukd, but I no longer roll the coins -- just dump them into a machine for the counting.

It is surprising to see how much change can be saved in this manner.

Good luck on your savings plan Wargod.

Lumbele, I bet you already have a lovely Garden.

Lumbele
Member

07-12-2002

Monday, January 28, 2008 - 9:13 am   Edit Post Move Post Delete Post View Post Send Lumbele a private message Print Post    
Rosie, I am afraid you'd lose that bet. Gardening is not on my radar, never has been, and dh does the lawn, but isn't keen on doing much more either. So I've been thinking low-maintenance shrubs and flowers etc. Rocks and walkways to cut down on mowing and weeding, etc etc. We are rarely out there anyway. It's either too cold, too hot or full of the provincial birds. Ah, that overhaul should also include one of those bug zappers; maybe then we'd enjoy summer evenings out there.

Lyn
Member

08-07-2002

Monday, January 28, 2008 - 9:53 am   Edit Post Move Post Delete Post View Post Send Lyn a private message Print Post    
I divide what's left in the budget each pay into goal payee sections in my chequing account and post date it for the future. At the moment I have:

Memorial Bench (need $750 but have $250) for my Allan that I want to get for his second anniversary May 5th. (We're planning a great big picnic for the whole family to celebrate)

Trip to Trenton (end of August) to see my parents - empty at the moment

Hitmen season tickets (August) only entertainment besides BB that I do. We need $750 for the kid and I...also empty

It seems so blah when I start the new year because balances in my projects are so low but by March I'll start seeing progress. I do this sort of thing all year so I'm never tempted to use my credit cards

Rosie
Member

11-12-2003

Monday, January 28, 2008 - 10:06 am   Edit Post Move Post Delete Post View Post Send Rosie a private message Print Post    
LOL. Glad I didn't bet any of my coins.

Lyn, sounds like you have a super plan already in place.

Vacanick
Member

07-12-2004

Monday, January 28, 2008 - 10:11 am   Edit Post Move Post Delete Post View Post Send Vacanick a private message Print Post    
I have always saved my coins from my purse every week for my son. It's an easy way to save money and you'd be amazed how much you can save just in coins. I call it my ds's-car-fund.

Escapee
Member

06-15-2004

Monday, January 28, 2008 - 10:14 am   Edit Post Move Post Delete Post View Post Send Escapee a private message Print Post    
I love that idea hukd. I am also a penny-picker-upper. I see any change, I stick in my beer can (tall boy full of change, not beer).

Well, shoot, I am excited now. I should start using cash instead of my cards.

Rosie
Member

11-12-2003

Monday, January 28, 2008 - 10:18 am   Edit Post Move Post Delete Post View Post Send Rosie a private message Print Post    
Hmmmm. It sounds like we need to save some paper money. Maybe dollar bills?

It is easy for me to hang on to a fifty or a hundred because I don't want to use them but those dollar bills slip right out of my wallet. lol

Lumbele
Member

07-12-2002

Monday, January 28, 2008 - 10:26 am   Edit Post Move Post Delete Post View Post Send Lumbele a private message Print Post    
Rosie, that's why we made those and their 2 dollar buddies into big heavy coins that nobody wants to lug around.

Wargod
Moderator

07-16-2001

Monday, January 28, 2008 - 10:44 am   Edit Post Move Post Delete Post View Post Send Wargod a private message Print Post    
The nice thing about saving change, at least for me, is that I'm not real likely to sit there and sort through it for an impulse buy. My one problem though is that the kids get 1.25 a day for lunch so I tend to save my quarters even when they don't need them. I'm trying to change that and remember that I only need 2.50 in quarters a week for them and the rest can go in the bottle.

Huk'd, even change can add up quite a bit! A while back I started rounding up when balancing my check book. If I spend 15.02 I enter it as 16, so that my balance is lower than what the bank says I have. Sometimes it's only a few cents, sometimes closer to a buck. Friday for example I paid utilities (4 bills,) went to the grocery store, got gas in my car, and went to Walmart. By the time I was done, my checking account said I had $5.50 more in the bank than I say I do. Doesn't sound like much but over time it does add up.

What are the hitmen, Lyn? The big family picnic sounds like a lot of fun!

Rocks and walkways sound lovely, Lum. That's the kind of thing I'd love to do but the kids are still young enough to enjoy playing outside so I don't know if I'm in a big hurry about it.

I've been trying to prioritize my home improvements this morning. The yards, well I can do little bits here and there on them if needed so they're not that high up on my list yet. I think I've narrowed it down to two projects. We have a drop down ceiling (I think that's what it's called) throughout the house that we'd like to get rid of and go back to the original ceiling. We'll have to rent a big dumster for the tiles plus fix up any part of the original ceiling that needs it. The second is the flooring throughout the house, though to start with I'd like just the front of the house (living room, den, kitchen, laundry room.) I'd really like to put in wood laminate flooring and I remembered that little adopted sis and her hubby had done that a while back.

I asked her about it today and was shocked! She told me they spent about $250 for each room! My mouth fell open, right after we bought our house we spent 1,000 to carpet just the living room! They did all the work and she said they saved a fortune not having to pay someone to install it. Other than the carpet we've done all the home improvement projects ourselves so I'm thinking thats very doable.

At this point, I'm really leaning towards doing the ceiling first. I'd rather do that, then paint, then put in flooring. But, I'm still planning on saving at least $2,000. We may be able to take out the tiles, fix up the original ceiling, and do the floor with that much. We're not sure though how bad the original ceiling is and how much we'd have to replace.

Jasper
Member

09-14-2000

Monday, January 28, 2008 - 10:47 am   Edit Post Move Post Delete Post View Post Send Jasper a private message Print Post    
What I do is have $50.00 a week automatically transferred from our main chequing account into a savings account that we have no card access to. Once a month has gone by you don't seem to miss it, it all happens behind the scenes and with no card access you don't use it to pay for regular things. A nice tidy sum at the end of the year.
We do tend to go for the don't pay for a year things as well. As long as we can get it with no additional fees. Then we calculate how much we need to save weekly and have that automatically put aside and one week before the money is due we pay it, lol they hate us, they never make a cent in interest or fees. My dh saves his change in a big jar, those loonies and toonies add up quick.

Dfennessey
Member

07-25-2004

Monday, January 28, 2008 - 10:56 am   Edit Post Move Post Delete Post View Post Send Dfennessey a private message Print Post    
I am saving for a cruise I am going on in May
Boston to Bermuda. The cruise is all paid for now I saving for spending money

Wargod
Moderator

07-16-2001

Monday, January 28, 2008 - 11:02 am   Edit Post Move Post Delete Post View Post Send Wargod a private message Print Post    
I'd be able to save a fortune with the loonies and toonies cuz I'd never want to carry them around, lol!

ETA: Wahoo Dfennessey! That is wonderful!

Dfennessey
Member

07-25-2004

Monday, January 28, 2008 - 11:17 am   Edit Post Move Post Delete Post View Post Send Dfennessey a private message Print Post    
I am hoping to some Christmas Shopping while I am there

Lyn
Member

08-07-2002

Monday, January 28, 2008 - 1:39 pm   Edit Post Move Post Delete Post View Post Send Lyn a private message Print Post    
The Calgary Hitmen are our WHL team, War. Hockey has always been an important part of our family, and it came in handy when son was having trouble coming to terms with his father's cancer. They'd watch hockey together when Allan could no longer play...we went to a few Hitmen games when hubby could. After he passes we started going to the games ourselves - it helped son come out of his shell.

Go Hitmen Go! Hitmen

Escapee
Member

06-15-2004

Monday, January 28, 2008 - 1:51 pm   Edit Post Move Post Delete Post View Post Send Escapee a private message Print Post    
I am going to make a goal to put $1 into the "can" a day. Go me.

Wargod
Moderator

07-16-2001

Monday, January 28, 2008 - 3:32 pm   Edit Post Move Post Delete Post View Post Send Wargod a private message Print Post    
That is really cool Lyn, I can see why it is so important to your family, especially your son.

Go Escapee! At the end of the year you'll have $366 (er, ok, minus 27, lol.)

I've been carrying around a 5 dollar bill for at least a week now and all morning was thinking how I should go drop it in the bottle. Glad I didn't! Picked up Caleb from school and he told me he decided to join the anime club and needs $5 for supplies. Not complaining though, that will keep him busy a couple hours a week til the end of school and because it's his homeroom/social studies/science teacher who's in charge of the anime club it'll force him to keep his grades up if he wants to continue cuz she'll boot his butt out.

Mocha
Member

08-12-2001

Monday, January 28, 2008 - 3:38 pm   Edit Post Move Post Delete Post View Post Send Mocha a private message Print Post    
<sigh> I need to start saving for #1's Junior Prom.

Wargod
Moderator

07-16-2001

Monday, January 28, 2008 - 3:46 pm   Edit Post Move Post Delete Post View Post Send Wargod a private message Print Post    
That should be easy Mocha since you have several more years cuz I know he's not old enough for the junior prom.

Mocha
Member

08-12-2001

Monday, January 28, 2008 - 5:23 pm   Edit Post Move Post Delete Post View Post Send Mocha a private message Print Post    
Lolol

Wargod
Moderator

07-16-2001

Wednesday, February 06, 2008 - 1:53 am   Edit Post Move Post Delete Post View Post Send Wargod a private message Print Post    
I had $46 in my fun fund this morning then realized I needed money for Caleb for a field trip and didn't have time to stop, so now I have $26 with a promise to quickly replace $20. We both have been good (and even the kids are getting into this) of throwing loose change in the jar

Haven't started my house fund yet because I really want to set up a seperate savings account for it. This is bonus month for Darren (if they come in under budget for the previous year, they get a bonus in Feb.) and we're thinking when that comes we'll take most of it to the bank and start the account.

The one thing I'm really having trouble with is not beating myself up when I spend some money I don't have to. Today I ended up watching my nephew and nieces all day and by the time they went home I was exhausted. Darren's been working tons of OT plus going to school (crawled into bed at 10:30 last night, was up at 2:30 for work.) Sis was supposed to cook for our aunt and then wasn't able to so I also had to worry about her and decided to go the fast food route. And then kicked myself for spending money I really didn't have to spend. On the one hand we know things will come up so don't dedicate all spare money to saving but on the other these type of things are what make saving so hard! And too, every little bit will help savings add up but dang it's so slow! I look at it and think we've hardly made a dent and it kinda leaves me feeling a bit defeated, I keep having to repeat, "Every little bit will help!"

How's everyone else doing?

Lumbele
Member

07-12-2002

Wednesday, February 06, 2008 - 6:10 am   Edit Post Move Post Delete Post View Post Send Lumbele a private message Print Post    
War, setbacks happen. RL often throws a monkey wrench into our savings plans. So we do what we can and live with the hiccups. You'll get there - eventually.

What I have noticed is when I have a meal plan for the week, the food bill is smaller than when I "fly by the seat of my pants".
Of course, not all meals are easily stretched by throwing an extra potato in the pot for surprise guests.
Whatever happened to *cheap* fast food meals? At the prices they charge these days for one half-way decent meal, I can feed a large family at least one day.

Well, my garden fund has 2% of the immediate goal. As you said, every little bit helps; it's 2% more than there was when we started.LOL

Wargod
Moderator

07-16-2001

Wednesday, February 06, 2008 - 11:30 am   Edit Post Move Post Delete Post View Post Send Wargod a private message Print Post    
Ain't no such thing as cheap fast food anymore! For the price we pay, we could take the kids to a decent sit down restaurant, it's just not as convienient. Meal plans also cut down on missing stuff at the grocery store, at least for me. And it's those little shopping trips (going for butter or a gallon of milk) that cost me cuz I go in and remember three other things I could pick up but maybe don't really need.

Woo hoo on the garden fund! I like my fun fund but the one I'm really excited about (even though it has no money, lol) is the home improvement fund. Fun fund will be great, but like the garden, the home improvement fund will leave something behind that we'll be able to enjoy for a long time.