How do you learn to save money when your broke?

United States
October 21, 2007 12:31pm CST
I am saving my cans and bottles. We then take the money and place it in a large water bottle. Do yu have ways to save money when your broke? I need some good advice for saving.
2 people like this
3 responses
@reinydawn (11651)
• United States
23 Oct 07
I never spend my change. If my total is $12.01, I don't give them the penny, I want the 99 cents back because it goes in a jar. When my kids were little, I'd put the change in their bank accounts when I filled the jar. Now, I put it in MY account! I also started a long time ago, putting $5 out of each paycheck into a savings account. $5 is a very easy amount to take out of your paycheck - I'd usually spend that much in sodas during the week! After I'd get used to the $5 or I'd get a small increase in pay, I'd up it to $10. Start small. I now put $70 each payday into savings. It's great when the car breaks down, or you want to go to dinner for a birthday - you can go into that savings account for the money instead of running up debt on a credit card! I also try to save money on things that I buy. I used to buy everything in bulk because it was cheaper. I now buy factory-direct and it's great prices like at Sam's club, but I don't have to buy a gallon of shampoo to save money! If you HAVE to use credit cards, use the ones that have cash rebates. We have a Discover card that pays 5% cash rebates whenever we buy gas. I use that card for gas only, pay it off every month (instead of paying cash, I put the cash in the savings account, it's there waiting for the bill). Every couple months, it adds up to $20. I also have a credit card that pays me 1% cash back on everything so we use that for anything else - again, put the money we charge into the savings account so it's there when the bill comes in. Hope some of this helps!
2 people like this
• United States
23 Oct 07
I would love to hear more about buying factory direct. Where do you start? How does it work? That sounds like a idea!
2 people like this
• United States
23 Oct 07
Oh, your idea of putting $5 each paycheck into the savings account reminded me of another thing. Pay yourself first each paycheck. In other words, don't tell yourself that you will put the $5 in the account if you have any money left over. Put the $5 away first like it never existed. This works to start changing the mindset over how you handle money. Again, it may be tough at first, but when you see that account start to grow it gets exciting!
2 people like this
@reinydawn (11651)
• United States
23 Oct 07
Blueunicorn - I've sent you a friends request. I can give you more information on buying factory-direct and saving some money that way. And the $5 thing works GREAT if you have direct deposit, then you never see it, you don't miss it. And although I did pay myself first, there are times when it's REALLY tight and I can't put the money in savings, but that's probably only a couple times a year. Take care!
2 people like this
@cher913 (25895)
• Canada
31 Oct 07
while i think the cash envelopes are a great idea, another great idea is to stay home! don't go shopping or any where else that you would be tempted to purchase! when grocery shopping, stick to your list and plan your meals ahead! this helps. think of ways to cut costs such as shopping at thrift stores and buying things on sale. make do with what you have. As for christmas presents, try and make things.
2 people like this
• United States
31 Oct 07
This is what I do all the time. I am trying now to save some money up for my daughter's Graduation next year. It's something I don't want to run around scrapping cash for . Thanks
1 person likes this
@blueunicorn (2410)
• United States
23 Oct 07
Start slow but stay committed. I would start by never spending my coins. Put them in the same water bottle as the money from your cans and bottles. Also, start a budget. Give yourself only a certain amount of money to spend each week in different catagories. I did this using cash envelopes that got filled at the beginning of the week for food, entertainment, gas, etc. I was amazed at how much farther money stretched that way!
@reinydawn (11651)
• United States
23 Oct 07
I know of a lot of people who have had great success with the cash envelopes!!
2 people like this
• United States
23 Oct 07
The biggest key to all of these systems is having the determination and discipline to keep at it. Cash envelopes were great for me because they were something I could touch and see.
1 person likes this
• United States
31 Oct 07
Wow I never heard of this one. I will be having a try at it. I just bought a box of them as well. Thanks :)
1 person likes this