A saving tip - was I wrong to suggest this tip to a friend

@viju0410 (2286)
India
July 30, 2011 7:42am CST
My friend was trying to save some money to get a computer for her kids. She shared this subject with me sometime back and that made me to check with her the status. But she seemed to be a bit disappointed as with the rising cost of living, expense on education of kids and the domestic front just make her money spent on the daily routine. We were on our way back home after work in a shared taxi so our discussion was general and everyone (most of them we see them everyday) in the cab was listening to us. My suggestion to her was to put her saving amount to a fixed deposit for a short term period with her bank. That way she can minimize her spent on daily stuff and the little earned money can be taken out at the time of purchase. One other friend popped and encountered my statement saying she should not save the fund and go for buy once she have full amount in hand. But my friend liked my suggestion. can you share some saving tips for little savings please so that can be implemented by myself too..
2 people like this
4 responses
@KrauseHome (35025)
• United States
2 Aug 11
Well, there are many ways. Even just putting like $20 a paycheck aside and then going from there. Put it in an account that she is not able to touch except like maybe 2 times a yr. if need be or there are penalties. Make it to where the $$ is taken out automatically to where they would not even notice it being gone. Just helping them to find ways to do this will be more rewarding for sure.
@viju0410 (2286)
• India
3 Aug 11
Thanks KrauseHome and it is a welcome suggestion which could be implemented.
@swirlz (3138)
• Philippines
1 Aug 11
That is a good idea. I would recommend that myself. If your friend receives a big amount of money and she's not sure if she can control herself from spending all of it at once, then it is a good idea to put it in a time deposit so she wouldn't be tempted to withdraw the money to buy something else. The disadvantage of this is if she's really in need, then she'll be broke even if she actually has some money to her name.
@viju0410 (2286)
• India
1 Aug 11
Yes. I agree with the disadvantage and that's why I say it for a short period. there are options starting right from 21 days (need to recheck on this) and so you get the interest on deposit too. Thanks you liked the idea.
1 person likes this
@Graceekwenx (3163)
• Philippines
30 Jul 11
Hi Viju! Welcome to Mylot. I agree with your suggestion. It is a good saving tip.
@viju0410 (2286)
• India
1 Aug 11
Thank u so much Graceekwenx....I'm really enjoying My Lot...
@SomeCowgirl (32271)
• United States
30 Jul 11
What your other friend had suggested wouldn't help, you're friend is obviously having trouble saving it because of her daily needs. Why didn't you suggest to her mylot? You'd get a referral, and you'd both earn a little bit. In any case, I think some ways to save is to use cash, put the change from your purchases in a jar. I have a bank account here that is linked with something called a way to save. It's a saving's account, but what happens is after every purchase $1.00 is taken from the checking account and put into the savings account. It's truly a way to save, and after $300.00 you can either take it out our deposit it back into checking. This will definitely help me more once I start my job. Another way to save is to try to utilize coupons, or daily deals, etc. Try not to spend money unless you're going to save it in some way. Look at your grocery list and make a meal plan associated with it. If you say make three meals a week, make them things the family will eat as left overs. Say that Monday you make Spaghetti, that can last until Wednesday at lunch. Wednesday make something else, such as a steak meal, make four extra servings of steak, or cut the steaks in half and make more of the side dishes. It's all about finding what works for your family.
@viju0410 (2286)
• India
1 Aug 11
Ho SomeCowgirl, Yeah I did suggest her My lot but she just didn't believe me so I'm waiting for that day when I can actually show her my earning once I get the same. Putting the change in jar is no doubt a wonderful thing and they way you have commented is worth appreciation. Thanks a lot for sharing.