Finance: Near Broke

This topic contains 19 replies, has 6 voices, and was last updated by  KitKatKitty 3 months, 2 weeks ago.

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  • #198974

    A great tip for saving money is opening a savings account and activating a savings feature. The savings feature will transfer your set choice of dollars (for example $10-$50 per paycheque) into a savings account that you are not allowed to touch unless it is an emergency or if you have saved enough money to spend it on what you were saving the money for. This way, you don’t notice the funds coming about of your chequing account because it will be a few dollars, but months later you will notice that the money you have in your saving account starts to grow.

    A wonderful tip Vkrasno!  I’d suggest going even further if you can, if your company lets you split your direct deposit, you don’t even see it going into your checking account!  You get used to your “pay” really quickly.  But your advice is really important, always make sure you save first as part of your budgeting.  I think too many people hope to just save what’s left over, but if you do things that way you’ll never save anything.

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    #199053

    I agree Vkrasno. On a different point: I am struggling with paying for everything myself. Now, I do work and I manage to pay all my bills, but I don’t have lots left over. I really hate having to be denied things I want. This sounds a little dramatic, but I want to pay for much more things to enrich my life. Like holidays, weekends away, more theatre shows, shoes, etc. I do also have other avenues of making money: lottery , selling items online, that kind of thing.

    I hate being broke.

    What alternative methods do you use to make money?

    #199133

    I’m so sorry KitKatKitty, I know what that struggle’s like.  I used to live off my income of about $22,000 when I worked as a teller, and after my rent, my car payment, and my utilities, I was lucky if I had even $100 left each paycheck to live off of.  I used to really deny myself so many things I wanted, and my one real hope was knowing I’d eventually have my car paid off.

    I’ve never been good at making side money, so my main thing I’ve always done was to cut my expenses.  A big thing is I’d never eat out, by making all my meals at home I saved myself a LOT of money!  You’d really be surprised how far you can go with basic ingredients!  I also would almost always buy store brands instead of national brands, and I’d look for what’s on sale this week.

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    #199151

    I have always been a bit frugal with things as I have always looked back to the times when things were harder. Yes store brands, and seeing what is on the reduced shelves. It has given me a very varied diet as it is often strange things that are reduced when shops sock them and nobody buys.

    It is difficult if you have little money in the first place, but if possible, buy in bulk. Storage space is needed too, but there is a very good saving in buying things like toilet rolls in 24 pack rather than 2. Maybe shop with family and friends to combine purchases and get the bulk discount?

    A good freezer is useful too. They are probably not to everyone’s taste but, for example, I love sprats, which are good for you and very cheap. I buy them at the supermarket fish counter requesting packs of 50 pence worth, which I freeze for later. These microwaved with a chopped cherry tomato or two and herbs with my olive oil / garlick toast gives a complete very filling (snack) meal for less than £1.

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    #199271

    I definitely do the same as you, SpinningJen: I buy in bulk, I take advantage of offers, etc. I pay for things I want in instalments, too.

    Being responsible and careful with money is very important to me. I have bank accounts: all with their own purpose. Because I am so strict with myself, I only owe my sister a little money. But I’d still like to earn more. Everything has to be paid for: and I pay for it via my own means. Also, my spreadsheets keep me informed and in control. I’d advise anyone keep their accounts on a spreadsheet on their computer and keep it up-to-date.

    It’s a lifesaver.

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