Ask the Readers: How Do You Save? (Chance to win $20!)

Ask the Readers: How Do You Save? (Chance to win $20!) | Wise Bread AboutContactAdvertise Hot Story Best Money Tips: How to be productive while doing other things Personal FinanceBankingCars and TransportationCredit CardsDebt ManagementFinancial NewsInsuranceInvestmentsReal Estate and HousingRetirementTaxesMore in Personal FinanceFrugal LivingBudgetingDIYEntertainmentFood and DrinkGreen LivingHealth and BeautyHomeLifestyleShoppingStyleTravelMore in Frugal LivingCareerCareer BuildingEducation & TrainingEntrepreneurshipExtra IncomeJob HuntingMore in Career & IncomeLife HacksConsumer AffairsFamilyGeneral TipsOrganizationPersonal DevelopmentProductivityTechnologyMore in Life HacksBest DealsDaily DealsGiveawaysSmall BusinessForumsMoreHow-To GuidesTop Financial BlogsWise Bread BookMoney Tips NetworkSubmit a Guest PostContact UsAbout Our Writers Home » Deals and Coupons » Giveaways Ask the Readers: How Do You Save? (Chance to win $20!) by Linsey Knerl on 26 October 2010 (57 comments) Photo: Gilles Gonthier ShareThis Share

Save 3-6 months of income for an emergency. Have plenty on hand for retirement. Don't send your kids off to college penniless. These are all good goals for storing up, but putting them into practice can be difficult.

Do you have a tip for socking cash away for a rainy day? Maybe it's a clever trick for rounding up all your change, auto-depositing 1% of your paycheck, or keeping an ample supply of penny stocks.

We want to hear your tips for squirreling away some funds. If you share your answer, you'll be entered to win a $20 Amazon Gift Card!

Win one of 3 $20 Amazon Gift CardsWe're doing three giveaways — one for random comments, one for random Facebook "Likes", and another one for random tweets.How to Enter:Post your answer in the comments below,Go to our Facebook page, "Like" us, then "Like" the update mentioning this giveaway (you can comment, as well — but you don't have to for entry.)Tweet your answer. Include both "@wisebread" and "#WBAsk" in your tweet so we'll see it and count it.

If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:Contest ends Monday, November 1st at 11:59 pm CST. Winners will be announced after November 1st on the original post and via Twitter. Winners will also be contacted via email and Twitter Direct Message.You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.Only tweets that contain both "@wisebread" and "#WBAsk" will be entered. (Otherwise, we won't see it.)Only those who have "Liked" both our Facebook page and the contest update will be entered.

Good Luck!

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Frugal homeschooler, Mom of (soon to be) 5 children, wife, work-at-home writer, hobby farmer, and music lover.

Linsey Knerl's profile Best of Wise Bread Best Money Tips: Living on One Income 10 Ways to Cut Waste When Feeding Kids 10 Awesome Companies Built by Teens Best Money Tips: 18 Common Phrases to Avoid in Conversation 7 Ways My Clunker Is Smarter than a Hybrid 29 Alternative Pizza Sauce Ideas comments 57 discussionsAdd New Comment Comment: * CAPTCHAThis tests helps prevent automated spam submissions. Your name: * E-mail: Website: Subscribe to comments on this article. 26 Oct. 2010 | 9:27 AM Arthur Fox #1

We keep a strict budget, pay our credit cards in full each month and do not incur debt. My wife and I raise vegetables in the summer and freeze and can for the winter. We have whole life insurance that will make sure my wife is provided for and if in the future we need cash we will borrow from ourselves through that policy. And my wife reads Wise Bread regularly!

REPLY 26 Oct. 2010 | 9:29 AM David Millar #2

I save money by shopping as frugally as possible.

REPLY 26 Oct. 2010 | 9:31 AM Jade #3

I empty all the spare change from my in wallet into a jar nightly, roll in paper every few months and deposit. It's better to roll yourself than have the machine do it (cheaper!)

REPLY 26 Oct. 2010 | 12:20 PM Guest #4

Most of the Coinstar machines in grocery stores waived the fee if you used money in that particular store. I haven't used one in a while so I am not sure if they still do though.

26 Oct. 2010 | 9:48 AM Selene Montgomery #5

First of all, our kids paid/pay for college themselves. They knew about it from early on and they planned accordingly. Results - 1 BS degree, 1 Master's degree and 1 heading to graduation in Dec. 2011. They can do it!!!

I try to keep monthly costs down by combining coupons and sales, being aware of our energy use and taking the appropriate steps to keep that cost down, keep my clothes for years, only have a couple pairs of shoes at one time, and don't go to costly places unless it's a special occasion. My car is 10 years old.

REPLY 26 Oct. 2010 | 9:49 AM Selene Montgomery #6

I Like Wise Bread on Facebook

REPLY 26 Oct. 2010 | 9:56 AM Eric #7

I wish I saved better... once in a while, I'll just throw money from my checking to my savings account when I have a bit of extra cash.

What I"d like to do is I already divide my direct deposit up -- at some point, the 5% going to another account should be transferred directly into savings. But having just moved into a new state, I've been focusing on spending more, furnishing and such, and haven't made that step yet.

REPLY 26 Oct. 2010 | 10:00 AM Laura #8

My way of saving is very simple. I have direct deposit into 2 accounts - one is for paying bills and the other is my emergency fund. Otherwise I'd never be able to save a substantial amount.

REPLY 26 Oct. 2010 | 10:15 AM Pam #9

My credit card offers cash back. I don't touch the cash back until November or so, when I cash it all in. Some years it has been in the $200-$300 range. And it's not even "my" money I saved, the bank gave it to me! Holla!

Otherwise I've found the best way to save is to auto-deposit from your paycheck. Out of sight, out of mind.

REPLY 26 Oct. 2010 | 10:47 AM fairydust #10

Turn off all the lights, appliances, etc., when I'm not specifically in the room using them. What a huge chunk of money that's saved each month!!!

REPLY 26 Oct. 2010 | 11:05 AM Kristy #11

With my husband in school, we make very little money, and saving is really really hard. We keep track of every penny in and out, and at the end of any month where there's a surplus, we move that amount into a savings account. Money from any odd jobs we happen to pick up go straight to that savings account as well.

REPLY 26 Oct. 2010 | 11:10 AM Alicia C #12

OK, while it's not the best way to save, I hide money around the house. If I have an extra $1, $5, or $10 dollar bill, I'll stick it under the TV or computer monitor, in that little zipper pocket in the baby bag we never use, in the pocket of a jacket in the closet that I almost never wear... I could go on and on. When we need or want something that we don't budget for (pizza, new coffe maker, etc.), we have a scavenger hunt!

REPLY 26 Oct. 2010 | 11:13 AM lostAnnfound #13

automatic savings from my checking account every week to a savings account with ING.

REPLY 26 Oct. 2010 | 11:25 AM Heather #14

I use SmartyPig to save for goals and keep my emergency fund up. Apart from that, I follow a budget very closely.

REPLY 26 Oct. 2010 | 11:31 AM Emily #15

I have money taken out automatically from my paycheck before I get it and put into savings, investments, and retirement. My paycheck looks a lot smaller, but I know that when I need money for something, I've got it somewhere. It makes me live on less so I have more for emergencies and big purchases.

REPLY 26 Oct. 2010 | 12:24 PM Rachel #16

I've got two strategies: 1) automation and 2) pennies, nickels and dimes.

I automate my emergency fund savings, as well as my savings for set recurring yearly expenses (RRSP contributions; once-yearly medical bills, like eye exams, contact lenses, and teeth cleaning; membership fees; the cost of shoe replacements).

In addition, at the end of every day, I clean all the dimes, nickels and pennies out of my wallet. They go into a jar, along with found money, booze bottle return funds and windfalls. Whenever that hits $10, or above, it goes into my emergency fund, too. Technically, I don't _have_ to contribute that money to my savings, but it's getting me towards my goals faster.

REPLY 26 Oct. 2010 | 12:26 PM gt0163c #17

I save all of my spare change, roll and deposit that a couple of times a year. When I deposit checks (rebates, reimbursments, etc), I evaluate the amount of cash I have in my wallet and usually end up depositing some. Most of that cash usually comes from selling books and magazines to the used book store. It's not a lot, but every bit helps.

REPLY 26 Oct. 2010 | 12:55 PM Carmen #18

We've had a tough time saving, but I'm starting small. Just $5 a week tucked into an envelope (if it goes into our accounts, it'll get spent).

REPLY 26 Oct. 2010 | 1:17 PM KelR1 #19

I take all of my found money (literally, the change I pick up off the ground) and "weird windfall" (any rebates, refunds, money from paying surveys, bonuses, birthday money, etc.) and deposit that into a savings account. It adds up pretty quickly! I also try to budget wisely and live as frugally as possible, use a lot of coupons, and pay attention to the ads in the Sunday paper as to where I should grocery shop that week.

REPLY 26 Oct. 2010 | 1:24 PM Vince Narma #20

-Coupons and sales.
-Also ask yourself: do I really need this? How many times do we buy things we don't need, they end up in the storage and we don't even know we have them. Keep it simple, only buy things you need.
-Take advantage of credit card cash backs since but make sure you can pay it off every month

REPLY 26 Oct. 2010 | 1:41 PM Saskia #21

I started to work again when my youngest child went to preschool. From the beginning we continued to live on my husbands income. After 10 years my salary still goes to 4 different bankaccounts: 1. to pay off our mortgage, 2. collegefund for our children 3. replacement and repairs car 4. retirement. By saving the money as soon as I get my salary, we don't miss it.

REPLY 26 Oct. 2010 | 2:19 PM Laura D #22

We automatically transfer money from DH's paycheck to our savings account online--we never even see it!

REPLY 26 Oct. 2010 | 2:50 PM echomyst #23

We transfer a chunk of our income into savings, and a bit into super-safe investments such as 1-year CDs which we can quickly take out in case of dire emergency.

REPLY 26 Oct. 2010 | 2:56 PM matt #24

All coin change in my pocket goes into a jar on my dresser every night when I get home and then roll it for the bank 2-3 times a year. Usually adds up to a few hundred dollars a year. I also take all the ones out of my wallet and put them in an envelope every day as well. I budget spending money for lunches but singles and coins don't carry over to the next day. Works for me.

REPLY 26 Oct. 2010 | 3:06 PM Guest #25

This is past tense, since I'm now retired and in (frugally!) spending mode rather than accumulating.
1. Max out your 401k - the match is free money
2. Use the dividend reinvestment option on a nice stable utility. The $1000 worth of AT&T I bought around 1980 is now paying me nearly $1000 a month!
3. Learn to cook. Fresh food is better for you and much cheaper than the processed crap.
4. Pay off your credit card every month, and get one with rebates. 1% seems like chump change, but it adds up to a good bottle of bubbly for new years.

REPLY 26 Oct. 2010 | 3:07 PM Jeff #26

I have automatic withdrawals set at my bank. Over half of my take home pay is earmarked for retirement, emergency savings, and vehicle savings (want to buy my next car cash). Once my emergency savings is built up to 4 months take home pay, I'm going to start investing that money into non-retirement taxable accounts for a future home.

REPLY 26 Oct. 2010 | 3:31 PM Patrick #27

Automatic monthly contribution to my 401(k), including maximization of employer match
Budgeting (don't stick to every category every month, but nearly so)
Minimize impulse spending
Include a Roth IRA contribution in my budget
Turn off lights, open windows, programmable thermostat
Generic grocery brands
Lower cost domestic vacations and/or frequent flier miles

REPLY 26 Oct. 2010 | 4:26 PM Andrea #28

I save all my change in a jar, use coupons, look for freebies, and I stay out of the mall. That's how I save!

REPLY 26 Oct. 2010 | 5:49 PM Gail #29

Make a budget sheet; let one category be "reward"; if I follow my budget for that month; I can reward myself to the money in that reward category. I find myself saving and watching my money not being spent beyond whats on my budget sheet. (Usually end up saving that money in my reward category).

REPLY 26 Oct. 2010 | 7:09 PM Tara #30

I try to cook most of my meals at home, and I cook in batches and freeze meals for later.

REPLY 26 Oct. 2010 | 8:09 PM Guest #31

Coupons!

REPLY 27 Oct. 2010 | 4:03 AM gina #32

I always autodeposit into a savings account.

REPLY 27 Oct. 2010 | 4:29 AM Guest #33

I set a goal for what I want to save per year, divide it by 12, and send that amount to an online savings account every month. Shop for clothes at consignment shops, buy my groceries based on weekly sale ads. Also put my change in a jar, when full, deposit it into a savings account. Use a rewards credit card, pay it in full every month. Maintain an emergency fund. Car is 13 years old, added attic insulation last year WHEW.

REPLY 27 Oct. 2010 | 6:13 AM melanie #34

I save money by withdrawing cash every payday and hiding it. I know, I don't earn interest on this money but I also don't spend it. I forget it's there so it adds up quickly. If it's in my bank account I end up spending it (on something valid).

REPLY 27 Oct. 2010 | 6:34 AM Olivia #35

I do the mad squirrel thing myself. A bit of everything. Take the first $10 off the top of grocery cash and try not to use it that week. Make a game of it. Take the change from cash transactions and put it in "the jar". Redeem aluminum cans for cash. Any oddball money, like rebates, survey rewards, are put in their specific places towards specific goals. Plus more conventional budgeting, diverting salary into different categories from the get go.

REPLY 27 Oct. 2010 | 7:36 AM Nicholas #36

It actually comes naturally to me... I don't go on spending spree's. I tend to wait a while after I decide that I need something (not just wanting something) to see if I really need it. Once it is determined that I do need it then I shop around and wait a little while longer to track the pricing. then when I am comfortable with the current price I purchase it.

I also sell old items that I do not require anymore... might as well make some money back if the items are just going to sit there anyways.

REPLY 27 Oct. 2010 | 8:10 AM Derek #37

These days I leverage automation to save money. First I have a percentage taken off the top of each paycheck for the company 401k. Next, because my employeer allows you to direct either a percent or an amount of your paycheck to be split between different accounts I also have a set amount directed to my savings account each paycheck. Whats left over is what I live on. It wasn't always this easy, when I was first starting out on my own and struggling I wanted to stop renting and own my own condo. What I did to "trick" myself into saving more money was to round up my bank register entries to bulk up my savings. Since my bank register was how I budgeted back then, when I saw I was out of money I stoped spending (this was before the internet so I didnt have instant access to my bank balance 24/7 like I do now). After about a year of this, I had enough socked away to buy my first condo in downtown Denver.

REPLY 27 Oct. 2010 | 8:39 AM kay #38

In addition to not buying things I don't need, I try and not buy services I don't need. Things like washing your own car, grooming your own dog, changing your own oil, etc.

REPLY 27 Oct. 2010 | 11:36 AM paul g #39

Clearly the way to save is to make a budget. That is the only way to create some sort of priority of which things to buy and which don't get bought.

Beyond that, I try to only buy the things I really want. I try to keep in mind how many hours I need to work to bring home $50 (after taxes). Then I have a better basis when I ask myself whether or not I really want to buy something. Is this item worth X hrs of work? (BTW - I try to do the same thing with calories. Is this worth 100 sit ups?)

REPLY 27 Oct. 2010 | 12:41 PM Stefanie #40

I have two different jobs, so one paycheck goes to regular monthly expenses and the other goes to saving for future stuff - travel, emergency, general savings.

REPLY 27 Oct. 2010 | 2:17 PM Stacy P. #41

I make a grocery list that includes mostly the perimeter of the store. I buy most produce on sale and get a rotating variety. When I'm in the store, I use a calculator. I tend to scrutinize the other items, usually snacks--for instance, crackers. Sometimes I buy on sale, sometimes I pick them up and think, "I can make these quickly from a few ingredients I already have..."

REPLY 27 Oct. 2010 | 2:25 PM Anne #42

We save money by clipping coupons and combining sales (I've saved at least 50% of my typical grocery budget, which includes food and toiletries, by doing this). Also, we're pretty good at differentiating between needs and wants, so we think about our purchases beforehand.

REPLY 27 Oct. 2010 | 4:42 PM peggy #43

I save by switching to generic brands for some grocery items, always buying sale items, and stocking up (plus using coupons) when timing is right. As for clothing, electronics, consumer goods I always comparison shop and never buy things at full price.

REPLY 27 Oct. 2010 | 8:21 PM david/moneycrashers #44

Eliminate all unnecessary spending, and determine the definition of "unnecessary" with brutal objectivity.

Its the only concept you'll need.

REPLY 28 Oct. 2010 | 6:19 AM Rebeccalynn78 #45

I try not to buy anything at full price.

Another big thing for me to save money is to meal plan. It cuts down on the amount of times we eat out during the month. It also cuts down on the amount of times I run to the grocery store too. I try to meal plan with what is in my pantry already. If it is in my pantry, I probably go the item on sale.

REPLY 28 Oct. 2010 | 8:19 AM Mariel #46

I save money by being organized, because the most valuable thing you have is time, and with more time for yourself, you save money on health, you save many things, in many ways...

REPLY 28 Oct. 2010 | 9:09 PM Lynda #47

auto-deposit. if i don't see it, then i won't spend it!

REPLY 29 Oct. 2010 | 6:28 AM Anna #48

We put all "extra" non-pay monies into our savings.

Secret Shopping - we do secret shopping and can put $20-$50 in savings from here.
Use a cash budget - all coin change goes into jar. Any money we didn't spend one week, it's changed to coins and put in jar. We only use same amount of cash each week. We get about $400-$500 every 4-6 months.

Doing this, we can put about $1,000 extra into savings in addition to what we do from our paychecks.

REPLY 29 Oct. 2010 | 9:01 AM Frances #49

For years, I have had my 401K contribution scheduled to "step up" 1% each year at the time we get raises. I have never missed it, because it comes out of the raise. I even had it step up last year when I didn't get a raise. I barely missed it then. I am now up to 21% if my salary going in to my 401K. If you told me I could live without 21% of my salary, I would not believe it, but with the 1% steps each year, it is easy.

REPLY 29 Oct. 2010 | 9:02 AM Jamie G #50

I automate maxing out my Roth IRA every month, and sock $50 automatically every month in a separate account for extra fun stuff, like saving for a bike or a vacation.

REPLY 29 Oct. 2010 | 9:41 AM Jaci #51

The best way I've found to keep our savings on track is to focus on what we do have instead of what we're "giving up" to save money or pay off debt. For example, every weekend, I try to go through at least one closet, cabinet or drawer to remind myself of what's in there, pull out what's unnecessary (to sell or donate - and add to my loose change jar or tax rebate), and use what I've forgotten about. The way, we "discover" clothes we haven't worn in a while, coupons we haven't used, games we haven't played, cookies we hid away, etc. We feel less deprived, earn a few bucks on things that get sold and stay organized.

Similarly, we will put off trips to the grocery store for as long as possible. At the end of a week or two, this forces us to scrounge up a meal from the perfectly good stock ingredients we have (but are too lazy to use) instead of buying a pre-made or restaurant meal. As long as we keep up our stock of rice, wheat flour, beans, ground beef or sale meat and canned/frozen fruits and vegetables, we're generally able to make a filling and healthy meal, albeit creative, and avoid the extra expense of fresh ingredients until later.

REPLY 30 Oct. 2010 | 10:54 AM Betty D #52

I have money taken directly out of my paycheck. One is for a retirement fund, the other is vacation $. Then with the amount I net, part goes into checking, part into savings.

REPLY 31 Oct. 2010 | 6:16 AM Sue #53

Very basic, but it works for us. After we pay off our credit card, the last bill in the month, we put the excess in a money market account for our emergency fund. We have over a6 months cushion saved up.

REPLY 31 Oct. 2010 | 11:51 AM Guest #54

Setting up automated savings of 20% of each paycheck for my husband and I both has changed everything. Learning to make saving a priority was earned the hard way, but now the satisfaction and peace of mind we get from knowing we can always pay the bills--even the unexpected ones--has been the greatest reward. We've also taken advantage of selling unneeded items and stocking away the money from every sale (craigslist, etc). Learning to cut back on expenses has been hard, but we try to do without and use a mandatory 30 waiting period before making any purchase over $50 for "wants". Usually, we forget all about it by the end of 30 days. The only other tip I can offer is to eat at/from home as often as possible as inexpensively as possible.

REPLY 31 Oct. 2010 | 12:26 PM Bree #55

We automatically save 20% of my take-home pay per pay period which has added up pretty quickly. Also, learning to live frugally has been a hard-learned lesson that keeps paying us. Grocery shop circularly: meaning use the circulars and stay on the perimeters of the store as often as possible. Eat at/from home as often as possible and try to avoid wasting food. Also, we remind ourselves that we are not deprived, but are choosing to live differently from the "Joneses". We are not wealthy by any means, but because we live with minimal debt and have savings we are richer than most of our peers. Nothing beats the satisfaction and peace of mind that comes with having a growing savings account--not even a new car or a fancy new iPad.

REPLY 31 Oct. 2010 | 1:31 PM Lindsay #56

I automatically have money moved to my savings account as soon as it is directly deposited. I never miss it.

REPLY 31 Oct. 2010 | 7:41 PM Elizabeth #57

I track all my spending so I can compare it to my income every month. Every month I also transfer the extra money from my checking account into my savings account. This way, if the difference between my spending and income changes very much, or if there isn't as much money to transfer to savings as usual, then I know I should check on things.

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