Forum: Adults / Money Matters

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re: How not to touch your savings?
By Emmamember has saluted, click to view salute photosPremium member Comments: 6898, member since Mon Nov 29, 2004
On Thu Apr 05, 2012 09:05 AM
I have an instant access isa, but I find that having a diary and writing down every last penny I spend prevents me from spending too much on things I don't need to! Taking care of the pennies really is about the only advice I can give. It works when I'm diligent about it, which is easier when I'm in shift work and I'm writing down my hours.
re: How not to touch your savings?
By Nicci_member has saluted, click to view salute photosPremium member Comments: 1667, member since Fri Mar 28, 2003
On Fri Apr 13, 2012 03:23 AM
I'm like Poko and have a two to sign account with my boyfriend for my holiday savings. It's great cos he never has time off when I do etc, so we never get into the branch together. Even though I can take a manual withdrawal slip in with his signature, I'm lucky cos the girls I work with won't let me take the money out haha.
re: How not to touch your savings?
By DaDancingPsych Comments: 3092, member since Wed Dec 18, 2002
On Mon Apr 16, 2012 07:28 AM
I am late to the party!

I, too, have a "hidden" checking account with a separate bank. Access to the money is a bit trickier, so I rarely feel tempted to touch it.

An additional thought is to work on training yourself to be thoughtful of your purchases can be an excellent skill. Learn to determine when something is a need or a want. Do you really need that new top? Likely no. You probably have something in your wardrobe that would be fine to wear. Do you need that book? Assuming that your location has a library similar to mine, you should consider borrowing it from there (even if it's for a class.)

On many purchases, I force myself to sleep on it. If I walk away from the store and give myself some time, I often find that I realize that I don't really need/want the item or sometimes I even forget about buying it!!! I think that's a sign that it's not an expense that I need to make.

Also, don't tempt yourself. If you don't need to buy something, don't go into that store or browse that website. I think many of us use shopping as a recreational activity, but that can backfire on our savings. Find a different activity to do on your time off or with your friends.

I also try to remind myself that sales can be great. Who doesn't like saving a few bucks? However, I don't save anything if I buy stuff on sale that I would not have normally purchased. I have to work very hard to remind myself that just because it's 20% off does not mean that I NEED the item.

Living frugal can become a game. I tend to pride myself when I skip an unneeded purchase. You could even "reward" yourself when you manage to avoid an unneeded purchase by putting additional money into savings. (Depending on your budget, you could set aside a small coin or even the full purchase price of the item.) Then it's fun to look at your bank statement, because you not only avoided additional spending, but your "rewards" will start to add up.
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