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Saving Money

Discussion in 'Off Topic [BG]' started by 43% burnt, Aug 5, 2005.


  1. 43% burnt

    43% burnt an actor who wants to run the whole show

    May 4, 2004
    Bridgeport, CT
    This is a fairly new concept for me, that I'm struggling with. Everytime I get some $ saved, it seems like something comes up and I have to tap into the bank. Anyway, I've never been very good at saving money. Unfortunately, I have expensive taste, and expensive hobbies. I would like to be able to get some savings in the bank. That way when I get a major GAS attack or an unexpected large expense comes up, I don't have to blow most of my loot.

    The one thing I've come up with so far is to bring my own lunch to work everyday. I decided to do this after I calculated my monthly spending on lunch is aroud $300+.

    Any suggestions, tips, techniques, etc...would be greatly appreciated.
     
  2. MJ5150

    MJ5150 Terrific Twister

    Apr 12, 2001
    Lacey, WA
    Decide on an affordable amount of money that you can set aside each paycheck. Treat it like a bill, it HAS to be paid. It may also work to open a new bank account at another bank to do this. Don't give yourself an ATM or debit card for it. That way you can not access it so easily.

    -Mike
     
  3. xshawnxearthx

    xshawnxearthx

    Aug 23, 2004
    new jersey
    if you smoke, quit
    if yuo drink, quit


    i spend lots of money on lunch
     
  4. Joe Nerve

    Joe Nerve Supporting Member

    Oct 7, 2000
    New York City
    Endorsing artist: Musicman basses, Hipshot products
    2 years ago I wanted a Bongo badly, but there was no way I could buy it responsibly. I now have that Bongo, and a Bongo 5 due to be delivered this week. I believe my ability to get them, plus a new (used) car, new compluter, and a bunch of other things came more from a change in the way I think about money, than in my learning how to save. I learned a real lot from a book called "Creating Money", but it's found in the New Age section of bookstores, and if yer not into that kind of thing, or unwilling to really open up your mind it, it'll probably seem like a bunch of nonsense.

    A couple of things I picked up outside that book that really helped were along the lines of what MJ5 said. I was told or read somewhere to PAY MYSELF FIRST. Every time I make any money or pay any bills, consider MYSELF my most important bill and put money aside that goes to me.

    I also save money in envelopes, and it's really been working. I have 2 or 4 envelopes and I label them whatever it is I need money for. The most important one of those envelopes I label "extra", and if some unexpected crap pops up I hit that one. The others are usually "bongo", "band expenses" and maybe "vacation" or something else I'm needing or wanting. If I take home $100 cash from a gig I immediately put 30 or 40 of it into the envelopes.

    My thoughts and attitudes about money were really off, and I didn't even realize it until I read the above book. If you struggle with money in any way I highly recommend it.
     
  5. WillPlay4Food

    WillPlay4Food Now With More Metal! Staff Member Supporting Member

    Apr 9, 2002
    Orbiting HQ
    This is the best way to save. I have a set amount automatically transferred from my checking to savings account every payday. That way I never have a chance to miss the money. Believe me, if you do this you will pretty amazed at how fast your savings will grow.

    Like Mike said, don't setup any ATM/Debit cards against your savings account. There's just too much temptation to use your savings on a whim. I have to go to the bank and fill out a withdrawal slip to get at the cash in my savings account which gives me a lot of time to think about whether or not the purchase is really worth the cash.

    Of course, don't bury yourself in credit card debt. Resist the urge to "Buy! Buy now! Buy now and be happy!" mantra most places are singing. If you want something, do what you had to do when you were a kid, save up for it. It'll save you years of frustration and heartache trying to climb out of the credit card debt hellhole and you'll appreciate things you buy that much more because you realize just how much effort went into making the money for your purchase. A side effect of this is you won't find yourself buying trivial stuff that you look at 6 months down the road and scratching your head while thinking "Why did I buy this? How much of a loss will I take selling it on eBay?"
     
  6. 43% burnt

    43% burnt an actor who wants to run the whole show

    May 4, 2004
    Bridgeport, CT
    Great Idea...I have direct deposit, but never set up a savings. I should just have $100 go directly to savings every week.

    Thanks for the other suggestions guys. I'll check out that book. I already started keeping track of my day-to-day spending. I'm gonna analyze it at the end of the week and see what I can cut out.

    I like the envelope Idea too. I'm going to make a GAS envelope, and just fill it w/ extra cash when ever I have it.
     
  7. WillPlay4Food

    WillPlay4Food Now With More Metal! Staff Member Supporting Member

    Apr 9, 2002
    Orbiting HQ
    That's $5,200 a year right there.
     
  8. 43% burnt

    43% burnt an actor who wants to run the whole show

    May 4, 2004
    Bridgeport, CT
    Wow...not to shabby. If I could put away $200/week I'd be chillin' with over$10G's.



    Then I'd blow it all on a crazy pro-tools set-up to record myself in my living room. LOL. :rollno:
     
  9. MJ5150

    MJ5150 Terrific Twister

    Apr 12, 2001
    Lacey, WA
    Yes, you will. Unless you have some goals, and a plan. These are some good ideas to get you started. Now you need to set some long term goals. Have a plan for the money so it doesn't get blown.

    -Mike
     
  10. lopsy_lu

    lopsy_lu

    Feb 15, 2005
    Scotland, UK.
    I've had similar problems saving money, but now I'm managing by not spending more than 25% of my wages per month on non-essentials. Gives me a specific and definite boundary to keep to, plus it allows me some spending on CDs etc


    ....sooon that Ashdown rig will be mine :)
     
  11. Joe Turski

    Joe Turski

    Jul 29, 2003
    Connecticut
    m
    I do the same thing. Except I get paid ever other week. It took some time to train myself to NOT pull money out, but I eventually got it down.

    Ever since I put a deposit on having a custom bass built, I now put an extra $100 in every other week.

    Now there's some sound advise right there! Credit cards can be the most evil thing on the planet. When I was younger, I was in debt up to my eyeballs from credit cards. It's soooo easy to buy things using the devils card it's scary. Now I pay for 98% of my things with cash. If you have to hand over a wad of cash for something, it makes you think, "Do I really need this that bad?"

    Credit cards can be useful if you're careful with them. I have 2, and only use them for certain things. Web server fees, on the occasion, CD's that I can only find on the net.
     
  12. Petary791

    Petary791

    Feb 20, 2005
    Michigan, USA
    What about a CD instead of a Bank Account? Then you can't take the money out. ;)
     
  13. I know it is too small of an amount for all you fella's making actual money whereas I make a small amount from work... I was always fond of saving the extra change in a jar, I make a nice tidy amount. Usually around $500 a year or so.

    I also always watch my spendings, making sure I don't do anything too stupid but have fun. I don't like to splurge on food either, if I can get filled up eating a 95 cent bagel instead of a 5 dollar sandwich, I'll go for the bagel. Some people may not want to do that though. :)
     
  14. 43% burnt

    43% burnt an actor who wants to run the whole show

    May 4, 2004
    Bridgeport, CT
    This is something else I'm trying to do. Its pretty tough...but I'm trying my hardest. I just feel like I might be missing out on some cool or hard to find piece of gear.

    But in reality, I'm very content with my rig right now. I just spent a nice chunk on 2 sweet Bag End cabs...I just can't help thinking how much sicker they'd sound with a nice Eden head. :rollno:
    Must resist the GAS, it is a sneaky and powerfull disease.

    Anyway, I started an envelope today with $150 I got for a cab I just sold. I'm going to use it to open up a savings account.
     
  15. natrab

    natrab

    Dec 9, 2003
    Bay Area, CA
    Check out www.ingdirect.com

    ING has a market rate savings account. Averages around 3.00% interest. Ask your employer about your direct deposit, you can usually have it split between two accounts. Mine's set up so that the first $200 of every paycheck goes to my ING account, and the remaining goes to my regular Wells Fargo account.

    I don't even look at the ING account. After a few months you'll have over $1k in there and you'll be diggin it.
     
  16. 43% burnt

    43% burnt an actor who wants to run the whole show

    May 4, 2004
    Bridgeport, CT
    My Mom recommended that bank to me, I'll have to check it out. Good interest rate. Thanks.
     
  17. WillPlay4Food

    WillPlay4Food Now With More Metal! Staff Member Supporting Member

    Apr 9, 2002
    Orbiting HQ
    My wife has an ING account and she's never had any problems with it. Their interest rate is 10 times better than most bank savings account rates (my bank is 0.3% for example).
     
  18. they need to put a disclaimer on money to make sure people understand they won't get it back once they spend it.
     
  19. ErikP.Bass

    ErikP.Bass Supporting Member

    Nov 23, 2004
    I too would recommend getting and ING Savings Account. No minimum balance, or monthly fees......currently 3.15% APY.

    Also I would recommend reading a book called "The Truth About Money" by Ric Edelman. A great read, fun too.

    Lots of good advice given here.


    :smug: