QotD: Penny Pinching
What are some ways you save money?
Submitted by Pixiemom.
The older I get, the better I am at saving money. At this point in my life, I'm the only person I have to support, so I think I am able to save more money than people who have kids or a mortgage or whatever. My overhead for life is less than most.
As far as long-term saving goes, I put an amount of each paycheck into my high-interest savings account. I usually forget that account exists, so the money just sits there and earns interest. Sometimes I break into it when I have an emergency, like Dental Hell 2007. I also invest a certain amount of my mid-month paycheck in long-term growth mutual funds, and I have an IRA.
In terms of day-to-day saving, I moved closer to work, so that's saving me about $30 a week in gas alone. I'm also a bargain shopper -- I rarely buy anything full-price. Of course, there are things I could do better, but I think I'm doing okay for being 26. I know far too many people who are up to their eyeballs in debt.
On a completely unrelated note (but speaking of eyes), I was talking to my friend Jeremy today and we decided the two worst metaphors ever are: "keeping my eyes peeled" and "by the skin of my teeth." Barf.
Comments
Its good to know that you got foresight and brains, in the consumer filled I want it now world we live in, if only I was smarter in my days instead of drinking my money away saved it for when something bad happened. But I will say I have always planed enough ahead to give me at least next months bills will be played. You never know where your life will take you and what will happen, but if you keep up that pace you should be able to retire long before you are too old to enjoy it. I hope you can keep up such a smart plan after you find that significant other and kids, that’s when the world of finances change.