2/21-2/28: Getting Rich Slow?

If you are going to save money, you need to at least try. How do you and other Tripod members save? The best tips will appear on our Tripod Work & Money Tips feature.

I consider savings like a weekly or monthly bill, just like rent, electric, phone, etc. I started small ($50/wk) and worked up from there. It's also very easy if you arrange to have your workplace or bank automatically deposit a certain amount in your savings account every week. This way you never see the money. Before you know it, there is several thousand in savings! -- cpuccio

put cash away and ignore it! --schwa

Every week, I put away one day's salary. This helps when you need to buy something for somebody's birthday, if all the rest of your money went for rent, bills, etc. -- Yuriy

Buy insurance that gives you returns. Since you are forced to put aside money for the premiums, you will be forced to set money aside monthly or quarterly. --Adante (one of Tripod's many members from Malaysia)

Getting a web site with Tripod instead of paying 30 bucks a month with someone else. -- Sparky

If you've got a savings plan at work, join it! If it's a credit union, just put money in and ignore it. If you've got a 401k, that's even better. Have a goal - mine's to be debt free in 5 years - and work toward it. If you're refinancing, go for the 15 year mortgage - sort of a forced savings. -- GregFielder

Save 10% of everything you make. Give 10% of everything you make. Live on the other 80% and the 10% you put away will pay off in dividends down the road. The 10% you give away will come back 10 fold. This is a biblical truth...Go figure!!! -- rblanoue

Save via payroll deductions (i.e stock purchase, 401K...), and any other deduction available at work. After a few weeks you don't even realize it's gone. -- rgan

I don't save money. I spent everything as soon as I get it!! YES!!! -- manton

Two tips: Try to always pay in cash--checks and credit cards delude you into thinking your purchases don't really cost anything. And try to get by without owning a car--I did for 6 years; the money I saved paid off my student loans. Now I'm truly free! -- James Hendrickson

Why save? don't forget that tommorow you will be making five times as much. Today spent all you have - invest in Yourself !!! -- helenismos

Right now it's very difficult to save money due to my being among the ranks of the unemployed. I feel fortunate that I can pay my rent and buy groceries. Don't have health insurance. Don't have that "recommended" 6 months wages in the bank. Does anyone these days?? When employed, I have been one or two paychecks away from homelessness. Does this tell you something about the conditions people are living under these days?? --Micki

Stay home on Friday night, go wild on Saturday. -- mcl

I work at a theater, so I live on popcorn, soda, and free movies. That at least saves money in the area of entertainment! --Zebra

Use some type of financial software. Determine how much per year you probalbly will have to pay for medical bills, Christmas, vacation, insurance, taxes, auto tags, and any other variable expenses you may have. Divide each expense by 12 to see how much it costs per month, even though you may only pay it once a year. Then set up reserve accounts for each expense and "deposit" the appropriate amount each month. Debit each reserve account as you incur expenses. This way you won't get surprised by unexpected bills, and you will know if you need to cut back if after "depositing" in each reserve account, there is nothing to live on. -- Cracker

Start a "reserve" in your checking account. Write a "check to yourself" each week or month, before you pay any bills. Start with a manageable amount. Keep track of the "reserve" balance in the back of your checkbook. When it's time to reconcile, add the reserve balance to your ending balance. The two should equal the bank balance. This builds a cushion. Then invest it. The key is "Ownership" vs. "Loanership" dollars! -- khedges

I make saving money a game. I take each bill (electric, gas, etc.) and examine it for ways to save on next months bill. You'll be surprised what your family members will come up with. Best of LUCK! -- PJAG

Most mutual funds will make automatic deductions from your checking account on a monthly basis if you want them to. I have one fund in my IRA which takes $60 a month from my account. Since I'm only 23, and assuming the stockmarket averages the way it has over the last 20 years, that $60 a month might be enough to provide a reasonable retirement, without dependance on Social Security, which won't be around by then anyway. -- Smirk

Have a baby! We did and we have no time for anything else, like going out for example. So what are you going to do? Save and save. Besides, when you have a kid you make certain other compromises that involve saving, such as mortgage, car payments etc. -- Alibaby

Before buying something ask yourself 10 times: Am I *really* gonna use this ? -- Nitty

Don't carry cash and don't spend it; then you can save it. I rarely carry cash. It is less likely for me to use my credit card that I know I am going to pay interest on than cash. -- pgordon