Comments on: Ask DSM Readers: Do You Pay Yourself First?

By: (different) Jennifer :)

(different) Jennifer :) — Fri, 19 Nov 2010 14:23:27 +0000

I want to try that too... that's a great idea! I'm going to look into that!!!

By: Jennifer

Jennifer — Fri, 19 Nov 2010 14:21:47 +0000

This is amazing! I'm so happy for you! That is a great start!! Have you looked into the Dave Ramsey? His Baby Steps to give you a good method of setting up an emergency fund, saving up 3-6 months of your monthly income (in case of unemployment, and of course paying of those nasty credit cards....!!!!!
You may look into that...I don't even have a ton of debt...and that book inspired me to save my money in a different way!!

By: CrazyLotusGirl

CrazyLotusGirl — Fri, 19 Nov 2010 01:02:59 +0000

My husband said we couldn't afford to save yet because we have a credit card balance of like we need to pay off (we were recently married, that sure was expensive, even as thrifty/frugal as I am!) I decided I would still save whether he liked it or not haha. I set up a savings account at a different bank than the one we usually use. I opted for no atm card, no online access, and quarterly statements instead of monthly. I told my husband about it and listed him as beneficiary - but his name is not on the account (he is fine with this BTW). I started it off by putting all of our rolled up change in it, and any winnings from our weekly poker tournaments. I clean house for a woman twice a month - that money goes in there too. Anytime my husband gives me cash (isn't he sweet) I tuck it away... I also saved the gift money from the wedding - he was pretty smashed that night when we opened the cards so he has no idea how much we got! I recently decided to put away 10% of all my paychecks and he let me start taking 10% of his shortly after (which are a lot more than mine!) Yesterday I asked him, just out of curiousity, how much he thought I had in my "Secret Savings Account" and he guessed $1,500. I can't wait until the time comes when I get to show him...I am terrible at keeping secrets so I can't believe I have done so well at this! When he got temporarily laid off recently I wasn't even really worried. Because I have over $4,000! in my "Secret Savings Account" that I started less than 6 months ago... Imagine when the time comes when we do need that money - What if we get pregnant, what if I get in another car accident, what if he got hurt at work, what if we want to take a vacation! I can't even explain the feeling of ease I have when I think about this, because I feel like "we will be ok" no matter what :) And that feeling is priceless...

By: jennifer

jennifer — Thu, 18 Nov 2010 20:17:41 +0000

how does that work. I looked on my bank and could not find it.

By: Lindsey

Lindsey — Thu, 18 Nov 2010 19:51:02 +0000

I have an automatic transfer set up; $50 every Friday gets put in. We don't miss the money at all because it was never ours to use. And wouldn't you know, Monday my hubs truck starting acting up? That's how these things go!

By: Ashlee

Ashlee — Thu, 18 Nov 2010 19:06:30 +0000

We are in a different situation now living off student loans and scholarships while my husband finishes law school. But once upon a time when I worked full time I had 8% of my income sent to my 401K where my company matched 5%. I never missed that money and now after working only 2 years there the money is worth over $8,000! I plan to do something similar with savings when my husband starts working.

By: Tere

Tere — Thu, 18 Nov 2010 18:46:43 +0000

My kids are grown, so my whole paycheck goes into savings now to help pay for his college. I encourage everyone to put as much as they can into their employer's retirement accounts.

By: Vanessa

Vanessa — Thu, 18 Nov 2010 18:37:56 +0000

We have auto transfers that go to our savings each month. It's super easy and we dont miss it at all. It is a small amount but in the future we hope to increase the amount. Every little bit helps!

By: casey4383

casey4383 — Thu, 18 Nov 2010 18:33:00 +0000

This is the only way we can save. When my husband gets paid we start by paying all of our bills. Then I trasfer everything but exactly what we will need over the next two weeks for gas, groceries and other small things. If it is in the account it is so easy to spend it!

By: Dizzy Mommy

Dizzy Mommy — Thu, 18 Nov 2010 17:53:57 +0000

My rebate checks go straight into savings, then I transfer $225 into another account for our mortgage, and $25-100 depending on the time of year for emergencies. I also always take $500 of our tax refund right off the bat, go to the bank and buy $1000 in savings bonds, last year I turned in the first $500 at full maturity, and then with my $1000, I bought $2000 in savings bonds once those mature I will flip it again and again. Its for major emergencies (and maybe someday retirement). We have long had problems with my husbands ex and identity theft, including her draining savings accounts for our kids so I had to figure something else out.

By: Damsel

Damsel — Thu, 18 Nov 2010 16:26:52 +0000

We are terrible about this. I really need to set up automatic transfers!