Saving Money Again

The last few months it has been on my mind more than usual, that I want to save up money again. Being on disability benefits and having no additional income makes saving money a pretty tough job. Thankfully I have family and friends that can jump in once in a while when I am in a pickle, but it would be nicer if I could do this myself. I thought it was worth writing this out, perhaps it helps others consider how they spend / save their money too.

What I have always done is round the interest in the bank up to a nice value every year. And every time I get home I put everything under 50 euro cents into a little box. This way it’s easier to remember what’s in my saving account, and I will have some change in the apartment for charity or tipping the delivery guy, or when I wake up and need fresh bread, or other small purchases.

What I have added last year was increasing the money in the bank account up to a very nice round number. So if interest was current + little bit, total is 73 in the bank, normally I would make it 75, last year I turned this into say 100. (Numbers are of course imaginary.) And last year I have also added to saving the little stamps from the grocery store you can buy, and then cash them in at the end of the year. So I have a bit of cash in my wallet.

This year I want to double up on everything. And add something new. Hopefully to speed up saving money, and spending less money on luxury things, such as a pizza delivery (for example).

Everything under a euro goes into the box. And at the end of the year I will deposit it into the bank account.

Ask family members to help collect those stamps so I can cash in on more. And at the end of the year when I cash it in, deposit it into the bank account.

Instead of once a year, rounding up the saving account number to a nice value, do that every 6 months, regardless. And when I do deposit something into saving, round it up to a nice number.

And finally, if I get home and I have some paper money left, say 5 euro bill, and I know I do not need it within a week. Put it in an envelop and don’t use it until the end of the year. At which point I can buy myself something nice, or put it in the saving account.

The idea sounds nice and all, and surely there will be times during the year where I really need the money. But at least I will be paying for it myself, instead of possibly borrowing it from family. And what goes into the saving account is there, I tend to not touch it.

Now let’s hope it indeed goes well. To make a start I’ve cashed in 72 euro of those stamps, used it to do grocery shopping. The money I didn’t use from my bank account, I put into savings to have a start and get nice rounded up numbers. And I have put the left over coins in the box and 5 euro in an envelop. Let’s see how this adds up at the end of the year.

By MrFloris

This blog is for people who know me, so nothing to tell. For those who don't know me yet, .. read my blog ;)