How to Save Money

Now that the year is coming to an end, the extra hours of work are also diminishing.  I still have some hours left to work but not like I was before.  I have to say I am quite burned out.  I know in the new year I will be working extra hours because one more person just turned in their two weeks notice.  She is finally retiring from.  After serving 25 years of service, it's time for her to take a break and then start her new job.  I'm happy and sad but more frantic in two things; extra hours of over time if someone is sick or takes vacation time AND another new hire.  I am sure I'll be training the new hire for something when they're hired.  I am sure that'll zap me of whatever energy I have left.

I am trying to save my money, I'm saving more and more since I find more things I want to have a budget for.  Saving is a slow process but I am doing well.  Every pay check I add in small amount of money to save.  This means I cannot buy extra stuff unless I save for it first.  This is the hard part but I think it works better.  I had once saved a lot of money but then again I was working multiple hours, I also had a smaller car payment too.  After January, I will have paid off my car and I will take that money and save it.  Half will go towards my regular savings, to buy a house or rent an apartment.  The other half will go towards car repairs, new down payment for the next car, and registration renewal.

The savings account I am using is with my regular credit union and a co-worker told me about Capital One 360 Savings Account.  This is the largest amount of interest for most banks and it's very easy to set up.  You can add multiple savings accounts to the primary one.  Also each account brings in interest too!  I find this is better to use than my credit union.  My credit union I have ask them to add another savings account.  With Capital One 360, I can do it myself.  I can use the computer, my iPad, or my phone.  They have an app for your account, both savings and checking.

You get 0.75% for your savings, this is better than most places. Nerd Wallet can show you the better accounts to get.  I'm happy to see Capital One on the first page.  It's lower than the others but I feel I know this company well enough to trust them with my money. I also know there are banks near me and I can go there if I have questions.

One of the reasons why I have this external savings account is for a few different reasons.

1.  I can add multiple accounts and name them.  I can even change the names of the accounts too.
2.  0.75% interest!  Pretty nice.  Better than having it sitting in an envelop at home gaining, nothing.
3.  Out of sight, out of mind.  I put in only small amounts of money but once I do, it'll multiply quickly and I won't notice that it's gone.  When I check the account again, I'll see how much money has been saved!
(I saw the first bank was 1% but I can't find out how many sub saving accounts you can have.  With Capital One 360, you have a limit but they allow several before you'd have to open another savings account.)

It helps me think of what I want to save and also I'll have the money when I want to buy whatever it is I'm saving for.

I have a savings account for:
1.  Vacation
2.  Camcorder/Piano
3.  Doctor Bills
4.  Vehicle stuff
5.  Clothes
6.  Make-up
7.  Massages
8.  Hair cuts
9.  Christmas
10.  Moving

So each account gets a certain amount, about the same as each.  This will help remind me of what I'm saving for and honestly it's probably the best way so I don't end up in debt.

I did get myself into credit card debt one time.  It was with only two cards and it wasn't a whole lot.  It was less than $3,000.  I quickly got out of it and never let my card get more than $200 before I pay it off.  I leave a little amount on the card, but nothing more what I could pay off.  I also am trying to save money better so I have less to spend on a whim.  That's the problem, buying on a whim.  You have to constantly remind yourself, "YOU DO NOT HAVE MONEY FOR THAT!".  I nearly bought a makeup kit and then I nearly got a present for a friend.  Both would have been $40.00 USD before tax but I said no and will wait till I get the money saved for it.

So far I have saved over $500 in this Capital One 360 account, all accounts combined.  This is a good start and I haven't really used a lot of the money I saved yet.  I made the doctor bills account when I got sick so I wouldn't accidentally spend that designated money.  It's been working out well and I'm better at where I spend and save my money.  It's just an adjustment.  When I was able to save a lot of money to move, I wasn't putting money into another savings account to save for other incidental items.  If I wasn't saving money in my Capital One 360 savings, I'd have more money to put away in my main savings account.  Either way, I'm doing better than just spending it on stuff.

I do need new clothes and will have to part with some old stuff before I buy anything new.  I already went through some of my drawers and got rid of some under clothing but that barely put a dent into what I need to do.  With Christmas coming, I will probably put my holiday money away into savings.
I would like to get a Prime Membership with Amazon but since that's like $100.00 USD, I'll have to wait till I get my tax return to save for that.

So share how you save your money for incidental items,

Until next time, stay beautiful.

~M.J.


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