A savings Idea

[leeann]

You all probably do this but...............I am really trying to buckle down and get some serious savings done this year. So let's say you go to a store and use a store card, coupons etc............you save oh $15.00. Now what I want to start doing is actually transfer that amount to my savings account. I know I didn't spend it but I didn't exactly save it either so I thought I'd transfer it.
What do you think?

[nalto]

I think it's a great idea. You are actually "saving" it that way, instead of just "not spending" it.

[Apple]

Great idea. I don't do it only because my checking account makes 4 times the interest my savings accound does. I'm pretty self-controlled, but it's sad to go check my account and see a teeny tiny savings account. I know the money is there, but it's still a little bit of a mental drag to not see a large amount right under the word "Savings"

[dancinmama]

That will work well if you haven't used coupons before and keep your budget the same as it as before.

I use a ton of coupons and am constantly rolling drug chain rewards from one week to the next so trying to "save" everything I save would be a bit much because I save A LOT of money using coupons and drug chain rewards.

What I do do, however, is to use as many of my drug chain rewards as possible to buy items that are offering a 100% cash rebate. So I'll buy a product that costs $11.99 and pay for it with drug chain rewards so it really doesn't cost me anything, then I'll send away and get a check for $11.99 in the mail. I put all of those checks into a savings account. You'd be surprised at how many rebates there are out there and how fast they all add up.

[NancysSummerSip]

I actually do this, Leann....Whatever the amount I save on the bottom of the receipt, whether it's a dime for bringing my own bag to Whole Foods, or $50 at the grocery store, it goes into savings. I also put rebate checks, and the annual check I get from my auto insurer in the account. I am in my fourth year of this, and have passed the $10,000 mark.

It really does work, and it does add up, if you save what you save. Does seem to take awhile, sometimes.

[leeann]

WOW that is quite an accomplishment, to save over 10,000.00!!! My hat is off to you!!