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I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?

 
Anonymous Coward
User ID: 54897212
United States
02/26/2014 02:10 PM
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I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
I don't make very much money but I have figured that I can
"safely" save that amount of my paycheck... but the amount of time and diligence is beyond anything I've ever done. Not a lot of room for anything extra by any means (a little extra for car repairs but I am going to attempt to save as MUCH as possible, even beyond 60% when possibloe).

Anyone done something similar or come to a similar path in their life?

Thanks in advance.
Anonymous Coward
User ID: 30670164
Canada
02/26/2014 02:12 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
did that since 1979. bought gold and silver..
Anonymous Coward (OP)
User ID: 54897212
United States
02/26/2014 02:13 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
did that since 1979. bought gold and silver..
 Quoting: Anonymous Coward 30670164


your patience is astounding, I applaud your effort and what must be substantial wealth

applause
Anonymous Coward (OP)
User ID: 54897212
United States
02/26/2014 02:15 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
did that since 1979. bought gold and silver..
 Quoting: Anonymous Coward 30670164


it scares me a bit to invest in Gold and Silver.. to lose my saving's on a bad investment would be heart breaking..
D0NTBeAfraidEVER

User ID: 54649559
Norway
02/26/2014 02:21 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
Ive done something similar twice.

I used to live together with a friend of mine when i was younger. We had two slot machines in the basement that we used as piggy bank (one each).

We paid all our bills, then we calculated how much money we had to spend each day.

Everything we wanted to save we put into our slot machine.

I came home from work, bought todays dinner, then i put the rest of todays spending money onto the machine. I had the keys to his machine and he had the keys to mine, so i couldnt get it back.

I ended up saving too much too fast i think so i ended up going on a huge spending when it was over.

I saved about 50% of my salary for about 6 months i think =)

It was fun though.
Anonymous Coward
User ID: 13548925
United States
02/26/2014 02:23 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
What would be the best/safest way to keep your savings?

In a bank account or cash under your mattress or as silver junk coins?

wtf
Anonymous Coward (OP)
User ID: 54897212
United States
02/26/2014 02:32 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
Ive done something similar twice.

I used to live together with a friend of mine when i was younger. We had two slot machines in the basement that we used as piggy bank (one each).

We paid all our bills, then we calculated how much money we had to spend each day.

Everything we wanted to save we put into our slot machine.

I came home from work, bought todays dinner, then i put the rest of todays spending money onto the machine. I had the keys to his machine and he had the keys to mine, so i couldnt get it back.

I ended up saving too much too fast i think so i ended up going on a huge spending when it was over.

I saved about 50% of my salary for about 6 months i think =)

It was fun though.
 Quoting: D0NTBeAfraidEVER


I was thinking about a piggy bang of sorts..
Anonymous Coward (OP)
User ID: 54897212
United States
02/26/2014 02:32 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
What would be the best/safest way to keep your savings?

In a bank account or cash under your mattress or as silver junk coins?

wtf
 Quoting: Anonymous Coward 13548925


banks scare me.. I might just get a mini safe
Anonymous Coward
User ID: 2268641
Canada
02/26/2014 02:39 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
Saving money has always been fun for me. Then the last five years before I retired I really wised up and started saving half of my net salary, I also gave the first 10 percent to my church (plus a little more). I never had any debts, have cut my own hair since 1983, don't color my hair or wear much makeup, don't buy much "stuff", don't smoke or drink, and haven't had a car since 2002. I may sound like a prude, but all those things don't interest me, so it's easy to save money. I have an 8-year-old flip phone (no CallerID, $28 per month), how pathetic is that. Once saved, the money stayed in my savings account; my chequing account was for paying bills. My retirement is wonderful, I can't imagine not having that money that I saved up. Now I'm even more careful with the food I buy, using it all up, juicing, making soup of the leftovers, freezing fruits and veggies for juice and smoothies. There are so many ways to save money.

Some people just spend-spend-spend, it's out of control and they have no budget or any idea why they are always broke.

Good for you. I wish you success even if you donít quite reach your goal of 60 percent. Think how you'll feel when you're in the black and others around you are struggling with debts that they can't manage. You'll love it when you see the amount of your savings increasing, itís definitely something to shoot for.

Sorry, would you mind telling us your gender and general age?

GOOD LUCK!!
Anonymous Coward (OP)
User ID: 54897212
United States
02/26/2014 02:54 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
Saving money has always been fun for me. Then the last five years before I retired I really wised up and started saving half of my net salary, I also gave the first 10 percent to my church (plus a little more). I never had any debts, have cut my own hair since 1983, don't color my hair or wear much makeup, don't buy much "stuff", don't smoke or drink, and haven't had a car since 2002. I may sound like a prude, but all those things don't interest me, so it's easy to save money. I have an 8-year-old flip phone (no CallerID, $28 per month), how pathetic is that. Once saved, the money stayed in my savings account; my chequing account was for paying bills. My retirement is wonderful, I can't imagine not having that money that I saved up. Now I'm even more careful with the food I buy, using it all up, juicing, making soup of the leftovers, freezing fruits and veggies for juice and smoothies. There are so many ways to save money.

Some people just spend-spend-spend, it's out of control and they have no budget or any idea why they are always broke.

Good for you. I wish you success even if you donít quite reach your goal of 60 percent. Think how you'll feel when you're in the black and others around you are struggling with debts that they can't manage. You'll love it when you see the amount of your savings increasing, itís definitely something to shoot for.

Sorry, would you mind telling us your gender and general age?

GOOD LUCK!!
 Quoting: Anonymous Coward 2268641


I have a lot of respect for that. I try to be a minimalist as well.. though I think you're a few steps ahead of me ;)

I just turned 30 and I am a male.. I have always had trouble saving.. the most money I have ever had in my hand at one time was a little under $2000. Then again, I have never had a job I enjoyed (I do now).. so the impetus is there and strong! Thanks for the support! :)
Anonymous Coward
User ID: 17851386
United States
02/26/2014 03:03 PM
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
I don't make very much money but I have figured that I can
"safely" save that amount of my paycheck... but the amount of time and diligence is beyond anything I've ever done. Not a lot of room for anything extra by any means (a little extra for car repairs but I am going to attempt to save as MUCH as possible, even beyond 60% when possibloe).

Anyone done something similar or come to a similar path in their life?

Thanks in advance.
 Quoting: Anonymous Coward 54897212




I actually have to save 60% of every check because the government steals it at the end of the year.
Anonymous Coward
User ID: 2268641
Canada
02/26/2014 04:21 PM
Report Abusive Post
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Re: I am about to embark on a journey of saving 60% of my paycheck for two straight years. Anyone else done anything similar? Tips, suggestions?
Saving money has always been fun for me. Then the last five years before I retired I really wised up and started saving half of my net salary, I also gave the first 10 percent to my church (plus a little more). I never had any debts, have cut my own hair since 1983, don't color my hair or wear much makeup, don't buy much "stuff", don't smoke or drink, and haven't had a car since 2002. I may sound like a prude, but all those things don't interest me, so it's easy to save money. I have an 8-year-old flip phone (no CallerID, $28 per month), how pathetic is that. Once saved, the money stayed in my savings account; my chequing account was for paying bills. My retirement is wonderful, I can't imagine not having that money that I saved up. Now I'm even more careful with the food I buy, using it all up, juicing, making soup of the leftovers, freezing fruits and veggies for juice and smoothies. There are so many ways to save money.

Some people just spend-spend-spend, it's out of control and they have no budget or any idea why they are always broke.

Good for you. I wish you success even if you donít quite reach your goal of 60 percent. Think how you'll feel when you're in the black and others around you are struggling with debts that they can't manage. You'll love it when you see the amount of your savings increasing, itís definitely something to shoot for.

Sorry, would you mind telling us your gender and general age?

GOOD LUCK!!
 Quoting: Anonymous Coward 2268641


I have a lot of respect for that. I try to be a minimalist as well.. though I think you're a few steps ahead of me ;)

I just turned 30 and I am a male.. I have always had trouble saving.. the most money I have ever had in my hand at one time was a little under $2000. Then again, I have never had a job I enjoyed (I do now).. so the impetus is there and strong! Thanks for the support! :)
 Quoting: Anonymous Coward 54897212


Good on you for realizing this early in life. We who try to be minimalists are really happier than people with loads of stuff. I look around my house at the items and clothes that I actually use and realize that most of the other stuff I have is not really needed. A minimalist with a bank account, can't beat that combination (until the economy collapses, then we're screwed).

All the best!





GLP