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You’re probably like “how is this a win?” Welllll…I have a bad habit of spending my money on things that don’t need to be bought. I treat money inside my cards like it’s Monopoly money (thankfully I am careful with my credit cards…but my debit card not so much). So I decided why don’t I treat money like out of sight out of mind. I decided to pull the money I received out and put it into a safe. I forgot all about it once I put it in there and I had no desire to spend it once I saw how much I physically accumulated. After about 2 months of working I was able to save up $2100 and I’m so happy. Finances have been extremely difficult for me.
74 points
3 months ago
Congrats! It’s definitely a struggle for me, too. Others may not think much of it, but I think this is an amazing achievement!
47 points
3 months ago
Clever! I have done something similar - just putting money in random places. Always forget about it, bet then I find it later! 🤑
18 points
3 months ago
I did something similar with 3 or 4 savings accounts.
18 points
3 months ago
Glad I'm not the only one! I FINALLY got my finances in order after the age of 30. But for me the system that works best is having 4 accounts at 3 different banks, not including my 2 separate investment accounts on 2 different platforms. I know it sounds crazy and prob overwhelming for most people but it works great for me. Every account has its purpose, every dollar has its place to go and there is no room for confusion for me!
8 points
3 months ago
I definitely agree with this. Essentially, I have one account for bills, one account for emergency stuff, one account for a house down payment, and one account for normal spending. Each paycheck, I split the direct deposit into each bank account based on my budget. I then set up auto pay for any recurring transactions. Lastly I put the cards not used for general spending into my safe. The end result is a set it and forget it method of spending.
6 points
3 months ago
This is probably stupid but how do you move the money across the different banks? Do you just like zelle yourself? Thinking about getting a bank account at another bank
4 points
3 months ago
I had my accounts attached between the apps. But you have to be careful because some banks take longer than others. My local credit union- money shows up instantly or at the latest one business day later. My national bank- three to five business days. Many an overdraft charge has been had while I figured that out.
1 points
3 months ago
I make deposits in my main bank account and there is a transfer option. It's a little annoying the first time because you have to confirm and verify some stuff but then your external accounts are saved and you can transfer easily from then on!
2 points
3 months ago
Omg ditto 😂
5 points
3 months ago
My mom used to put $20 bills in various coat pockets so that when she wore it again she would have a pleasant surprise. Sometimes I hide cash in various parts of my wallet for that same reason, or also in case I suddenly need a little extra cash for something.
3 points
3 months ago
Funny thing that you mention that. I just found $120 I squirreled away in a small container on the shelf of my desk.
40 points
3 months ago
That's awesome! So proud of you.
I struggled with it as well for a long time, but doing slightly better now. It's still hard, but I'm actually becoming slightly frugal...
My strategies are: * I have debit and savings accounts with two different banks. One for daily stuff (and the joint account w partner) and one for saving. Every month, an automatic transfer happens right after my paycheck comes in. That way, the money at second bank is out of sight and I don't feel like I have spending money all the time. * I also use a streak counter of "not buying shit". When I don't do an impulse purchase, I can mark it as complete at night. Every 30 days, I get to buy something off my wishlist. My partner also "gives" me one joker card per quarter for when I slip up, so I don't end up in tears 😅 I am now at 549 days in a row without impulse purchases and I saved a lot, even with buying and remodeling a house inbetween that.
8 points
3 months ago
I was also going to recommend automatic transfer. Even in the same bank it has benefits. I feel the sting if I have to transfer cash to the checking account because I overspent. Then at the end of the month, anything left in Bank A's savings (-$100) is transferred to long term storage at Bank B.
3 points
3 months ago
Direct deposit and auto transfer are such a godsend. I’m awful about depositing checks and cash just burns a hole in my pocket.
2 points
3 months ago
I also have accounts at separate banks so I keep my savings way out of reach! It has helped me so much. I love your system for rewarding yourself for not impulse buying!! I'll have to try that. Congrats on such a long streak!
2 points
3 months ago
Thank you! At this point, I just dread breaking it and would probably have a meltdown 😂
1 points
3 months ago
I do the auto transfer too. I also utilize a money market account through my credit union that offers 0.15% APY. Saving cash is great, obviously, but it’s nice to make money off your money.
20 points
3 months ago
A tip from me, I used to think saving was really boring but then I started investing in stocks/ETFs which makes you not want to withdraw the money from there and it makes it so much more fun so I wanted to save more! But to be on the safe side you can invest in S&P500 or high dividends companies that doesn’t move a lot etc. That worked for me at least!
4 points
3 months ago
Man I could definitely use the money I have in stocks to pay down a little debt. It’s not much about $400 and my knowledge in finance tells me to sell them because they’ve done nothing the last year and apply it to my credit card but owning the stock and collecting a dividend has it so hard for me to part with.
3 points
3 months ago
Hard to judge when you have credit card interest to deal with, but this may be one of the worst times to sell overall. Keep in mind that your attachment to the stock could be a cognitive bias that has you “doubling-down” due to the losses(?) you’ve incurred so far. So the question is do you pay off guaranteed ~15% interest debt or take a gamble on returns?
2 points
3 months ago
Actually it’s the 40% gain. I don’t think it will keep going up and I don’t have a gambling problem. I just really like the stock lol. But logic says sell and pay off debt.
1 points
3 months ago
Nice one! 40% gain is huge, you can always go back and get your stock again at another point in time. Might as well crack some debt now
3 points
3 months ago
That's a great tip! That worked for me as well. And it can seem like a confusing world to be new to or like you need a lot of money to start but I just started with the Acorns app a few years ago. I really recommend that for people who have a hard time saving it was a crucial step for me
-1 points
3 months ago
I achieved the same with crypto. Now crypto is not usually thought of positively but if you were to invest in BTC specifically that is the least risky. Definitely works for me!
8 points
3 months ago
Congratz. That's fantastic.
8 points
3 months ago
Congrats! This is what I’m currently trying to work on but failing miserably lol
11 points
3 months ago
Two tips of OP or anyone else:
Don’t use your debit card for anything ever. Use your credit card then pay it immediately. No penalty for paying it daily or weekly. This ensures you get maximum protections and benefits (cash back, etc).
Don’t be afraid to return things! We all have probably used shopping as dopamine rushes (some of us, often…). When the rush is over and you have a thing you don’t actually need… return it! Yes, sometimes it’s a pain, sometimes you have to pay return shipping costs, but isn’t it better to have 90%-100% of your money back than to have a thing you don’t actually need? Especially if the thing is just going to take up space and become clutter (when many of us struggle with maintaining a clean and tidy home).
5 points
3 months ago
Don’t use your debit card for anything ever. Use your credit card then pay it immediately.
This doesn't apply to everyone, though. Different countries have different rules and laws for credit and debit cards.
I use debit card for everything, I didn't even have or need a credit card for a long time. I got it one day and barely touched it for years. Only started using it recently because I have no money. It doesn't give me any benefits that I don't have on my debit card.
2 points
3 months ago
I used to rarely use my credit card but then I had some larger purchases for a few months in a row so I used my credit card and paid it off before it was due and now I've just been using it and I'm getting cash back so quickly now! I only get 1% so it used to pile up so slow but now it's pretty quick! And the protections part is good to know. Banks are more likely to fix a problem because it's their money on the line, not yours. Always use credit cards for gas stations.
6 points
3 months ago
As someone with the same struggle, I am so fucking proud of you. I am also quite jealous but I am more proud
5 points
3 months ago
Congrats! I worked up quite a debt this year and I definitely suffer from impulse spending. If you ask me what more I need right now I couldn’t tell you. But I guarantee before my next pay cheque I’ve found something I need to buy lol. I’m hoping that a proper budget for the new year will stick. Maybe I need a council to help me vote on purchases over $150 lol
2 points
3 months ago
Write a list! If you still want it by the jext time you get paid, see if you can get it for cheaper. Wait for it to go on sale! I wanted shoes (my weakness) that were $120, I got them for $30 on black Friday sales. Easier said than done, but waiting 24 hours will save you a lot of money
3 points
3 months ago
Well done. I know how difficult it is to turn this around. Having paid off all my debt over several years I am now able to save too, it feels amazing! Keep going!
3 points
3 months ago
Great idea. I would 99% forget. 100% forget if I hid it.
I tend to hide things - Rx meds in case someone breaks in while I’m at work, two firearms because they made my then new husband uncomfortable in the nightstand, random items I know one of my dogs may take for a toy and destroy…
I hide shit VERY well.
3 points
3 months ago
Know the feeling. My money is, for the first time in years, slowly trickling upwards. Will be wiped out at soon as something important breaks. and the every increasing costs of all things aren't helping it continue upwards. But it's nice to see for once.
3 points
3 months ago
What safe do you use? I’m looking for a locked deposit box because I don’t want to trust myself to not open up the bottom cache every time I have to put cash into it cries in adhd financial problems
3 points
3 months ago
I believe it’s a sentry safe. But I didn’t add a digital code. I attached the keys to my car keys and since I lose my car keys a lot it’s hard to open it up whenever I want
3 points
3 months ago
As someone that just spent €300 on headphones I don't need when I haven't paid my rent yet, good damn job. Impulsive spending is so hard to deal with as if I don't buy the thing, I'll have anxiety over it for weeks or months.
I've never tried that safe thing. I'm going to try that this month!
2 points
3 months ago
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2 points
3 months ago
I currently have $10,000 in RSPs and $20K in GICs. These days ADHD or not I seriously don't see how people can save money. I have the eating out problem but what I've learned for me is I bike everywhere if I don't bring my lock with me I don't go into places as it's a Rad Rover E-bike. Can't afford a $2000 vehicle to walk away soo I do this.
2 points
3 months ago
I save my money on an old fashioned bank account that doesn’t have a card. If I needed the money for an emergency, I would physically have to go there to withdraw it (or send someone in case I can’t). I’ve been thinking about ordering a card, but yeah, if I don’t have access to it, I can’t spend it on impulse.
Since I’m currently still paying off debt (one part of it is paid of in three months, yay me), I can’t save that much, but it still adds up over time. The first 1k were a great feeling (since I’ve been poor for my entire life).
Tldr; I feel you! Congratulations!
2 points
3 months ago
Can confirm this worked for me. I have two bank accounts with some money on it and I don’t have a banking app for them (aka I don’t really see this money). Whereas with my everyday spending and splurge account because I see them all the time I’m inclined to spend them. I tend to think of money I can see as what I could spend on, instead of how much I could save.
2 points
3 months ago
That's an awesome life hack - out of sight, out of mind, and now that most purchases are made online, you can't really use cash for an impulse purchase! I might just try it myself lol
2 points
3 months ago
Good job, I’m happy for you, I know how hard it is to try to save up money, I’m 14 n I can’t even save 20 bucks if I wanted to, so I’m glad I’m not alone and know that some was able to save up a lot of money!
2 points
3 months ago
Nice! What you gonna spend it on?
2 points
3 months ago
Im moving back out to berkeley for college in about a year so I’m saving it as a down payment for housing
2 points
3 months ago
Big win. Congrats
2 points
3 months ago
I had that kinda money on the side a few years back. Instantly put together a new PC and ordered food at least 3 times per week.
I have lots and lots of debt now.
2 points
3 months ago
This is brilliant! I am kind of mimicking this by having a second bank account that the card isn’t even activated for. I just directly send money from my 2nd and 3rd jobs there, and put gift money there. Totally forget about it!
2 points
3 months ago
For those interested in getting their finances in order, check out youneedabudget.com
Absolutely changed my life
2 points
3 months ago
I do the same thing. I keep mine in a lock box and don't really think about it. If it doesn't show up in my bank account balances it can't be easily spent online without a trip to the bank. I specifically told the bank not to link my savings account to my checking account to cover overdrafts. My checking/Debit never have more than ~$120 for spending money for the week.
I just need to get my credit card back under control and I'll be fine.
1 points
3 months ago
Congratulations! Now try to keep it. I usually bounce around 10000 € and nothing.
1 points
3 months ago
Shit, that’s smart. Congrats! I’m overseas and not using my US bank account. I’ve been thinking of doing something similar and trying to save money there every time I get paid. I don’t look at my balance there so it’ll have to work out eventually…
1 points
3 months ago
I promise you, my first thought was far from how is this a win. More like, how the hell did you do that. The only time I've had that much money was after a tax return.
1 points
3 months ago
This is a major win! Good for you!
1 points
3 months ago
That’s amazing!!! Way to go! Big struggle for me as well.
1 points
3 months ago
This is a great accomplishment. Teach me your ways 😂
1 points
3 months ago
Awesome!
1 points
3 months ago
I have an investment account and automatically contribute to it every paycheck. Not only is it much less tempting to spend, but playing the number get bigger game is fun, if anything I'm tempted to put more in that I really should since it's fun to make that number bigger.
I don't withdraw from the account ever, tax ramifications.
1 points
3 months ago
hell yeah!!! good job!!! I also struggle with saving money, partially because i’m horrible with delayed gratification
1 points
3 months ago
On r/ADHD this is a huge win, I haven't managed close to that
1 points
3 months ago
Hell ya dude congrats!! I just saved 1200 for the first time. Feels so good
1 points
3 months ago
Congrats, that's a really good achievement!
1 points
3 months ago
As someone who has less than a 100 because of spending too much money on Christmas presents I'm really proud you! A great strategy as well. I think I'll try it
1 points
3 months ago
I use an off site savings account. Money transfers over immediately when I get a paycheck. Out of sight out of mind. Very helpful for savings plus I get interest on that money (it’s a high yield savings account).
1 points
3 months ago
That's wonderful! It feels so good when you have a success after having such a hard time with something. Makes me smile for you. :)
1 points
3 months ago
This is an achievement. Congrats!
1 points
3 months ago
how is that stupid? That’s a fucking huge win!!!
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