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How to save 1000 a month?

Discuss any ideas for budgeting and planning your finances

How to save 1000 a month?

Postby ellmer11 » Fri Mar 16, 2012 4:14 pm

Ok, I have to admit I’m not a good saver. I’m supposed to have A LOT of money in saving, but I don’t. Why?
1. I don’t drink wine, beer, soda, coffee...only water, tap water, no bottle waters.
2. I don’t smoke.
3. I don’t use drug.
4. I don’t have any debts, except car loan which is only 2% interest.
5. I don’t eat junk food, any kind of junk food. You can name it.
6. I don’t eat out often ( maybe once a week at McDonald, mostly I eat before I go and I just order happy meal for my son)
7. I don’t have to pay for the utility bill. It‘s included with my rent payment which is $ 450 a month.
8. I don’t pay for the internet (I use dial-up), cable or satellite TV.
9. I don’t pay a lot for insurance because I have shopped around for a best price possible with higher deductable.
10. I don’t have a good saving account to put money on. (I can’t have a saving account for some personal reasons).
11. I don’t spend lot money in skin care or make-up produces. (I have a very good skin. It’s soft, glowing and no aces. Yes, I’m so blessed. I only wash it with warm water and use moisturizer, nothing else. I have a makeup kit for the whole face that I have been used for years.)
Ok, so there is something that I do spend money for, which I guess that’s why I don’t have lot of money to save.
1. I do spend money on my son toys and DVD. ( games? Not yet, but soon)
2. I do spend money on his clothes and shoes. ( he’s growing up so fast)
3. I do spend money on his food ( milk, juice, snacks, … mostly organic)
4. I do spend money on my clothes (I admit I like to dress up and look my best all the time).
5. But I do have a budget every time I go shopping.
6. I do keep track with my money and write down everything I buy in penny. I know where my money goes. The problem is that at the end of the month when I calculate the total of my expense, I just keep hitting myself in the head for being stupid about spending on unnecessary stuffs. But I love my son too much and I want him to have everything in the world that he asks for.
SO please find out what my problem is and give me advices on how to save lots of money every month. Thank you!!!
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How to save 1000 a month?

Postby lang75 » Fri Mar 16, 2012 4:22 pm

It sounds like you are a very frugal person who is good at budgeting. I think the problem of why you aren't saving as much as you would like is not because of your spending habits, but because you aren't bringing in enough money to start out with.

Before we can provide more information, we need to know, how much are you bringing in every month?

Also, I didn't get everything I asked for as a child and I don't feel like I was neglected. In fact, I know there were somethings that I wanted but didn't get, but today I can't recall a single one. Teaching your son your financial skills will be much more valuable than giving him another toy he doesn't need.
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How to save 1000 a month?

Postby jarin » Fri Mar 16, 2012 4:25 pm

go to thrift stores for kid clothes and get movies from the library.
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How to save 1000 a month?

Postby mathews24 » Fri Mar 16, 2012 4:33 pm

The only two things I see here to improve on if you were willing to make a long-term sacrafice for a short-term gain are this:

Stay away from organic foods, they're expensive. If you're trying to help the world, do so when your in a better position to help yourself help the world. If you're doing do for health reasons I assume that any benefits from eating organic food is ONLY gained when eating ONLY organic food ALWAYS, and weather or not that is true, I'm quite sure its a very distant long-term gain and probably small enough to not be too noticeable.

Secondly: You only eat McDonalds once a week. McDonalds' dollar menu will fill you up CHEAPER than ANY grocery aside from Ramen, Spaghetti, and Rice, on a dollar-per-full-belly basis. That is to say, what you spend on groceries is more expensive than what you spend at McDonalds if you take the total cost of groceries and divide it by the number of belly-full meals you got out of it.

Obviously hard to do with things like mustard or flour which last months. Here's a test (the test that helped me realize the truth and switch over myself) Count the number of meals consumed via grocery (home meals only) and tally it on a calendar every day. Also write down your grocery bill every time you shop. After three months add up ALL the money you spent, divide by ALL the meals you consumed.

You'll be surprised that it costs you about $3 - $4 per meal, where as two dollar burgers fill you up for only $2 a meal.

OBVIOUSLY this is only a short-term help for saving money, as the health implications will have you hurting, but not for another few years or so. If your job provides health benefits think of this as a way of converting those benefits into raw cash savings.
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How to save 1000 a month?

Postby macario » Fri Mar 16, 2012 4:54 pm

You forgot to mention how much you make. Please read the Automatic Millionaire by David Bach (buy used off Amazon). Get your latte factor. Start saving by putting money away before it gets into your hot little hands.
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How to save 1000 a month?

Postby calldwr » Fri Mar 16, 2012 4:58 pm

Clothing is a HUGE expense. You have to cut down on clothes. And you're son will be just as happy if you buy him every other toy he wants instead of everything.

I don't get it though... you know how much you make and you track where every penny gets spent so why don't you know where the money goes? You do know. You just need to make some decisions you might not like. But hey, that's life.
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How to save 1000 a month?

Postby hennessy » Fri Mar 16, 2012 5:05 pm

You just answered your own question. Stop spoiling your kid and buying him things.

Give him attention instead. In just 5 years from now your kid wont remember a single toy you got him but WILL remember the weekly trips to playground, the bedtime stories with you , youre nightly walks after dinner, the museum/zoo trips on free days, etc. ....WITH a packed lunch of course (because after all he wont remember the 5 dollar ice cream cone you got him!)
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