Money-Saving Monday: How to Save!

Howdy friends!  It's been a crazy week in my household; I travel a lot for work at the moment, and haven't been staying in one place for too long. Hence, not many regular updates. Since my busy schedule is not going away, I am going to work out a plan (this is a new concept for me), and have my posts on automatic update for these situations.  But, until then, let's talk about some savings!

As part of her Saved Quarter Challenge, Penny Saver wants to know about how we save money.  Not how I find little ways to save money (although I will talk about that), but how people budget, stick to the budget, and put money away so that it is not touched.

My budget is pretty bare bones.  Rent. Cable. Electricity. Gas. Food. Leftover (hobbies, new clothes, savings, etc. This one isn't very big). I put savings from my salary in the leftover category for a few reasons: a) I'm only counting my main salary here, so I have some other income that goes directly into savings, and b) For the most part, I pay myself first, so I don't see that initial savings money.  At the end of the month, everything I have left over is transferred into savings.  I like to remind myself that I might have enough money to get that coffee or eat at that restaurant, but if I do, I won't have that money to save.

I should also mention, that typically, my yearly and unexpected expenses come from my emergency fund or savings, both of which have been depleted to pay some tuition and car repairs (hence, my goals from last week!).


And, speaking about savings, in no particular order, here is how I saved money this week by adding to my savings:

1. Pay myself first.  During the school year, this amount is usually very small, around $25-$50.  Sometimes, if I have an unexpected small expense, it doesn't happen at all.  Keep in mind, though, that this comes from my main salary, and so, I have other sources of savings revenue that makes this money not as critical.

2. Secondary Pay goes directly to savings.  I have several part-time jobs in addition to my main one. All of that money, as well as money from babysitting and odd jobs goes directly to savings.

3. Sold Items goes to savings. I sold some books this weekend. Add $15 to may savings plan.

4. Rebates goes to savings. Tax refunds, trip rebates, deposits back, and reimbursements all go directly to savings.

5. Overestimation. I've been doing a really good job (so far) of tracking every penny. I use my debit card because I receive rewards for doing so (can you say $100 holiday!?). This works for me because I am keeping track of my expenses and know exactly how much is in my account and what I need to pay. For example, if I'm going to have an expense at the end of the month, I subtract that from the beginning of the month so that I don't accidentally spend it.  I also write down how much I spend, and then round up to the nearest dollar for each transaction.  That way, I have a very small cushion, and at the end of the month, I can transfer the leftover change to savings.

I hope that provided some ideas for all of you!  Happy Monday!