How much do you think that you save per day?
By cutepenguin
@cutepenguin (6431)
Canada
February 5, 2012 11:52am CST
By being frugal or by making extra money online?
We're trying to pay off the rest of our debt and save up to buy a house, and we're trying to set some goals. It's hard because my job is really flexible, which is normally good because we have a child but we don't have childcare. But the disadvantage is that some days I don't have any work. We're trying to do this as a daily goal thing, like we have to make X amount more than we spend on any given day. I'm just trying to figure out what the amount should be.
1 person likes this
17 responses
@Roizback (65)
• Netherlands
6 Feb 12
I think it depends on the person. Because I know people that are spending all their money before they even got it. It is not that easy always, because this society is build on people spending money.
But when you really want to know how much you can safe you should try to test it for a month or longer and see how much you've safed. Some times you need to spend some money on repairing things so make the targeted amount a bit lower.
I am still a student but even then you have to deal with diffent incomes. So I use this way to save some money.
@wilsongoddard (7291)
• United States
5 Feb 12
That really depends on what your circumstances are and what your fixed expenses are, including the debt with which you're dealing. It also depends on what time frame you're looking at in terms of buying a house and what price range you are looking at in terms of your new home. Also, will you be taking out a mortgage, or are you planning to attempt to pay all in cash?
Honestly, I think that doing a monthly budget, rather than obsessing over individual days is easier. Also, taking periodic financial fasts during which you spend absolutely no money will help you reach your goals; start with a three-day weekend each month and build from there.
Try reading some books such as Affluenza, Your Money or Your Life and Voluntary Simplicity. Also, get a copy of the Complete Tightwad's Gazette. These will help you assess what you really need in life.
@cutepenguin (6431)
• Canada
5 Feb 12
We tried doing a monthly budget, but the problem is that on a day to day basis, we think we're doing okay. Doing a daily summary will help us to stay focused.
We would have to take out a mortgage. A downpayment if you're paying 20% is about 200k, and that's for a townhouse. We are probably going to move farther away so that houses don't cost so much.
I read the Tightwad gazette. It's a great way to re-shape your thinking, isn't it? And it's got some interesting ideas, some of which I used.
@cutepenguin (6431)
• Canada
8 Feb 12
Actually, in this city, a downpayment would need to be 200k.
Most of the value is in the land; a lot of people buy houses for the property and knock down the house to build their own.
In the surrounding cities houses cost about 900k.
@wilsongoddard (7291)
• United States
5 Feb 12
I have a copy of The Tightwad Gazette. I also read Mother Earth News magazine.
To get a 20% down payment, it would take more four years at saving just over $27 per day every single day specifically toward your goal in order to reach the amount needed for a $200,000 townhouse. It does sound like relocating to a less expensive area would make sense. You may be able to find a great deal on a nice house in a slightly smaller town, for instance. Another option would be to buy a piece of land and either construct a house from scratch or buy a kit house (I'm partial to Shelter Kit); this would be a less expensive option.
@peavey (16936)
• United States
6 Feb 12
That would be nearly impossible for me to figure. It would be easier to figure how much I spend each day, including utilities, taxes and insurance. Maybe if you start there, you can see where you need to be easier?
For instance, how much electricity do you use each month? Divide that by 30 then try to find ways to cut down each day. The same for water or food or gas or heat. Every day you cut down on an expense is more money you can save.
@cutepenguin (6431)
• Canada
8 Feb 12
I do really need to focus on the electricity. It seems like everybody leaves the lights on all the time. I'm working on it and we're trying to teach our son good habits.
@GreenMoo (11833)
•
5 Feb 12
I think that's a really hard question to answer, as I've now become frugal as a way of life. In other words, compared to periods in my life when I haven't been, I sace loads per day!
Could you instead work out specific things you are saving money on? For instance, if you chose a cheaper brand of something you'd save X per week or something
@cutepenguin (6431)
• Canada
7 Feb 12
Right now we don't buy much of anything. We could be more frugal, but it's getting harder to cut back. I think this week we'll focus on groceries.
@longbangod (1785)
• Philippines
6 Feb 12
Saving money is good, it's really very important. It's like preparing ourselves for the rainy reason. In more concrete way to say it is that we will be prepared for emergencies or unexpected expenses if we will save some amount everyday.
And that's the sad part in my life. I failed to keep a portion of my earnings. Maybe because the combined income is not really sufficient for the family's need. Too bad, but I will do my best to save, I hope it will happen so soon.
@cutepenguin (6431)
• Canada
8 Feb 12
It takes time to be able to find the money to save. We have been saving a little bit here and a little bit there but we are fortunate to still have our jobs despite the economy.
@marguicha (223777)
• Chile
5 Feb 12
I work online only to pay for vacations. I cannot earn more than $100 a month and that will not help much as living goes. But I save in other ways. I make my own meals from scratch and that is a lot cheaper. I recycle everything. I donĀ“t buy clothes except when needed. Until I got ill, I even painted my house and did all my garden. Now I have to have some help, but I hope it will only be for a short time while I gain energy after the chemo.
@cutepenguin (6431)
• Canada
8 Feb 12
I hope you feel better soon!
We try to do all these things too. I ask for clothes for Christmas and my birthday so I don't often need to buy clothes.
@KrauseHome (36447)
• United States
9 Feb 12
Wow, this is an interesting way to look at things. I know it is a Good way to look at things though. Lately for my husband and I it has been a struggle at least one of our paychecks each month. That is when almost all of it seems to go for Bills. But the other one since there is a little more flexibility usually seems to be the one we sometimes forget to budget on and have to pinch our pennies. But if we could choose more of an approach like this, especially since we have things we really need to consider buying sometime soon, maybe this would work more for us as well.
@happythoughts (4109)
• United States
19 Mar 12
Thats a tough call. I would do a percent instead of a number if your income isnt fixed. Like spend 20% less then you make. Or put 10% in the bank for emergencies and 10% in the bank for big purchaces. We dont spend money every day so its hard to say do this every day. We get payed weekly so its easier to set the goals per week.
@cutepenguin (6431)
• Canada
5 Feb 12
It's really hard to live within your means, isn't it? I find I have the best of intentions but each purchase doesn't seem like a very big deal.
@flower21 (765)
• Philippines
6 Feb 12
i never save everyday since my online earning arrive to me every month and this become my saving. i only withdraw n the bank money when i need to pay bills and buy grocery. when i already fulfill it. i never think anymore of spending any money and they stay n the bank unless i need them especially during emergency. i have no choose but to use my savings.
@dorannmwin (36392)
• United States
9 Feb 12
Well, I honestly don't make a lot of money online on a daily basis. However, I do think of the money that I make online as being found money because most of the time I am doing something that I would have been doing anyway in order to make the money that I'm earning online.
With that said, I'm able to save a lot of money on a daily basis by choosing to stay at home and try to make some money off of the computer.
I don't know what an ideal amount for your family would be, but if you continue on the track that you are on, you will reach your goals.
@chum24 (569)
• Philippines
8 Feb 12
hi cutepengiuin
well it depends on me, but everyday i usually save money and i think 20.00 per day. but if i have a duty, requirements, and contribution in school i cannot save money. but i really love to save money even though it just only a centavos. saving money is good for because i know if i have to buy some of my needs and wants i can buy it cause i have saving.
@jethdale (156)
• Philippines
6 Feb 12
this is a very difficult question. We have to at least liquidate everything before computing the gain and spare some of it for saving. The biggest thing to do with is to gain much more that what you spend. in there, you can now plan on how to save more
@myfb2009 (8296)
• Malaysia
6 Feb 12
Hi Cute, i can see my family do saves quite a lot of money, since the day we start to cook our own meal. I mean, eating out in my area here do costs quite a lot, especially when we have a large family members. Only through home cooking, then we are to budget our expenses and buy only food and drinks that are good and healthy. We even spend less on carbonate drinks, as it is not healthy to drink they daily. Whenever i am free, i tends to spend some time to online, to spend some extra income as well. Try your best to adjust your expenses and i am sure you are able to achieve your goal.
@randylovesdar (4932)
• United States
6 Feb 12
It is hard saving money and for my husband and I it is harder because neither one of us is working. My husband has a serious foot condition and we are in the process of fighting for social security disability. I refuse to work because of all his doctor's appointments and most of the doctors do not treat him right. It is hard paying off debt which is what I am trying to get a copy of our credit reports to see what is on there and what I can negotiate to pay off the debts. I wish you all the best.
@indi15 (888)
• India
6 Feb 12
Its very important to save as much as we can. So there is no specific amount for me, but i try to find more work online and more vouchers which i could use. I also need to pay off a few debts but with the little earnings it is quiet impossible to save anything. Specially in earnings online are very very less.