suggestions for a good way to descretly save for a high end knife.

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Sir Hammer

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Been throwing change in a jar for a while now and its taking forever to save up that 400-500$

I want a way to save but descretly so I won't miss the money and one day I'll check on the savings and it'll be ready and I'll be like wow amazing surpise to get that dream knife. Basically I wanna set up a way to save and forget about it until it's time to check. I'm 21 and my savings skills aren't the best so any suggestions would br appreciated and I want it out of site out of mind so I Dont tap it early.
 
What do you spend money on everyday that you really don't need?

Take one or 2 of those things and instead of spending money on them save it and you will likely have enough in a shorter time period than you would believe.
 
One month I didn't spend my ones. Lol
I purposely broke bigger bills, and put all my ones in a box. It really added up quickly, and it didn't hurt bad enough that I was dwelling on it. I actually got a kick out of it, so it worked well. Lol.
 
You can probably set up a plan with your bank to withdraw a set amount from your paycheck and deposit it in another account. $15 a check (every two weeks) will get you close in a year and you can always put in more to speed things up.
 
I've done it where I just empty my cash into a pot at the end of the day and forgot about it. I don't usually carry cash on me at all unless I'm going somewhere where I know I can't use my card. Then I'll take $20 or $40 out and then use it up afterwards. Well, for a couple months instead of using it up I just threw it in a stash and kept using my card. Another thing I've done when I needed to trick myself into saving is when I used my card at the store and it asked if I wanted cash back I'd say yes and take out $10 and stash that. It added up quickly and I never noticed that I had spent $60 at the store instead of $50.
 
Silvanus said:
You can probably set up a plan with your bank to withdraw a set amount from your paycheck and deposit it in another account. $15 a check (every two weeks) will get you close in a year and you can always put in more to speed things up.
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This is basically what I would suggest. If you set up the auto withdrawal to happen when your pay comes in, it's pretty easy to adapt to just having a little less than usual.

Even better than moving between accounts at your bank would be to earn a little interest and to have it a little less hard to get to. I'd suggest using something like this: www.betterment.com It will only take you a few minutes to set up an account, and then you can schedule to have some small sum (say, $20 per paycheck) automatically moved into an externally managed fund split.

There are lower fee classic options (e.g. Vanguard) but they're not quite as easy to set up and get working with. With something like betterment you have an absolutely simple web interface to manage everything from and it's all very hassle-free.

An excellent life skill to learn would be to put away a chunk of your after tax pay (say, 20-25% if you can swing) and just learn to always do without that chunk. Have that chunk always going off to something like a Vanguard account and you will be set when retirement rolls around, even if you don't ever earn a huge sum of money. The beautiful thing about saving via auto-deduction is that when you have to get by without it (because it's already gone) you just do. If you get into the habit when you're young you can dramatically improve your financial circumstances in life later on.
 
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Every week on payday as soon as my check goes into my account a certain portion is taken out and put in a separate account.

This money isn't used for knives in my case but it could be if that's your goal.
 
I'm in a similar situation, as I'm a Grad student. I budget every month based on the amount of money in my checking account. I pay off the credit cards, rent, and other necessary costs within the first few days of the month, and then assess how much I can spend based on what's left. One of those "necessary costs" is an automatic deposit to my slush fund savings. I pay my auto insurance every 6 months out of that fund, but I pay into the fund about $70 a month more than is necessary. Because that deposit happens every time I get a check, I've just learned to budget around it. And while I'm not paying attention, my slush fund grows as a result. Then, when there's a knife/gizmo/random thing that pops up that I simply must have, I dip into the slush fund. It works out quite well for me, though it may not work as well for those with variable paychecks.
 
I just pull $20 cash out each paycheck and stick it in the safe. It adds up pretty quick, still requires discipline though.
 
Quit smoking or drinking and put the money saved into a savings account. I did this when I quit smoking and it added up quickly. It also reminds you of how much you used to spend on butts!
 
Lebowski22 said:
I just pull $20 cash out each paycheck and stick it in the safe. It adds up pretty quick, still requires discipline though.
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I do the same thing. It helps when the knife you want, is on backorder or is hard to find. It buys time to save.
 
My checking account is set to transfer $1for every debit transaction I make to savings. That's about $20-$30 every two weeks.
 
Have had some kind of change jar/can for as long as I can remember. However anytime I put cash in it I wound up digging it out for some stupid reason. Eventually I found if I got 2-3 rolls of quarters when I deposited my check n put em in they stayed put.
 
If you have difficulty saving, or just want to speed up the amount you are saving, I would set up another savings account. Then every payday, put 10-20 dollars in that other savings. For me I can only see my checking account online, so it makes it easy to have money in the savings account when I can't be looking at it all the time. Like my grandparents taught me, "Out of sight, out of mind."

Edit I see JDunn mentioned the same thing :thumbup:.
 
You can ask your employer if they can dock your pay X amount of dollars per check and put it into a savings, or talk to your bank and see if they can link a savings acct to your checking and have it automatically pull X amount out per direct deposit of your paycheck.
 
I get $150 cash for pocket money every week on friday. Any left over by the next week, goes in the "mad money wallet". Some weeks i save nothing, some i put back $100.
 
Tmack said:
One month I didn't spend my ones. Lol
I purposely broke bigger bills, and put all my ones in a box. It really added up quickly, and it didn't hurt bad enough that I was dwelling on it. I actually got a kick out of it, so it worked well. Lol.
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I've done the same thing with fives. Put them in an envelope in my desk, along with a picture of what they were for. I actually paid for a new pistol that way.
 
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