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by Sheepingly needs no handy men only hugs on October 2nd, 2007

Sheepingly needs no handy men only hugs

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Someone said once to take $20 every paycheck and putting it an envelope as a way to save money, they said it works because you end up forgetting that your actually building up savings...but I dont forget where I have money so how can I make myself forget?

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Answers. 9 helpful answers below.

  • by RosieGHM Jetpacker on October 2nd, 2007

    RosieGHM Jetpacker

    Good question..I never forget either. Maybe the person who said that is very forgetful and forgets other things as well! :)

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  • by Taciturnu on April 3rd, 2009

    Taciturnu

    You can't. You have to learn self control to make it work for you. If you're looking to save at home, perhaps you can put it in a safe deep in your closet?

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  • by Yarnlady is happy every day on November 22nd, 2008

    Yarnlady is happy every day

    Putting money any place at home is a dangerous choice, and foolish as well, because it won't earn any interest that way. Simply make arrangements with your bank to have it transferred from your checking account to your savings account. Most banks give a higher interest rate on automatic deposits.

    We have direct deposit of Hubby's paycheck into our savings account, and then we transfer money over to the checking account as we pay the bills. That way we get a few days interest on his entire pay check.

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  • by Anonymous T. Jackson on April 3rd, 2009

    Anonymous T. Jackson

    This is just plain stupid.
    Put the money in a no fee bank account and don't spend it.

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  • by Ditto on April 6th, 2009

    Ditto

    I think most people don't have the discipline to do that. Back in the day they came out with those "christmas club" ideas but you have to remember to do it. What is a better idea, if you have direct deposit is to have that few dollars put into a seperate acount. If you don't have that option change your W-4 at work so the IRS takes out 10 or 20 dollars more each paycheck. All that money will be returned to you each year as a significant check. I actually do this. Your money doesn't accumulate interest but because you don't see it and you can't touch it, the money grows.

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  • by zoneman on December 23rd, 2011

    zoneman

    give it to someone you trust to hold for you and not give back for any reason until a set date

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  • by TAPriceCTR s son is wearing his COAT on April 3rd, 2009

    TAPriceCTR s son is wearing his COAT

    I had someone once tell me that I should just pay off one bill at a time starting with the smallest one and even if my I am paying less than the interest on all combined I will have everything paid off in 10 years.I could not convince him that as a mathematition I could promise him he was wrong. people repeat stupid things that someone got paid a lot to say without the flaws their memory and lack of understanding added
    things like this are not about working the money, they are about fooling yourself, like when people set their clock ahead 5 minutes to trick themselves into getting up 5 minutes earlier, or daylight savings time period... and frankly people who are able to fool themselves are idiots

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  • by TheJoker on April 3rd, 2009

    TheJoker

    You cant, the act of putting the $20 in the envelope will remind you every single time!

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  • by purplecows on December 23rd, 2011

    purplecows

    You must continually make the decision that you would rather keep the money, and spend it on something later (or lay up an inheritance) than spend it now.

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