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Revscene Wall Street.
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04-03-2013, 08:08 PM
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#1 | | Where's my RS Christmas Lobster?!
Join Date: Aug 2012 Location: Vancouver
Posts: 836
Thanked 886 Times in 159 Posts
Failed 81 Times in 21 Posts
| Tips on saving money?
Hey RS!
I'm currently a full time student, working weekends, the odd week day and during breaks. (winter, spring, summer)
I was curious if you guys had any tips on saving money.
A short story about me, I started working January of 2012, and by the end of the year I made about 6k. Looking back I've realised I spent a lot of it on useless crap. By January of this year, only having around $200 left. This year so far I've made 2k, some how with only about $500 left.
As you can tell, I compulsively spend money. I average around $250-$350 every pay cheque. I've kinda calculated my necessities and they only go to around $200 a month.
Any tips?
Sorry if this is in the wrong section btw.
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04-03-2013, 08:28 PM
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#2 | | My homepage has been set to RS
Join Date: Oct 2010 Location: Burnaby
Posts: 2,025
Thanked 1,079 Times in 368 Posts
Failed 95 Times in 35 Posts
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Either degrade your lifestyle or increase your income.
__________________
Electrician.
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04-03-2013, 08:41 PM
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#3 | | My dinner reheated before my turbo spooled
Join Date: Feb 2011 Location: Vancouver
Posts: 1,745
Thanked 691 Times in 275 Posts
Failed 155 Times in 43 Posts
| Quote:
Originally Posted by heisenberg  Hey RS!
I'm currently a full time student, working weekends, the odd week day and during breaks. (winter, spring, summer)
I was curious if you guys had any tips on saving money.
A short story about me, I started working January of 2012, and by the end of the year I made about 6k. Looking back I've realised I spent a lot of it on useless crap. By January of this year, only having around $200 left. This year so far I've made 2k, some how with only about $500 left.
As you can tell, I compulsively spend money. I average around $250-$350 every pay cheque. I've kinda calculated my necessities and they only go to around $200 a month.
Any tips?
Sorry if this is in the wrong section btw. |  | |
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04-03-2013, 08:57 PM
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#4 | | I don't get it
Join Date: Oct 2010 Location: Vancouver
Posts: 433
Thanked 96 Times in 49 Posts
Failed 198 Times in 44 Posts
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Dont eat out.
Dont smoke .
Dont blaze.
Dont club or rave
Dont drive.
Dont spend money on girls in anyway
You save lots this way. Trust me .
Posted via RS Mobile | |
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04-03-2013, 09:15 PM
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#5 | | look at these diamonds, they shining
Join Date: Apr 2008 Location: Vancouver
Posts: 2,800
Thanked 1,813 Times in 553 Posts
Failed 634 Times in 127 Posts
| Quote:
Originally Posted by Stormspirit Dont eat out.
Dont smoke .
Dont blaze.
Dont club or rave
Dont drive.
Dont spend money on girls in anyway
You save lots this way. Trust me .
Posted via RS Mobile | you're weird
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04-03-2013, 09:25 PM
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#6 | | ESKETIT
Join Date: Feb 2004 Location: Shambhala
Posts: 23,345
Thanked 9,691 Times in 2,323 Posts
Failed 997 Times in 240 Posts
| Quote:
Originally Posted by Stormspirit Dont eat out.
Dont smoke .
Dont blaze.
Dont club or rave
Dont drive.
Dont spend money on girls in anyway
You save lots this way. Trust me .
Posted via RS Mobile | sad but true
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04-03-2013, 09:42 PM
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#7 | | The Brown Reason
Join Date: Jan 2007 Location: Whalley
Posts: 4,607
Thanked 5,863 Times in 1,525 Posts
Failed 221 Times in 97 Posts
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having a savings + chequings account helps
not having a credit card helps
Keep only what you need in the chequings (~$220 or whatever) and once it declines you know its time to figure your shit out.
being a student in BC though, it'll be tough. There's gonna be random times when you're studying and you'll be craving a snack and the next thing you know you just spent $10 on overpriced crap at your school store -- there goes 10% of your monthly allowance lol.
__________________ Quote: |
Originally Posted by bcrdukes fuck this shit, i'm out | | |
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04-03-2013, 09:43 PM
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#8 | | RS has made me the bitter person i am today!
Join Date: Apr 2002 Location: In your head
Posts: 4,591
Thanked 376 Times in 176 Posts
Failed 11 Times in 9 Posts
| Quote:
Originally Posted by heisenberg Hey RS!
I'm currently a full time student, working weekends, the odd week day and during breaks. (winter, spring, summer)
I was curious if you guys had any tips on saving money.
A short story about me, I started working January of 2012, and by the end of the year I made about 6k. Looking back I've realised I spent a lot of it on useless crap. By January of this year, only having around $200 left. This year so far I've made 2k, some how with only about $500 left.
As you can tell, I compulsively spend money. I average around $250-$350 every pay cheque. I've kinda calculated my necessities and they only go to around $200 a month.
Any tips?
Sorry if this is in the wrong section btw. | Pay yourself first by setting up automatic withdrawals from your bank account into a locked savings vehicle like RRSPs. That way you can't get to your money even if you want to.
Stop being a compulsive spender. Seriously. It will not end well for you.
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04-03-2013, 09:49 PM
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#9 | | Banned By Establishment
Join Date: Jan 2003 Location: Coquitlam, BC
Posts: 9,521
Thanked 1,289 Times in 409 Posts
Failed 407 Times in 100 Posts
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Stop compulsively spending?
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04-03-2013, 10:01 PM
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#10 | | Where's my RS Christmas Lobster?!
Join Date: Aug 2012 Location: Vancouver
Posts: 836
Thanked 886 Times in 159 Posts
Failed 81 Times in 21 Posts
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@Matlock - hard to increase income at the moment, if i get more hours im taking someone else's hours away.
@Stormspirit - i eat out once a week, and dont do any of the other stuff.. i just always have an impulse to buy something that catches my eye
@dhillon09 - tried opening a savings account. but they said id get charged for it etc and i need at least $500 just to start it up
@DaFonz - the banks just make it complicated, is there like a time share? where i can just put money and not be able to touch it for lets say a year? or is that the automatic withdrawals?
@iceman-19 - harder than it seems... if i could stop, there would be no point of this thread
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04-03-2013, 10:07 PM
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#11 | | I *heart* Revscene.net very Muchie
Join Date: Nov 2007 Location: vancouver
Posts: 3,698
Thanked 609 Times in 234 Posts
Failed 192 Times in 36 Posts
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So I've encountered the same problem and here is what I did.
Do you live at home? I assume you do so start making food at home, or get your parents to, take that food and eat that for lunch at school. Some times it feels like you have no time to pack lunch for the next day, but find time to do it. That saved me from spending $40+ a week on lunch.
Do you drive? If you do, start taking the bus. I've started waking up earlier and taking the bus to school. This saved me about $100 a week on gas, and $25 a week on parking at school everyday.
Do you smoke? Party? Blaze? Limit that ASAP. Smoking costs me $40+ a week, I go out once a week or so now versus multiple times a week which has saved me a lot.
Do you have a girlfriend/boyfriend? If she/he doesn't understand that you have to cut down on spending and going out... maybe time for a new one. I told my girlfriend that I was no longer able to go out as much, or go for dinners or lunch or whatever because of money constraints and she understood that and that has saved me a lot of money.
As others have mentioned, create a savings account, do not touch that money except for extreme emergencies. I saved 700+ in a matter of months and that was just putting in $100 every month combined with putting money into a savings account every time I used my checking account. That $700 saved my ass when I needed.
I assume your young, and at my (our?) age, 18-21 it might seem like you have to be going out every weekend, being a big baller, flashy, etc. but you don't have to be.
__________________ Van Tech Students JOIN!!! Quote:
Originally Posted by secret1 MY PENIS IS THE SIZE OF A CIGARETTE LIGHTER! jizzing on my keyboard is hard for me! imma be fucked for life, but fuck it I'm a BITCH! | | |
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04-03-2013, 10:09 PM
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#12 | | My dinner reheated before my turbo spooled
Join Date: Feb 2011 Location: Vancouver
Posts: 1,745
Thanked 691 Times in 275 Posts
Failed 155 Times in 43 Posts
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learn to be cheap  | |
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04-03-2013, 10:23 PM
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#13 | | My homepage has been set to RS
Join Date: Jan 2012 Location: vancouver
Posts: 2,447
Thanked 1,759 Times in 545 Posts
Failed 1,107 Times in 281 Posts
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gimme your money, I'll hold it for you =p
Posted via RS Mobile | |
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04-03-2013, 10:29 PM
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#14 | | Where's my RS Christmas Lobster?!
Join Date: Aug 2012 Location: Vancouver
Posts: 836
Thanked 886 Times in 159 Posts
Failed 81 Times in 21 Posts
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@hongy i do make my own food, but at the same time going to the gym, i have to watch what i eat. and chicken isnt cheap D: . i bus, and dont party. no gf atm D: i tried opening a savings account but they made it all complicated. im actually a bit younger than you 
@Recon604 i try sometimes, but quality over quantity.
@ilovebacon i was thinking of giving someone my debit card ...
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04-03-2013, 10:51 PM
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#15 | | Banned By Establishment
Join Date: Jan 2003 Location: Coquitlam, BC
Posts: 9,521
Thanked 1,289 Times in 409 Posts
Failed 407 Times in 100 Posts
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If you don't have the self control to stop spending, you are going to be hard pressed to save anything.
Serious help...open a TFSA account at your bank. Set up a weekly/bi-weekly/monthly transfer into it. Don't touch it. You have access to the money any time you want, but it takes a day for it to transfer, so its not immediate. That would help with you using it to spend.
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04-03-2013, 11:09 PM
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#16 | | Where's my RS Christmas Lobster?!
Join Date: Aug 2012 Location: Vancouver
Posts: 836
Thanked 886 Times in 159 Posts
Failed 81 Times in 21 Posts
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does the TFSA account have any requirements? i went in to set up a savings account the other day and they said i needed at least $500 to open one
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04-03-2013, 11:39 PM
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#17 | | My homepage has been set to RS
Join Date: Apr 2004 Location: Vancouver
Posts: 2,288
Thanked 1,437 Times in 565 Posts
Failed 40 Times in 21 Posts
| Quote:
Originally Posted by heisenberg does the TFSA account have any requirements? i went in to set up a savings account the other day and they said i needed at least $500 to open one | No requirements. Not sure where you bank that would have such a stipulation. I work at one, you could come in open an account have $0 in it and walk away.  | |
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04-03-2013, 11:40 PM
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#18 | | I *Fwap* *Fwap* *Fwap* to RS
Join Date: Mar 2010 Location: -
Posts: 1,593
Thanked 370 Times in 178 Posts
Failed 27 Times in 11 Posts
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I believe you have to be 19 to open a TFSA.
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04-03-2013, 11:41 PM
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#19 | | nuggets mod
Join Date: Feb 2002 Location: richmond
Posts: 7,065
Thanked 3,835 Times in 987 Posts
Failed 178 Times in 60 Posts
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It's good to build some of those money saving habits mentioned above, but in addition to that, you should just get the money out of your hands asap. If you're having trouble with the savings account, try to even transfer it to your parents or your siblings and have them hold it for you.
Also, try Coast Capital, they should have no fee accounts for students.
__________________
I searched for truth, and all I found was You
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04-04-2013, 02:21 AM
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#20 | | I keep RS good
Join Date: May 2001 Location: Cosmos
Posts: 28,720
Thanked 5,581 Times in 1,516 Posts
Failed 869 Times in 293 Posts
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subscribe to world of warcraft. 13 bux a month, will be your only expense. and your life.
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| | | This post thanked by: | BrRsn, digitalgirl, Iceman-19, lowside67, LsquareD, Phozy, sekin67835, Spartacus, Stormspirit, Tim Budong, Vansterdam | |
04-04-2013, 09:06 AM
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#21 | | I *heart* Revscene.net very Muchie
Join Date: Nov 2007 Location: vancouver
Posts: 3,698
Thanked 609 Times in 234 Posts
Failed 192 Times in 36 Posts
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If you're younger then me, I'm 19, then you shouldn't be charged fees at any bank.
Posted via RS Mobile | |
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04-04-2013, 09:07 AM
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#22 | | Where's my RS Christmas Lobster?!
Join Date: Aug 2012 Location: Vancouver
Posts: 836
Thanked 886 Times in 159 Posts
Failed 81 Times in 21 Posts
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@teriyaki what bank do you work at?
@gyu sadly not there yet  Posted via RS Mobile | |
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04-04-2013, 10:30 AM
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#23 | | The Brown Reason
Join Date: Jan 2007 Location: Whalley
Posts: 4,607
Thanked 5,863 Times in 1,525 Posts
Failed 221 Times in 97 Posts
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heisgenberg go to your registrar at school and get proof of enrollment papers.
Take those papers to your bank and say you want a free student bank account.
I have one with TD -- I get unlimited transactions on my debit card/unlimited cash withdrawals and its all free.
I just have to send them new enrollment papers every year
__________________ Quote: |
Originally Posted by bcrdukes fuck this shit, i'm out | | |
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04-04-2013, 11:28 AM
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#24 | | RS has made me the bitter person i am today!
Join Date: Apr 2002 Location: In your head
Posts: 4,591
Thanked 376 Times in 176 Posts
Failed 11 Times in 9 Posts
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Listen, you're young so do yourself a favor and do the following:
a) Open up a student account (free)
b) Open up an ING direct RRSP streetwise account
c) Set up automatic withdrawals to your RRSP
If you start now, the power of compounding will set up the rest of your life and you'll have a good 10 year head start on when people normally begin to save.
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04-04-2013, 12:13 PM
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#25 | | My homepage has been set to RS
Join Date: Nov 2003 Location: Vancouver
Posts: 2,099
Thanked 2,114 Times in 482 Posts
Failed 261 Times in 79 Posts
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setting up automatic withdrawals is a BIG plus. what i did was every pay cheque, a good chunk of it was taken away into a savings account which could only be touched once and with a limit amount that could be withdrawal. anything after that there would be a penalty fee.
limit what could be use from your debit card and set a low amount on your credit card if you have any.
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