Savings Account

Must See · 05-13-2008, 07:27 PM

Ive been noticing a trend lately, More so from teenagers and college kids.

Is it me are do they seem to spend there money once they get it?

Ive always been taught to save. Sure i could go out and by myself a supercharger for the 6er or even do an engine swap but I just don't want to part with my money. If i do spend it I spend it wisely and slowly.

In fact last summer while working one of my co workers who was around my age turned to me one day and said something to the extent of " You know what, I think your money saving technique has rubbed off on me, I'm not spending my money on useless shit" So i turned to him and asked him if that was a bad thing. He turned to me and replied "No, not at all"

I don't get allowance, sure I get Birthday money and money for pretty much any major holiday but who doesnt. Ive worked hard for my money so I dont like to part with it. Ive just ran into one issue, I keep asking myself what am I saving up for? I can only come up with one answer and that is my future.

*JackThe Ripper* · 05-13-2008, 07:41 PM

Congratualtions, you already understand something that took me damn near 29 years to figure out.

You will find if you can save money and buy things cash rather than financing, that you will have a lot more money for yourself.

I wish i would have figured this out a decade ago, unfortunatly i was suckered into to the consumer credit programs.

the Good thing is i have hella good credit and im getting all my debts cleared.

the bad thing, is i probably threw away over $60,000 in the past 10 years.

mustangrn · 05-13-2008, 07:46 PM

Quote:

Originally Posted by JackThe Ripper

Congratualtions, you already understand something that took me damn near 29 years to figure out.

You will find if you can save money and buy things cash rather than financing, that you will have a lot more money for yourself.

I wish i would have figured this out a decade ago, unfortunatly i was suckered into to the consumer credit programs.

the Good thing is i have hella good credit and im getting all my debts cleared.

the bad thing, is i probably threw away over $60,000 in the past 10 years.

sometimes education is very expensive, i'm in the same boat.

Must See · 05-13-2008, 07:52 PM

Im just very lucky, I must admit I have it well. I have my own credit card so i can start building credit. I pay the credit card bill off every time is comes in and in full.

This summer I plan on investing some of my money so can make money off of it. better than it just sitting in the bank making that low amount of interest.

HokieStang00 · 05-13-2008, 07:58 PM

I'd just say that you're on the extreme end of the spectrum. Some people like to spend every penny they earn.. you sound like you like to save every penny. There's nothing wrong with finding a good balance.

Codiddy · 05-13-2008, 08:26 PM

Quote:

Originally Posted by Must See

Im just very lucky, I must admit I have it well. I have my own credit card so i can start building credit. I pay the credit card bill off every time is comes in and in full.

This summer I plan on investing some of my money so can make money off of it. better than it just sitting in the bank making that low amount of interest.

mutual funds and a money market account, thats a good start.

Must See · 05-13-2008, 08:27 PM

Quote:

Originally Posted by Codiddy

mutual funds and a money market account, thats a good start.

Ill have to talk it over with my dad, I was thinking about putting it in a CD or something like that, not sure yet. I still need to figure out how much I want to put in.

Crimsonred02 · 05-13-2008, 08:27 PM

I have $1200 in my savings account

Must See · 05-13-2008, 08:29 PM

Quote:

Originally Posted by Crimsonred02

I have $1200 in my savings account

not bad, I would rather not disclose how much I have in my savings account, even though its nothing major.

mustangvsix · 05-13-2008, 08:29 PM

thats like me, I really do try to be responsible with my money. I limited my spending alot this year at college. I gave my self a set amount to spend(since I didn't work during school this year) and made myself pay all my bills off of it and whatever was left I could have fun with, but even then I tried to keep it to a minimum. That and I didn't touch my savings account at all. Any excess money I got went right to savings. Then again I have been saving now to hopefully swap cars this summer so we will see how that goes.

Must See · 05-13-2008, 08:32 PM

Quote:

Originally Posted by mustangvsix

thats like me, I really do try to be responsible with my money. I limited my spending alot this year at college. I gave my self a set amount to spend(since I didn't work during school this year) and made myself pay all my bills off of it and whatever was left I could have fun with, but even then I tried to keep it to a minimum. That and I didn't touch my savings account at all. Any excess money I got went right to savings. Then again I have been saving now to hopefully swap cars this summer so we will see how that goes.

Best of luck with that, I don't see the point in swapping cars or evening getting a new car at the moment when my car works and drives perfectly fine. Sure I would love to have a V8 maybe once i graduate college ill get one. But until then im keeping my 6er

Dave04Mustang · 05-13-2008, 08:36 PM

I would say I'm responsible with my money. Always pay credit cards off fully and on time, keep most money I earn in the bank, not in any debt. Sure I could spend all of it on the stang but to me thats pointless there are much better things to save money for. Plus I always like having money available in case of an emergency. I'm keeping the sixer as well until I finish up college so like a year an a half or 2 years (just in time for the redesign)

PColav6 · 05-13-2008, 08:44 PM

That's a V6 ? I always thought you had a GT. lol

Dave04Mustang · 05-13-2008, 08:52 PM

Quote:

Originally Posted by PColav6

That's a V6 ? I always thought you had a GT. lol

yup lol. Hood scoop came with the car, fogs I put on, then the rear bumper I didn't put on until just a couple months ago. Only way to really tell is the side scoops, sound and of course no GT emblem

Been around here for a while can't believe you always thought I had a GT haha

PureStang · 05-13-2008, 08:54 PM

yup, i dont like spending money too much. i have had a credit card since i could drive and have made sure that i paid off my bill at the end of each month. even though i spent a lil more than i wished at college (like a grand) i am still comfortable where i am at right now. i have a lil over 3k in my savings account and 9k or 10k in an account that i cannot/will not touch until i absolutely need it (i.e. down payment on a house). i plan on working full time and giving my mustang a nice lil gift and also buy a nice lil motorcycle to puts around on when gas is crazy high.

SnTBakosFinest · 05-13-2008, 10:27 PM

Lol.

Well... I'm one of the guys that likes to blow every penny he earns

I'm in debt, half of which, I didn't see coming (wrecking the stang and a computer going to hell)

I purchased what I've wanted to for quite a while, and getting the maintenance I need done to my car, after that, I'll be dishing out all my money to paying the bills off, and after that I plan on learning how to budget myself.

I would honestly love to be able to save up money for a few months, spend a small chunk, but still have plenty of money left over.

As it is right now...it'll take me about 4-5 months to clear myself out of this debt, maybe less since I'll be looking at a raise here shortly..

rebelyell · 05-13-2008, 11:34 PM

Both my wife and I are notorious spenders. But we do live in a very nice house, both have nice cars, and we don't lack in the creature comfort zone. I've been broke before, and had lots of money before. But credit cards can get you into trouble. Because the internet is so easy to use for impulse buying with the good ole visa gold. We paid off 3 other cards we had, in Full 2 years ago, that was very nice. But it's hard to make large purchase with your card and pay it in full, thus you get caught into that trap again. But things are looking up. My GT will be paid for next year. Wifes car late this year. Plus my savings are getting better because my 401 K is slowly increasing. I'll never be in the poor house as long as I can keep working. But I'm gettting older, and it's harder to stay in the concrete jungle of a job I have. Just hope my lotto numbers hit someday.. LOL...

3.8LMustang · 05-14-2008, 06:41 AM

well my wife is not getting it "to save money" everytime we have money in the bank she always wants to spend it, she ethier wants to buy a coach purse or sumthing else, i tell her "we need to save" its like i need to keep money away from her so we can save, but i dont think i need to do that.

Ghostalker · 05-14-2008, 07:49 AM

I am on your end of the spectrum man, I save, never spend it seems.
(It took me two years to even put a grill delete and chin on my car, sad, I know, But now I will be getting a few more things for her, being single is awesome)

Nofire · 05-14-2008, 07:55 AM

Not this guy! I hate money, I can't stand to have it around me and there's always stuff I want. It's ok though, I don't spend more than I have and I'll be making plenty once my degree is finished.

3.8LMustang · 05-14-2008, 07:55 AM

i try to save but never can cuz of my wifey always wants to spend money here n there

V6_Mustang_Power · 05-14-2008, 07:56 AM

i need to reopen mine. ha. i closed mine so i could have the 25 bucks that your suppose to have in there to be able to keep your account open.

05-13-2008, 07:58 PM	#5 (permalink)
HokieStang00 Blackity Black Join Date: Jun 2007 Location: Grand Rapids, MI Posts: 645	I'd just say that you're on the extreme end of the spectrum. Some people like to spend every penny they earn.. you sound like you like to save every penny. There's nothing wrong with finding a good balance. __________________

05-13-2008, 08:29 PM	#10 (permalink)
mustangvsix 4 point 6 Join Date: Sep 2005 Location: Flagstaff, Az / Los Alamos, NM Posts: 2,440	thats like me, I really do try to be responsible with my money. I limited my spending alot this year at college. I gave my self a set amount to spend(since I didn't work during school this year) and made myself pay all my bills off of it and whatever was left I could have fun with, but even then I tried to keep it to a minimum. That and I didn't touch my savings account at all. Any excess money I got went right to savings. Then again I have been saving now to hopefully swap cars this summer so we will see how that goes. __________________ 2001 True Blue Cobra Convertible 1 of 292 #935 built on 4/20/01

05-13-2008, 08:44 PM	#13 (permalink)
PColav6 Saving for new car. lol Join Date: May 2006 Location: Pensacola, Florida Posts: 4,550	That's a V6 ? I always thought you had a GT. lol __________________

05-13-2008, 08:54 PM	#15 (permalink)
PureStang WE ARE PENNSTATE Join Date: Jul 2005 Location: Downingtown/West Chester, PA Posts: 4,948	yup, i dont like spending money too much. i have had a credit card since i could drive and have made sure that i paid off my bill at the end of each month. even though i spent a lil more than i wished at college (like a grand) i am still comfortable where i am at right now. i have a lil over 3k in my savings account and 9k or 10k in an account that i cannot/will not touch until i absolutely need it (i.e. down payment on a house). i plan on working full time and giving my mustang a nice lil gift and also buy a nice lil motorcycle to puts around on when gas is crazy high. __________________ Brandon J My Ride sig by purestang

05-13-2008, 11:34 PM	#17 (permalink)
rebelyell unofficial philosopher Join Date: Oct 2004 Location: Fayetteville, NC Posts: 1,848	Both my wife and I are notorious spenders. But we do live in a very nice house, both have nice cars, and we don't lack in the creature comfort zone. I've been broke before, and had lots of money before. But credit cards can get you into trouble. Because the internet is so easy to use for impulse buying with the good ole visa gold. We paid off 3 other cards we had, in Full 2 years ago, that was very nice. But it's hard to make large purchase with your card and pay it in full, thus you get caught into that trap again. But things are looking up. My GT will be paid for next year. Wifes car late this year. Plus my savings are getting better because my 401 K is slowly increasing. I'll never be in the poor house as long as I can keep working. But I'm gettting older, and it's harder to stay in the concrete jungle of a job I have. Just hope my lotto numbers hit someday.. LOL... __________________ 2004 Torch Red GT Mach 1 Chin Spoiler "4.6 L V8" Side Stripes Mach 1 Hood stripe Black shorty antenna Flowmaster catbacks

05-14-2008, 06:41 AM	#18 (permalink)
3.8LMustang Senior Member Join Date: Apr 2008 Location: Corpus Christi, Texas Posts: 685	well my wife is not getting it "to save money" everytime we have money in the bank she always wants to spend it, she ethier wants to buy a coach purse or sumthing else, i tell her "we need to save" its like i need to keep money away from her so we can save, but i dont think i need to do that. __________________ V6 owner

05-14-2008, 07:49 AM	#19 (permalink)
Ghostalker BOLO 4 ME Join Date: Dec 2004 Location: Danbury, CT Posts: 2,293	I am on your end of the spectrum man, I save, never spend it seems. (It took me two years to even put a grill delete and chin on my car, sad, I know, But now I will be getting a few more things for her, being single is awesome) __________________ Ghosty is in need of some mods...

05-14-2008, 07:55 AM	#20 (permalink)
Nofire Sooner #65 Join Date: Dec 2004 Location: University of Oklahoma Posts: 692	Not this guy! I hate money, I can't stand to have it around me and there's always stuff I want. It's ok though, I don't spend more than I have and I'll be making plenty once my degree is finished. __________________ 2004 Mach 1----Black--------Sold. 285HP, 304TQ I WANT MORE!!!

05-14-2008, 07:55 AM	#21 (permalink)
3.8LMustang Senior Member Join Date: Apr 2008 Location: Corpus Christi, Texas Posts: 685	i try to save but never can cuz of my wifey always wants to spend money here n there __________________ V6 owner

05-14-2008, 07:56 AM	#22 (permalink)
V6_Mustang_Power Banned Join Date: Dec 2007 Posts: 1,808	i need to reopen mine. ha. i closed mine so i could have the 25 bucks that your suppose to have in there to be able to keep your account open.