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Info Seeker

Re: What's the best way to stash away a rainy day fund?

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Message 21 of 29

I was a single mom with 3 children.  The company I worked for had a savings plan where they matched $.50 to every dollar I put in.  I was only able to save a moderate amount that was deducted from my check.  That way I never saw it and didn't miss it.  When I retired I invested it. Then as I grew older I saved five dollar bills.  When they grew (quite fast) I put them in my savings account.  When I had saved $5000 I started a CD.  I began to have $100 transferred every month into the CD and watched it grow.  I had an Anniuty set up when I had to start drawing from my IRA and I recieved enough every month to pay for a new car.  Now I have a nice retirement, a nice car and I feel secure.

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Social Butterfly

Re: What's the best way to stash away a rainy day fund?

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Message 22 of 29

We throw all our loose coins in a jar.  It adds up fast!  I had one of those large plasic coke bottles for change and I accumulated a couple hundred dollars!  It was so heavy I had to take the coins in a little at a time!

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Gold Conversationalist

Re: What's the best way to stash away a rainy day fund?

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Message 23 of 29

Treat every raise (or bonus) as if it never happened.

If you are not living on the extra money now, why increase your spending (lifestyle) to use it up?  If you can't stomach saving all of it, go half and half...spend half and save the other half.

If you have access to a company supplemental savings plan, keep in mind that the company match can double what you contribute from that raise or bonus.

Since retiring, my Roth IRA has proven to be the best component (rainy day/emergency fund) overall in my retirement portfolio.  

Fey Lady
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Social Butterfly

Re: What's the best way to stash away a rainy day fund?

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Message 24 of 29

Save your loose change!  We put all our loose change in a jar and don't touch it until it's full.  I know some banks no longer will take the loose change but I did check with  my bank, and they still do (no, don't have to roll it!) and then it goes into my account.   Of course money taken from your check (if you are still working) and put away is a good idea too.  Put some money every week into a safety deposit box for emergencies (be sure to have someone who can access it in the event you can't).  Put money into a Christmas fund; when you get that check in November, it comes in handy!    Otherwise, just stick some money in the mattress;  Just kidding!

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Conversationalist

Re: What's the best way to stash away a rainy day fund?

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Message 25 of 29

My grandparents & folks always said to pay yourself first.   Set up a plan to save money each month.   When I first started working, I set up savings & IRA that would be deducted out of my check.   If I did not see the money, I would not spend it.   I eventually increased the amounts, but even starting small I could see results.   Since retiring, I still put away money & save spare change to use as “fun money.”  My husband is a great saver, too, way better than I am.  

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Social Butterfly

Re: What's the best way to stash away a rainy day fund?

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Message 26 of 29

I save it, but not for myself.  I put all of my loose change into a coin sorter.  I wrap the coins and put them away in a safe place.  At the end of the year, I divide it up between my grandsons for Christmas.  My rule is: once it's been wrapped, it's no longer my money; it's my grandsons' money, so I can't touch it.  The boys usually end up each getting $50 or so for Christmas.  It may be a little less this year, because with a new grandson, I'll be dividing 5 ways.

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Info Seeker

Re: What's the best way to stash away a rainy day fund?

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Message 27 of 29

I've got a couple ways that I save up for a rainy day.  If I buy something for other people, the money they pay me back goes into my "kitty".  It's money already spent, so I just put it away.  Another way to save, is what ever I have left for cash in my wallet by next pay day, I put that aside also.  I'm also on Social Security, The morning that I get my deposit from Uncle Sam, I look to see what I have for a balance left over from last month's check.  What ever is there, I transfer to savings. and try not to touch it unless necesary. Then there's laundry day.  I have my own washer and dryer.  I have a piggy bank near them and each time I do a load, I put in a quarter or 50 cents.After a while it all adds up.

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Info Seeker

Re: What's the best way to stash away a rainy day fund?

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Message 28 of 29

I have a register where I keep track of each charge, check, and ATM withdrawal. With each deduction, I round it up to the next dollar, and save the difference in change on each transaction on each page. I've also started to deduct an extra $10 on each page, and added it to the pocketed change. Amazing how quickly it accumulates...if it's left alone.

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Bronze Conversationalist

Re: What's the best way to stash away a rainy day fund?

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Message 29 of 29

I have SSI benfits and my benfits is $735 a monthly . I always try save a least .a $160 or$90. I go Walmart  and Mariano . At Walmart I spend $45. At Mariano I have  the Mariano reward card . I get discount  on foods and household stuffs and food court  on everything's at Mariano I spend like $37 and sometimes $45. But my friend get SSI benfits $735 monthly. She will buy everything in the store specially Walmart  me and her live in section 8  apartment building and me and her paid our rent $211 on every first months .and my friend will buy 10 for $10. Dish soaps. I'll never buy 10 for $10 dish soap.

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