Jump to content

Saving Money 💰

sydneymorgan

By sydneymorgan
in Lounge

poll  

104 members have voted

  1. 1. poll

    • Oops, I need to save! / None
      7
    • I use my mattress, it's safest! / Cash
      2
    • I have a normal savings account.
      13
    • Other (tell me below!)
      4

Recommended Posts

sydneymorgan Explorer

sydneymorgan

Posted
Posted

All year I kept saying, “Oh, I’ll get around to saving next month…”

Well, I got up today and realized that over six months have gone by and I’m still procrastinating!

I’ve had some money all along that I’ve planned on saving, but I’ve been shopping around trying to figure out Savings vs. Money Market vs. short-term investing along with all the different rates out there.

  • Oops, I need to save! / None
  • I use my mattress, it’s safest! / Cash
  • I have a normal savings account.
  • Other (tell me below!)

0voters

What’s your take on it?

Link to comment
Share on other sites
fonthaunt Proficient

fonthaunt

Posted
Posted

I’ve been bitten so often by not saving, so I’ve finally developed an OK habit! I put away a little bit every two weeks in my regular savings account. We do have a money market account too, which I like because it has higher interest than plain savings but if we really need access to the funds, there aren’t big penalties like I’ve had with CD’s in the past. I’m also a kind of survivalist wannabee, so I like precious metals, but right now the only one I can really afford is silver. I keep a few silver eagles in a safe deposit box and would love to add more. I’m not sure if that is the wisest of my investments or the dumbest one, but it’s my favorite. Shiny!

Link to comment
Share on other sites
sydneymorgan Explorer

sydneymorgan

Posted
  • Author
Posted

I’ve been bitten so often by not saving, so I’ve finally developed an OK habit! I put away a little bit every two weeks in my regular savings account. We do have a money market account too, which I like because it has higher interest than plain savings but if we really need access to the funds, there aren’t big penalties like I’ve had with CD’s in the past. I’m also a kind of survivalist wannabee, so I like precious metals, but right now the only one I can really afford is silver. I keep a few silver eagles in a safe deposit box and would love to add more. I’m not sure if that is the wisest of my investments or the dumbest one, but it’s my favorite. Shiny!

I’ve always liked the thought of silver/gold investments, very stable financially and definitely pretty to hold! 🙂

I almost went Money Market because of the higher rates, but convenience (since I already had a small savings account going with my bank) led me to a normal savings account for now.

Link to comment
Share on other sites
fonthaunt Proficient

fonthaunt

Posted
Posted

I’ve always liked the thought of silver/gold investments, very stable financially and definitely pretty to hold! 🙂

I almost went Money Market because of the higher rates, but convenience (since I already had a small savings account going with my bank) led me to a normal savings account for now.

You could just save up in your regular savings account until you have a nest egg and then move some into a money market when you feel ready. 🙂 I think most people that have the money to invest big in silver/gold don’t even buy it themselves, they invest in companies that keep it secure. I would rather have small amounts that I can see, though! 🔆

Link to comment
Share on other sites
thecreativeguys Enthusiast

thecreativeguys

Posted
Posted

You could just save up in your regular savings account until you have a nest egg and then move some into a money market when you feel ready. 🙂 I think most people that have the money to invest big in silver/gold don’t even buy it themselves, they invest in companies that keep it secure. I would rather have small amounts that I can see, though! 🔆

Who doesn’t want to sleep with several pillars of gold bars as a pillow? I mean, if I’m buying gold I may as well benefit from it physically!

/jokes
Link to comment
Share on other sites
sydneymorgan Explorer

sydneymorgan

Posted
  • Author
Posted

fixed deposits in banks that give me an interest rate of 7%

Is that the annual rate and is that compounded daily?

We can’t even get 2% here from any type of bank rate.

Well, I am a big saver, saved most of my Fiverr money in long-term bonds or fixed deposits in banks that give me an interest rate of 7% 😎 Now want to switch to mutual funds.

We can’t even get 2% here from any type of bank rate.

Agreed. 7% is impressive (or would be for the USA). The highest I’m able to find in the USA right now is 1.30% and below.

I’m planning on saving up a slightly more substantial amount so I can look into mutual funds and the like. But right now, anything is better than what I have been doing (even if interest is only a whopping 0.75% for my account).

Interesting to hear what other Fiverr sellers are doing, though 🙂

Link to comment
Share on other sites
paulmaplesden Enthusiast

paulmaplesden

Posted
Posted

I think good money management is so important as a freelancer - getting away from a hand to mouth existence and the feast <> famine cycle is vital to reducing stress. I always recommend freelancers have about three to six months of living expenses in a savings account to manage the anxiety of a slow week or month.

At the moment, our savings are as follows:

  • Six months of living expenses, around $25K in our checking account.
  • About $10K in outstanding invoices or business bank accounts.
  • Stock portfolio of around $16K, not really making much.
  • Ethical investments of around $12K, appreciated around 6% over the last six months.
  • About $95K in pension investments.
  • Around $450K in house equity.

It’s taken about 5 - 7 years to get here, where we feel financially independent as freelancers, and speaking from personal experience, it takes off a lot of stress. Outside growing your business and getting work, building a financial buffer is the most important thing you can do for your peace of mind.

Link to comment
Share on other sites
misscrystal Grand Master

misscrystal

Posted
Posted

I think good money management is so important as a freelancer - getting away from a hand to mouth existence and the feast <> famine cycle is vital to reducing stress. I always recommend freelancers have about three to six months of living expenses in a savings account to manage the anxiety of a slow week or month.

At the moment, our savings are as follows:

  • Six months of living expenses, around $25K in our checking account.
  • About $10K in outstanding invoices or business bank accounts.
  • Stock portfolio of around $16K, not really making much.
  • Ethical investments of around $12K, appreciated around 6% over the last six months.
  • About $95K in pension investments.
  • Around $450K in house equity.

It’s taken about 5 - 7 years to get here, where we feel financially independent as freelancers, and speaking from personal experience, it takes off a lot of stress. Outside growing your business and getting work, building a financial buffer is the most important thing you can do for your peace of mind.

Ethical investments of around $12K, appreciated around 6% over the last six months.

That’s really great!

Link to comment
Share on other sites
fonthaunt Proficient

fonthaunt

Posted
Posted

I like using Acorns, little bits here and there add up to a lot over time! 😄

I used to save Acorns too, but Paul said they weren’t as ethical as some other investments. I switched to doorknobs and buttons. I only buy asbestos-free buttons, too. 😛

Link to comment
Share on other sites
sue_mcl Contributor

sue_mcl

Posted
Posted

Anyone ever tried taking care of a family of six and save money in the process? The concept of saving money doesn’t exist in my life…this keeps me up at night.

Just a family of three - but I’m a solo parent so its challenging. That is why I like apps like Acorns - you can save tiny amounts - either round ups on your purchases or $5/$10 at a time, which over time does add up. I find it less tempting to dip into it than if those funds were in a regular savings account. You can then take a larger sum once it has built up and invest into something else.

@paulmaplesden they just introduced an ethical investment option here in Australia which is great!

Link to comment
Share on other sites
ssj1236 Proficient

ssj1236

Posted
Posted

Just a family of three - but I’m a solo parent so its challenging. That is why I like apps like Acorns - you can save tiny amounts - either round ups on your purchases or $5/$10 at a time, which over time does add up. I find it less tempting to dip into it than if those funds were in a regular savings account. You can then take a larger sum once it has built up and invest into something else.

@paulmaplesden they just introduced an ethical investment option here in Australia which is great!

Good for you, when I say a family of six, I mean 3 siblings that are still studying and two parents with a lotta cats. I’m 21 and spend the entire day working and dealing with my receding hairline. 😔

Link to comment
Share on other sites
fitrigwrites4u Apprentice

fitrigwrites4u

Posted
Posted

(post withdrawn by author, will be automatically deleted in 24 hours unless flagged)

Well, I am a big saver

Me too! Ever since I was a kid I have loved to save up, I actually enjoy it. I got the habit from my mom. I never find it difficult to save up, TBH. I still spend some money to have fun, but on the other hand I am calculative as well. I have been tasting my ˝hard work˝ by being able to get retired early. Don´t get me wrong, I am not a billionaire whatsoever. I am just in the phase where I don´t have to work for a living anymore and my saving is enough for until I die someday. I don´t gamble, so I think I will stay safe. 🙂

NB: My husband´s saving is a different story. He also gives me monthly money that I never ask for (I use the money wisely for us and for the dogs and manage to save up every month). But actually I can live with or without his money. I am just so good at saving up. I don´t get tempted with stuff like botox, filler, make-up kits, fast fashioin industry, etc, you get the gist.

Link to comment
Share on other sites
Guest offlinehelpers

Guest offlinehelpers

Posted
Posted

It’s lovely to see folks doing so well, and I’m sure this will give a number of new sellers inspiration for the future. 🙂

However, can I just add that a number of posters on this thread have given potential scammers every reason to target their accounts - not necessarily to steal any available funds, but to fraudulently advertise their accounts for sale in dodgier corners of the internet. This is a public forum, and everybody in internet land can read it, and identify the posters, and their accounts.

We may not all remember this story from fairly recently:
favicon.ico default-apple-touch-icon.png

I had a really nerve racking couple of days last week, I mean..I am still feeling terrible because I am not sure if the whole ordeal is over. Some days ago I was contacted by around three persons asking me how much my account is going for. At...

Reading time: 2 mins ? Likes: 109 ❤

The banks are running TV campaigns here at the moment to remind us all about financial scams - please don’t set yourself up as a potential target because you’re doing well on Fiverr!

Edited - sorry - I posted the wrong link, corrected now!

Link to comment
Share on other sites
paulmaplesden Enthusiast

paulmaplesden

Posted
Posted

It’s lovely to see folks doing so well, and I’m sure this will give a number of new sellers inspiration for the future. 🙂

However, can I just add that a number of posters on this thread have given potential scammers every reason to target their accounts - not necessarily to steal any available funds, but to fraudulently advertise their accounts for sale in dodgier corners of the internet. This is a public forum, and everybody in internet land can read it, and identify the posters, and their accounts.

We may not all remember this story from fairly recently:

favicon.icoFiverr Forum default-apple-touch-icon.png

Contacted by people trying to buy my fiverr account

I had a really nerve racking couple of days last week, I mean..I am still feeling terrible because I am not sure if the whole ordeal is over. Some days ago I was contacted by around three persons asking me how much my account is going for. At...

Reading time: 2 mins ? Likes: 109 ❤

The banks are running TV campaigns here at the moment to remind us all about financial scams - please don’t set yourself up as a potential target because you’re doing well on Fiverr!

Edited - sorry - I posted the wrong link, corrected now!

Good point. That’s why it’s also vital to protect yourself online:

  • Use a password manager to create a unique, strong password for every website (LastPass is great, and it’s free).
  • Turn on “Two Factor Authentication” whenever you can.
  • Install good anti-malware and firewall software.
  • Regularly look over your bank accounts and financial details for any odd activity.
  • Use common sense online.

Paul.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing
×
×
  • Create New...