Comments on: Saving Money by Managing It

By: David Wilding

David Wilding — Fri, 27 Jan 2006 01:34:32 +0000

How about a “cashless” change jar? Here is a technique I use. Whenever I
write a check(or use a debit card) I round off to the next highest dollar. When making a deposit I round off to the next lowest dollar.

At the end of the month, or whenever, I take the money which has built up and sweep it into a savings account.

I do this as a bookkeeping entry. Another way is to do it at the point of sale and ask for the change back. When you get home it goes right
in the jar. Both work, but I use the bookkeeping system because I work both sides…withdrawals and deposits.

Give it a try if you think it
will work for you. Good Luck.

By: Ray

Ray — Tue, 25 Oct 2005 15:56:23 +0000

Russell,

Everyone’s tax situation is different. Your best bet is to talk to your tax consultant and ask them to figure out your estimated tax payment for the next tax year. You can then adjust your dependents so you are paying slightly less than what you will owe.

Please proceed with caution, as not everybody has the discipline to save money to pay taxes at the end of the year.

Regards

By: Russell

Russell — Tue, 25 Oct 2005 02:58:21 +0000

Great tips here! I have a change jar I have been collecting in for quite some time and have a running tally on my blog, currently at $74.76. I’ll putting that to good use once it reaches $150!

One thing I’d like to learn more about is the part where he mentions overpaying the income tax. How can I figure out if I’m over paying?

By: Alexander Kintis

Alexander Kintis — Fri, 21 Oct 2005 16:49:24 +0000

I used to use that spare change idea. Everytime I went out and returned to my home, if I had change I put it in a jar. Over time, it really added up. Like that infomercial, “set it, and forget it!” *Laughs*

All the other information is true.

Really, it’s a matter of will-power. Know what you must do, and stick to it.