BeerBorg

Sometimes it's difficult to put aside money for a future purchase and then have it available for that need when you're ready, I see it mentioned now and then. Two suggestions I have for budgeting help.

1) Find a bank that allows you to have multiple accounts with no minimums. There are numerous places to do this including online banks. One I'd recommend is Capital One 360 (formerly ING). Savings accounts currently pay 0.75%, Checking pays 0.2% unless you deposit a lot. Yes, it's an online bank, you have to hook it to your regular bank account. For check deposits, you can use a phone app and take a picture, the deposit occurs within a few hours and then you destroy the check.

If you open a checking account, they'll give you a $50 bonus. A savings account, $25 bonus (and no, you can't get 5 bonuses for opening 5 savings accounts). Full disclosure, I'll get $20 that I'll spend on beer supplies. https://r.capitalone360.com/PcChe65F2L

Once you establish an account, you can then open more, including one for your brewing equipment, and you can name the accounts for ease of use. When you want the funds, send them to your bank and get them 2 days later. Or, transfer into their checking and write a check (50 checks free).

2) Use Quicken to manage your funds so you can see what's where and BUDGET for that future purchase. It's easy to use, and when it's tax time you can use TurboTax and import your data. I've been using it for over 20 years, upgrading every few years. http://bit.ly/17YRK4M Gives you that extra help in budgeting when you need it, and allows you to see where your money has gone if you enter everything (download credit card and bank account transactions). My kids sort of use it, and my youngest was shocked at how much he spent on gas commuting to a job this past summer that was 90 miles roundtrip. I even enter all my cash transactions (ask for a receipt), not that I have many. Each year I have less than $10 in "I have no idea where I spent it" transactions, those go to a category called "Loss/Gain", same place that found $20 bill goes.

Many people buy that cup of coffee at Starbucks daily. $4 x 5 days x 50 weeks = $1,000.

Many people buy lunch every day, vs. bringing it. $7 to buy minus $2 to bring (I'm being generous, I spend less) = $5 x 5 days x 50 weeks = $1,250.

Eating out 1 less time per week/month... Not getting takeout....

Remember, every dollar you save is a dollar you can spend on beer making equipment and supplies.

I've been thinking of opening an online banking account.
How about the ATM availability ?
I would love to drop Bank Of America.

Great suggestions for saving money!

Capital One offers a worldwide network with free ATM access, info on their site. Locally places like Target and 7-Eleven have terminals, you just have to make sure you find one with the proper logo on it.

Note that many online accounts have limits on things. Savings accounts have 6 withdrawals a month. Checking might have low interest, and you can get a checkbook but not a lot of checks. Capital One 360 allows you to mail, for free, checks anywhere (no postage, no fees). Takes a week, or less, from the time you tell it to send it to arrive.

I write less than 10 physical checks a year as a result, I let them do it and pay the postage too.

A long long LONG while back I used to have an ING savings account but I never really used it. Your ideas are great, Rick. Definitely a great way to save! May just have to look into it again.

Good suggestions.

One thing I do is have a jar (it's actually a "Beer Fund" jar; no lie) that I put my spare change in every week. It just collects in my pocket during the week, and by Saturday, I've probably got two or three dollars or more. When the jar is full, I convert it to bills, and in the past, I've had around $125 or more.

I also tend to save a lot of my tips the same way. I don't always get tips, but I do it enough to set them aside and squirrel it away for beer purchases.

Another technique that seems incredible, but it works, is to put one dollar aside the first week of the year, two dollars the second week, three dollars the third week, etc. Do the math. It adds up ridiculously.

I ask the wife for money, she gives me a $20... I squirrel away. I pay with credit card... I ask the wife for money.. she says what did you do with the 20 I gave you? I tell her it's gone...she gives me another $20.... it really works....When I have enough money saved, I make a purchase.... with the credit card....maybe I'll take a vacation...

I save scrap metal and other recyclables. I guess everyone couldn't do this, you need a place to store it out of sight, I keep mine behind my garage. You also need a supply, I keep all the old wire, brass fittings, copper tubing and aluminum, scrap iron, and electric motors that gets put in the dumpster at my work, I even save all of our household empty cans. You would be surprised how much money I get when the price is up, I use it for beer making supplies.

Berryman, great way to earn money. some is simple, some requires work. scrapers around here, collecting metals on bulk pickup day, get quite the haul. the market on metals fluctuates, so year to year income changes. at the school i work at, they toss lots of scrap in trash and if you pick it, you could be fired.... senseless to me, fill our landfills instead of recycling..... you, me to some degree are actually doing our communities a service... keep it up.

mtsoxfan wrote:I ask the wife for money, she gives me a $20... I squirrel away. I pay with credit card... I ask the wife for money.. she says what did you do with the 20 I gave you? I tell her it's gone...she gives me another $20.... it really works....When I have enough money saved, I make a purchase.... with the credit card....maybe I'll take a vacation...

Ha, that is almost my method as well. I pretty much only drink homebrews except when picking up a mixer-sixer for homework but the wife still buys a lot of craft brews, mainly since she doesnt like darks and feels it unfair for me to not brew them since I like them as can only brew so much (and we go through a LOT of beer during football season). But, she does not like taking them back. Neither do the kids at "their" house. I have absolutely no problems with picking up the returnables and they do add up. Her cousin also hates returning returnables so when we are over there I pick those up. SWMBO did stop me from walking around at the tailgate to pick up returnables however - I thing she was slightly embarassed.

I keep a spreadsheet of prices I pay when shopping to make sure that "the sale" isnt just a mark-up to mark-down scam. I am lucky enough to have a large pantry so pretty much only buy in bulk or during sales. Every year I get a pig and a lamb to butcher and fill the freezer along with venision. The first time SWMBO saw my stockpike she commented "there is just nothing right about it." I also canned cable and got Netflix as the only thing I really have to see sometimes might be sports so we simply go to the watering hole as that is usually when they have the best deals (and me a Groupon) and call it date night.

Sure, many things go above and beyond the "savings for beer" but by making certain things part of your lifestyle you inadvertantly always end up with some change for a nice brewday.