$25 deposit is no more - how to save up for deposit?!

[RoofingPrincess]

PS I like the idea of the savings account - but my work doesn't offer direct deposit - it was so much easier saving when it was "out of sight, out of mind" as you said.

My savings is not direct deposit. I have to move money into it. Yeah, it's much easier when the money doesn't even make it into your hands, but if you really want to do something you have to make the effort to save for it. One possibility is developing the discipline to move something - even a small amount - every payday. Just like paying a bill.

[fann1sh]

Everyone living on a modest income has to juggle in their own way. Personally, I couldn't book a cruise (and still sleep at night) if I didn't know exactly how I'd pay for it. I always have a "cruise account" and add to it in dribs and drabs. When it starts to look healthy, I go hunting for a cruise.

 

I figure the total cost meticulously, right down to whether I want a dinner at a "pay extra" restaurant, cost of someone taking care of my cat, etc., etc.

 

Under my self imposed rules, the entire cruise must be paid off within 60 days of getting home. I'm willing to risk one month's interest on charge cards....but not a penny more.

 

Not everyone can/wants to be that rigid. But it's the only way I can relax and enjoy the cruise.

 

A friend of mine sabotages herself by saving, then needing that money for for "emergencies": like a bigger heating bill than she expected, or a tax bill she forgot about. I love her dearly, but she's not a planner.

 

Plan, plan, plan.

 

I'm rigid, ruthless, and tedious about it, but it's what works for me.

[MrsPete]

I really liked the Carnival feature of the $25 deposit for group cruises... it made it so much easier to pay by the month.

 

How do you save money for the deposit? Have you ever only booked one or two people and then added others to your cabin later as you got the money? Any hints or tips?

 

We want to go on another soon - last one was a few years ago now!

If you're used to paying something each month, open a "Vacations savings account" and pay into that each month. We do this, and it's a great choice. We have a portion of each paycheck directly deposited into that account. We keep our account in a separate bank and have no ATM card for that account, so we have to make a special effort to go withdraw money from that account.

 

Personally, I don't care about the deposit amount. The more I pay with the deposit, the less I pay when the final bill is due. We're not making anything in interest on a savings account anyway.

[MrsPete]

A friend of mine sabotages herself by saving, then needing that money for for "emergencies": like a bigger heating bill than she expected, or a tax bill she forgot about. I love her dearly, but she's not a planner.

Sounds like she's not realistic in her budgeting. She's not leaving enough for her necessities.

 

I could SAY I'm going to save $2000/month towards a vacation . . . but the reality is that I can't do that -- well, maybe I could pull it off once, but the second month, my checking would run low. Sure, when I get next month's paycheck, I could put $2000 into savings . . . but then I wouldn't be able to buy groceries and other things I need. It's better to be realistic about what I CAN actually put into savings so that I don't have to dip into it for daily needs.

[fann1sh]

Exactly, MrsPete. That's what I was trying to point out, and you made it clear.

 

The whole plan has to be realistic, even if the time frame is discouraging. And you can't let yourself be "surprised" by expenses in the meantime which are inevitable (or very likely).