Money making+saving methods

So, let me bring you [the reader] in to the loop. Since late March 2012, I've been saving money in a savings account at a nearby bank. I'm using this account to save for college, but the ability to withdraw money at will tempts me way too often when I want to purchase food or drinks at a restaurant or gas station. So, I was wondering if it is a good idea to make money off of Sythe that could be used towards my savings account? Also, what are some good methods to prevent myself from withdrawing money from the account (because the bank's applied fee for accounts with a balance less than 5 dollars is already a wall for me).

 

You don't use a savings account to pay for things like food, silly
Make money on Sythe and stash in in there and leave some for the regular bank account for your temptations if you must.

 

Well, the only problem with that is that I'm incapable of making a bank/checking account at my current bank until I'm 16 (which is sadly 3 months away).

 

How about a little discipline? That might work.

 

Yeah, you think being in a military family, you think I would have more discipline (oh the irony).

 

Well if you have about $1000+ (thats the minimum at most banks) you don't think you'll be needing for the next year, you can put it in a GIC. That way your money is "frozen" for a year and you can't take it out until the year is up, plus you earn a better interest rate on it.

 

Well, I wish I had $1000 right now. That would be getting me somewhere, but I'll keep this in mind.

 

Basically what I would do is save all the money that you are earning off sythe and put it in your savings account. Save this for the next 3 months and then invest all you have into the savings account and if you manage to save up a lot you stand a good chance in coming out with a good lump sum .

Good Luck... And remember to save money you need discipline.

 

Buy bonds with the money you don't want to spend. There are bonds you can buy that can be a few years to over 20 years. You'll make money and keep it safe in the long run?

 

I'll keep that in mind.

 

You can, but it wouldn't be worth it. There's always a risk of losing money on this site. Doesn't matter what kind of protection you use. Unless you have at least 500m, you wouldn't really see a difference in money you gain.

 

Well, I'm just feeling daring to try and make money on here. Once I legally obtain a job, then I will be relying on Sythe a lot less, but in the event I get somewhere by then, then I'll try and maintain a balance between both.

 

The best method by far is to buy low, sell high. However, the best way to do that is RSGP and in this market, with low reputation it's hard to find a long-term supplier, especially one who trusts you. If you can find a supplier for 0.50 and then make a selling thread at 0.65, you'll make a fair bit of money, even with only 10$ starting money.

Reguarding trying not to withdraw your current money; I have a similar problem, however I find just not going to the store as often helps, don't be tempted into something you don't need my friend.

 

Well, it is typically just food I withdraw money for. Anything else I wouldn't try buying with through my bank.

 

Hmm, I'm assuming it's more junk food? If my assumption is correct, an extreme, but beneficial way would be to, instead of spending more money on a "junky food" item, buy healthier food:
- It is more healthy, obviously.
- It costs alot less.
- For half the price you can be feel like you've eaten a full meal compared to the junk food option.

If not, just only eat what you need to eat

 

Typically soda and mike'n'ikes. And at times I usually buy myself lunch. I guess that's what a checking account would probably half to be for.

 

Drink water, it's much cheaper Or just take around a drink from your home with you so you don't have to buy one

 

If only I had an apparatus to contain such a liquid. xD I'm dead-ending myself. Plus, I rarely go out in to public.

 

Open the savings account with another bank, Cancel all bank statements, and don't get it signed up for online banking. Treat the funds like a bill payment and don't enquire about it or even try to calculate how much funds you have.

Or you could make it so you make it so you requireOne of your parents signature to withdrawl any funds.

(oh i also forgot to mention this even though it speaks for itself, don't get a card assigned to the account)