Tip money, what's the best way to SAVE it?

Question

For the first time in my life, I'll be earning tips each week from my new job at lovely cafe. Hard cash money has a tendency to just spill through my fingers like water...and just on things like gasoline and groceries. I'll be earning extra money for our household in a weekly paycheck but I really want to save up the cash tip money and not be able to really access it until maybe around Christmas time. Does anyone have any suggestions about saving this petty cash in a tight, responsible way so it doesn't just evaporate like the rest of our money does these days?

Answer 1

daveramsey.com suggests the envelope method. Check out his website and tools TMMO. We are signed up for the 7 day free trial and have learned several good tips and tools from him so far.

Answer 2

Live as a poor person with lots of money

Answer 3

When I used to earn tips I used to go to the nearest ATM and deposit it into a savings account seperate from my main checking account.

Some used the envelope method. One person I knew went out and bought a little cheap metal box with a key. It was their way of putting money "in the vault".

Part has to do with just pretending that the money does not exist. Use your debit card for everything and all. It will get you out of the habit of using cash....... hence your tips.

Answer 4

Live the same lifestyle as you did before getting the tips. Don't think of the tips as "me" money, think of them as "gift" money. get a huge jar and put them into there, then at the end of the week or two weeks, deposit the money into a bank account so it can earn some interest. But DO NOT TOUCH IT. label it gift money. think of it as gift money. do not think of it as extra tip money. when you get some, even think of it like "gift money today was high!". You'll be happy when the holidays come and you can afford to get your loved ones (and maybe yourself!) nice gifts!