We have our three finalists for the Biggest Saver Contest. Congratulations lewisd, stuartladydi, and Kittykat. We are in the process of contacting each candidate and soon you will be able to vote for the Biggest Saver and winner of a Members Credit Union $2,000, 60-month share certificate!

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Changes I have made to become a better saver.  I pack lunch and only treat myself out once a week. This saves gas /& money. I call it my money diet. Also, I do spend money on cable,  if clothes are purchased. They must be on clearance and a necessity.  Also, in order to save the best idea is to forget the money is there. That way you are less likely to find a way to spend it.  That’s what I like about the online statements instead of them coming in the mail.

I have learned to have realistic goals. Even if I cant save thousands, it’s nice to be able to
have a little egg in the bird’s nest for a rainy day.  This account and blog has made saving fun. 

Thanks, dgl 

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1.  My husband and I have been saving for our daughter’s wedding.  The changes we have made are across the board.  Examples include:  not eating out as much fewer trips to the movies etc.  We have been substituting things that don’t cost as much.  We have been walking close to our house, instead of driving to the park.  Not only do we get exercise, but we save on gas and get out of the house without having to spend money.  They say some of the best things in life are free!

2.  We have begun to have a certain amount of money taken out of our check every week.  I call Jerry Byrd at the Morganton Member’s Credit Union the day I get paid and have him go ahead and take money from my check to put in the “What are you saving for” account - that way I do not really miss it.  At first we thought we could’nt do this but we found we can manage without this money.  We were spending money on unnecessary things, but now we are building our savings to use for the wedding.  This will hopefully create a new approach to our savings, because once the wedding is over, we can continue to save, be prepared for unexpected things, and be in a better financial situation!

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I always thought I knew how to budget that is until my family and I found ourselves in the sauna we called our living room this summer after our 20 year old heat/ac pump died.  As an asthmatic the sweltering heat combined with the increasing pollen, I realized we needed to find a solution fast since our minimal savings couldn’t pay for the new unit entirely.  I suppose necessity really is the mother of invention.  My husband and I sat down and looked over a spreadsheet I made (I love excel) of our bills, income, and goals.  We knew we had to cut corners and fast.  First we tweaked the options on our phone bill, we “cut the fat” out of our TV. options – we weren’t taking advantage of the additional pay per channels anyway.  The thermostat was raised a few degrees.  We now shop at used book stores, look for sales, shop at discount stores when possible.  We cut coupons.  With gas prices rising, we map out our trips.  I plan out our meals allowing for a few “fast food” treats a week due to our schedules.  Saving has now become habit.  My husband is the king of internet research for the best buys.  We aren’t misers by any means, but out of necessity we’ve learned not to be so wasteful.  We have goals to pay off debt and perhaps a few years from now buy another home.  I keep these goals in mind every time I’m tempted to buy that expensive cup of espresso I could easily make at home.  This experience has been very positive.  Its taught us to value what we have and to save not only for this crisis, but to build up our savings so the next time an emergency comes up we won’t be left taking the heat.

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It’s almost time to announce the finalists for the WAYSF Biggest Saver. Don’t miss your chance to be the first Biggest Saver and win a Members Credit Union $2,000, 60-month share certificate. Write a post about what you are saving for, how you are saving, and the progress you have made.

This is your last chance to make an impression on the WAYSF Judges. Even if you have already posted, you could score a few brownie points by posting a savings goal update on the WAYSF blog.

Your post must be published by 9/23/2008 12 AM EST, to be considered. We will email semi-finalists on Wednesday, September 24, with further instructions.

Good Luck!

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It’s already September. Hard to believe we are giving away a cash prize to the 5th winner for WAYSF. The lucky saver this month was Tammy Marlowe from Thomasville, North Carolina. Watch the interview with Tammy and find out her savings goal and strategy.

WAYSF Cash Prize Winner in August from What Are You Saving For on Vimeo.

Check out the WAYSF Prize Meter to find out how much money we are giving away next month. Don’t forget to tell us what you are saving for and be sure to update your progress. One lucky WAYSFer will be crowned The Biggest Saver and win a $2,000 5 year Share Certificate at MCU.

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It’s that time of year. Another summer comes to an end and students return to school to hit the books. Back to school means shopping for school supplies, getting organized and long lines at the financial aid office. For one WAYSFer saving for college is high on the priority list. College can be expensive but the investment is worthwhile. That’s why this month’s featured post is about saving for college.

mprakuso wrote on 8/18/2008:

As I was a young girl, I always dreamed of attending a university. Now that my dream is finally coming true, I am saving up to pay for college. I know that scholarships, and grants from Student Financial Aid is helping me out, but they also offered me a loan, which I am going to have to pay for later. I do not want to burden my parents with college payments, so I am applying for many scholarships, and also saving.

Financial aid is out there for aspiring college students. The question is, how much of it can you qualify for? To find out more about financial aid and saving for college visit the College Planning page at SmartMoney.com.

To comment on mprakuso’s original post, click here.

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What Are You Saving For? is in the September issue of Fast Company. If you don’t subscribe to Fast Company then look for it to be available online, on newsstands or in bookstores soon. Check out page 80 and let us know what you think.

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Congratulations to Therence Pickett, from Greensboro NC. He was July’s WAYSF monthly cash prize winner.

Want a chance to be next month’s winner? All you have to do is open a WAYSF Account and save at least $25. Just by saving your money you will earn a double dividend and be eligible to win cash. Every month someone will win at least $100. When more people save money by opening a WAYSF Savings Account we give away even more money. $1 multiplied by the number of WAYSF Accounts opened during the month. If 200 people open a WAYSF account then we will give away $200.

If you haven’t started saving with WAYSF go to http://www.memcu.com/WAYSF.shtml to find out how you can sign up and start saving.

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Dalia77 has a special savings goal. On the surface you may think she is saving for just a vacation with her husband. However, the vacation she is saving for will have an important intention. It would give her and her husband a chance to rekindle their relationship and rejuvenate after a turbulent beginning to 2008.

Saving for just a vacation? The savings goal here is an investment in her marriage.

Dalia77 wrote on 7/24/2008:

After losing our twins late December of last year, me and my husband have gone through a whirl wind of stress and anxiety. That in itself has taken a real big toll in our relationship. We both love each other dearly and know we need each other to get through this. We have decided to take a nice relaxing cruise. “re-experience” what we felt for each other when we first met. I think this would be a wonderful way to get things started in the right path.

When it comes to planning a vacation, airfare is probably one of the most expensive components. Sandals Resorts is offering Free Flights and up to 35% off on select resort locations.

To comment on Dalia77’s original post, click here.

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