How To Save Without Using Banks

Page history last edited by Benji 1 yr ago

A lot of people have a reason to not trust financial institutions like banks, and for good reason. Banks exist to make money and we willingly give it to them, which places us in a relationship that borders on exploitive (depending on who you ask). Some of us have an ideological opposition to being a part of these systems more than we have to, but what options do you have? Carrying cash on you can burn a hole in your pocket, and also places your financial wellbeing at risk for the unexpected. We've brainstormed a few options for you:

 

Invest in gold/silver.

Gold and silver are more stable than the dollar, and since that cash isn't right in front of you, it makes it harder to spend it all. Be aware though that a lot of gold and silver, especially coins, are treated as collectibles, so often you'll buy a collector's price and won't be able to sell back for that same amount. Do a lot of research before stepping into this.

 

Put it in multiple hidden places.

When you earn money that goes towards specific things, put that money in a hidden, private, and accessible spot and have a clear idea of what it's designated for.

 

Create rules for certain $$ amounts.

My roommate Brooke has a rule that she can't spend $1 bills or any loose change, and all that money she puts away as savings. When faced with breaking bigger bills she has an immediate hesitation to drop such a big amount, which helps her make wiser choises on things that she doesn't need.

When making purchases, think about how much of your time that purchase is worth - ie, if you work an hourly job, think about how much time it took you to make that money. Is it worth the effort?

 

Don't keep it in your wallet.

If it ain't in your face, you're less likely to spend it.

 

Let a trustworthy friend hold onto it.

Money can often be a cause of tension or straight up ruin a relationship (money causes more divorces than anything else, afterall), but if you have a dependable and trustworthy friend who is responsible and organized, they might be a better person to hold onto your money than you. If you go this route, be as clear as humanly possible about all the if's and maybe's: rules for giving/taking, what happens if the money goes missing or is stolen, how it's being accounted for, emergency access, etc.

 

Buy a lockable box or safe.

This can be expensive, but by putting it in a secure place where it takes effort to get at it makes you less likely to casually blow it. Only take out exactly what you need.

 

Invest in other things.

Playing stocks is risky and takes a lot of effort, but if you're into it then you can make a lot of money. "Green" and "Responsible" investment is becoming a bigger deal all the time, and there are a lot of people out there who can help you pick what you're putting money into in a less exploitive way. Do some research.

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