How can i start saving money?

Question

iam earning a good money, but it seems so hard to save, because i buy food for my family alot, which it end up in the trash?it seems so hard? i feel so guilty wasting all this money, and yet i need many important things , like a house or a car, degree?

Answer 1

First you need a spending plan (budget) so you can see where the money is going and where it's leaking out. Track every penny you spend (write it ALL down) for one month, including the 50 cents you spend on soda at work everyday. Once you know this, you'll know what holes need to be plugged and if you need to cut out some things.

Now you can enroll in an automatic savings plan, either by having money deducted from your paycheck into a savings account or by having money deducted from your checking account into your savings.

A good resource is Dave Ramsey - check out one of his books (Your Total Money Makeover or Financial Peace) or visit his website. All these have sample spending plans that you just fill in the blanks.

Answer 2

1.) Stick a small amount of money into a savings account.
2.) Saving crispy bills and change in a jar.
3.) Saving ones in a jar.
4.) Sell some unwanted not used items on www.craigslist.org
5.) Stop wasting the food there are kids starving, it's common sense for most people to put it into the freezer and use as leftovers meaning put the food into a freezer to save take out as need for lunch or dinner.

Answer 3

There are a lot of ways to feed your family well without waste or a lot of cost. I don't know what you like but ask old people you respect. Anyone who has lived to an advanced age has likely had some hard times and knows what is economical and tasty too. In general I would stop buying food that doesn't nourish. Cut out junk food and soda pop and you have lost nothing except a big bill. If it doesn't do our bodies good it's just entertainment.

Answer 4

Dear Anna S,

I believe the best way to start saving money is to put a little away in a savings account every paycheck before you access that money for your essential expenses.

From what you have stated in your question, you must change what you are currently doing - and that does take a degree of self discipline.

Wise lifestyle management is the first step toward sound financial health.

If you would like to speak with me further about your situation, you may contact me.

Respectfully,

Darren J. Smalley
Independant Membership Consultant
Financial Freedom Society
http://your.ffsi.com/59173

Answer 5

You need to focus in what you want, you said you would like a house or a car. The house is the best investment you could have it would be the most valuable you have, if you decide to go for it.
To better control your income .Have a notebook , write what are your earnings and expenses. I read one time that the governor Arnold even he has accountants he likes to control his own money, Make a budget plan, you could save $10.00 or $20.00 a week. Focus that this is what you want. When I first started saving I decided to make a loan for $500.00 and deposit the same $500.00 in to a saving account to make myself obligated to pay it. After a pay the loan off, I took another $500.00 and deposit it in the same saving account then I had my first $1000.00. I was paying the loan until it was pay it off. I had to do it that way to obligate myself to pay it because for me It was and it is really hard to save money. First thing pay yourself first. Utilities , etc the rent or mortgage first. And keep a good credit to get to your goal. Sit every week to analyze your economic status, and make notes about what will be your next step. The Best for you.

Answer 6

go to the bank and open a checking or savings account and then you can open a christmas club where you put in whatever amount you want every week before you know it you wont even miss it then at christmas time you will have all this money, ar which point you can use it for a purchase or keep it in a savings account and then do it all over again the next year

good luck!!!!

Answer 7

Start using Quicken and set up your categories of spending. your head will spin when you see where all the money goes. It's an unbelievable tool for cheap. Makes life a breeze at tax time too.

You really need to prioritize things. It's hard to get started, but once your plan is in place it goes a lot better. It's one thing to have a plan that fails but far worse to fail to plan.

Good luck!

Answer 8

You can open a high yield savings account, like ING direct. Or open an account with Bank of America, where the round your purchases up and deposit the difference in a savings account. That way you are not really missing it.

Answer 9

Is the food that you mentioned not sufficient to live? Is it over and above that?

Then cut it off.......I am glad you are an intelligent person for you know that a house or a car, degree is more valuable than eating what you do not require to live.

So as you know what is right and what is wrong... so you can start when you so desire....strongly.

Answer 10

Put things in order,set aside amount for each of your bills first,food and so on.If you get paid weekly or bi-weekly divide what you owe each month between your pay cheques and even a small amount adds up quick if you put into say a short term deposit.Check with a bank manger.