How can I economize and save money?

Question

I'm a bit careless with money.

I want to save money efficiently.

Would you tell me point of economize

and save money?

Answer 1

Make a deal with yourself to save a certain percentage of your money. Think through things that you want to buy. Don't just buy on impulse. Use coupons at stores and compare prices at different stores before buying something so you can buy it cheaper. Have self-discipline. =)

Answer 2

First, sit down and add up your income include every dollar that comes into the house. From there deduct the house payment, utility bills, vehicle gas, food, any credit card debt or other such things, etc. Once you know what the bottom line is that is left (you'll add and subtract everything based on a full month).

Then determine how much money you require to see you through from pay to pay. Say you choose to have $100 bi weekly, this is your spending cash. Then choose an arbitrary amount that you will use as "emergency cash" and which is to be used ONLY if absolutely necessary.

From there scour the internet for economical recipes that you can and will make...keep to those recipes that have ingredients that you will enjoy putting into a meal...too many ingredients could mean too much time and of course lack of interest to prepare. Try to keep ingredients to 4 or 5 and usually these types of recipes can be prepared in 5-15 minutes and the ingredients end up less expensive.

Don't eat out often, make it a treat rather than a common practice. Any money you were going to spend on these outings...earmark for the bank account you will open up in a bank you can't get to easily, without ATM access or internet access. Visit this bank once every 2 weeks to deposit only.

Fill the vehicle (if you drive to/from work), right up to full. Depending on the type of vehicle you have, this fillup could last you the full two week period if necessary and would be much cheaper than throwing 15 or 20 dollars in every few days.

Try making your own home cleaning products...check the internet for recipes. One excellent cleaner (potent actually) is white vinegar, baking soda and ammonia mixed together ...excellent cleaner for bathrooms, particularly tiles, bathtubs, shower stalls etc. Exact recipe is available on the net do Yahoo or Google search for "homemade cleaning products" or "make own cleaning products", etc

Coupons were mentioned and are a good idea, make one trip somewhere count by bundling up several errands into one trip if possible. If you want to purchase something check out a Freecycle site for free items first, if you find what you need and are able to obtain it...determine the amount it would have been to purchase the item and stick that money into your account.

Anytime you save money? Throw it into the account. Then, at the end of the 2 weeks (or whatever the cycle is for pay weeks) if you have your emergency money left, pay yourself the emergency money amount again, every pay, but if you haven't used the money on hand, put the next weeks money right in the bank. Btw, put your emergency money into one large denomination, i.e. $100 bill, or $50 bill, these denominations you are less likely to want to cash and if you reside in Canada there are stores that will not accept these denominations any longer so it helps you save.

So now you have some things to think about...good luck.

Answer 3

One quick save mechanism - have an account where you don't hold any debit cards - where you got to go through pay-slips to withdraw. Put every month 2-3k into this account at your convenience - and never break it... just keep accumulating money.
End of the year you'll be surprised at the balance :)

Other ways are keep track of your transactions - this will help you to cut down your expenditure.

Any surplus - open some fixed deposits and let the money stay there...

hope this helps you - it has certainly helped me

Answer 4

Put some in a bank as soon as you get it and forget it's there

Answer 5

Don't save your money. Invest it and reinvest it.

Answer 6

Go to DaveRamsey.com

Answer 7

put it in a bank and do not touch it,,enjoy your money growing...