What practices can I do to create better financial habits to live a life free of monitary burdens?

Question

I'm 19, and have trouble holding onto my money when I need to. What have you done to make good money handling habits a daily occurance for you?

Answer 1

tithe

Answer 2

I have a number of suggestions that may help you:

1) Set up a separate bank account and deposit 25% of your take home pay into it. Do not touch this money for partying or as a slush fund.

2) Once you have saved a substantial amount, get a credit card. Use the credit card for large/special purchases only, like a computer, musical instrument, if that's what you're into, etc. NEVER buy anything on the credit card unless you have the savings to pay it off. In other words...if you wanted to buy a computer and it was going to cost you $1200, make sure you have at least $1500.00 in your savings. When the bill comes in at the end of the month, pay it off entirely. This will help you build a credit rating and at the same time help you learn good money habits...

3) If at all possible, stay away from smoking (cost too much), and cell phones. Everyone needs one but try to use cost saving measures like plans that allow unlimited evenings and weekends, call forwarding to your home phone whenever possible. Buy a cheap cordless phone for your room so your not tied down in the house or outside.

4) Always pay off your credit cards in full, always try and put 25% of your pay away in a separate account and try not to spend it all. Best case scenario would be to always keep a minimum balance of $500 - $1000 all the time.

5) When buying a house, try and make sure you have 25% down...try never to rent...that money will always be lost, even owning a small condo means that you're putting the money away for you...

Hope this helps...cheers.

Answer 3

First, draw up a game plan. Decide what you want to do with any money you accumulate.
Second, make up a budget. Keep track, for awhile, of where you spend money. Then look for spending patterns, to see if anything can be saved or improved.
Third, and most difficult, don't be material. If you want to buy something, wait for a week before doing so, to see if you can get along without it. It is hard to do, but practice shutting commercials out. Ads are designed to create want. If you have to buy something, look for a cheaper alternative. For transportation to and from work, a two-year-old Chevy Aveo serves the purpose as well as a brand new Mustang, for $20000 less.
Develop a forced savings plan. If you have a job, sign up for 401k savings or start an IRA and contribute something every month, as if you were paying off a bill. Invest in conservative mutual funds or US Treasuries. You have over 40 years to accumulate wealth. Don't get greedy and try to make a killing on any kind of investment.

Answer 4

Before I pay any bills I put half of what I make into an account I don't not touch, for any reason. Even if I were to lose the place I live in I will not touch this money.
Next I work a second job to get the nice things I want. By the way this one leaves me less time to spend money. When I do have free time I try to do creative things around the house, planting flower seeds, working on art on the computer. And of course spending time in Yahoo Answers.

Answer 5

I am older than you, but have had the same problem. I finally found a couple things which helped. I had my employer take a few extra dollars out of my check for taxes, which gives me a bigger refund at the end of the year. I opened an online savings account (I used ING Direct orange savings) and linked it to my checking account. I can put a couple dollars or a chunk of my taxes in there and I don't spend it as quickly because it takes about 3 days to put it back in my checking if I think I want to spend it.
One other good way to avoid spending as much is not to carry cash and especially not an ATM card. Carry a few dollars with you and make yourself actually write a check for other things. You will spend less!!

Answer 6

properly, truly one is residing a divine existence whether there are undesirable conduct or no longer. There are actually not the different possibilities even although there are undesirable conduct. Very very few human beings have 0 undesirable conduct. undesirable conduct are like a skinny veneer or coating on what we are. all and sundry stay the existence of organic luminous wisdom, or Self, or genuine Nature or God, in reality. very few human beings comprehend this because of the fact it is the conditioned, undesirable undemanding one that is project to karma who could or would possibly no longer unquestionably comprehend genuine self or Krishna wisdom. even although, it is there ceaselessly. it is what all are inherently. How do all of us comprehend this? i think of it is an argument of 'grace'. It can not be proved in any different case, even even though it can not be huge-unfold the place empirical evidence is needed the two.

Answer 7

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Answer 8

What my kids do--They spend only on essential things.spending shld be planned in an order such that priority things are met first.The remaining things could best be compromised,like travel,eating out and designer wear.

Answer 9

First pay yourself... whatever you have as your income, park a part of it as your pay/salary... For the remaining, keep 10% for your fun... Keep 10% as your savings. Keep 10% as money for urgent needs. pay your expenses from the salary you kept for yourself. Keep 10% of your money in any investment. This should do..

Answer 10

regular savings