I need to save money and it is hard since i am a huge consumer. Any tricks to saving money that have worked for you. I have money come out of my account directly for my daughter saving account (she is 2 years old) and some into our own account. I work with a lot of cash since i am a hairstylist and it seems to come and go so quickly. I should really have saved much more. I support my daughter and husband since we are against daycare for now and still i make so much i should be ablt to save it.
2006-06-25 14:59:47 · 17 answers · asked by rachelpaul1 2 in Business & Finance ➔ Personal Finance
i had the same problem, i am a recovering spend thrift. open yourself up a paypal account at paypal.com. you can transfer money from your bank account and keep it there. if you decide you need it, it will take 3 to 4 business days to get back to your bank. kind of like a cooling off period with a gun purchase. they also have debit cards to use with the account if you decide you want one. and its all free. however, you can use the money online for purchasing at a lot of sites.
2006-06-25 15:12:49 · answer #1 · answered by charles r 2 · 1⤊ 1⤋
Yes there is a way. Put it in Stocks, open an account with your daughters name a joint account. The thing is that you have to find a good stock that will pay you a dividend. Good stocks are medical (every one will need medical) power (every one will need power). Look into stocks like Walgreens and Walmart. You might have to do some reasearch but it will be worth it in the long run. Then God forbid if some thing would happen to you. Your daughter will have some thing to live on. When you do find a stock do not get the dividend just reinvest it back into the stock, you get more stock. If you have any questions Please talk to a stock broker. I have done this for years with my mother. It might take a year or two or three before you build it up. But by the time she is old enough to do some thing with it it will be a nice tidy sum.
2006-06-25 15:07:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are no tricks.
The simple to say, but not simple to follow, advice is you just have to, a) make it important, and b) have the commitment and discipline to follow through.
To be blunt, if you are constantly blowing all the cash income you make, you don't genuinely think saving is important ... otherwise, you wouldn't blow the money, would you?
One action you can take immediately is ... think and identify where you unnecessarily spend your money ... is it at bars, restaurants, the mall, clothing ... where or on what does the non-essential spending happen? The next step is, don't put yourself in that situation. If you cannot, for example, go to the mall without buying another pair of shoes or blouse you do not need, then don't go to the mall.
2006-06-27 14:12:16 · answer #3 · answered by West Coaster 4 · 0⤊ 0⤋
Yeeoowwwwww don’t buy real estate… it’s the top of the market, the housing market is slowing and interest rates are going up. You’ve already received the best advise by others… invest in CD’s in a Roth IRA account… it’s a safe bet for now and you have many options down the road.
2006-06-25 15:38:39 · answer #4 · answered by yeeooow 4 · 0⤊ 0⤋
CDs are the way to go... currently they are around 5% where I am .... and the good thing is you can't touch them... a savings account you can always dip into... but a CD bites back hard on your interest in penalties.. I am a big spender tooo.... However I just look at I lost money every time I open one... since you can't touch it.. out of sight out of mind... until they send you the maturity notice..
2006-06-25 15:03:02 · answer #5 · answered by need to know basis 3 · 0⤊ 0⤋
Savings accounts in banks and credit unions yield very little for your investment. Try mutual funds which have been very good to me over the last 10 years where my investments have nearly doubled. They also are low risk investments. See a broker for details. Only a broker can buy the funds for you.
I hope this helps.
2006-06-25 15:21:19 · answer #6 · answered by No one 7 · 0⤊ 0⤋
Absolutely open a Roth IRA for each member of your family and auto-invest every month (money goes from your checking acct into the Roth acct) -- I think the max now is about $4,000/yr per Roth account
2006-06-25 15:02:41 · answer #7 · answered by Finnale 2 · 0⤊ 0⤋
give me the money. i'll keep it safe in my pocket lol. sike i got an idea that works for me. Whenever u go shopping, take only what you need. leave ur credit card at home, and make a list of exactly what you came 2 buy. hope it works 4 ya
2006-06-25 15:06:18 · answer #8 · answered by mizz_understood 2 · 0⤊ 0⤋
How about getting info on an RRSP account! Money gets locked in and you earn interest. Just speak to your bank manager for more suggestions.
2006-06-25 15:02:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Maybe you can tell the bank to restrict you from taking money out of an account. You can also try a piggy bank.
2006-06-25 15:01:53 · answer #10 · answered by strikeninja67 2 · 0⤊ 0⤋