Are you good at saving money?

Question

I happen to a persone who cannot resist the temptation of emptying my pocket! Am I really a marketing victim? I can't save a penny! How do you manage?

Answer 1

The key to saving is having a budget and saving BEFORE you spend the money. With a budget, you decide BEFOREHAND how much you want to spend on things like entertainment and eating out. By having automatic withdrawals from your check or checking account, you don't miss the money because you never see it. You need to make sure you put it someplace where it's not easy to get out (don't use a savings account, put it in a 401(k) or open a mutual fund or Roth IRA).

We have used the envelope system for about two years and have had great success. We have envelopes for eating out, auto repairs, clothing, BLOW MONEY, etc. and put the budgeted cash in each envelope each paycheck. If we need clothes, I take the clothing envelope with me (no credit cards - haven't used them in years) and when the money's gone, my shopping is done. If I rob from another envelope, I'm only robbing myself.

Answer 2

I put a set amount of money aside from my pay check every 2 weeks. I pay myself first and then tackle paying everything else and then what is left is my fun money. If you do this, your saving will grow. When you reach a certain level, split the savings in half and pay off a significant bill. Keep doing this until all of your bills are gone. Resist the temptation to add more bills. You need to save the amount it will cost you to live for 3 months if you lose your job. Once you reach your goal, start putting that money in a CD tree. You divide the saving into 4 and put in a one year cd every three months. You will always have money coming available. Continue saving after that and eventually you will be able to start buying things outright without credit. TRUST ME. This is the way to live. No bills, we owe nothing. Just start by putting a set amount aside each payday. Never fail. Never reason it away. Just do it and make everything else work around that.

Answer 3

Basically you have to put (say half your money away) at pay day and just discipline yourself to live off the rest (providing you have enough to cover your bills). This way you will increase your savings and cannot spend more that what you allowed yourself.

This will result in long term financial independence, as you build your welath.

Answer 4

I am not very good at saving money. Ever extra cent I get I either spend it on someone or something. You can't take your money with you when you die. So I say pay your bills and have a good time with the rest.

Answer 5

i think im good the problem is i just dont have money. try buying a piggybank and budget your necessary expenses. you will be tempted to withdraw it if you put it in bank. so its pretty much better using a kiddy piggybank and nlock it in a safety place. or if your like invest in buying some jewels that way you can increase your assets

Answer 6

Use 401K, have it taken out before taxes (Max it if possible). You'll never miss it and you'll make money from 2 points. Your company matching it (also known as FREE MONEY) and the market.

Answer 7

I am good in spending money too, but I am good in making money as well.
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Answer 8

Only way to save your money up is to lock it up in a safe only your parents know the code.

Answer 9

I think so. I save my income tax return every year. Last year I opened our first CD and this year we are investing in mutual funds.

Answer 10

nahhhhhhhh!
this is very hard because if i save money(by chance)
and if i look some very preety things so i spend money so
(for mine)this is impossible.
but yahhhhhhhh
i save money for some days
this is not great but as good as nahhhhhhh!