How does someone who is terrible with money become really good at saving?

Question

I am HORRIBLE with money! Are there any tips on how to manage money?

Answer 1

A good start is to set up direct deposit into a savings account. You want to save a minimum of 10% per paycheck. Once you get a little money in there you will want to move it to maybe a money market or a CD (certificate of deposit) so you can earn some interest and watch that money grow. That is the easiest way and your money will just sit there and work for you.

Spend less. Try making a budget and if you have money left over, that can go in to savings too. Start bargain shopping for everything. But clothes and groceries on sale.

It will all start to add up.

Good luck!

Answer 2

The best way is to set it up so the savings is automatic and you never see the money come it. an example is a 401k...you get your paycheck, but the money put into your account just looks like any other deduction....FICA Taxes, social security, etc... So really, the money is gone and put away before you even know you have it. I don't know if a 401k is always the best becuase there are restrictions on how and when you can get the money out, so you may want to see if your employer can do the same thing with a simple savings account.

If you're talking about how you can just budget your money better and spend less, that'll take will power....like quiting smoking or biting your nails.

Answer 3

Budget well. Stay away from the shops. Separate your spending money and your saving money. Have a goal of how much you want to save, by when and for what, and then budget, budget and budget.

Answer 4

Save automatically... pay yourself first! have part of your paycheck deposited to a savings account, or have an automatic transfer from your checking to your savings. Savings takes discipline.... Good luck!

Answer 5

yes i have loads of tips