What is the best way to save money?

Question

I want to save money to take a trip around the world (or atleast the USA and Canada) what is the best method?

1) Piggy Bank

2)savings acount at the bank

3)checking acount at the bank

4)debit acount at the bank

5)cutting back on buying stuff

which is the best? is there any other ways?

might save this money to get a puppy, are there any get rich quick schemes out there that work?

I have a job!

Answer 1

Everytime you make some money take a predetermined amount, say 10% and put it away as savings for your trip...you can put it in a savings account, its more difficult to access it, if its right in front of you you might be tempted to spend it... You have to discipline yourself to save it and 'forget' about it until it comes time for your trip...Good Luck.

Answer 2

Put money into a managed fund, $400 dollars a month. They wait for the payment, so you are forced to save it. Anytime is a good time to start cause it is a Long Term investment (so generally over time you can double it every say around 7 years) and it compounds. So you could get a 30% return in say 4-6 months, if u pick a good one. $100 a week=$400 a month =$4800 a year =$24000 over five years and double this by compound following the rule =$48,000 not bad for 100 bucks a week. Theres always an excuse it will go down or won't work but at least youll have 24 grand. Internet accounts are good also 5% interest and cant get at on weekends, till Monday morning. Just dont ask for a card. Get a timer for your oil heater- I was living in a cold climate (Orange) last year and the timer reduced the bill by like $500 bucks for the quarter. From 900 to 300 and it was still snowing in November. Dont buy books on investment, you could have invested the money. If u do sell it on ebay when finished. Sell anything u dont need on ebay. Its cheap to sell and someone else benefits from something you dont need. If you have Cash pay you credit card off, this is the worst debt you can have.

Answer 3

Set up a savings account and have a certain amount deducted from each paycheck and deposited into the savings account so you don't have a chance to spend it.

Divide the amount you will need (price now plus maybe 5% for each year until you need the money) by the number of pay periods between now and then. For example if you would need $10,000 today but it will take 3 years to save the money, assume you will need $11,576 (that's 10000 x 1.05^3).

So if you get paid avery 2 weeks that's 78 paydays in three years. So you need to save about $148 per pay. You'll earn a little interest along the way too so you'll have a bit more than you need.

Answer 4

You must have a balanced budget and live on it. You need to implement many factors in saving money. Work out on paper a list of checks and balances. Find out what you bring in each month and how much your bills are. Pay the bills on time or early to avoid penalties. Pay cash, do not use credit cards. Give yourself a limited amount of spending money weekly and stick to it. Save a set amount of money faithfully. Invest it in an IRA or a similar safe investment. Clip coupons. Never shop in a grocery store or any store without a list. Stick to the list. Compare prices and buy cheap brands.Never use a debit card where there will be extra charges added, like using it at a different bank etc.Consider ways to earn extra cash and save the total amount. examples: a second job, babysitting, yard sales, selling crafts etc
Avoid waste. Eat leftover food. Don;t waste paper, supplies etc. You would be suprised how much people can save if the eliminate waste. Recycle things that pay. Ex aluminum cans etc. Turn off lights in rooms when not in use. Don't leavce water running when not needed. Run the dishwasher only when full. Pinch pennies and you will see making dollars. Walk instead of driving to save gas money. Car pool. etc

Answer 5

The best way I have found to save money is alloting a portion of your paycheck to a savings account (without a debit card access to it) in a different bank from your checking account.

This way you will have to visit a branch of the bank, speak with a teller to get anything out of your savings, which is a big hassle when you could just use your checking account debit card.

Answer 6

Set up an account at a mutual fund company. If you sign up for automatic investment, they will usually waive the minimum deposit. You can usually sign up for $50 a month automatic investment that will be taken directly from your checking account. That way it's automatic and you don't have to think about it. That's the way I started. If you want ultra low risk, sign up for a money market account, which is paying about 5% interest.

Answer 7

well actually 2 and 5. It does not do any good to cut back in certain areas if you use the money somewhere else. Put the money in savings. Go to http://www.*************/index.php?ref55129 to make a little bit of extra money without much effort or time. You make money for trying offers and for referrals that try offers. Good luck! oh... if you decide to get a puppy please look at your animal shelter first.

Answer 8

Savings account

and plus ....keep a piggy bank at home.....keep dropping in coins and other loose change that u may have .....believe me that goes a long way in terms of saving money .

Answer 9

Savings account...If you can have your money electronically transferred to your account set up a separate account and have some put in with each check so you never even see it.

Answer 10

a savings account at the band cause the longer you have your money in it grows! that is what i want to do!