..and don't simply say..."budget" cause if you do, then HOW do you do that, how do get the discipline to not over spend, etc...?
How do YOU do it?
(in advance... Thanks...
2006-08-07 09:41:39 · 9 answers · asked by omnimog 4 in Business & Finance ➔ Personal Finance
spend less than you make. save for emergency fund. try to limit use credit card as least as possible
set aside 10-15% gross pay to your 401k first, control your spending
If I could do it you could too. AT the age of 32, I already save up 72000 in 401k and 30000 in taxable account. I keep to svae until one day I could go to work as an option not a obligation
2006-08-07 21:30:18 · answer #1 · answered by Hoa N 6 · 2⤊ 0⤋
It takes a while and you have to try hard to stay with it but I figure up what I have to pay yearly - like car insurance, house insurance, and split that up by 12 months and then by 2 because I get paid twice a month.
For instance, if your car insurance is $300 every 6 months - divide 300 by 6 = 50; and then by 2 = 25. That's how much I take out of each check. I have an envelope marked as "car insurance" and I put that money in there and DO NOT TOUCH IT because you KNOW you are going to need it. Then when the six months is up and your bill is due, the money is there.
No more sweating about finding the money to get it paid - its there. Do that for all your bills, gas, electricity, water, phone, etc., etc.
If you split it by each paycheck, it doesn't seem like a huge amount - $25 vs. $300.
2006-08-07 16:51:07 · answer #2 · answered by NavyBrat 4 · 1⤊ 0⤋
Online banking. Your bank may have it. If your bank does not have it, open a bank account with a bank that does "online banking". Then, set up the accounts and it takes no more than 2 minutes to pay your bills. Also, you need discipline to set up an amount for your personal expenses.
2006-08-07 16:52:12 · answer #3 · answered by El Tigre 2 · 0⤊ 0⤋
Simple formula
SPEND LESS THAN YOU EARN..
Follow this formula and you'll do fine. As an added bonus, when you spend less than you earn you build up a bit of savings. Over time you may accumulate enough to pay off the unexpected expense (car repair, fractured skull, paternaty test, etc.)
2006-08-07 16:46:35 · answer #4 · answered by Samuel C 2 · 0⤊ 0⤋
Its called self control and it work in all areas of your life. Plus it helps to have a little bit of snap regarding what items are "needs" and which ones are "wants." The "needs" must always be taken care of first and the "wants" come only if the "needs" have been met.
2006-08-07 17:29:03 · answer #5 · answered by Kate 3 · 0⤊ 0⤋
You need a knack for good financial management. No wasteful spending, try to save as much as you can.
2006-08-07 16:46:12 · answer #6 · answered by Isles1015 4 · 0⤊ 0⤋
I set up some automatic monthly payments through my bank to make sure that they are sent in on time and don't get fees added to them
2006-08-07 16:47:23 · answer #7 · answered by lawsonmc11 3 · 0⤊ 0⤋
Set up a brokerage account and start saving and investing! Once you start seeing your money multiply, you will have motivation to save.
2006-08-07 16:55:30 · answer #8 · answered by Yardbird 5 · 0⤊ 0⤋
It's mental.
When you overspend, you are simply giving in to greed and desire. You just have to learn you can't spend more than you have. It's something you have to learn to believe (because it is true).
2006-08-07 16:54:51 · answer #9 · answered by kako 6 · 0⤊ 0⤋