I want to know how can I save for the future making $28,000 a year?

Answer 1

The same way I do on $12,000 a year.....slowly!

Answer 2

Make a budget...

Then open an account at a bank far away. An account that is not with your traditional bank. A new bank. Make sure it is far enough away to be inconvenient for you to go there.

Get deposit slips, not withdrawal slips and the address of the bank to send deposits to.

Now with your new budget you'll only have what is important. Cut out all the clutter. Example: If you have a home phone and a cell phone. Lose one of them. If your buying tons of beer. Slow down on the drinking and buy less. If you eat out all the time, go to the store and work on a grocery budget.

Then, every month or two weeks, write a check for $100, $50, $10, whatever you can afford within your budget. Slowly but surely, you'll save some money. Do the most you can for each situation. In a year, you'll be shocked.

Answer 3

Set up a budget, and cut down on your expenses, there are many ways to cut back especially here in America. Instead of buying drinks out take your own from home, also take your own lunchand snacks to work, both can save some $$$. Look for bargains when shopping and use coupons. Start saving by paying yourself first, and let the money add up. Most people think of striking it rich, where as money saved over time is where you have the biggest pay off. Happy Saving.

Answer 4

It's not easy, I know, but it is possible if you disciplin yourself and here is a little something to help - but you have got to decide you're going to stick with it. We all shop for food and household products and most of us have those store cards that entitles us to discount prices PLUS many stores also honor coupons you get in the paper so use them too and you'll save even more on the item - now here is the trick - open a "Christmas Account" at your bank (fancy name for a savings account) and every time you shop and get any sort of discount you take that exact amount and deposit it into the Christmas Account. My wife and I do it and we have three children - by the time Christmas rolls around we have saved over $1,100.00 during the year so our presents are paid for. You can do the same just instead of using the money at Christmas leave it in the account for education or retirement. Each savings seems like such a small amount and hardly worth your time but I promis you it adds up to a very nice chunk of change. Try it. Look at it this way - if you don't save it for yourself you'll just be giving it to the store and they really don't need it as much as you do.

Answer 5

This may sound impossible but you should give it a try. Many people have managed to save up for down payment to a car or house. This is what you need to do:

From every pay check, pay yourself first by taking 10% of it and put it into a good saving account (like ING Direct). Use the rest of the money to pay your bills. You may have to sacrifice a bit. But dont take the money from the 10%. In time you will have some capital to invest in a house etc. Your investment will grow. You need to be disciplined. Educate yourself.

Answer 6

It is definitely possible to save for the future even if you do not earn astronomical amounts of money annually.
First of all, I make less money than you do. Yet, I will retire in 19 years time at 40 years old with at least $200,000 in cash.
How can I achieve this?
I intend to do this by buying the insurance that I sell. This insurance is a all-in-one program, savings, insurance and investments. I am therefore adequately for all uncertainties in life and if nothing bad happens, I get back everything I paid for the insurance and much more in return because it is investment-linked. This insurance alone will earn me more than $200,000 in 19 years time.
At the same time. I am also doing some online unit trust investments on my own. I registered a 9% profit in just one month. Looking forward to buying my first property with the returns!

Answer 7

Make yourself a budget.

If you find that you can't save money you should look for a cheaper place to live or only buy on sale.

Also, you aren't going to make $28,000 a year for the rest of your life. At least you should strive not to.

Answer 8

First, don't go in to debt! You need some credit, so charge things that you can and WILL pay every month.

Don't live beyond your means! Take a smaller apartment and save money there, don't over buy in your transportation.

Pay yourself first, put a few dollars in to savings every week.. do without the case of beer, or the movie. Or eating out every lunch, that really adds up!

Watch your dimes, the dollars will taker care of themselves!

Answer 9

It depends on the following:

What are your current expenses?

How much "extra" money do you have each month (left over after paying all bills and expenses)?

Does your company have a 401k? If so, what is the matching percentages?

To give you a generic answer based on just your base salary, i would suggest investing in your company's 401k. If they dont have one, I suggest opening a Roth IRA and putting in what you can each month. Invest is a diversified mutual fund unti lyou have enough money and feel comfortable picking your own investments (stocks). As you get older, start changing your asset allocation to include fixed income.

Answer 10

Start a savings plan, open up a 401K if your company offers one, live within the mean of your living. Also you can invest with little as $25.00 a month , or obtain savings bonds.

Answer 11

Contribute to your 401K and Roth IRA, put $100 or more into a high-yield internet savings account (Emigrantdirect, ING direct).

Live frugally. Try not to buy anything new. Don't let anyone borrow money from you (they won't pay it back). Don't co-sign for anyone on anything.