What would be the best way to save some money? What have you done?

Question

Thanks so much for all your answers. Most of them have definitely help-and yes, i do need to do some planning.
I think that my main spurge comes to eating out and not packing a lunch to work, especially since its so easy to just go to down to a shop and get a salad or sandwich. Thats where I'll start and take it from there.

Answer 1

Put it in a safe spot then 'forget you have it'
1. every pay check take a certain amount "off the top" then tuck it away-no matter what!
2. keep a saving account that you NEVER TOUCH!
3. leave all credit cards at home.
4. give myself a cash allowance every paycheck and only, I mean only spend that cash during the week. No ATM withdrawal or ATM purchase transactions.
5. make my own coffee and bring my own sweet bev. out with me instead of buying it 'on the streets'.
6. make my lunch and stick to only eating that for lunch-not fast food,etc.
7. never lend out money...
8. don't give to panhandlers-let them get welfare, community care/donations, or motivate their own minds and discipline to take care of themselves.
GOOD LUCK

Answer 2

If you don't have a budget, or if you don't know where every cent you have goes, I would first take care of that problem. (You can get a basic budget book at Staples or any office store. Better yet you can get software like Quicken or MS Money to manage your spending.)

One thing you could do to save is to have funds automatically taken out of your paycheck and put into a savings account. Set this up with your bank.

Or, you can open an account at a place like ING or Emigrant Direct, and create an Automatic Savings Plan. It will deduct money from your linked checking account the same time every week or month (whatever you specify), and you don't have to do any work. This is a good feature because sometimes we forget to save. The transactions take a few days longer than usual, but that's ok, because you're not supposed to be touching it that often.

All in all, spend less on frivolous things and you'll find it easier to save. Good luck.

Answer 3

Try to do without a car. That equals no loan, no interest, no gas, no repairs, no insurance. Buy a bicycle if your town is small enough to get around in or if you live in a large town where just about everything you'd need is close by (grocery, doctor, dentist, department stores, post office branch, bank, etc.), If that doesn't seem feasible, consider a motorscooter (gas mileage alone will save you alot).
Don't buy a freezer! They are electricity HOGS. Believe me, you end up paying full price for that bulk, discount crud sooner or later. Better is to leave all that frozen stuff at the store where it belongs. Let the grocer pay high electricity bills, not you. Buy and store only what food you can go through in a reasonable time (say a week). Only store long-term what stores well at room temperature. Otherwise you are just making the light company rich. Use airconditioning only when it is unbeareable otherwise. In winter, don't use the central heat. Just dress warmly (example, don't run around the house in winter with your shoes off!). If you have a fireplace use it. (Please use a fireplace screen!!!) Wood fuel is cheap. (You don't have to buy cords of wood---you'd be surprized at how much wood can be scrounged from your community.) Sunlight is free! Open those window shades during the day (unless it heats a room up too much---only then, use the electric lights during the day).
Plant a garden. Grow only what grows easily. You'll have to ask around or experiment to find that out.) Raised bed gardens are easiest to care for. (That way you don't have to go buy a tiller.) Or just use your flower beds for a veggie garden. Plant a pear tree (no maintenance at all and they bear every year, heavily, especially in Texas---up north then try an apple tree.) If you don't have a predator problem, raise chickens (worm 'em every now and then with piperzine citrate---other than that they're virtually non-maintenance). If dogs ad predators are a problem, then just pen the birds permanently. (You may even make a little selling eggs.)
Stay away from credit cards. Unless you use them sparingly and pay off in full each month, you're not even getting convenience at all from them.
Unless your job demands the suit and tie routine, dress casually! Jeans and t-shirts are so much cheaper than other clothes, more comfortable, and easier to care for.
Take any extra or part-time work you can find and put that income into a dividend reinvestment plan (DRIP) with companies that have such. CenterPoint Energy (CNP) sells direct to you the stockholder, and dividends right now are higher than 4.5%. Use it for retirement.

Answer 4

There Is No Way, If You Are Born For Spending Money And Having Real Good Time, Enjoying The Life Than You Will Stay like That, If You Are Born For Not Spending The Money And Staying All The Time At Home And Etc. Than You Will Stay Like That.

Keep Your Coins Dont Spend Them, Open A Bank Account Put In Monthly 50 Or More $, Thats What My Mom Does For Me. Dont waste Your Money On Your Friends try To Be More Selfish.

Take Care

Answer 5

Have a seperate checking and savings. Set up auto-deposit and have the certain amount put into savings every week. Never use the savings account, no matter how bad you think you need that cute purse or a new CD. Instead, I will take out from checking only what I need for the week in the beginning of the week (Gas, food and maybe $20 extra for whatever else.) Then if I use it all up before week is over I basically stay home and do nothing. The rest of checking is for monthly bills and at the end of the month after paying all my bills, I will transfer the extra into savings.

Answer 6

All the following that apply: unsubscribe yourself from cable TV and super high speed Internet (just get high speed), stop buying retail clothing and revert to resale, don't eat out every weekend, buy the off-brand food items rather than Kraft, Nabisco, etc., use coupons even if it's a pain (some people have saved, annually, hundreds of dollars by clipping coupons), don't buy the Escalade, get the Yukon instead (same model, cheaper sticker price), sell the truck or SUV and buy a used but decent car that has good gas mileage (Hondas are nice for that), turn off lights when you leave the room, don't run the A/C at all hours of the day...There are many ways to save money...just remember that 80% is mindset and 20% is action (or somewhere in that range of figures). Be willing to cut back and start putting money in savings rather than a jar where you can easily get access to it.

Answer 7

Set up a plan where the goal is to save 10% of your income. You may have to start with 2 or 3% but start somewhere and work your way up. If you are a shopper or Starbucks addict, cut out the little indulgences for a while and watch your savings grow. It is very satisfying to have some money saved. It can reduce stress in your life because you have funds for emergencies. Look at this website, it may help. Good luck, you are making a step in the right direction!

Answer 8

When it comes to food and bathroom items/toiletries, buy the generic brands if the product offers a generic version.

If you smoke, consider give up smoking.

Like peanutbutter1973 wrote, try making yourself an allowance. At the beginning of the month, I divide whatever money I have left after bills and divide it by how many weeks in the month. Then, I only allow myself so much a week.

If you drink often, you might want to consider drinking less often and in less amounts.

Try not to go out too much. Have people hang out at your place, or hang out at their place.

Though cutting out on extras may not be easy, in fact, it's not easy at all, but you'll thank yourself eventually.

Also, unless you REALLY need it, like for public transportation, whenever you got coins, dump it in a designated jar or container, and promise yourself to save it for emergencies. Then, when you do need the change turned into dollars, either find a store that has CoinStar machine, or go to your bank (go to your bank if you have an account, because at the bank, you can and should have it done for free).

If you're used to eating out a lot, try eating at home more. There are even some things you eat at the restaraunt you can make yourself, like a Mexican pizza, or McDonald's McGriddle sandwiches.

Good Luck

Answer 9

It's the little things that can get you! those daily trips to starbucks can add up.(buy and brew your coffee!) That double cheese burger combo at mickey d's can really burn a hole in your pocket. (homemade hamburgers taste much better!) You should review your bills, statements from the bank and credit card companies and see where the money is going. Do you see where your spending friviously? Cut it out! Eat out less; eat in more. Clothes shop seasonally versus weekly. No more than 40% of your money should be going to rent, utilities, etc monthly. If you work an environment where eating out is the norm, pack your lunch (save $$$ and lbs)! Then pay off those credit cards and shred them up! Those cards are nothing but demons designed to keep us in debt! I would say you only need 1-2 (no more) credit cards for emergencies. And as soon as you spend that loaned money, pay it back! There are huge late fees for late bills not to mention your interest rate skyrockets (interest rates also increase if your at or near your spending limit!) And perhaps you should set something up with your bank through direct deposit than automatically puts some money in your savings account!

Answer 10

The absolute best way is to pay yourself first out of every single pay check and every dollar you earn in any manner. Put ten percent into a jar, a box, a drawer, a savings account, etc., and don't spend it for any reason other than what you're saving it for. If you have payments on other things, call of your creditors and tell then that you're going to have to send them less money and know before hand the approximate amount you'll be sending them. Explain that you have acquired an added expense that you simply cannot avoid and that you have to restructure your payments to everyone. Then save that ten percent and guard it like a dog with a ripe bone.

Another thing to do is just don't spend money on what you want. Spend it only on what you absolutely need and nothing else. You don't need pizzas, for example. If you like going out for pizza, count the money that can be kept instead of spending it on something you crave. Since pizza isn't a real need, such as a roof over your head, keep you money in your pocket the next time that urge strikes. Do the same with all urges. They are wants demanding fulfillment. Take care of your needs and ignore your wants. This will help you cut your spending.

My wife and I have been practicing what I'm preaching for twenty years. I wish we'd have started earlier.

Good luck.

Answer 11

When you get paid - just as you pay the church (if you go) and that is called a tithe - Pay yourself first - or 2nd after paying the church. Pay your self 10 percent of your income. Put it into a CD each week (not a CD of music, a Certificate of Deposit) at a Bank or a Financial Company. You will earn interest on the money and you will see it start growing. You do not need to put much aside, but after a few months, take a look at it and see how much you have saved - in the long run, if you get in the habit of doing this, you will not miss the 10 percent, and learn to live on the remaining money you have.....