How can I save Money?

Question

I am a spendthrift and can't save money. Please suggest me some effective ways which does not fail at all.

Answer 1

For one -- start throwing all the change in your pocket at the end of the day into a jar, a bank, whatever -- in your closet right next to the hamper for the dirty clothes -- and let it sit there -- because that is one way to LEARN to start saving.

Secondly -- start small. First -- just start putting a few dollars a week into a separate Savings Account -- and LEAVE it there -- then slowly, as you go on in time, start making that amount larger and larger.

Third -- LOOK around you. Stop, turn around, see what you have in your life. Do you have the TV, DVD Players, DVDs, Furniture, etc etc etc? APPRECIATE these items -- even if they are NOT new right now -- because things should last longer than 3-6 months (or even a year). How often are you replacing all these items? Do you know that TVs can last 10-20 years or more? Furniture -- well, that can last for 50-60 years or more? Bookcases -- Beds -- etc -- all long term investments, and not necessarily needing to be replaced fast. These items should last and last and last.

Fourth: Start bringing your meals with you -- pack your lunch for work -- it is far cheaper to go to the deli counter at the grocery, get fresh meat sliced, buy your veggies and sub bread, and MAKE your subs for the week at HOME vice paying for them at the Lunch Counter. Same with dinners or any other meal that might be eaten out.

Fifth: GO to local Public Entertainment Events -- there are a LOT that are free, and there is enjoyment there too -- and I mean FREE. There is no reason to pay for some big name entertainer and leave knowing how frustrated you are because of the jerks who insist on screaming in your ears, sound being too loud, and just having to pay for parking.

Sixth: Instead of seeing the latest movie in the theater -- is there any reason you can't wait the 6 months until it comes out on DVD? Seriously -- look at the Ads in the Local Sunday Papers -- I'll bet if you are anything like me -- by the time this Single Parent pays for me and TWO (now adult college students) children tickets and snacks at the theater -- that I can substitute 4-5-6 or more DVDs just by waiting a little -- and they are in my collection forever to do with as I please -- and I am STILL saving money!

These are some little ideas for saving money in everyday life. Another big budget-buster is clothes -- just buy conservative -- no one will care whether it is this year's or not -- and no one can really tell.

Answer 2

You can't spend what you don't have. Might I suggest a Roth IRA with automatic contributions each paycheck right off the top? You get to deposit as much money as you want and because you've already paid taxes on the money there are not the same taxes and penalties to a Roth IRA as there would be with a 401K plan. I am not saying not to go with a 401K (especially if you employer matches) but the 401K is for long term retirement goals while the Roth IRA is for shorter term goals. Also set up a liquid saving account, again off the top before you use the money for disposable needs and you'll tune yourself to saving. As for the spending it's totally up to you to balance out your wants from needs. The $2 or $3 here and there sure adds up to quite a sum of money each week, paycheck or month. If you're an adult there's nothing else that any of us can say if you choose not to use self control.

Answer 3

The best way is to have your paycheck deposited directly into an account and specify that a percentage go directly into another account. Only live off the first account. If it's not in your hands you won't spend it. Also, don't charge anything. Pay as you go. If you can't pay for it up front you can live without it.

Answer 4

It will be hard on you. Try to deposit say 25% of your earning (each time you received your pay packet) into a bank account. Forget about the money you had deposited.

However you must have to will to save the money.

Answer 5

Pay yourself first! Do automatic transfers from your paycheck to a savings account that you can't touch.

Do a budget! Here are some places that you can get assistance on how to create a budget http://www.budgetdial.com/news.htm

Answer 6

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Answer 7

never spend your change, when you get home put it in a jar.

Answer 8

don't spend any money...