Saving Money?

Question

What is the best way to save money? I have a real problem when it comes to money... My Fiance and I are currently trying to pay off bills, and save some money, but find that we never have money to save, after all the bills are paid.

Answer 1

Do you two live together? Paying the rent on only one apartment (or house) saves hundreds of dollars per month and the utility bills only go up a smidgen.

Dining out, whether at restaurants or fast food joints, really adds up. If you must have fast food, skip the combo meal and have a drink at home. If you dine-in, substitute (tap) water for a soda or coffee. For the love of all things holy, don't stop on your way in to work for a fancy coffee! They can set you back a few bucks a piece! If you only spend $.50 on a cup of coffee, you'll spend $2.50 (plus tax, if applicable) per week. We're talking black coffee here... and odds are that the same basic black coffee is brewing in the pot at work (and you don't have to worry about spilling it while driving). Oh, and you'll save time by not stopping and money from saving gas. Huzzah!

If it's just the two of you, buying in bulk may not seem like a good idea, especially since there tends to be a membership fee to most warehouse clubs (Sam's, Costco, B.J.'s, etc) ...but these clubs tend to have a policy where you can put a second person (a spouse is usually chosen) onto the card for free. These warehouse clubs tend to have good deals on nonperishable food (cereals, soups, etc), car service, office supplies... they can even help you save on gas if they have a pump.

At the grocery store, check weekly circulars (many websites will let you do this online) and clip coupons. Some people have pride issues with using coupons, thinking that they will be seen as "cheap" ...but some stores have a policy where they'll double or triple manufacturers' coupons. Take advantage by shopping on those days. If a store offers "buy one, get one free" deals on items that will expire before you use both, shop with a friend or family member (or someone from work) and split the cost.

If you want to purchase music, you can find used copies on websites for as low as a penny (plus $2.50 shipping... each) and there are a bunch of CDs for under $5. Compare to at least $10 at retail. The same goes for books.

Entertainment costs can really add up. Many libraries offer movies that you can check out for about a week at a time. These aren't new releases, for the most part, but free's a good price! You can also ask friends if they'll let you borrow a DVD for a few days so you can check it out. Perhaps you could have movie swaps, even with rentals? This would probably be a good idea if you read novels or listen to music.

Buying clothing on sale can save you money, but it may not remain "in fashion" until the next season. If you look for something that isn't the latest trend (such as a general t-shirt, work clothes, sweater, etc), you can always wear it next season.

Oh, and make sure that you pay your bills on time and don't overdraft at the bank. If you use ATMs, take out a larger amount of money or be sure to use your bank's so that you aren't stuck with a $2.50 surcharge each time you want to take out $20 or $40. (Not every place takes credit/debit cards.)

I hope these tips helped!

Answer 2

you certainly have to pay the bills, but paying yourself first is smart....Try to knock off one of those bills and the money you paid on it each month you can now put in savings. Here is a neat trick...once the money is large enuf to earn some real interest and growth, you will be amazed at how fast it will grow. With compounding the apr increases. If you can invest long term in a money market, this will get you started nicely. Trust me, make that savings now while you are young and in a couple of years it will be great.

Answer 3

Pay Yourself First
By: Chris Cooper
It doesn't seem like you are saving money, but you are by paying those bills/credit cards off. Then once they are paid the convert that into a savings account equal to 3 months salary. You can use this web site to learn more about credit and finance.

Answer 4

Pay any credit cards bill first. The interest you pay is not the worth the 2 to 3 % you earn on a saving account. Then start eliminating anything you don't need or can live without. Example, extra cable channels or cell phones when you have a home phone. There is allot more, but what it comes down to it, Just don't live beyond your means.

Answer 5

The best way to save money is by making a budget. With my wife we were able to reduce the bills for food to 50%.
We had to spend a maximum of 80$ per week in food. Before we were spending in products that were out of date before we used them... or things that were making us more fat...
After our budget started working our accounts are in +, we have some small savings and we still enjoy buying!

Answer 6

Always pay yourself first. This means put something into savings every month. It does not have to be a lot at first - even $10 or $25 if you have a lot of other debt. It will mount up and, more importantly, you will develop the habit of saving.

Answer 7

Have you read any of dave ramsey books? You should be saving first. then paying your bills, and then have some fun. Are you on a good budget? It's so hard to save when everybody around just wants to spend spend spend.

-Angela
http://www.ratraceclub.com

Answer 8

prepare a monthly budget

rent/mortage $$$$$
utilities $$$
insurance, car $$
car payments $$
health insurance $$
phone
credit cards
food
savings 100
total them and make savings a solid commitment of a certain amount and consider it a standing bill, which means you have to cut spending elsewhere
maybe not eating out as much as before
credit card charges, spend more carefully on extras, charging house items, clothes, etc

Answer 9

Try this Site: http://www.**************.com Go to the

following pages: "Cutting Expenses" and "Money Saving Ideas" .

Lots of great info and ideas, on those pages.

Answer 10

You need to cut down spending first
seperate the needs and wants
need:food,gas,mortgage,insurance,utilities
want: latte,eat out everyday,fansy car,fansy cloth, all expensive gadgetsm cut cable bill,sateliite bill
Svae 1000-2000 for cash emergency so your car broke down, house problem, doctor appointment, sio you do not have to use the credit card no more.
Set aside 10-15% of your pay to the Roth or 401k
I could do it so can you guy

Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.

http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy

technical analysis==(chart+indicator)>> when to buy

Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 74,000.00 and 30000.00 in taxble account. by follow simple rule