What are some savings methods that you have used and did they or did they not work for you?

Answer 1

Savings as in saving money on products and services??? Well, I made a list of my monthly bills. I cut out the cell phone that I used maybe two or three times a month and that cut $40 a month. I got rid of two movie channels and signed up for NetFlix 1 at a time plan. That saved me $10. I only go to the store and other errands when going to work so that's saving me gas money. I go to the library for magazines instead of subscribing. I buy the Sunday newspaper and use the coupons so I actually make money off that purchase. I don't give gifts over $20... ever. I decline party invitations so I save on gifts there also. I bring my own lunches to work (usually $1 Budget Gourmet entrees). I shop with a list and I stick to it. I teach computers on the side as a part time income so I make money there. I turn off lights when not in a room. I use a fan instead of air conditioning unless its unbearable. I exercise by walking instead of going to a gym. I eat less red meat and more vegetables. Add up these little $1 here and $20 there savings and you'll see that you can save... not by eliminating expenses but treating yourself with substitutes. By saving here and there I am getting a nice retirement income and have cash to pay for things that I used to use credit cards for. Do you know how much I save by paying cash instead of credit cards???

Answer 2

I have money directly taken from my paycheck.

I max out my 401k and the catch up contribution which gives me an additional $3750/year from the company match. Also, I max out my companies ESPP which usually gives a $2500 profit just due to the discount alone, plus the amount I invested. At the end of the year I use the proceeds of the ESPP to buy myself a Roth IRA and my wife a regular IRA and the rest I put into a taxable investment account.

all told, this gives me a $25,000 tax deduction this year, plus $6,250 in free money, of which i'm only taxed on the $2500.

I have increased the number of exemptions on my W4 to compensate for these large deductions, which tends to increase the size of my paycheck. But even so, this leaves me with a fairly small paycheck, so we live modestly, but of course, we have plenty of money in reserve to cover any kind of emergency or special need that might come up.

I'm a big fan of payroll deductions even if it's minor. I find that like exercise, as you begin to see the results build, it becomes easier to keep pushing.

Answer 3

1. Set aside an amount from your paycheck and put it in account that is difficult to get at. Do it before you pay your bills or anything. Always pay yourself first.

2. Throw your pocket change into a jar every day.

3. If your employer offers a 401K plan... put as much as you can afford into it. Do it NOW. If you do it right, a 25 year old will be a millionaire when he retires.

Answer 4

yea ,what I do is bank shopping for a good cd interest rate account , that you can add any time but not take out till maturely.(plus system)or reglar (harder) and you can also have more than one as you will open one for every month and deposit some.many benefit as you look at it as a month not much,but work for 1,000 =12,000 first time I did it save 50,000 in 6 years , doing it again,(close), hope this help anyone

Answer 5

Yes, it is working for me wonderfully
Spending less than I make
I do not use cable,satelitte except DSL bill. I used gas card that give me back 5% that I paid it off every month
beginning of saving period, I saved about 1000-2000 cash for emergency in case my car broke down,house need to be fix so I do not use the credit card no more.
I set aside 10-15% of my pay to my 401k+rothIRA
I paid off my car. In the meantime, I learn how to invest properly. AT the age of 32, my 401k+ roth IRA combined is 74000, and cash tazable account is 30000. and I do not feel like living pay check to paycheck.
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

Answer 6

yes it did work i always spend my pocketmoney but when some money is left i always save it n this time i bought the make-up set for my mother's birthday.
so savings does work thats what i think.......