how can I save my money?

Question

I spend alots of money and I can't reduce my consuming...I spend every week about 80$ on Food and taxi ...

Answer 1

Well, decide you are going to pay "me" first. Before you spend any money from your paycheck, put $10 in an envelope each week. When you get $50 or $100, open a savings account. Or, take your change each night and put it in a jar and take it to the bank every couple of months, or roll the coins and take it to the bank. If you have a 401K plan at work, make sure you participate in that, especially is your employer matches your contributions.

Answer 2

Food: Cheapest foods are pasta, rice, etc....

Transportation: Taxi..is there anyway to possibly split the fare with someone? Carpool, etc... Perhaps you could bike to your destination?

The best way to budget and save money is to use the Envelope System.

Get a supply of #10 size envelopes and on each envelope write the name of your bills. So you will have one envelope labeled "Food", one labeled "Taxi", one "Rent", one "Entertainment", one "Savings", etc....

Each pay period cash your check and divide it among the envelopes.

For example, let's say you are paid weekly, at a rate of $400. Let's say your rent is also $400. So each week you would put $100 into the "Rent" envelope, this will ensure you'll have enough for Rent each month.

Let's say you want to spend $200 a month on Entertainment. So once you have put the funds in the "Entertainment" envelope, and they have been spent, you know you cannot spend anymore on Entertainment until at least the next pay period. Doing so would make you take funds from out of other envelopes, which cannot happen on the Envelope System.

Answer 3

Ride a bike instead of the taxi? It'll cost initially to buy the bike, but you may own one anyway. And you'll get fit.

For food, buy own-brand and cheap goods, or avoid the luxuries a bit. I know it doesn't sound fun.

If there is no possible way to cut food and taxi down anymore, then you can't. You need food to live, you can't really eat any less. If you still don't save money by using a cheaper mode of transport, then you can't. Get a better job, I can't imagine any job that wouldn't cover annually basic food, transport and rent/somewhere to stay. even government benifits just about cover it.

Stop spending as much on frivilous things i guess.

Answer 4

the good thing is that you have acknowledged the problem so there is hope for you
Now you need to go to the bank and set up a savings account that will automatically deduct a fixed amount of money from your checking to your savings account every month.
Set an amount that you are comfortable with and watch and see in a few months your savings will start growing

Answer 5

If you want to save money, you have to teach yourself a fundamental principle in life: DENIAL. When we spend money it isn't always on something that we need, it's on something that we want. If you don't need it, set that money aside to save. When you get paid every week or 2 weeks or however often you're paid, take some of it, at least 10-15% and set it aside in savings. If you can set aside more then do so. We can all save money if we put our mind to do it!

Answer 6

Along with some of the above suggestions... don't spend your change - empty the change from your wallet into a savings jar each day. You can do the same with any money you saved with coupons and/or bottle returns, etc.

You'd be surprised how quickly it adds up!

Answer 7

Eat cheap. I'm talking Cup-O-Noodles and Top Ramen. Or, give someone you absolutely trust with your life to hold money for you. Give them $40 of your money each week and tell them not to let you have it unless you really need to have it. Good luck!

Answer 8

try to eat out less and cook for yourself more. make a list before you go to the grocery store and stick to it, don't deviate. also make use of coupons and specials at the grocery store. also consider the bus instead of a taxi, it could save you a bundle. good luck

Answer 9

Open an account tell them not to send a monthly statment put money in there and forget about it I did it about 4 years ago I have no idea whats in there.,..

Answer 10

Budget. Put all your money together every week and just use what you -have- to use. When you have a little left over put it in the bank for the future.