Can someone give me some advice on how to save money??

Question

Whenever i had excess money, i immediately spend it. I want to start saving right now so that i will have money when i want to buy something, but i always end up saving it. What should I do?? >..<

Answer 1

Have an automatic deposit into an IRA, and to Savings Bonds

Answer 2

1. Take the little money you have and buy something you can sell back with a profit - fast.

2. Take the money and the profit and turn it over again and again like the first time. Not every purchase have to be the same.

3. When you have enough, take a little out of it and call it the emergency fund and put it away somewhere safe. Remember it exists but consider it not there. Only use it in EXTREME emergency. Use the rest as in step 2.

4. Buy some type of machinery that can work and bring an income. Make sure the profit is substantial. When you are ready, sell back the machinery for the same price you paid for it. eg. Printing Presses can run 24HRS and make approx 300% profit on the paper used to print on. The machinery is so durable, a 1975 model will sell for the same price you paid for it 2 years ago today and still worked 24HRS making lots of money.

5. I can say that. I started up with a couple of $100 10 years ago. Today I have over $3,000,000. in the bank and sold back the machinery a couple of weeks ago to buy back a newer model. HA HA.

Answer 3

You are close to the hardest part of saving money. You did not say how you get money..do you work or get an allowance?. Regardless, when you get the money, IMMEDIATELY take a percentage,say 10%, and put it in a bank savings account or some place where you do not have immediate accesss to it. Then set a goal that you are saving for. If you stick to this, in a few weeks you will develop the habit of "saving first," or as some call it, "paying yourself first." Before long it will surprise you as to how fast the balance builds up, and you may even reach the point where you start saving a larger percentage. Second, every time you get your money, take any you have left from the before and add that to the bank account. Having money saved is a great feeling, a feeling of independence. Sure beats being in debt.

Answer 4

Do a budget for yourself covering all the various things you must spend money on [rent, clohes, entertainment etc. One item in the budget is savings at a fixed amount per month. When you get your pay check the first thing you do is put the savings amount in a separate savings bank account. You do not use this acount for any purpose but saving and it is always the first item so it is not available for other ecpenses. As money accumjulates transfer to a mutual fund or otherinvestment vehicle to earn money on savings.

If your company has any kind of tax favored saving plan or company supported saving plan it is excellent to have the savings deducted from pay and credited to the plan. You never get your hands on the money to spend and it gets invested and starts earning immediately.

When earnings permit, you can save by buying a home and taking a mortgage. Each month the mortgage company will require a fixed repayment,. an increasing portion of this payment is savings as it writes down the mortgage loan. Arrange automatic bank deduction to forestall spending . This forced savings has the side benefit of a home.

On my first job the manger of thecompany told me that everyone should save 10% of their paycheck each month and put in some form of investment savings plan. He showed me that if one stuck to this plan for life you would have a very comfortable retirement income. I followed this advice for 43 years. I am very conmfortably retired and for the first time in my life I spend all my income.

I emphasize ,however, that you must set up a budget for all expenses and stick to it if the savings is to work. It is not just the discipline of settingaside the savings, it is equally important that discipline apppy to spending. It can be done and it works.

Answer 5

I found that the best way to save is not to be able to have access to the money. So the idea is to save in a Savings account and buy CDs or not too long term investments. The idea here is that you seem to imply you want to save now to purchase something larger a little later. Pay down any outstanding credit card balances and minimize any further use of credit.
I hope this helps

Answer 6

Growing up I had a newspaper delivery route; when I came back home after doing my collection rounds, whatever portion was my "pay" I'd divide up - the paper money I'd put in my cookie jar & keep the change for my pocket money.
Once I got older, I kept the same principle going & first thing I knew after 5 years, I had a little over 10,000$ in my bank account & ready to buy my first house!!
By the way, I now own 2 Condo's, am debt free & will be able to retire in 10 years (I'm close to 40 years old now).
Who says you can't save for a rainy day!?!?!?!

Answer 7

first you need to determine what you want to save for....would it be a house, car, family, education...Once you have that "goal" set in your mind and want it badly enough then you can get enthusiastic about doing that and have a reason to save.

You need a budget. When you write out the figures and determine where the money will go and where you spent what you "think" is extra money (maybe it really isn't extra money) you will be able to see how much you have left for your "goal".

The phrase everyone uses "pay yourself first" doesn't mean put your money into the slush fund first. It means pay your rent/mortgage, electric, phone, water, car, car insurance, gas, groceries, etc. and one of those items to be paid is you. And when you pay you that money is earmarked for savings.

Answer 8

Set up an automatic investment program. Have funds deducted either directly from your paycheck or checking account on a regular basis and have the money going to a savings or investment account. In this way, there's less money that you actually "see" and have the temptation to spend.

Answer 9

If the problem is having access to your money, a few things I do is make it inconvenient for me to my money. One things I have is a credit union at my work. I choose not to have a ATM card, this makes it very hard for me to get to my money. Another thing I do is lock my extra money up in a CD for 6 month to a 1 year.

Answer 10

Deposit money into savings as soon as you get your paycheck, not after you spend for the month. If you have automatic deposit, they can split it up for you, so some of the money never goes into checking at all.