What is your favorite Tip to save money everyday/monthly/yearly?
2006-09-26 06:19:10 · 7 answers · asked by Art 2 in Business & Finance ➔ Personal Finance
Everyday try to eliminate buying lunch and the silly sodas or candy you might buy. If you spend $4/day on junk food at work or on coffee, cut back a few times a week and then place the $10-$12 into a brokerage account or savings account. That's right, using BillPay or online transfer, send in $10-$12 and as little and silly as it might sound, it will add up.
That's been my success. When I tell folks I do this, they say its so ridiculous to send in such small amounts, but when you send in 5 small amounts a week, or 25 'small amounts' a months or a few hundred 'small' amounts' a year, its HUGE.
Sending in $5 here and there should be ON TOP of what you are sending in each month as well...It sounds a bit crazy, but maybe every Friday think back to the week prior and reward yourself with savings into an account. If Monday you were going to buy pizza and soda for lunch, but didn't, reward yourself with $10 and so on...
I also like to "penalize" myself when I got out for drinks or whatnot. If I am spending $30 on drinks for the night, whats the harm in sending in $10 to my Roth IRA or brokerage account? There isn't.
At the end of the day I have "lost" $40, but $10 of it has actually been saved. If you go out for drinks often, adding $5-$10 here and there and being mentally strong enough to send money into the accounts will add up fast. My bank doesn't charge for sending money using BillPay, so I dont care if I send $5 to my brokerage or transfer $10 to my linked savings.
I think that is a solid goal to have... Link all of your accounts and transfer funds daily/weekly...
Every general savings account should be AT LEAST 3% and if you aren't AT LEAST at this rate, give a call to your bank and let them know that you have plans to open a high interest money market account elsewhere and see what they can do for you. I just did this again [about 10-days ago] and got my general savings account increased one percentage point! All it took was ONE call which will make me a few extra hundred or so dollars a year in interest...
Use the 'Pay yourself first' method as well. Treat your retirement account as a 'bill' that MUST be paid every month. If you send in $200/month to your Roth IRA, send in $225 this month and see what happens...You'll adjust and wont know the difference.
Some sound advice that I just read about is to talk about saving money with friends and talk about the goals of saving and get your friends/family in on your plans. Let them know you are saving for that big trip to Italy or for a house and get their support and thoughts as well...
2006-09-26 07:46:52 · answer #1 · answered by JRockLC25 2 · 0⤊ 0⤋
Ask my bank to take out a monthly payment and put it into a savings account that can't be taken out until a certain time. you never miss the money because it's like paying a bill and you can't use the money until a certain date.
2006-09-26 06:23:21 · answer #2 · answered by Greeneyed 7 · 0⤊ 0⤋
Have money taken out by the employer BEFORE I get the check. (create an account that is exclusively for this money)
Reduce the number of deductions. (the government takes out more each time, but then there's a refund for me.
Put your change at the end of the day into a jar.
2006-09-26 06:22:27 · answer #3 · answered by words_smith_4u 6 · 0⤊ 0⤋
1. Decrease on your expenses. =What you should do
2. Pay off your liabilities in descending orders.. your lowest debt in full first ie. your credit card. once it is paid off then you can delete that amount from your total expense that you would pay every month. = How you would do it.
3. once you paid off most of your variable expenses then automatically you would have extra cash flow that would be yours to keep and indirectly you are not actually saving, but spending less and have more money left over to save.
2006-09-26 06:38:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I use the 10-15-75 program. You can always increase your % in savings too.
10% - to savings
15% - to my church
75% - to live on
2006-09-26 06:30:37 · answer #5 · answered by Commander 6 · 1⤊ 0⤋
Eat out less and eat at home more. Even a couple times a month makes a big difference.
2006-09-26 07:25:46 · answer #6 · answered by budget strapped 3 · 0⤊ 0⤋
Avoid surfing the net aimlessly.
Learn how to do basic home repairs.
Go to the movies less.
2016-04-30 03:50:53 · answer #7 · answered by Anonymous · 1⤊ 0⤋
dont shop while hungry
2006-09-26 06:26:14 · answer #8 · answered by tariq k 4 · 0⤊ 0⤋