I would like to explore other savers,s ideas on saving money after receiving monthly salary .What do you do , and do you think it has worked for you . I intend to benchmark some of the practices and i am certain a lot will benefit from each person ,s attempt to answer the question . lets enjoy it
2006-09-26 09:44:24 · 16 answers · asked by roy 1 in Business & Finance ➔ Personal Finance
I have a dollar amount of one million dollars that I want for retirement.... This million dollars will give me $50,000.oo annually to live off without working. I am positive I can live off that!
If I have 20 years to get there and only $70,000 right now, ( this amount has nothing to do with real estate or other investments. ONLY a savings account of an I.R.A. ) I need to put into a savings investment account the sum of $1,666.oo a month, or just over $20,000 a year. I can do that ! I demand it!
You can figure your own savings plan by going to www.moneycentral.com then go to "savings calculator". Many fun scenarios you can play out on it!
2006-09-26 10:06:23 · answer #1 · answered by Kitty 6 · 0⤊ 0⤋
I make sure all bills are paid as near to the start of the month as possible. Then I know what is left has to pay every day things like food, petrol etc. I may not treat myself at all for a month or two to allow some money to accumulate and I make sure I never spend my whole months wage in one month. If I am likely to spend over my wage then I just dont buy the things (usually luxuries that can be put off for another time) that will push me over that limit. I feel happier when I have a bit extra in the bank, just incase I need it for an unexpected bill. Many people just spend for spendings sake.
2006-09-26 09:58:14 · answer #2 · answered by Princess415 4 · 0⤊ 0⤋
I set myself a target amount each month, so as soon as I get paid, I transfer that target amount into a savings account and don't think about it again. Obviously, what money you have left has to be sufficient to cover the usual monthly crap i.e rent, council tax, food etc, but if you're strict, it'll work; I started saving at the beginning of 2006, am on a relatively low income, but have so far managed to save £4,000.
2006-09-26 09:51:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I take a certain amount out of my salary each month, and put it in my savings account. Think of a number that you could relaistically afford to put aside. Then if you work out how many out goings you have each month, and make sure you stick to a budget of how much you spend each week. I found this the best way for me to save money
2006-09-26 22:49:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The best way to save is to pay yourself first, before you pay your bills. Put a small percentage of your pay into a savings account when you deposit your check and then don't touch it. Pay your bills AFTER you save.
Another way is to claim 0 deductions on your W-4 form, and Uncle Sam will take too much payroll taxes out of your check. When you file your taxes you will get a nice little refund. More money is withheld from your check each time, but you never see it, so it's easy to save that way, too.
2006-09-26 09:50:48 · answer #5 · answered by matters 3 · 0⤊ 0⤋
Married? live on one and save the other.
Single? Take something off the top and save it. Always max out your 401k .
The secret to sucess is that whenever you get a raise remember this saying. "Save some spend some." You will always feel better by rewarding yourself with more to spend and by saving some. That worked for me from the age of 20 on.
2006-09-26 09:52:05 · answer #6 · answered by zocko 5 · 0⤊ 0⤋
When you get a raise have your bank draft half that amount into a savings or investment account. This works especially well if you are young. You never miss money you never had and you have to live below your means.
2006-09-26 09:48:31 · answer #7 · answered by scotto destructo 3 · 0⤊ 0⤋
i found some tips that would help you stay away from dropping money on motor vehicle gasoline .. a million) loosen up and stress conveniently don’t step on the gasoline till you somewhat favor to, stress sensibly 2) shop an eye fixed on your speed meter; attempt to shop your speed lower than 60mph. 3) get rid of any unnecessary weight, the burden the motor vehicle consists of influence gasoline intake. 4) shop your engine tuned and make facilities on time. 5) make certain your tires are correct inflated. 6) Use sturdy engine oil, Use the right oil. the following tips can help you you keep small quantities of gasoline, shop in ideas the small drops upload as a lot as gallons.
2016-11-24 20:50:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋
sort out your out goings then save a 1/4 of the rest
2006-09-26 09:53:00 · answer #9 · answered by anchorpot 1 · 0⤊ 0⤋
Save as much as you can. Period. At minimum 10% of you check. Have it directly saved in a separate account so you don't see it.
Good luck!
2006-09-26 10:53:22 · answer #10 · answered by Warrior 3 · 0⤊ 0⤋