how can i force myself to save money?

Question

i earn money but can save nothing although i don't spend them unwisely

Answer 1

If you're like me, savings accounts don't work well because you still have access, and now with on-line banking.....forget about it. Its too easy to transfer and spend it. If you want to FORCE yourself to save money, you need to create a FINANCIAL RING with others who are looking to save too. This is how it works. You get a bunch of people whom you know are responsible and trust. Then you create a list, and determine a weekly payment everyone will pay. You then attach weekly incremental dates to the numbers, and every week, everyone else pays that one person when its their turn. You go thru the list, and everyone gets back exactly what they gave. You make yourself save because its a responsibility to others. I've found that it works better when one person collects all the money and delivers it, but charges a standard predetermined fee for their gas. The Pros are that you make yourself save, and can even plan it so you get your savings before a big financial event like a vacation or an insurance payment. The Cons are that you forfeit whatever interest you might have made at the bank, and that you now depend on someone else to be just as responsible. I've been in my financial ring for years now. Every cycle the name list changes. Its about thirty numbers @ $100 a week. Just before the big after-thanksgiving sales, I get my $3000.00. My Christmas shopping is never a prob. Good Luck with yours.

Answer 2

this is what i did. I got two accounts at two different banks. You use one account for your personal expenses. Every time you get paid stash 100 in that second account or whatever you can afford. Make it a ritual if it comes with a debit card cut it or demagnitize it, simply don't use it. Soon you'll have a big amount saved up. The best part is it gets interest so its better than keeping money under your mattress. Budget without those 100 dollors and you wont miss the money. Simple and it works

Answer 3

If your employer offers 401K or a similar program, this is an excellent way to save. The money is deducted from your gross income before taxes.

Another way is to hire someone to manage your money and put you on an allowance.

It could be an addictive behavior, so some therapy might help.

Try putting $5.00 a week in a savings. Preferably through a direct deposit program. When you see it has little or no affect on your budget up it to $10.00.

A big mistake people make is trying to save so much it strains their finances. So they just give up. Start small and work your way up.

I hope you find a solution...

Answer 4

Either set up a savings account that automatically drafts from your paycheck before you even get it, or find someone you trust to give a set amount of money to each month to hold. Make sure that they know not to give it to you until the preset event arrives or if there is an emergency. We used to give money to his sister, but we have found that it was easier just to go set up a savings account and have it direct deposited in, plus with a savings account, there is usually interest, it may not be much, but at least you are getting something extra.

Answer 5

if your single, and you want to save money...the best thing you can do is not to spend your money on anything except: food and bills. This wont work if your married and have a family...but here goes...food means just that....no frivolous meals at 3 star plus restaurants...no trendy shtuff...jus yer basic teriyaki burger...Mickey Dee's...a personal pizza...Jack in the box...that kinda stuff...bills on the other hand would include your rent if any..utility bills...telephone...and that's pretty much it...if you have cable... axe it...internet ..forget it...on line games...later...just you an yer TV set ha ha...now if you are one of those credit people you cant use yer card for anything...sorry...if yer card(s) have gotten you into this mess and yer paying through the nose for interest rates making minimum pymts etc. then get a loan consolidation at capitol one and they will pay your cards off and you'll have their loan payment to add to your bill...you can then go on and live that monochromatic monk like life I was talking about and hopefully you will be able to save the amount of cashola you need...hope this has given you some ideas....gl...

Answer 6

All I can suggest is when you earn money, take out just enough for necessities and put the rest away. Don't even touch the money that you put away. Don't eat fast food, and you'll be suprised at how much you save.

Answer 7

Well what do you buy that is unwise. If it is food, you cant help it unless your buying like lobster but if it is like toys or games or music try downloading it. It saves time and money but time is money. So if you go on a budget it wont be a problem.=)

Answer 8

Best way is probably to have it deducted from your paycheck so you never see it and have it in hand. If your employer has a credit union, you can probably set up an automatic deduction to your account there. If not, you might be able to set up an automatic deduction to a savings account at a bank or somewhere - ask about that. If not, and if your paycheck is automatically deposited, you can probably set up an automatic debit to your checking account to move money to a savings account.

Answer 9

Make yourself a habit of saving one unit of your currence ( say $1) for the bad thing you do every day. like save $1 for the lie you said today, for the thing i postponed today....... also you can save like if you smoke - then as many cigrettes a day x 10 cents... if you drink 50 cents per drink............. if you start doing this you will save at the same time you will do unwise things as well.

Answer 10

....avoid having a money with you each time you go out from your house, just keep your money at home but if you really need money with you just bring what's enough and don't carry with you a big amount because tendency would be, you will be tempted to spend the money every time you see something that you wanted.