2006-10-23 10:54:51 · 8 answers · asked by snezhannab 1 in Business & Finance ➔ Investing
Work for it and don't spend it.
2006-10-23 10:57:40 · answer #1 · answered by Dwight D J 5 · 0⤊ 0⤋
Well you have to make a lot of money fast to be able to save money fast. Other than that you really have no other possible way, unless you come into a large sum of money for nothing. The only other way you can really save money is to always pay yourself first. At Least 10% into some type of roth IRA or 401K account. These are accounts that are not taxed up to $15000 per year if you are playing catch-up and you have to be at least 50 to play catch-up. So, if your not 50, and want to save money fast that I think you really need to ask yourself what are you planning for?? Without know what your goals are you will not be able to plan accordingly?? By that I mean, do you want to have a million dollars at retirement? or do you just want to have a nest egg because you will be receiving a pension of some sort?
2006-10-23 18:06:07 · answer #2 · answered by shane t 1 · 0⤊ 0⤋
Nike said it best... "just do it"
It really depends on what resources and starting point is available to you. The best thing to do is to start with a fixed amount and "save" (pay yourself) first. (i.e. put $25 each AND EVERY week into savings, or $10) - and don't touch it.
Depending on your circumstances....
1) pay off high interest debt first
2) live within your budget
3) take your lunch instead of eating out
4) drink more water (instead of soda, coffee, alcohol, etc.)
5) start a coin bank - put your change in it at the end of every day
6) use coupons
7) buy in bulk (although this can be a double edged sword - if you aren't disciplined you just end up "using" more).
There are many different things you can do, depending on your situation.
Hope some of these ideas help! Good luck!
2006-10-23 18:03:30 · answer #3 · answered by Chris 2 · 0⤊ 0⤋
You'd be surprised just how much money a person can "piss away" - as my father used to say, by the "convenience spending" of every day; for example, unless your job requires the odd fast-food-to-go meal, the nutritional value doesn't warrant the expenditure. There are so many other habitual forms of spending that stem from the "I. G.* syndrome, that you actually need to sit down and periodically reassess your lifestyle choices if you want to maximize your "retention" of hard earned money... gambling, drinking, smoking, etc. are all ways to decrease your saved earnings...
* I.G. = immediate gratification
2006-10-23 18:22:06 · answer #4 · answered by cherodman4u 4 · 0⤊ 0⤋
1. Don't spend it. - Eliminate all unnecessary expenditures (eating out, satellite, clothes, keeping your thermostat high, etc.)
2. Put it into a high interest money market account. I have one online through Capital One that has no min. balance and unlimited transactions.
2006-10-23 17:57:55 · answer #5 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
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2006-10-24 08:52:57 · answer #6 · answered by stock.geek 2 · 0⤊ 0⤋
You cant do it fast ,you wont be disciplined to not spending.Just like losing weight fast ,you will gain it back and then some
2006-10-23 17:58:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
my dad always told me whenever you get payed to save at least 5 dollars of it but if your only getting payed 5 dollars then your in trouble
2006-10-23 17:59:36 · answer #8 · answered by Megan28 1 · 0⤊ 0⤋