What is the best way to save $ when living paycheck to paycheck?

Answer 1

I too live paycheck to paycheck, and have started saving in a couple of ways, actually.
First, I got on a budget, which has helped me a LOT. It was hard at first, but it made me take a look at things that I didn't think were "extra" but were - at least for a while. I paid down my debt, and once I got that done, I was able to add in a few luxuries. I also started an "emergency fund" so that I can fix my car, or the roof, or whatever goes wrong. That' fund is curently empty, but I just had to pay to have the car fixed and was able to do it. I'll give you a great budget link.

Second, I started saving in ways that I can't touch right now. I get a decent tax refund every year due to the Earned Income Credit (can't wait 'till I make too much to get that, but for now...). I work for a company that will take as little as $300 (and up to the maximum $3000) out of my refund and put it into an IRA. Thoughtout the year, I never have that kind of money, but I can afford to have it taken out of the refund, especially out of the money I didn't even pay in. I am so proud that I have started saving for retirement you wouldn't believe it. Plus, I now get tax benefits and an even larger refund because I'm saving, which is GREAT! We also offer regular savings accounts for refunds,, but they don't offer the tax benefits of an IRA. I'd look into something like that if I were you - it's not so hard to put it away when it's just a little bit like that.

Let me know if I can be of further assistance.

Answer 2

Living paycheck to paycheck is no fun. Saving is difficult but possible.

The first thing you should do is write down every penny you spend. If you put a quarter in a bubblegum machine write it down.

Once you see exactly where you spend your money you'll be better equipped to decide what you can do to save money.

If you see you're spending $20.00 a month buying sodas and snacks from the machine at work you can put the change you would normally use in a jar and save it.

You can also save on the bigger bills. You can turn down the temperature on your hot water heater or put on a sweater and turn the heat down a couple of degrees.

Another good way to save money is to plan your trips to the grocery store. Make a list and stick to it. Use coupons! Make sure you have everything you'll need for the week so you can save gas by not having to make a special trip for milk.

Answer 3

1. Keep track of every penny for a couple months- know what your bills and spending habits are. The longer you do this, the better. Be sure to factor in things that don't occur every month- insurance, Christmas, vacation, magazines, etc.

2. Stop using credit cards, payroll advances, check cashing places, rent-to-own, etc.- the interest is killiing you.

3. Figure out a way to cut back by 10%- go out a little less, cancel some magazines, use cheaper brands of products, etc.

4. Have 5-10% of your paycheck automatically put into a savings account.

5. Talk to the financial guru at work or amongst your friends. Find out how to park SOME of your savings into higher interest or higher yield opportunities that still allow easy access. This earns you money and prevents you from pulling it out too easily.

6. Cancel as many ads as you can- toss catalogs, ignore most of the advertising suppliments, etc.


The BEST bet is to find a good financial consultant or friend. You are very emotionally attached to your money and your lifestyle. Sometimes an outside opinion is incredibly helpful- someone not trying to sell insurance, investments, etc.

Answer 4

If there is any change left over from what you spend put it in a jar/piggy bank/container when it's full take it to the bank. Even set aside $1, $5, or $10 and put it in a savings account each time you go to the bank with your paycheck. However, you do the best you can with whatever you earn and ask yourself what you really need when you're spending.

Answer 5

Best way to save $ when living paycheck to paycheck? Is like this you have to look for things that you don`t need (nonessentials) and they are taking money to maintain and use that money to save and put it away.... example you do your nails once a week do it once a month you save 2 to 3 weeks, you do your hair every 2 weeks do it once a month you save 2 weeks, you can walk to instead of driving you can save money in gas also is more healthy, Electric bills those lights you don't use keep them off, Food all the junk food don't waist money on it save that money also is more healthy If you are single don't go out to have dinner visit a family member or a friend around dinner time or lunch they will invite you LOL
Also don't rent movies or games ask your friends or family to lend them to you before they return them to the video store you take them for them you save them a trip and you get to see them for free also you save money by not renting them....In another words anything you think you don't have to spend money on just don`t. You will see how much you can save doing so. Also at list try to put away 10% of your paid check in an account that you cant touch like a Christmas account or CD. That is my opinion it work for me. :) Know I can take care all those friends and family that wa there when I need them.

Answer 6

Have a certain amount direct deposited into a savings account, that way it's gone before you even see it and you don't notice it as much...

Good luck, I know how living paycheck to paycheck feels and it sux!

Answer 7

Get rid of all the nonessentials - cable, cell phones, eating out, car payments.
Until you get on your feet you should only spend money on food, utilities & housing. Cable is not a utility.
Have your income & expenses written down on paper so you know exactly where your money goes then you can start making adjustments.
Also don't attempt to save money until all credit cards are paid off.

Answer 8

the best way to save,take $10 a week put a side, that is not make you or break you,this way you will save $40 a week and $480 a year,

Answer 9

I was taught to "pay yourself first" Treat yourself as you would a bill.
Stay on a budget. Put utilities on a monthly budget also. Shop clearance and generic when needed.
Buy necessities and etc. little by little, don't spend entire pay on it, spread out payments and spending as much as possible.

Answer 10

I saved a fortune by cutting down on fast food, cigarettes, and coffee (starbucks). That and the fact I kicked my gambling habit

This will work, you want to bet?