whats your best tip on how to save money?

Question

especially for people who usually have money burn a hole in their pockets? :)

Answer 1

im 24 now, ive been really saving since i was about 19... try using Microsoft Money. Its personal finance software. It lets you keep track of your income and expenses. you can create a budget... and once you do, you'll see where you spend your money and you will realize what is important and what is not. when i started using that software, it got me more and more excited about money because you see what is coming in and going out.

Answer 2

Open a savings account in a faraway city that you don't have easy access to and don't accept an ATM card for that account. Make sure you can make deposits easily either electronically, automatic deposit or by sending a check from every paycheck off the top. You cannot spend what you don't see. Even if you put $5 a week into that account you can accumulate some money over a year, two years, ten years, etc. It's not the most practical thing for a long term savings account. If you are thinking of retirement, go to a Roth IRA or employer match 401K plan. Now that you know you want to save money, think about things in your budget that you can do without or simply cut back on. There are people who cannot live without cell phones, cable tv, internet, and other luxuries that have become necessities. Remember: some of these things did not exist 10 years ago and people lived just fine. So, ask yourself if you are getting value from those subscription services. Be honest. I recently gave up my $80 a month cell phone plan for a $10 a month pre-paid phone. Hmmm... $70 a month savings times 12 months is almost $1,000 a year. What can you quit or cut back on???

Answer 3

My company lets me have direct deposit in up to five different accounts, so I have a portion of every paycheck automatically deposited into a savings account at an online bank. I never see the money at all, and because it's with an online bank it earns a lot of interest (over 10 times as much as my regular bank!) and, in order for me to withdraw money, it takes about 3 days, which seems like a pain and is normally enough time to talk myself out of buying anything.

Also, I never carry cash. If I take $20 out of the ATM to buy something that costs $3, I spend all $20. I write checks or use by debit card, even for super small amounts (I once wrote a check for $1.27 to the post office!).

Answer 4

It helps to be born to frugal parents...but none of us has much control over that.

As children we just got used to saving all our money. Really--nearly all of it. So we sort of had to evolve into being spending adults. It was nice because all my sisters have as much money as they need and they have savings too because they always kept back more than they spent.

Try to go a whole month without buying anything but food and gasoline. It can be done. It's a fun game once you give it a try. You'll be surprised what habits you have let yourself get into. Then you could try eating only things that you buy at a grocery store rather than at a fast food joint or restaurant. It's kinda fun when you look at it as a game.

Answer 5

Set up a monthly deduction from your paycheck or checking account and invest in mutual funds. You participate in forced savings and dollar cost averaging. Better yet if this is for retirement and your tax bracket allows it have the mutual funds be in your IRA

Answer 6

Every month, after getting your salary, set aside a fixed amount into an endowment policy.
Forced and disciplined savings!

Answer 7

put it in a CD
or put 10 or a certain amount of money in da bank every week

Answer 8

don't spend it, and control your spendings by not bringing the cash with you and setting a limit before you buy anything!

Answer 9

don't carry around cash