Saving money?

Question

what are some good tips on saving money

Answer 1

Well the first thing you need to do is figure out a budget for your income and expenses. Set a reasonable goal in mind for saving and start there. You will need to adjust things as often as the income or expenses change. Good luck.

Answer 2

I'd say the first thing to do is look over your loans(car, credit cards, store cards, etc) and see what the interest rate is. Try to get the rates down. If you do this you will be able to save more money because you will pay the debt off faster and lower your monthly payments.
I also suggest that you put a consistent amount away, even if it is only a few dollars. If you can get an investment account that is great. A savings account won't pay as much interest but it is better than keeping your money around the house.

Answer 3

Pay yourself first. Have money directly deducted from your salary, so you don't miss it. I don't agree that a savings account is the best vehicle though for most people. If you can, open an account with Vanguard, Fidelity, or one of the other leading financial companies, and invest automatically in the Total Stock Market Index Fund. You'll need a certain amount to get you started, but then you can add small amounts each month. Over time, stock funds are far better for saving than a savings account.

If you have a 401K plan available through work, ensure you are putting a percentage of your salary into it every month - even if you only start out at 2%. The key to successful saving isn't the amount you save each month, it's the length of time you save for. So starting in your 20's is far better than starting in your 40s.

Answer 4

READ read read! Every financial book you can. Then take away from them what will work for you best.

Take to heart the fact that it is not how much money you make but how much you keep and have that money make you more money.

Live well below your means, save save save and invest it all, only after doing you homework.

Buy, DO NOT RENT. Have roommates or tenants pay your mortgage so you can be saving and investing.

Quit smoking, gambling, & drinking, add that to your savings. Find othere areas where you can cut back.

Find someone who is where YOU want to be (MENTOR) and pay attention to what they are doing. With this being said, be careful for many whom you may think are well off are simply in a giant hole of debt. Your average rich person is NOT someone you can pick out on the street!

Limit time spent with those who do not have the same goals as you. Limit time spent with friends that spend foolishly or party well beyond anyones means.

Befriend people who are smarter than you for you have nothing to gain from idiots.

Pay cash for vehicles and other things. If you don't have the cash then YOU DON"T BUY. A lesson that will only make your life better.

Think of assets as "something that puts money IN your pocket" and think of liabilities as "something that takes from you pocket". Aquire assets NOT liabilities !! !! If you MUST buy things, why not buy things that make you money? !!

Start believing that YOU deserve to be financially independent rather than you deserve that new car. The car will only cost more and more money. Get over the urges to inpress people with "stuff" you have. Let them see you how ever they want and do not concern yourself with their thoughts. Live by : What people think of me is none of my business!!

Answer 5

I set up a savings account at emigrantdirect.com. Every paycheck i have $ automatically deducted from it before i have a chance to even miss it. This has forced me to live on a budget.

Answer 6

Create a budget and stick to it.

Have money automatically deducted from your paycheck and put in a savings account

Answer 7

I think that you should always try your best to pay yourself first. When you do that you don't have the money to spend on something else. If you need that money it will be there but it is a little harder to get to that way.

Answer 8

I have a huge list of ways to save money:

Check them out:

http://www.thetruthaboutmortgage.com/how-to-save-money-and-get-out-of-debt

Answer 9

Whenever you make it, dont go spending it on unnecessary things like I do...I make the money but blow it by going out gambling, not a good idea however I am working on quitting but uh.......