What is a good method to save money?

Answer 1

Make a budget and figure out how much you can save out of all your income minus expenses. Put aside the extra money in a separate account and start saving!

Answer 2

First of all, never get into credit card debt. If you don't have the cash to buy it, don't buy it. Only go into credit card debt in an emergency. A home mortgage or car loan is a different story, but of course you want the best financing available for these too. I suggest you do not rent a place to live unless you can't afford to do otherwise. Renting makes the landlord rich, and leaves you with nothing. Investing in a home, something you OWN, something you pour your equity into, is a better idea. Your money won't just disappear this way. Learn to stretch your money out. Look for bargains. Don't be the one buying the brand new car that loses $5k as soon as you drive it off the lot. Try to only buy necessities, but you don't have to live like a bum or anything. Invest your savings. Even invest your short-term cash if you can in a money market account (talk to your bank). Let your money, all of it, work for you. This is what separates the rich from the poor. Poor people work for a living, their whole lives. Rich people let their money do the work for them. Chances are, if you take good care of your money, your money will take good care of you.

Answer 3

Create a budget. On payday, pay all the bills that are due before the next payday. Immediately save a percentage of what you have left. Decide what you will spend the remainder on.

When you go shopping, walk around the store with the item and decide if it's worth what you'll be giving for it. For every gain, there is a loss. Decide if the trade off is worth it.

Get out of debt! You can save tens of thousands of dollars in interest over your lifetime if you pay off loans and credit cards as soon as possible. Quicken.com has some great tools for figuring out payoffs. By the way, if you save in a savings account but do not pay off debt asap, you're hurting more than helping. You'll usually end up paying more in interest on your debt than you will gain in interest on a lump sum of money in an account somewhere.

Answer 4

I started this a few ago..I am on disability and BARELY make enough to get by..I NEVER use my change..I always put it in a jar or piggy bank.. In just a few months, I have made almost 50.00 not a lot but I don't use a lot of money either..most of my expenses are direct debit from my account or checks, etc. If you work and break a $1 every day and save even 25 cents a day for 5 days it adds up fast...it doesn't earn interest or anything but in an emergency it's available and I don't have to go to the bank or pay a fee to withdraw it, etc.

Answer 5

Usually in this day and age of businesses pushing you to spend your hard-earned dollars through advertising, you should (if it is available) set up a savings plan at work where the money will be automatically deducted from your paycheck.

This works well because it will be set aside for you, and therefore you won't miss the money or be tempted to spend it on something else.

Kind of like "out of sight, out of mind" method.

Answer 6

Direct deposit by your employer into an investment or savings account. This represents consistent savings and over time will more than intermittent savings additions.

Answer 7

have a certain amount deducted from each paycheck and sent straight to savings

pretend that you have a bill every month and call it savings-move money from checking to savings

have a set budget to stick to

Answer 8

From Charles Dickens:

- Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.

Answer 9

See a financial advisor and explain your goals. They will set up a portfolio for you that earns interest.

Answer 10

earn money + and don't spend = savings