I need help saving money!?

Question

I am trying to save money, I don't feel like I spend alot of money but always feel like I am living paycheck to pay check. any suggestions?!

Answer 1

There have GOT to be ways you can cut expenses. I guarantee you there are plenty of people who live on less than you. The thing I'd recommend first is to arrange with your bank to have 10% of your paycheck sent directly to a savings account. I said SAVINGS! Not spendings! If you can do that for just a couple of years you will have a very tidy nest egg. Learn to live frugally. It really is painless and the rewards are great! Figure some stuff out. Start today! You'll live better for the rest of your life.

Answer 2

First start cutting out the things you don't need. If you smoke stop, if you drink too many sodas stop. Cut a few expenses here and there. Pay off any debts! Start saving slow and making a budget so you can see where your money is going. Avoid using a credit card to pay for things. Start a saving account and always put aside a certain amount of money. You can also consider a part time job. Once you make a budjet and figure out where all your money is going you can alter what you spend it on. Have a plan! Make a goal to save so much and then do it. Many people live pay check to pay check. Its all those little expenses that eat away at your pocket book.

Answer 3

IF you are having trouble here in the first place, I always suggest that you start simply -- when you make a purchase -- put the change from the purchase in the bank -- and do this for EACH purchase (round up to the next dollar). This way, even with the bills you are paying, by allocating the change to a savings account or bank, you are starting on your way to developing a good habit -- the habit of savings.

Then ... have you built a budget yet for yourself to live within each month?

Take the last 12 months of your statements, and write down in a spreadsheet (and put categories of costs as column titles), and then chart this by month -- see what you are spending monthly and where -- Utilities must be paid, food must be purchased, but how about those discretionary items (like eating out?) -- are they overblown or taking over a large part of your budget?

With this track in hand, develop a month by month budget for yourself -- and pay yourself (into your savings account) each paycheck a portion of the costs of the discretionary categories (like eating out) -- it is not that big of a sacrifice to eat a bowl of healthy soup in the home instead of spending $20 for a meal out (and an $18+ savings to boot each time you do this) -- so say, allocate 20% of that budget that you are saving to SAVINGS, and then use the other portions of the savings to pay down your remaining debt.

Answer 4

I created a huge list of ways on my site:

http://www.thetruthaboutmortgage.com

Then go to the save money page from the left hand menu. Hope it gives you a few good ideas.

Answer 5

You need to get on top of your spending habits. I know this finance blog that has a number of articles on budgeting and saving money. Let me give you a few of them.

http://financialbasics.blogspot.com/2006/11/controlling-your-cash-flow.html

http://financialbasics.blogspot.com/2006/11/using-cash-to-stay-within-budget.html

http://financialbasics.blogspot.com/2006/11/personal-budget-planning-tips.html

http://financialbasics.blogspot.com/2006/11/creating-budget.html

http://financialbasics.blogspot.com/2006/12/how-to-simplify-your-living-expenses.html

And finally, one of the holiday season :

http://financialbasics.blogspot.com/2006/12/holiday-spending-tips-ten-ways-to-keep.html

Hope they help!

Answer 6

changing your life style is the key
people always rationalize spending but you rarely need it
you need to decrease your propensity to spend and set aside money every check
good luck

Answer 7

This a great way to make a little extra on the side. Doesn't take any money to earn just a few minutes of your time every now and then.

Good luck!

http://www.treasuretrooper.com/187340