What is the best way to save money?

Answer 1

Have a sound debt management policy in place where you pay your debts on time and make some savings. This way your credit soars and you have savings in the bank. Put a little away each time you get it and in no time you will be saving money.

Answer 2

Start by cutting the waste.

Many people lose money by the handful without even noticing the long-term effects, and continue to bleed money that could be drawing interest, or just redistributed within the budget.

When you go out to party, set a limit for yourself and only carry that amount...Drinking is a major wallet-loosener that causes cash to disappear.
Cut the fast food to a minimum for money and health reasons, and buy snacks in bulk instead of dropping a few dollars at the convenience store.

Notice the un-nescessary trips that you make, and plan errands into a round-trip one-time event when possible...gas prices are climbing again.

Shop Costco and Sams Club for better prices on the daily-need items you already buy, and recognize the difference between the things you need and the junk you just want.

Shop auto insurance regularly, and don't be afraid to ask for a discount from a carrier you've had for a while.

In the long term, you actually save money by paying MORE on your creditcard bills as opposed to just the minimum...Paying the least amount increases the sum you will pay in interest, and extends the debt longer than it needs to be.

Should you own a home, a debt-consolidation loan can cut your monthly outlay by up to 30%.

Answer 3

if your employer does direct deposit on your check then the best way is to open a seperate savings account in a bank unrelated to your primary one and then download the form for direct deposit. Mark the field to take a certain amount out each month, before the rest gets deposited in your main checking account.

Institutions such as ING direct and HSBC offer savings rates such as 4.5% and 5% annual interest rates which are compounded daily. Once you get used to not having the extra $50 - $200 a month to spend which is taken right off the top of your net pay then you automatically adjust your lifestyle. Meanwhile your savings are quietly adding up.

Answer 4

don't spend as much money...

try budgetting also so that a certain amount of all your income goes directly into a savings account and that you know how much you have for each category of spending/saving.

Also if you don't splurge on expensive electronics, cars, etc so you buy something that'll get you by, you'll end up saving money there.

Answer 5

From your money income, save at least 10% of it in the bank. If you are operating a business, dont spend money from your capital fund or use your gain for your personal use. your personal income and gain from business must be treated as separate. then have additional saving from business income.

Answer 6

set up an allowance account ... pay that first and never dip into it., then pay your other bills, try to pay cash for everything ... if you can't pay cash ask yourself if you truly need it or just want it, if you decide to get it can you have a defined timeline for paying it off. Credit is the enemy ... try not to invite him to every purchase party you have!

Answer 7

join a credit union they have the best rates

Answer 8

Dont spend it.

Answer 9

google --> "Money management"!


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