how can i start saving money for this year?

Question

i make $760 per week and have 2 kids and a wife. how much should i be saving per week. life in los angeles

Answer 1

Impossible to answer your question with specifics, but here's a thought:

Write down your bills - everything you have to pay. Add a bit for increases in bills. Allow a little (not a lot) for entertainment. that might be Blockbuster nad a pizza once a week or it may be more extravagant. See what you have left. Deposit it in a savings account each payday. If you have direct deposit of your paycheck you may be able to have a fixed amount sent direct to your sacvings account.

Open the savings account at a bank that is not easy to get to, so you are not tempted to withdraw. Do not take a debit card with the savings account. Do not be too ambitious. It is better to save $10 per week, every week than it is to save $50 for a month and then realize you can't pay the rent with what is left. Get into the habit of saving regularly.

Good question. Hope this helps.

Answer 2

The real key to saving money is that you make a PLAN to save money and then follow through on it. If you aren't saving at all, and money is tight, start out small and work your way up. The worst thing is to set your target too high and get in trouble. You'll end up giving up on saving.

Forming a habit around saving is very important. It can even get addicting. As I said before, pick something you can manage and start off with that. Put the money into your savings account right away, or better yet, have your company take it out and put it in a 401k.

Answer 3

You should plan on saving about 15% of your gross pay. If you can't do this, start off small. You should have an emergency fund set aside that in case of illness or layoff you have at least 3 months of money set aside to pay your rent, mortgage, power & utility bills, health insurance (COBRA) phone and food. You could eliminate money spent on movies and eating out by taking time out for walks and playing games with your kids and wife. These memories are priceless and cost very little. I save a little each week. Its hard not to touch it, and I have slipped from time to time. But keep putting money away. My savings is in an account where if I withdraw more than 3 times in a quarter, I get penalized. That helps me not to touch it. Eliminate those expensive shopping trips to the malls. Buy thriftier. Buy in bulk if you can. Good Luck.

Answer 4

I agree with "sun and sand"...controlling your spending habits is the best possible way to actually save money. Watch what you buy--if you really don't need it, don't get it. When you do buy things, make sure you're taking advantage of coupons, promotions, etc. Also, if you do any online shopping, make sure you shop through sites like PriceLimbo.Com They can get you cash back for shopping at hundreds of online stores. It's a pretty good deal (especially if you use it in conjunction with a credit card that gives cash back!) Overall point: Don't Spend More Than You Need To!

Answer 5

Yes, you should be investing in a 401(k) plan, but you should also work toward 3-6 months worth of living expenses in a savings account, readily accessible. I would suggest ingdirect.com. You can easily set up a savings account with them which gives you an excellent interest rate and will auto-transfer whatever amount every time you get paid. My hubby and I invest in our 401(k)'s at work, but we also put $30/week in our ING account and pay off all credit cards immediately. We may not be rich, but at least we're in the black! LOL

Answer 6

One of the best ways to save money is a 401(k) plan. Most employers have them, and many match your contribution. Start small with a 2% or 3% of pay contribution and then increase everytime you get a raise until you get up to 5% or 6%, which ever levels give you the maximum match your employer will make.

It is tought to raise kids in L.A. on 1 income. Best to start small, and stay out of debt which eats up any chance of sving.

Answer 7

Buy used. If you need any appliances or furniture, check craigslist.com.

Avoid malls. Good clothing can be found for a fraction of the price at thrift shops, consignment shops and in craigslist. If you buy on craisgslist, you will have avoided the sales tax as well.

Quit smoking, if you smoke.

Check out yard sales. It's a good hobby. Sometimes you can buy CD's and DVD's for a dolar or two are resell them in a CD shop or on craigslist. Wealthy neighborhoods have the best bargains, because rich people need space more than money.


Buy your food at a farmer's market.

Don't buy anything you really don't need.

If you don';t ahve a 401(k) where you work, get a Roth IRA and invest it in no-load index mutual funds with TIAA-CREF or Vanguard.

You can cash this in with no penalty to buy your first house, I think.

Money from earnings on a Roth IRA can never be taxed again.

A traditional IRA will entitle you to put your money in and reduce your declared income, and this might be the better way to go.

Never pay commissions on anything.

Answer 8

Best way of saving money is to stop spending more than you make. I'm following Dave Ramsey's baby step program and it's working great.

Answer 9

when you get paid take and put away the 60 dollars or what ever is above the700. like if you got paid 550 put away 50 so forth it works for us.And we help both our children and still have alittle money to go to mexico every year.And that is how we do it. good luck

Answer 10

only withdraw money on things u need...and the rest save