Whats the best way to save money?

Question

Hi , Im self-employed,paying off debt,work hard,never been able to save.Now i want to save a few quid for holidays + future.Any ideas please.Also trying on e-bay,a little slow though!

Answer 1

7 radical ways to save money:

1. Hold the mother of all garage sales. Cast a critical eye on the stuff at the way back of your closets. If you haven't used it in six months, chances are you can do without. Same goes for all that junk in storage.

2. Quit smoking. Pack-a-day habit? In Washington state, that's easily $5 a day -- or about $1,800 a year -- that can go right into your savings, not to mention what it saves you on insurance and health care.

3. Tame your driving addiction. In other words, carpool or use public transportation. This saves on gas, insurance and maintenance costs -- not to mention any money spent on aspirin.

4. Buy used. The average consumer spends about $1,750 a year on clothing and its upkeep, according to the U.S. Bureau of Labor Statistics' most recent Consumer Expenditure Survey.

5. Become a homebody. At just over $1,800 a year on average, entertainment spending has a way of quickly eating through the best-planned budgets.

6. Cut your housing expenses. While a move across the tracks may save some money, moves are expensive in themselves. Consider renting out a room.

7. Cut up your credit cards. Build an emergency fund first to handle most unexpected expenses. This allows you to become your own lending agency. (OK, if you're chicken, try cutting up all but one.) Credit cards can be a cash-flow management tool, but paying only the minimum will keep you in debt for years. If you're the average American with at least one credit card, you probably have close to $8,523 in credit card debt, according to industry research group CardWeb.com. At an average APR of 14.4%, it could cost you as much as $1,100 a year in interest alone. By simply waiting until you've saved enough money to make purchases, you could eliminate those interest payments entirely.

Answer 2

There are lots of things you can do to save money.

Your first step is to take note for a week or two of EVERYTHING you spend your money on. This includes that cup of coffee you bought, the soft drink you had with lunch, the newspaper etc.

Also, make a note of all your fixed expenses - eg. loan repayments, rent. Then make a note of how much you generally spend on things like phone and electricity bills.

Your next step is to use this information to make a budget. Add up all your incomings, and deduct the outgoings that are essential. With what you have left, figure out where your money is going so you can change it. Even little amounts make a difference.

Can you move to a smaller, less expensive house or unit? Is your house set up to reduce your electricity bill - with things like peak hour cutoff? Can you buy the home brand groceries? Can you take packed lunches to work? Take a thermos of coffee to work instead of buying it on the way? Read the news over the internet instead of that subscription to the paper (plus it helps the environment). Cut down on magazines and movie rentals.

Check out if you can get cheaper insurance, telephone deals, internet deals - maybe think about combining the accounts. Dont have cable tv. Sell some of your old furniture and clothing. Try to find a lower rate credit card - and always try to pay it off before it starts earning interest (better yet - get rid of it - if you cant afford to pay for what you are buying, than you cant afford it).

Get the bank to take a set amount out of your account every week or fortnight and put it into a high interest earning account that you cant easily access.

These are all some simple ideas that you can start putting into practice right away. The most important step is that budget though - so you can see exactly where that money is going.

There maybe some other things that you can think of in your life that you can cut out or reduce in order to save money. Most importantly, if one of these things is important to you - keep doing it. It is not worth being unhappy just to save a bit of money.

Good luck with this

Answer 3

I spent years of my life without a lot money, and that i have been given into the habit of saving small quantities for issues that i extremely necessary. So yea, i'm good at saving. I often attempt to save as a lot as about £50 and then spend all of it right away in charity shops. My mum, siblings and that i saved money for an total three hundred and sixty 5 days in the previous shall we've adequate money a operating laptop or computer. between us, we positioned away £10 a week. We basically were given our first laptop six months in the past. Oh, I forgot to respond to this. I honestly have £25 in my handbag as we communicate.

Answer 4

Most people have mentioned how to save, but you say you have debts too. So look at the interest charges on each type of dept, aim to pay off the the debts with the highest interest rate charges first, try re-negotiate the loans with a lower interest rate charges with your lender over a longer time frame. This will free up your finances and give you more spare cash over the longer term. Which in turn will allow for greater savings etc.

good luck

Answer 5

look for a holiday CD or a holiday savings account. they are not usually liquid which means that you can put in but not take out until November or so. there might be a minimum deposit like $20 or so a month so even if you only save $20 a month, by november thats over $200.00. try the link below for Patelco Credit Union...click on the link for checking and savings, then click on holiday club. also for retirement? look into opening an IRA

Answer 6

Hi there dean r

Try paying your self first. Take ten percent of what ever comes in and put it aside for 12 months and do not touch it.

Try living with what ever is left over. It is not easy to start with but it does become easier as each job comes along.

If you want some hints and tips with your e-bay business send me an e-mail I may be able to help you.

[e-mail]

Answer 7

get an internet instant access saving account, current rates are between 5.0 with halifax and up to 5.46 with sainsburys bank! You can opt to have a cash card, but at this stage dont bother, because its managed through the internet its harder to just dip in and when you want your money for your holiday, you can either transfer it out or order a cash card which will take up to 5 days.

Answer 8

Hi,
I too am self-employed, and what with putting the necessary to one side for the Vatman, etc, I stick about 10% into an account, which does not hurt, and lo and behold, once a year there is enough for a hols!
Don't spend it, and you still got it.
Bob.

Answer 9

Just like your taxes, take 5-10% of your pay and have it automatically deposited to a savings or investment account. You won't spend what you don't see.

Answer 10

Get your bank to set up a standing order to take so much a week and transfer it into another account that has limited access