2007-01-11 08:34:12 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
Automatically deduct the amount of money that you want to save each month from your checking account into lets say your savings account. The autodeduction forces you to pay yourself first, like a bill, and this way you dont see it in your checking account to spend it. Good luck.
2007-01-11 08:40:28 · answer #1 · answered by JustJake 5 · 1⤊ 0⤋
This question depends on where the savers goals lay. While working at a job I saved best by paying in full for all I needed. Avoid credit, wait for my money (avoid check cashing fees), wait for my tax return (avoid loans).
Put a certain amount of funds in a saving account every pay period. Never take these funds out, use it as collateral for a loan (join a credit union). Buy a home (most home owners pay less for a roof over their head than most renters).
There is several ways to accumulate savings, the most important thing is to know why you wish to save.
2007-01-11 16:49:37 · answer #2 · answered by whatevit 5 · 1⤊ 0⤋
Work as much as you can and spend as little. It's sounds frugal, but skip out on seeing movies in the theater and going out. Drink water when you eat out instead of soda. Every little bit helps. Set up multiple accounts at your bank. Get a debit card for one and only allow yourself so much from it. Don't get checks or debit card for another and have your paycheck directly deposited and bills set to autopay (Bank of America is great for this). This way you only 'see' so much money a month. Your bills are taken care or and you can sit back and watch the account grow. Consider investing in high growth stocks or mutual funds once you have built up a pretty good amount.
2007-01-11 17:29:30 · answer #3 · answered by Shannon L - Gavin's Mommy 6 · 1⤊ 0⤋
I, too agree with JustJakes answer. To take it further, you must set some personal financial goals for yourself. Set a goal for what you want to eventually use the money for? Graduate school, a new home, car, retirement? That should give you inspiration to set that money aside.
2007-01-11 16:45:42 · answer #4 · answered by 22UF 2 · 1⤊ 0⤋
take a fixed amount out of your paycheck (you are working?) each time and put it in the bank before you start living it up.
2007-01-11 22:56:36 · answer #5 · answered by garry s 2 · 0⤊ 0⤋
Don't spend it.
Keep it in a little tin box under the bed.
.
2007-01-11 16:41:22 · answer #6 · answered by The Other Grandpa 4 · 0⤊ 1⤋