how can i start to save money am hopeless at it ?

Answer 1

Have a budget. Make it as a hobby.

Answer 2

The best start is with a 401K plan for retirement. If your employer offers a plan, especially if they match any percentage, that gives you (a) tax savings; and (b) free money. You can't spend what you don't have so a 401K will give you an edge for long term savings... 10, 20, or even 40 years earning compound interest for a secure retirement. Don't rely on social security. If you don't have access to a tax deferred plan like a 401K you most certainly can set up an IRA (consider Roth IRA) after looking at the pros and cons. Now that you have a financial plan for long term savings, consider short term savings. An independent review website like bankrate.com will show you the rates of returns on CDs, mutual funds and other stock/investment plans. These kinds of plans are more liquid. While add it, fund a completely liquid savings plan at a bank or credit union. You're far better off in emergency situations to use your own money than a 10-25% credit card. How do you get the money to save and/or invest? Live below your means. We are a society driven to spend by advertisers... "buy now, pay later," is a well known taunt. Why not, "save now, buy later?" ... Look at where your money goes. Is it all necessary to buy right now??? We have homes and cars and cell phones and all of the cable tv channels. We buy designer clothes and compete with our neighbors with the speed and power and images. We've never been to a dollar store or thrift shop because they are for poor people and we're not poor. If you run your life as though it's a business with assets and liabilities, wants versus needs, and create and live a plan we can all be rich. It's about discipline. It's about priorities. None of us can tell you how to spend your money or what's most important to you but if you use a $1 off coupon on something, don't pat yourself on the back for saving money. You aren't saving it if you use that $1 for something else. Get a secure account for savings that you don't touch unless the transmission falls out of your car and you'll be on your road to wealth. Whoever said that money can't buy happiness obviously wasn't rich. Money does buy happiness when it's there if you need it. Material goods won't buy happiness but money does. Set your priorities in job and you'll be able to save money with ease, especially if it's off the top. You're not hopeless and you're not helpless. Get into that 401K, IRA, savings and/or investment vehicle NOW. If you think like a winner, you'll be a winner!!!

Answer 3

Hello,

ANS) The answer here is you need to sit down and actually look carefully yet realistically at your income (what you actually earn each month after tax & deductions like persions etc) and then again being totally honest with yourself, look at what your monthly outgoings are.

Brake down your monthly outgoings into fixed costs meaning monthly bills you have to pay like the community charge, or gas and electric bills (include all bills & any direct debits, or standing orders) & variable costs i.e. things you cannot easily plan for, or are just one off costs.

This should leave you with a clear idea if you are earning enough money each month given your present circumstances (financial circumstances) too afford to save anything at all.

**Obviously it goes without saying that if what your left with is a negative figure i.e. your in debit each month. Then you have to be realistic and realise you cannot save anything at all. This means you need to do one of several things, a) reduce your monthly spending until your not in debit or b) cut out any unnessarily spending c) pay off any loans or CC's before you can even start to think about saving at all. d) earn more money or boost your monthly income in some way?

**If however, your left with some remaining money (whats called disposible income) each month the I suggest you start very small, even just putting £10 or £20 aside monthly into a high interest rate savings account.

**Saving money is all about good planning, a realistic attitude & self restraint.

**Start small and eventually you'll get a saving's kind of mind set where saving something each month becomes a hibit, a part of your life style.

**Set small yet acheivable savings goals or targets, save for even just one item instead of wacking it on the plastic and the never never! that way when you achieve your target whatever you buy is appreciated more, because you had to wait abit before you could have it. (deferred gratification).

IR

Answer 4

get a second bank account and set up a set ammount of your wages to autmatically be transferred to it.

What I also do is transfer all my money to my savings account (same bank I can transfer immediately between them online) that way I need to transfer what I need in to my main account and I can see what I have and what I'm spending. When I see something I want to buy on impulse I can't just buy it because I need to transfer money. I just need to ensure I keep track of any DD that come out to make sure I have money for them in my main account.

Get a travel card at the beginning of the month for getting to work and take lunch with you, leave the cards at home and just take a little money in case its needed.

Answer 5

You must read "The Richest Man in Babylon" by George S. Clason. Buy a copy or check it out at the library. It is the basic rulebook for saving money and it's fun to read too.

Answer 6

There is only one way to save money! Stop spending it! Open an account that you either put or transfer some money into each week or month.

Answer 7

get something in your mind you would like,costiing no more than say five hundred pounds, when you get your five hundred pounds ask yourself if you still want it.if so get it,ifnot get yourself a small reward and save for another five hundred pounds,make your aims smaller amounts if thats easier,you will soon see the rewards of your savings but remember to reward yourself sencably. No point in saving up and then sqandering it on a new top and anight out.

Answer 8

Increase your earning apart from your existing source of income and put extra money in saving.

Answer 9

the day you get paid put a certain amount in a bank account that you get high interest but cant take out

Answer 10

i really wish i could help....i am terrible with money and here is the worst bit...i have got even less of a clue about money as i get older...sort it now or it will get worse....good luck....x