I have trouble saving, any good tips for budgeting your $$$?

Answer 1

got this from a recent newspaper article: before you spend any money on silly stuff that you don't need, do the following:
*pay off all debt - pay off highest interest rate credit cards first
*accumulate enough cash savings to live on for 3-6 months, keep easily accessible in whatever cash acct has highest interest (savings or money mkt), more if you are in a position where you could lose your job
*retirement: invest at least the maximum amount of the company match, or at least 15% of your salary, whichever is higher - automate this
*college - contribute after tax income to 529 plan for your kids

then after your regular living expenses are taken out, you can spend the rest.

Answer 2

Budgets simply don't work. Too restrictive. You need flexibility. Save a chunk of your money before you spend any. Make it automatic. Have some put into a savings account or better yet a mutual fund. You can arrange to have it taken right from your paycheck. You'll never see it so you're unlikely to spend it. You probably won't miss it either. Get into the habit of saving a little and in no time it adds up to a lot. And another thing. Living frugally means living better. Try to figure out where you're wasting money. Everyone is in some way. A little improvement in your habits makes a big difference in your life.

Answer 3

Before you construct a budget, I'd recommend you keep track of your monthly expenses without changing your lifestyle or spending. After a month then review your spending then make the cutbacks you can or reduce frivolous spending e.g rather than having starbucks coffee 5 times per week when you go to work, you could reduce it to 3 times per week and use the extra cash for savings.

After you know where you are spending your cash and how you spend it, then make a budget that you can actually stick to. If it's hard for you to do alone, a financial planner, even those at a bank can help you with budgeting.

Answer 4

Sit down make a list of expenses and money. The key to sticking to a budget is to make sure you get something too. It is hard sometimes but if you make sure you get to say go to dinner or a movie once or twice a month it makes saving a little easier. Also some employers have automatic deposits that can be put directly into a savings account, if you don't see it you don't miss it.

Answer 5

Pay yourself first. Make arrangements through your employer and your bank for automatic deposit into your checking account. Then, arrange with your bank to automatically deposit a percentage of your paycheck into a savings account.

Also, if you have deferred compensation or a 401k plan at work, max it out. I mean put in the limit from your paycheck. If you keep doing this, you'll be a millionaire long before you retire.

Answer 6

First, pay off any debts as quickly as you can...then, try the 50/30/20 plan.........that's 50% for all necessities, 30% for spending any way you want, and 20% for saving and investing.I"ve been using this now for over a year and its so nice to know you are in control but not depriving yourself of any fun.....if you wonder what 'necessities' are, ask yourself this; if you lost your job tomorrow, what would you still have to pay for?...the 30% could be saving/investing, and the 20% for spending, depending on your personal taste...but it's a surefire way to get control of your spending...email me if you have any further questions...........

Answer 7

open a seperate bank account at a different bank
basic savings account without interac or checks
it doesn't hurt if the new bank has bad hours so it's inconvienent to make withdraws
then eliminate one or two habits that cost a significant amount of money each week,like coffee or mcdonalds
take that money directly to the bank each week and forget about it

Answer 8

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