What's the best way to save money?

Answer 1

When you get paid, pay yourself first, then spend the rest on the necessities of life. What's left over then goes back into the kitty.

Eventually, if you watch you pennies, they'll become dollars.

Answer 2

Start a budget. Know exactly where all your money goes (so you can stop the "leaks"). Then start paying yourself first, besides, you can't spend it if it's not in the account. DON'T TAKE OUT DEBT. You will pay a higher interest rate than you will just about ever be able to get as a return on your investment. Don't waste it on car expenses. The average American spends ONE THIRD of their income of a vehicle and vehicle expenses on this item that is simply a wasting asset. It is tempting to "keep up with the Jones's" and drive what your friends and neighbors drive but it's also one of the easiest ways to save a huge chunk of change with minimal change of behavior or lifestyle. Then start educating yourself on ivnvestments and savings by using magazine's like Kiplingers and listening to a guy on the radio named Dave Ramsey, look up his website. Besides having a good defense (saving money), you can work on a better offense (earning money) by taking on a second job, starting a business, etc. Good luck!

Answer 3

There are a number of different costs that you accrue on a monthly basis with any existing financial products that you have, e.g. credit cards, loans, etc. People used to get one of these products and hold on to it, never assessing whether changing their loan provider or credit card could save them money. Apparently more people get divorced than change their bank account! Nowadays there are a variety of comparison websites that you can use that will help you to check the rates on these everyday financial solutions and allow you to easily find better deals and thereby save money.

I recently used http://www.beatthatquote.com myself because I was looking for a wedding loan. Normally I go to my bank or use my existing Cahoot flexible loan, but the rates weren't good, so I compared and found better. There are also other comparison sites for things that you normally buy, such as DVDs, CDs, etc. Using these sorts of pages could save you money on those items that you would normally buy. Then you put the difference in cost into your savings!

I've also found that a well organised spending plan works wonders. Work out what your outgoings are and then allow yourself a little spending money. Don't be overly restrictive, it's hard to stick to a spending plan if it's not realistic.

Another great tip is to not carry cash cards out with you. Just take as much cash as you'd normally need in a day. If you don't spend it all, put what's left in a piggy bank or something. This stops those impulse savings. I do this month have not bought extra lunch, or DVDs or CDs! So it's helping my waistline as well as my pocket!

Answer 4

Lots of people have said already. Stop spending it. One effective way of achieving this is by making a spending diary. Make a note of everything you spend and I mean everything down to the last cup of coffee or newspaper. After a month or so you will be able to see your spending patterns and you will never be in the position where you look in your wallet and think "hey what happened to that 100 (£,$, Euros, yen whatever is appropriate.)" Once you know what where your money is going you'll be able to judge where best you can make savings.

Answer 5

1: do a budget.
2: go over all your regular spendings and see if you realy want them. Cancel whatever you dont need.
3: Open a account and put in money there every mouth. Its the best way to get substancial money (for a vacation for example). Even if its only 10 dollar a mounth its will be 120 dollar a year. 100 dollar a mounth means 1200 dollar a year. Outsanding! J.

Answer 6

Set yourself a reasonable budget of your expenses

Put aside a high proportion of the residual as a monthly saving amount.

Set up a direct debit/standing order for this amount into a savings account.

If it is not in your account you can't spend it and the the saving is done for you.

Answer 7

I have a standing order for my two savings account that is automatically paid when in my wages go into my bank account. A good way to stop raiding this is to have an account book rather than an ATM card. This way you have to go to the counter at the building society to get your money which does tend to put me off, due to the queues and forms that you have to fill in.

Answer 8

don't spend it...seriously, this is coming from a compulsive spender who is slowly recovering from financial ruin.
Don't use banks that charge interest either, maybe open a savings account and sit back and let the interest come in to you instead of you paying it out.
Failing that, dig a hole in your back garden and put money there for a rainy day. My grandmother died last year and we found a biscuit tin in her garden with £245 in there...
Good luck whatever you decide to do

Answer 9

Regularly

Answer 10

Direct Debit to an ISA.