I need help saving money!!?

Question

I need to save up 5,000 dollars fast! I make only 1200 dollars a month! My rent and utilities and food, all my monthly expenses are about 600 a month, but i do like to have fun once in a while, so factor that in too. How much do you all think is a safe amount to put away every month??

Answer 1

Get a second job and save all that income.

Or, set up direct deposit with your bank and have them automatically put part of every check into savings. Divide $5,000 by the amount of time you have to save, and put that aside.

$5,000 in 12 weeks = $416 per week that you need to save. Clearly, that comes out to more than you make, but you get the idea.

Answer 2

So, can you really live on $600 a month (rent, utilities and food)?

Then here's what you do: open a savings account. When you have all the information about it, talk to your payroll department at work and arrange to have $500 a month automatically deposited into your savings account.

This leaves you $100 over your $600/month living expenses, which is enough to have a little fun every couple of months (and to handle unhappy surprises, like seeing your heating bill jump $50 the month after an Arctic weather system lands on your house). But more to the point, you'll have that $5000 by October or November.

Here's the thing: if the money makes it into your checking account, you'll never save it. You have to have it put into savings before you even SEE it. (At least I do... :-) I'm a big believer in automatic deposit for this reason.

Some people describe it by saying "Pay yourself first." It's a good way to look at it: your savings account is where you pay yourself, for the things you want to buy or the goals you want to reach. And putting money there automatically is the best way, because you never see it till it's suddenly hundreds or even thousands of dollars.

Answer 3

Start a spending diary. For a couple of months write down every penny you spend down to the last cup of coffee. This time of year there are loads unwanted diaries kicking around so it wouldn't be hard to find one you can keep in your bag so you can make a note straight away. First it will stop uncontrolled spending so you wont get to the end of the week and wonder where all the cash went and second it will help you see exactly what your spending patterns are. Then you will be able to judge where the best places to economise are. Theoritically you should be able to save 500 a month if you wanted to so you would have your 5k in less than a year.

Good luck

Answer 4

You could buy a 42" Polaroid LCD HDTV and a Sony Playstation 3 if you want to have fun.

I know is not funny to sleep on the street when there is snow.

Do you want to sleep on the street or do you want to buy your own house?

I suggest you to reduce your expenses to at least $300.00 a month (Use candles and eat at McDonald's with $0.99 twice a week if you have to) and also to increase your savings to at least $900.00 a month.

Answer 5

take out $300.00 on your next check, and then keep doing so. you'll see 5,000 in no time. it's hard saving money