How do people build their savings account up with they live paycheck to paycheck?

Answer 1

Cuddly I FEEL UR PAIN!! all the answers you've recieved are pretty good and right. set a budget and stick to it, SAVE even if u have to save change. Look for opportunities to earn more and LIVE. yes LIVE, don't spend too much time worrying about money (or the lack thereof) stay positive!! it'll get better!!

Answer 2

Step back and analyze why you are living paycheck to paycheck. Cut back and downsize things so your savings can be attended to.

It's not how much you make but how much YOU KEEP. Stop spending it all on things that ultimately cost you even more money. It is hard to see sometimes if there is no one right there to point these things out to you.

Just by you asking, you have shown that you want to change things. ONLY YOU can make a change in YOUR financial future ! Like the saying goes ; if its not working then stop doing it. The choices you make brought you to where you are today. Make different choices !

Answer 3

Small change. You may have to cash your paycheck and not be able to put dollars away but you can always save your change. They now have checking accounts where when you make a purchase the small change thats left from the dollar goes into a savings account. It takes a little while but all those extra pennies really do add up.

Answer 4

Create a budget and stick to it. Make sure that you cover the essentials, but "pay yourself first." That means to give your savings account higher priority than any of your bills, even if you can only afford to save $10 per paycheck.

I subscribe to a free newsletter that has good advice on budgeting, and when you sign up you get two free e-books that are also very helpful. You might like to try it -

Answer 5

You will want to establish a budget to help you keep track of how you spend your money and help you reach your financial goals.

Before you establish a budget, you should examine your financial goals. Start by making a list of your short-term goals (e.g., new car, vacation) and your long-term goals (e.g., your child's college education, retirement). Next, ask yourself: How important is it for me to achieve this goal? How much will I need to save? Armed with a clear picture of your goals, you can work toward establishing a budget that can help you reach them.

To develop a budget that is appropriate for your lifestyle, you'll need to identify your current monthly income and expenses. You can jot the information down with a pen and paper, or you can use one of the many software programs available that are designed specifically for this purpose (personally I use quicken).

Start by adding up all of your income. In addition to your regular salary and wages, be sure to include other types of income, such as dividends, interest, and child support. Next, add up all of your expenses. To see where you have a choice in your spending, it helps to divide them into two categories: fixed expenses (e.g., housing, food, clothing, transportation) and discretionary expenses (e.g., entertainment, vacations, hobbies). You'll also want to make sure that you have identified any out-of-pattern expenses, such as holiday gifts, car maintenance, home repair, and so on. To make sure that you're not forgetting anything, it may help to look through canceled checks, credit card bills, and other receipts from the past year.

Once you've added up all of your income and expenses, compare the two totals. To get ahead, you should be spending less than you earn. If this is the case, you're on the right track, and you need to look at how well you use your extra income. If you find yourself spending more than you earn, you'll need to make some adjustments. Look at your expenses closely and cut down on your discretionary spending. And remember, if you do find yourself coming up short, don't worry! All it will take is some determination and a little self-discipline, and you'll eventually get it right.

You'll need to monitor your budget periodically and make changes when necessary. Any budget that is too rigid is likely to fail. So be prepared for the unexpected (e.g., leaky roof, failed car transmission).

Answer 6

When you start saving, put your money in a online money market account.
They can pay your between 4 to 6% depending on where you go.

Check some of these saving accounts out.

Answer 7

There's two ways: decrease your expenses or increase your income. Decreasing your expenses may be easier... using energy conservation to reduce those electric bills. You can turn down your water heater a notch or two to save a few dollars... you can add insulation where it's needed. You can watch those trips to fast food restaurants... expensive for what you get. You can walk instead of driving when possible. Lots of possibilities. As for increasing your income, you could ask for a raise, get a different and higher paying job, moonlight, or try to supplement your income by working for neighbors (mowing their yards, doing their ironing, painting, etc.).

Answer 8

Do not drink alcohol.
Do not smoke.
Do not go to Blockbuster.
Do not get HBO On Demand.
Do not get pregnant.
Do not use a Cell Phone.
Use Solar Panels. (They only cost a few hundreds of dollars)
Do not use a Credit Card.

"It's easy if you try" - John Lennon