i am a working class man earning 1400 euro and expenses are 1100 euro but i cannt save.please help me plan it.

Question

my expenses are 600euro for mortgage,150euro for bills,120euro for fuel,225euro for bank debt which expires by 2011,250euro for feeding because i am married with four children,200euro for other expenses

Answer 1

I suggest using a budget. It helps to see all of your expenses at the same time, so you'll know where you can cut some things and move that money to savings.

I've been using an Excel worksheet for years. If you want a copy, send me your email addy and I'm more than welcome to share it with you!

Answer 2

Your situation looks as though you cant even touch the money that you earn. I guess you can only watch whatever you earn coming into your account and going off to pay all the expenses. At this very stage, I dont think you could do any savings since you are expending almost 90-100% of your earnings. Even any small savings will be used for any emergency or additional expenses. However, there are a few ways to do savings or at least to ease your financial position.
1) Cut down on expenses to necessary expenses only.
2) Try for 2nd job to increase your income(but since you are married it will be a little difficult for this option)
3) Change your job to a job with higher pay(but remember to consider your transportation cost so that its doesnt bring in any additional expenses for you for the new job)
4) Most Important - If so happen that you manage to get a new job with higher pay, remember not to take up any new or larger mortgage or debts cause that will bring you to the same problem again.
5) Try to make a commitment of having at least 5 to 10% of your earnings to be kept as savings and not to touch them!

Hope the above can assist you to make a wise decision. Good Luck !

Answer 3

The problem with humans and savings and budgeting is the difference between wants and needs. Really in life there are few things we truly need. We need food, clothing and shelter. A automobile is nice but we truly do not need it for there are other means of transportation for getting around it is just easier with an automobile.

The key to saving is to do it BEFORE you pay your bills and then buy what you need and want. Take 10% of your income and place it in a savings, if it is an account that is harder to withdraw then to deposit that would be better, then live off the rest. You will find yourself automatically budgeting for the income difference and your savings account will grow.

Next, find another source of income. Start a part time business, take a part time job, make crafts at home and sell them at a market or on line. Do something to increase you income but whatever you increase it by 10% of it all goes into savings.

Once you have enough for a 3 to 6 month emergency fund, so if something where to happen and you lost your income you could live off your savings, then start investing that 10% in stocks, bonds and real estate.

Answer 4

It does not appear as though you are frivolous with your money, you just do not make enough to save any. So either get a job paying more $$ or get a second job. Then you will make enough to save some