Help me save my money?

Question

I am a single young man 28yrs living at home that can't seem to save money. I have a car note that is 500 + car ins 300. I try very hard to save for I am about to move into my own home soon. What are some budgeting tips that could help me save my money? I do have to confess that I eat out often.

Answer 1

Two keys to saving money: 1. Be on a budget. 2. Get out of debt.

Being on a budget will help you know where your money is going so you can determine what things you don't need while you're getting out of debt.

If you are out of debt and have no payments, you can save all of that money and invest it like crazy.

I would like to recommend that you read the book The Total Money Makeover by Dave Ramsey. He has 7 Baby Steps that can help you achieve your goals.

My husband and I got on this plan and finally feel like we have control over our money, and not the other way around. It's helped us pay off over $4K in debt in just over a month. Before we couldn't figure out why we couldn't get ahead either.

Good luck to you!

Answer 2

Try keeping a journal of your spending. For a couple of months at least write everything down. I use one of those cheap give away diarys and I keep that and a pen with me so I can write everything down straight away so it doesn't get forgotten. then I put the information on a spreadsheet divided up into different areas like car payments, eating out, etc. If you have regular payments that go out of the bank you can put that in there. After a couple of months you should be able to see exactly where all the money is going and you can decide where best to cut down. It also makes you think a bit more before you spend it if you look at the diary page and realised you've already spent 2 weeks wages and it's only tuesday!
Good luck

Answer 3

I presume you're living at your parents house and not contributing to any household bills.
You're going to really have to change your spending habits if you want your own home.
When you receive your pay IMMEDIATELY put a fixed amount into a savings account. Don't touch any of the money in the savings account. If you are paid directly into a bank account you can sometimes have a transfer from your checking account to your savings account done automatically.
You already know about not eating out less often.
Make lunch at home and take it to work. Cut your casual impulse spending.
You could resort to paying cash for all day-to-day stuff. Take a small amount with you and when it's gone that's it.
It has been said many times that people spend more using a credit card than using cash.

Answer 4

Try to really cut down on eating out and also check to see if there is any other places that you can trim the fat. But I must suggest that even though you are trying to cut down eating out so much, treat yourself at least once a week then it won't seem so terrible and you fall off the wagon. THink about what the reward would be just by being able to save a little money. I myself had to do the same thing. When i saw that after all my bills were paid and I was supposed to have $1300.00 left over every month, I got sick and that was the awakening for me. Now I am able to see that money.

Answer 5

until you discipline you NEVER save money
you have a self indulgent lifestlye that has you not thinking about money, it tends to be self centered, thus your 500.00 a month car payment and 300 insurance.. what type of car did you buy? probably one to impress your freinds and the ladies ( that alone is stupid ), until you get out of the keep up with jones mentality you NEVER save money, i have seen your type, they have a nice car but live at home or in an apartment and will never get a home becuase of the constant high debt to income ratio they keep
you know you could have brought a lesser more practical car, but you didn't

Answer 6

I was a single mother, and how I did was I put myself on budget by putting my total income, all the bills that must be paid, and then, gave myself a cash each week. And I kept track of cash weekly, and I was amazed how stupid I was to spend on foolish things. I ended up really controlling my budget, and saved a lot.

You will get raises, and as long as you are thinking about saving at your age, you will be okay. Good luck.

Answer 7

keep a budget
write down everything that you spend
even down to buying a pack of gum
it will do two things
first
it will make you want to spend less on unneccesary things so that you do not have to write them down
then it will tell you where your money is going
buth good and bad
then make the appropriate adjustments

Answer 8

Get a cheaper car and eat home cooked meals.

Answer 9

I would start to say that you need to stop eating out so much, that is what really adds up to be very expensive!

Answer 10

dont eat out.