How can I save money?

Question

I am living paycheck to paycheck and am not able to save a penny. I live on my own and do not have time to get a second job (I work full time and go to school full time as well). Any suggestions? Please help!

Answer 1

BJ,

First, congrats on being a student and working. That is very difficult, but WELL worth it in the long run!

Second, start small. Whatever change you have leftover in your pockets, purse and backpack at the end of the day, put it in a designated place. At the end of the month, take it to the bank. You will be surprised at how quickly it builds up.

Third, Are you at the bare minimum for the necessities at home? DirecTV is cheaper than cable, cell phones are cheaper than land lines, land lines have many packages that are cheaper than what you have now, etc. Lower your heat by 3 degrees and wear a sweater in the house. Things like that.

Answer 2

- No cable TV.
- No cell phone plan above $10/month. (TrakFone works well for this. You have it for emergencies, and minimal talking. Use your land line.)
- Walk to the store is within a mile, or any destination for that matter within that radius.
- Hang your clothes out to dry.
- Replace your shower head with a water reducing type. Set your hot water heater temperature back.
- Hand wash and dry your dishes.
- Add insulation to your property if you own it. Maybe even if you don't if you are paying the utilities!
- Shut off whatever electric stuff you really don't need to be on. Unplug it if you have to. Anything with a remote is always using juice.

Answer 3

Hi,
Great question & definitely worth taking some time out to thing about. As with other serious decisions thisone requires some advanced planning & consideration.
I personally look after my family budget and all spending items need to be accounted for so that at any point in time you know where you are. Requires discipline but that's the only way.
To help you with budgeting I'd recommend a personal finance software by Australian business Parcus Group.
Easy to use program with features including budgeting, financial planning, real estate analysis, shares valuation, life insurance...
Costs US$24 so it's not a huge investment but a good value for money.
You can get it on
http://www.parcusgroup.com/index.html
Regards

Answer 4

Increase your earning power--which it sounds like you're doing since you're currently going to school. Other than that, you simply MUST live below your means, even if that means cutting "necessities" like cell phone, cable, eating out, alcohol, etc. Also, you may find it easier to cut big expenses than small expenses. For instance, break your lease and move in with a friend who will let you sublet for cheap (even if it's a tiny room or garage). Sell your car and get rid of your car payment. If you can't afford to save, you can't afford to have a car/cable/cell phone/nice apartment/etc.

Answer 5

try putting a can/jar next to where you drop your keys/purse when you get home. Each day take any left over change and drop it in the jar, when the jar gets full, roll it and take it to the bank. Some days, it will only be 10 cents, some days it might be as much as $2 but if you keep at it, it adds up.

Answer 6

Read The Automatic Millionaire by David Bach, this is a great book.

Answer 7

Investing ... Fidelity or Charles Schwab depending on credit they pay high interest and u can watch your money grow with weekly reports and daily online access

Answer 8

find a room mate to split the bills....or move back home if that is an option

Answer 9

http://moneycentral.msn.com/content/Savinganddebt/Savemoney/P36020.asp
http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/ASimplerWayToSaveThe60Solution.aspx
http://www.bankrate.com/msn/news/sav/2006savmg/spend-plana1.asp?caret=9

READ these articles to help you learn how to save.
It will be tough for you to save at first, but you need to force yourself to save money (10% to start) before you buy ANYTHING.

Answer 10

don't spend all the money