Need tips for budget and/or money saving.?

Question

Some important things are coming up and we need to start saving some money. Any ideas that ya'll use at home for money saving or how to start a budget.

Wow. Excellent answers. Everyone wrote something that I can use.

Answer 1

simply use Microsoft Excel or a spreadsheet to make your budget

start with Monthly Net Revenue(amount after taxes that your household earns) if your hours vary and paychecks vary then use a good average based on previous months by looking at past paystubs or deposits

now start listing your fixed expenses- fixed means the expense is the same every month- eg. loan payments like car, home, etc- insurance payments like property, auto, etc.- bills like cable, Internet, etc.

now start a list for your variable expenses- use an average cost based on previous months(estimate on the high side)
utility bills, food and need expenses, entertainment expenses, fuel expenses, etc. make sure you have a column for misc expenses that may come up in the month

Net Revenue-Fixed Expenses- Variable Expenses= savings for the month


- always rounding up to the nearest dollar in your checkbook is also a good way to save

Answer 2

I have an automatic savings with ingdirect. ing takes a specified amount of money out of my checking account every month and puts it into my ing savings account. You'd be amazed at how fast that grows if you're basically forcing yourself to put away $50 or $100 a month.

Many employers have savings plans where the money is deducted from your paycheck each month. You never see the money so you don't have a chance to even think about spending it. They'll have different options of where that money can be invested, either into a straight savings account or some other investment. Check with your employer.

Mostly, you just have to make yourself do it. Either open an account somewhere and start making regular deposits or do one of the automatic savings plans. The key is discipline.

As far as budgeting goes, sit down and make a list of all of your manditory bills, mortgage payment or rent; utilities; credit card debt; food; clothing; etc. Add in anything else you want to budget for like entertainment. I include savings in my budget because I believe saving is manditory. (If you have credit card debt, you need to be paying MORE than the minimum payment and get that paid off).

That's your budget. Hopefully, it equals your take-home pay. If it doesn't, you'll need to rework your budget.

Answer 3

Pay yourself first, as soon as you cash your paycheck, put some of it in a savings account while you are at the bank. To make a budget, start with the amount of money you are expecting to make each month (this may change from month to month depending on how often you get paid). Then, write down all of your expenses, starting with the most important first (housing, food, utilities, transportation) Then from what is left over, decide how much you want to spend on discretionary items, e.g. eating out, entertainment/recreation, books/magazines, clothing/dry cleaning, gifts, etc. At the end you should have a plan for every dollar you make, so if there is still something leftover, save a little more or pay a little more on credit cards. It takes discipline, but your working toward a goal, so keep reminding yourself of that! Good luck!

Answer 4

Well, one of the easiest ones that work for me is to round everything up to the next dollar amount in your check book. If the cost is 1.23 make it an even $2 when you subtract. I know the penny savings don't sound like much but it will add up. I did that for one year and at the end used the extra money for a vacation.
I don't know if you balance your checkbook with the statement every month but you should in this case. What I have are 2 separate check registers. One keeping track of the amounts with everything rounded up (this is the one I use and tell myself that is all the $ I have and the other are the actual amounts (which I ignore until the end of the year). That way at any given time I know exactly what I have and exactly what I have saved. (it is a little more work but it is well worth it considering the money I save).

Answer 5

Plan out your budget by making a list of all of your bills and your income per month. Find out how much you have left over each month. Cut out your spending and dump those extra dollars into a savings account. If you have a debt that is almost paid off, pay it off now so you will have more money to save and you will also save on interest.

Answer 6

My husband and I take turns balancing the checkbook when writing in deposits. Whoevers turn it is, automatically writes in at least $100 less than what it's supposed to be, but the other doesn't know exactly how much. That way we are not putting the money we want to save in the bank at all.

Answer 7

Well when you get your pay check they've already taken out the taxes. SO you have to work around that right? SO do the same with yourself. Divide much money you need by how many checks you will get by the time you need it. And see how much to save. Then when you get you pay check, take out the amount needed, Then figure out your bills based on the amount you have left. "Always pay yourself first"

Answer 8

I save all my change. If I get back 98 cents I put it in a jar. I save $600 at least a year very easily this way. Also, if you might be a waitress or work somewhere you get tips, turn your bills into change, so you won't want to lug it around and you won't spend it. Good LucK!

Answer 9

All these ideas are good. You can go to debtproofliving.com and dollarstretcher.com for more ideas. Debt Proof Living with Mary Hunt can help you set up a program to pay down any debt you might have and help with saving.

Answer 10

Start a 401k at work or hold out some each paycheck and put it in a savings account, where it will collect interest!