how best can i save my money?

Question

need tips on how to save. I'm working with little pay of $50000.
How can i make the highest saves

Answer 1

one helpful hint is out of site out of mind. That means you have to stash your cash where you can not easily get to it. You did not mention what you wanted to save for. Your saving goal will somewhat dictate the strategy you can use. If you are saving for retirement, a very popular endevor, then establishing a Roth IRA account is just the ticket you need. It is not too simple to get the money out once you put it in. The government has penalties if you do remove it before 59 1/2. One big advantage of a Roth IRA account is that all the money earned in that account is tax free if you wait until retirement to remove it.

If you are saving for a rainy day, (this once was a popular reason for saving but not so any longer with the advent of the ubiquitous credit cards) then your strategy need to be somewhat different and where you save your money. A person in your position should have about $2000 stashed away for that rainy day.

It is not easy saving money, so you have to have a strategy. First, a budget is very helpful. It will at the very least give you an idea of how much you are theoretically capable of saving. Obviously, if your monthly budgeted expenses are very close to your monthly income, you are not going to be able to save a great deal. Maybe only $25 to $50 a month at the most. But without a budget you do not have any idea how much you have to spend or where you might be able to cut back.

One of the places that I like to recommend for people who are trying to save, but do not have a lot of money to put away at one time is American Funds. This family of funds has a very low threshold for beginning to invest--most are $250 and additonal investments of only $25. There is one drawback. That is they charge a 5.75% sales charge. Their money market funds have a $1000 minimum investment but the sale charge is non-existant. A good place to stash your cash.

Answer 2

Put 10% in a savings account every pay check.

Keep a journal of everything you spend and see what you can cut out. Then put that in savings also.

Pay off all credit cards. Start with the smallest balance then work to the highest balance. When you pay them all off, put the money you would have paid to the credit cards in savings also.

Answer 3

positioned funds right into a controlled fund, $4 hundred funds a month. They anticipate the charge, so which you're compelled to maintain it. every time is a sturdy time to start reason it fairly is a protracted term investment (so many times over the years you could double it each and every say around 7 years) and it compounds. so which you would be able to desire to get a 30% return in say 4-6 months, if u %. a good one. $one hundred a week=$4 hundred a month =$4800 a 300 and sixty 5 days =$24000 over 5 years and double this via compound following the guideline =$40 8,000 no longer undesirable for one hundred dollars a week. Theres constantly an excuse it is going to circulate down or won't paintings yet a minimum of youll have 24 grand. internet bills are good additionally 5% activity and cant get at on weekends, till finally Monday morning. basically dont ask for a card. Get a timer on your oil heater- i replaced into residing in a chilly climate (Orange) final 3 hundred and sixty 5 days and the timer decreased the bill via like $500 dollars for the quarter. From 900 to 3 hundred and it replaced into nonetheless snowing in November. Dont purchase books on investment, you have invested the money. If u do sell it on ebay whilst finished. sell something u dont choose on ebay. Its much less costly to sell and somebody else advantages from something you dont choose. in case you have funds pay you credit card off, it fairly is the worst debt you have got.

Answer 4

Some good answers here already. I do agree that direct deposit helps you save more. Put away what you can. When you get a raise bump up your savings.. An online savings account earns 5% now and your money is still liquid, no penalty for early willdrawels or anything like a CD.

Answer 5

Set up your bank account so that a certain amount of your paycheck (try to get direct deposit) gets transferred to your savings account every month. See if your employer has a 401K program. That's also a way you can save money for your retirement.

Answer 6

Max out the 401k to 15k a year. You double up on the amount your company matches and the 15k comes off your total yearly income. Also put 4k a year in a roth ira.

Answer 7

when i started working, my mom told me to put at least 10% of every check i get into savings. and leave it. and before my grandpa died he told me that buying things you want but dont need is a fast ticket to bankruptcy. i didnt know what he was talking about bc i was 8 at the time, but im starting to understand.

Answer 8

Money Market is the safest.

Answer 9

dont spend so much $

Answer 10

give it to me