How to save money from salary?

Question

i recently got a job and i want to know how to make a budget to save money?
i dont want yearly budget or somethin, i want to focus on each month salary.
i thought of taking a fixed amount from the sallary to spend.
but i need your advice.

thanks

Answer 1

That's great that you want to save money. You don't say how old you are, so I don't know what your living expenses might be. I'd begin by writing down how much salary you bring home each month. Then list all of your absolutely necessary expenses, with things like rent, utilities, car payment, insurance. Then I'd list things important things like groceries, gas money, and personal hygiene items. Then list out things like clothing allowance, cleaning supplies, Cd's, etc. I'd list what you MUST pay down to your actual wants. Before you list your WANTS, I'd set aside a space for SAVINGS. Even if you only have $10 to put aside each month, it adds up. Also, if you have any credit cards, remember to pay the balance each month. Interest can accumulate quickly. You could use that money towards your savings instead.
Good luck to you. I hope I helped.

Answer 2

Most financial planners will actually tell you to pay your self first...Best way to do this is to set up an online bank account...I use ING Direct...They can either take out preset amounts from your checking...or you can put in lump sums whenever you want
The interest rates on these online banks are much higher than your typical saving account because they don't have the high overhead costs...really easy to put money in and take it out and they are still FDIC insured, so your money is safe
The reason that you put money in here first before you even pay your bills is because you will make whatever you have left over work...if you wait for you bills to come in you start whittling away the money until you have no idea where it went...start with a certain amount per paycheck and then periodically up that amount and you will be very impressed at what you are capable of doing...

Answer 3

A few questions need answers first. The details given will depend on where you work and what your employer can do for you. First of all, see if your job offers a 401K account. You may contribute to this up to a certain percentage of your salary with the employer matching a certain percentage of what you contribute. A great way to save money and also have your employer contributing something to your 401K. Also if you have a direct deposit of your paycheck, an employer can take a percentage that you give permission for and deduct it from your direct deposit. Then you will have your paycheck direct deposited into an account at a bank and the amount you agreed on deposited into a savings account of your choice. If your employer does neither one of these items, then it is up to you, to arrive at a certain amount and as you cash your check or deposit your check, you may put that certain amount into a savings account on your own. Please check to see what your employer provides for its employees first. Both the 401K and the automatic deposit into a savings are wonderful ways to start saving money. You must have self control if it is deposited into a savings account, for you could withdrawal it at will.

Answer 4

To do a budget make a list of things you have to pay then taking into account your salary you can see what you have left. I would budget an amount for treats and whatever is left put a percentage into another account preferably high interest so your money make money.

Answer 5

Does your company offer a 401K? If they do, get into that program as soon as possible. Most companies pay your account 50 cents for every dollar you save and invest in your 401K. It is deducted immediately from your paycheck so you never see the money-and you can give yourself a tax break by taking pre-tax deductions.

As far as making a budget they're fairly easy to do. Anybody can make a budget but few are willing to stick to it. I've found that setting up monthly contributions to a 401K, IRA or mutual fund account or similar vehicles that make it difficult to retrieve that money you're trying to save helps in just making an ATM withdrawal. (With an IRA or mutual fund you can set up the fund to make automatic dedcutions from your checking/savings account).

List your current income and all your expenses. Categorize your expenses into 2 categories- mandantory (such as rent and food and utilities) and non-discretionary (such as entertainment-dining-credit cards etc). Subtract expenses from income-see where you can cut spending- and begin saving.
Again, budgets are easy but committing to them is difficult. Try and set up an account that IS ACCESSIBLE in case you need the money, but not so accessible you're withdrawing from it each month to satisfy impulse buying.

John FP

Answer 6

The easiest way to save money, is to open a savings account and have money direct deposited in to your savings account. You will not miss the money you do not see.

Try to put away 10% of your savings, but any amount helps.

Answer 7

Well ..if you have direct deposit through your job you can open a savings account and have a small amount transfered from your pay to that account and you won't even miss it.
If not then take that amount and put it in the account anyway. BUT..don't get a debit card and don't withdraw from that account...

Answer 8

Make the cheap. Divide your expenditures in style of parts and do confirm to pass away an quantity for low-priced rates. if your gross sales is 1000 and you want to keep 200 evaluate your gross sales to be 800 and make your budget in that 800. shop on with that budget and don't over spend.