2007-03-27 12:11:22 · 8 answers · asked by ksunw148 1 in Business & Finance ➔ Personal Finance
Follow these steps
1) When you get paid from your job, save 10% of it into various savings vehicles (short term and long term). For short term, consider putting it away in money markets or online savings accounts. For long term, consider investing into mutual funds and put them into Roth IRAs.
2) Create a budget worksheet. List everything you spend on a monthly basis (food, entertainment, utility bills, maintenance, insurance, oil, gas, rent, loans, mortgages, retirement, child support, etc). From here, you can find out what you can spend less on and allocate more money toward savings.
3) Always live below your means. Don't try to act like a millionaire when you don't have millions of dollars.
2007-03-27 16:18:26 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Simple. Create a budget. Do not spend more than you earn. The rest goes into savings. If you can't distinguish the difference between "needs" and "wants", you will always end up spending money on unnecessary items. And you will never be able to save and get a head. The rest is up to you. Good luck ;)
2007-03-27 12:37:30 · answer #2 · answered by C L 5 · 0⤊ 0⤋
It depends on how much money you have to start with. If its just a little start a passbook savings account at a bank. If you have $3000, call Vanguard Mutual Funds and buy a S&P 500 Index Fund.
2007-03-27 12:21:11 · answer #3 · answered by Irish 7 · 0⤊ 0⤋
Pay yourself first.
That's really the only secret. Arrange to have whatever sum you decide you want to save deducted from your paycheck and put into a savings or investment account, and just pretend it doesn't even exist. After a while, you forget about it and it just accumulates.
2007-03-27 12:20:02 · answer #4 · answered by Karin C 6 · 0⤊ 0⤋
Savings account! Do not touch...lol Good Luck.
2007-03-27 12:19:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
CDa. three months six months, what ever. as soon as you have it put in to one of these. set it and forget it. you won't be able to touch it untill the contract is over. you lose a lot of urges and do less harm to your credit when you can't touch money.
2007-03-27 12:21:12 · answer #6 · answered by August P 2 · 0⤊ 0⤋
Open a brokerage account at Zecco and invest in the ETF QQQQ.
2007-03-27 17:04:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋
just put in a piggy bank and place it somewere that u wont think of or see it....... and if u want sumthink tink about sumthing esle o w/e....
2007-03-27 12:21:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋