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18 answers

Assess your "wants" verses your "needs." You have to have the needs, but the watns can be optional. Cut down on your wants as much as you can; eally cut them down. As you adjust your budget, you committ to trying out the new budget for awhile and stick to it.
Ben Franklin said the success to becoming rich and walthy is to spend one less penny than you earn. And keep doing it consistently over time.

2007-04-01 03:57:30 · answer #1 · answered by Kerry 7 · 2 0

First, try to cut your spending: call your credit card companies and ask for a lower interest rate or try to get a low interest rate transfer balance deal (Chase offers deals with no balance transfer fee). Talk to your landlord about getting a reduction in your rent, sometimes you can offer services (such as painting the walls) to get a rent decrease. If you own your home, see about refinancing for a better interest rate.

Eat out as little as possible and don't go to snack machines or buy sodas at convenient stores. Cut your cable and home phone line, get a cheap cell phone plan instead, do without the cable/movie going until you get financially fit. Shop at thrift stores for clothes and housewares instead of the mall or specialty stores. Look at ways to cut spending by creating a budget and sticking to it.

Ask your boss for a raise, put together a good argument as to why you deserve more money. If you don't get a raise, start looking for another job that will pay you better. If you do all these things, you should begin to have money for savings and eventually stop living from paycheck to paycheck.

The best savings account would be emigrantdirect.com . They're currently paying 5.05% interest with no minimum balance and no fees. Check it out to open up an account. Best wishes!

2007-04-01 06:06:29 · answer #2 · answered by Luvly 3 · 1 0

Set a budget. A budget will organize your paycheck and all your payments that're going out. Then you can also figure out how much you want to save, open a savings account and put that money in there. That means you can't easily get at it, because it won't be right in your bank account for you to spend.

You can just use spreadsheet software(microsoft excel for instance) to set everything up and do it on the computer(the planning, the banking and payments you do separately).

A good budget puts you miles ahead, because you're not scrambling with bills all the time. You'll know exactly how much is going where.

2007-04-01 04:05:41 · answer #3 · answered by Luis 6 · 1 0

You're married and making over $2000 a month, but what about him? Are you supporting the family by yourself? Anyway, when you say your bills are $875 per month are you including groceries, gas, incidentals, clothing, doctor bills, medicine, gifts??? If not, they really add up especially when you have kids. But you can still save. Write down everything you spend for one month. Account for everything and then see where you can cut back. Next, every payday put money into a savings account. Do you best not to touch it. If you get a raise or a bonus or a windfall, put part of it into savings. Budget your groceries. Make a list and stick to it. Clip coupons, but don't buy things you wouldn't have just because you have a coupon. Restaurant meals and carry out cost a small fortune. Cook at home. Those little things can really add up. Best of luck.

2016-03-17 06:23:57 · answer #4 · answered by Anonymous · 0 0

Well I am dealing with this too! I talked to girlfriend who told me about ingdirect. They are a bank that is totally on the internet. They do not have branchs. But they do link to your chequeing account and offer higher interest and no banking fees. They also allow multiple accounts.. meaning you can have them automatically move money to different accounts. So you can have 50 bucks go here and 20 there for different things like.. saving for a car.. etc. I am just starting it but it sounds great. If you owe on your credit cards consolidate them all to a lower interest rate like a line of credit. Then you need to look at all your expenses and cut out stuff you can live without. This day and age when more is better we really need to be careful of how we spend our money. Look at your phone.. maybe you just can use your cell instead of having a home line. Barter with your cell phone provider for the best deal. Use calling cards for long distance. Stop buying junk food.. that crap is sooo expensive! And don't look at flyers for specials! I find that if I don't know about it .. I won't go there to shop. Make a shopping list and stick to it. And stay away from malls and such. I transfered from one area to another for work cause there was a mall way to close and I racked up a 4 grand bill there. Not Good! Get rid of all credid cards and just carry one and use your interac card the most to keep track of what you spend. Even better, use cash. You won't spend it if you don't have access. I am not perfect either but with a little will power and awareness I hope I make my goal and I hope you do too!

2007-04-01 04:05:35 · answer #5 · answered by senubenu 3 · 1 0

One of the biggest drains on the budget is credit. It makes no sense to charge for things you don't necessarily need and then pay interest on top of the repayment so carefully monitor what you are charging and why. An item on sale might seem like a "must have" need but to repay $30 for a $20 item makes no sense. If you have access to a 401K plan, set one up because the money you contribute will be tax free and will be worth even more if your employer matches. That's free money and while you won't help you now it will definatley help you in the future. Pay into that fund with every paycheck and forget about it. Now, you should review your expenses and find ways to cut them. Do you need a home phone and a cell phone? Do you shop with coupons now? Are you buying from the best suppliers or do you buy on impulse? Have you shopped around for credit card rates and cable tv plans? Can you work a part time job and put a few bucks into a savings account that you don't have access to? Your local library should have a number of books on ways to cut costs. I just read one called "Frugal Living for Dummies." Only YOU can make the determination between a want and need but if you spend too much on wants, there won't be money left for needs. Do you go out to eat often or buy lunches from your employer's vending machines? That 60 cent can of pop may not seem like alot but in twelve packs is only around 25 cents. That extra 35 cents you are paying comes to $91.00 a year based on five days a week. I am not suggesting that you nickle and dime everything to death but realize there are things you can cut down on and never miss. Only you can determine what's right for you and your family to substitute but when you shop, shop for value. If you have to limit yourself to only spending $50 a week on groceries then set and stick to that limit. You don't have to give up on pleasure in life but be aware of why you get pleasure from certain things that could be substituted. There's no shame in living frugally.

2007-04-01 04:08:54 · answer #6 · answered by Anonymous · 1 0

Check out these 2 websites: daveramsey.com or clarkhoward.com both have radio shows helping people with money things.

Write it down might be something for you to try. Have 2 columns 1 for expenses 1 for income. If you want to do better write down everything that is a necessity in your expense side. Like the roof over your head, Utilities, Car payment, Insurances. Then you'll have a discretionary spending such as clothes you don't really need. Eating out or more expensively than necessary. compare all and cut down on your expenses.

2007-04-01 04:07:22 · answer #7 · answered by Scott 6 · 1 0

Sit down and list all the "fixed" expenses and any debt payments.
This includes Rent or Mortgage
Utilities
Car payment
Credit payments
Insurance
Any other regular monthly payments

Then list your Discretionary expenditures
Food
Clothing
Entertainment
Auto fuel
Subscriptions
You may find that "high interest" on credit cards is a culprit.
Any others under your control.

If the total exceeds your net take home income, you have some decisions to make. The most likely is under discretionary expenditures. You may find that many of those are "wants" not necessities.

2007-04-01 04:09:40 · answer #8 · answered by ed 7 · 1 0

As I am in simular shoes and starting to see the light at the end of the tunnel, not to mention several years older then you, I can only say this: Buy only what you REALLY REALLY need, work very hard including even a second job, eat healthy foods that are not costly, and most of all think positive and I do mean think that at all times. It't true that the energy you put out comes back to you double fold. So think positive.

2007-04-01 03:59:59 · answer #9 · answered by dragon 5 · 2 0

It wouldn't happen right away, but I was always told to take 10% off the top of every paycheck and put it into savings. Pay yourself 1st. Good luck.

2007-04-01 03:59:02 · answer #10 · answered by mom of 7 4 · 2 0

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