what is the best way to save money??

Answer 1

First I would suggest you do an account every month.
Every single item you buy you keep the receipt. Make a note of everything you spend that has no receipt (train fare etc) - get an accounting book and write everything down at the end of the month. Write in categories - food, clothes, books, utilities etc. When you've done this for several months, you understand where your money is going and you can actually control it. For example, this month I will only spend so much on books or clothes......I know this sounds long winded, but before I did this, I had no idea where my money was going. Now, I can budget a whole month, leaving something left over to be saved. Good luck

Answer 2

Develop a budget. Make a list of all the money coming in and all of your current bills. Set an amount aside for misc. stuff and the rest goes to savings deposited in a savings account separate from all others.

For the best results, you have to be deliberate about not stealing from the savings acct.

Answer 3

Never spend a dollar bill. Always pay for items with change or a higher denomination. At the end of the days put all of the dollars in a box. After one year count the dollars and deposit them. You'll be surprised.

Ex. Cup of coffee 1.40. Pay with a Five. Three dollars goes into the box. You can spend the .60.

Besides saving it will make you think about spending on frivolous items

Answer 4

Well...simply not spending your money will not benefit you.

The reason is that it will lose value at the rate of inflation.

The best thing to do is put it in an FDIC insured bank account that provides a rate higher than inflation (good luck on that).

Otherwise, I would say low risk mutal funds that have low expense ratios and proven gains over many years(if you are not deep and heavy in the market). You don't have to continuely monitor them.

Also depends on why you want to save and your current situation.

Personally, I would first contribute to my 401k at least up to the amount my employer provides. Then I would save until I had 3 months worth of take home salary in a savings account (for emergency cash). Then I would contribute what I could to a Roth IRA. If you reach maximum on your Roth, then pay extra on your house or put it into low risk mutual funds.

Answer 5

try these tips:
This may sound really crazy, but drink only water from the faucet...don't buy alcohol, pop, juice, or any other drinks...this saves money on fuel, and buying other drinks.
This may also sound crazy: Don't use lights, so instead use candles, and flashlights...this saves money on your energy bills.
Don't take long showers: turn the water off while you are scrubbing your head with shampoo, conditioner, etc.
Go shopping every other month and set a budget of $200...you can really cheat if you ask someone for a gift card from Wal-Mart or some store...that way you are getting free money...only ask them at holiday times, though.
Don't go out and spend money on pedicures, manicures, and spas...do it yourself.
Don't go on vacation over 2 times a year.
Don't buy unnecessary things such as appliances...If they work fine, there's no need to go out and buy new ones just to show off to your friends.
Set a budget when you go out to eat.
I only set a budget for $25 a day.
Use a debit card instead of a credit card...It teaches you lessons about your bank account.

These are ways to save money that I made up myself when I was almost in debt, and I have tripled my savings account...Some of the ideas sound crazy, but trust me, I have been doing these ideas for 2 years now, and I'm getting ready to buy a new car because mine is a war model from hail damage, so it's seen it's better days....Hope this helps, and sorry it's so long.

Answer 6

Forget some of the uninformed answers you've read already. The best way is to have it automatically deducted from your paycheck. If you have a company 401k available to you, then enroll in that - force yourself to, even if it is just $100/month. If you don't have a company 401k, then enroll in an INGDirect Orange Savings account (www.ingdirect.com) - they have one of the best savings account rates, and you can have them automatically transfer money every month from your checking to your savings so it happens before you spend it.

Answer 7

thats a tough one. every time i have extra money to put away on my savings - i end up spending it for the next bills or something. um...just cut back on any luxeries.
stop getting your nails done - do them at home.
stop eating out - cook a meal
start bargain shopping - go directly to the clearence isle.
rent a dvd instead of going to the movie theatre.
skip starbucks and make your own coffee.
thats a few tips, hopw they help.

Answer 8

Open up a savings account, put little money every month, watch it GROW! =)

Answer 9

lay off the things you want for a month & just by things that are essential & see how much you save,. decide if thats worth it

Answer 10

Prepare and stick to a budget. Think of your income in a bucket, what you spend is a hole in your bucket, plug as many holes as you can.