tell me the best way to save money.?

Question

how to save money for funture purpose,try and explain it right .

Answer 1

Pay yourself first. Don't touch your savings ever, actually make it so you cannot withdrawl it.

If your goal is short term (say less that 18 months), then a good bank savings account will probably do, if you are saving for longer term (say 5+ years) consider investing the money in a mutual fund.

Remember (no matter what you are told): higher returns = higher risk, so choose a risk level you are ok with.

Answer 2

Saving boils down to 2 things - earn more and spend less. If you are employed, the easiest way is to have money stopped from your paycheck before you get it, and have it diverted into a savings account where it will quietly grow all the time. If it is never in your hand, you won't be so tempted to spend it. Make a budget for your remaining money, and track it to see where you are spending it. There is always some way you can cut your expenses, even if it means wearing what you have for a while longer and not buying new, or delaying a haircut for another week or two. If you note each day what you have spent, you will soon realise how much is unnecessary - for instance, if you buy a coffee and sandwich every day, at the end of a month you will realise how much you could save by making it at home yourself. Look at your regular bills and check out if there is a cheaper alternative. You'll be surprised how much you can save by simplifying your life. Have friends home sometimes instead of always going out on the town. Keep your eyes and ears open for interesting things to do that are free or inexpensive. It is very trendy to cut your costs. We are all doing it. You can too.

Answer 3

Talk with your local bank. Trust me, they want you to save money just as badly as you do because it stays in their bank. I personally like the envelope system. Every time you get paid, you allocate your money for bills and such and finally, with the extra, you get envelopes and label them for things you want but are not a necessity and keep adding to it. You can borrow from one envelope to the next, but be sure what you really want. Another good idea is looking at how much you spend on food per day. If you spend $3 a day on food, that is approx. $780 a year you can save by just bringing a sack lunch.

NOTE: I am not a CPA or any type of financial professional. This excerpt contains my opinion and should be treated as only an opinion. If you like this idea, then you could come up with your own plan and parallel my idea.

Answer 4

1. Save early, often and regularly.

2. Use retirement accounts like 401(k)s and IRAs as much as possible.

3. Invest in a diversified portfolio, but don't take big risks--they'll drive you crazy. Take moderate risks. You'll sleep better at night and you'll find it easier to stick to a long term saving plan.

4. Think about investing in something simple like a lifecycle mutual fund. These funds are managed so that your money is automatically allocated to a diversified portfolio. You don't have to do any money management yourself.

See the webpages below for more info.

Answer 5

Set a budget and stick to it. Avoid impulse buying. Once your saving build it will motivate you to save more or at least to stick to the plan.

Answer 6

Hai,,,, t most simple way to save is try n take out 5Rs every from ur pocket money ....n put it in a box and try not take any thng out of it .....i hope u will save more tan 100rs in a month.....

Answer 7

My Daddy always told me, "the best way to save is to make more than you can spend".

Answer 8

Automatic contributions. You can set up with your employer a method automatically contributing money to retirement accounts or any other account you set up. If you don't see it in your paycheck, you can't spend it.

Answer 9

Hi, i recommand you a good and basic tutorial for investing. it covers all Issues related to your Investing and everything around it.

http://www.investingtutorial.info/

wish it will help you.

Good Luck , Best Wishes!

Answer 10

devise a budget and stick to it. Deposit 100,00 $ in a savings acc. and deposit 25,00$ every week and NEVER take money out of it.