I'm one of those people who spends money the second I earn it and I really want this ''habit" to stop.

Question

Any tips on saving money would be greatly appreciated.

Thanks.

P.S.-Dont reply if your going to make some smart *** remark.

Answer 1

"Spend" it on yourself like in a savings bond or money market account that you don't touch. If you save money this way, you have to wait awhile and think about whatever purchase you really want. Make it automatic so that it comes directly from your bank account or paycheck (some employers have this option) and you won't miss it. Later, when you look at the account, you can see how much it adds up to.

Answer 2

FIRST!
Make a list of all your fixed expenses.
Rent
Car Payment
Credit cards
Utilities
Parking at job
Insurance
Any others that are recurring every month
Total those

Second List an approximate amount needed for Descretionary expenses
Groceries
Fuel for car
Toiletries and Grooming
Clothing @ Cleaning
Any others that you might regularly spend each month as descretionary.
Total those

Total the two
If this exceeds your take home pay, you must cut down something in descretionary expenses.
If you have considerable excess income, plan and maintain a savings account. Deposit this as soon as you receive your pay. If you maintain a checking account, have the bank withdraw an amount and deposit into a savings. If you do this, it will be like you never saw the savings amount.

You can then try to control your expenditures with the amount left. If you have a decent amount in savings, you can then withdraw for emergencies, or adjust your descretionary expenses up or down.

Buy a monthly notebook and enter any expenditures you make from pocket cash or for the above.
After one month, you should have an idea how you are doing.

If some expenses occur in different months, such as auto licenses, enter that on the correct monthly page as fixed expense.

If you use Excel, you can do this on a spread sheet. Use a page for each month of the year and make the appropriate entries each month as a plan and then the actual.

When you go shopping, make a purchase list. Impluse buying is ones worst enemy.

Answer 3

I have the same problem and i learned to write out all the things that I need and one side and wants on the other side.i set prices to how much I know that I am going to spend.

If you don't have a bank account and you cash your checks then you should take with you only the money that you know you need.Leave all credit cards and checks at home.Next, if you do have a bank account you have to see that if you are making enough money to even invest in it.

Some of the jobs that I had to spend almost all of my money but 10 to 25 dollars a week on bills.I had a check card and that is dangerous to have for some people because you can easily spend more than you have in your account.Write down everything you purchase even if it isn't a lot.It adds up quick.For example you like buying food at fast food resturants than buying groceries make a difference.You have to realize what you can spend for the week and what needs to be saved.

Try buying groceries and things that you can easily take on the go.It makes it easier for you to have a lunch or keep your favorite snack in the car with you than buying 5 or 6 dollar meals.You can easily spend 50 dollars a week on junk and still be hungary when you get home.

Shopping for clothes is hard to not give in.try taking about 50 bucks with you when you decided to go shopping leave all other things like credit cards at home and checks.That way you can't talk yourself into buying more than you have.Start laywaying some items.Hit up sales like Black Tuesday, clearence racks, shop for winter clothes in the summer, and vice versa.You will be amazed at your results.

Answer 4

the quickest way is to open a savings account, (emigrant direct is a great online savings account) and have a significant portion of your money put into the account automatically after you get paid. This will keep your hands off of it for a while and you can resist your spur of the moment urges.

Answer 5

all you need to do is calculate the average ammount of money you spend between a paycheck (not counting extras, clothes, things you WANT rather than need) this being gas, groceries, utilities, etc. split your paycheck and put the ammount of money that you dont spend into a savings account, do that every month.

Answer 6

Find a job where you work long hours. You will make more money than you have time to spend

Answer 7

Why don't you go visit a credit counselor? Those services are usually free.

http://www.nfcc.org