im really bad at managing my money.........any suggestions......help!!!!?

Question

whats a good amount to put up out of each check?????and whats best to have an checking or savings account....

Answer 1

You don't provide much information, but as a rule of thumb, you should save 10% of your gross pay. It may be hard to start at this level, but you must start with some amount today. You can gradually build up to your desired goal. For a variety of reasons, your best savings vehicle is usually your company-sponsored retirement plan.

Because access to retirement funds is limited, you will want to have some money in an outside savings program. If you have absolutely nothing put back, put enough in your employer retirement plan to max out the employer match (if any...see your Human Resources person to get the facts), then begin taking out of your paycheck AS SOON AS YOU GET IT and put that money into a savings account. You will be able to access your outside savings account when necessary, but only do so for emergencies. (A new pair of shoes is not an emergency. A busted car radiator is.)

There are several online banks that are paying 4.5% or more for savings accounts. I have used online banks for more than 10 years and feel totally secure with them.

When you take money from your savings account for an emergency, consider it a loan and do without until you repay it.

Do not put any money into your employer plan unless you intend to leave it either there or in a similar vehicle until retirement. This is not the place to save for a new car, dress, or any other "consumable" item. This is retirement money.

Use your outside savings program to save for consumables.

This, like much of life, takes discipline. Make the effort. You will be pleased you did.

Answer 2

Your question indicates that you are really bad at managing your money.
You need a budget but you cannot prepare a budget without some honest self-assessment and some decent records of spending.

A "good amount" to "put up" out of each check would be everything!!!
All you money should be in a savings account!!!

Obviously this is not practical advice. You should put the words budgeting or home budgeting into google and spend some time reading.

The "easiest" way to manage a budget is to have a paycheck directly deposited to several bank accounts. One of the banks you use should be hard to get to and not have an ATM card - this makes it harder to spend money on a whim.
You need to list all your required expenses - like rent, heat, transportation (whether by bus or BMW), food, and other requirements.
You may discover you not only have nothing extra - you may be spending more than you make.

Keep at this - whether you put cash in envelopes in your bureau drawer or make bank deposits - then review each month or so.

Let me know how it goes -
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Answer 3

It is best to have a checking and a savings account. Each pay check take $5.00 and deposit into your savings. Add up all of your monthly bills and divide them by how ever many pay checks that you get each month (Examply: Weekly pay = 4, Biweekly = 2) This amount needs to be paid to bills each week, then figure up how much it cost you for food, gas, etc., and take that amount out. If there is anything left you can deposit into your savings. you have to teach yourself not to spend money on unimportant things. Then should you get additional money outside of a paycheck then put all of this funds into savings as well. You will continue to see this account grow so long as you don't take money from it.

Answer 4

Put up at least 10%, preferably more. Do it first, before you spend it. Create a budget and live by it. Don't use credit cards unless you can pay them off each month. Start with a checking account, but build up a savings account with 10% a month until you have three month's worth of expenses in it.

Answer 5

I would have both a checking and a savings account. Use Quicken software to help track your money and you'll get better at managing it.

Answer 6

I would suggest speaking with someone with experience is setting up budgets. A local Credit union may have someone with that experience. If not, I have had success referring people to Lutheran Social Services or Catholic Charities.

Answer 7

Earn more
I do

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