I really want to save for my future but I'm being distracted by my celfone which of course I'd have to buy loads regularly...I don;t have any vices but I can't still concentrate on my savings...PLEASE give me your best advise so I can really focus on my savings....THANKS for all of your advises & GOD BLESS....
2007-07-08 01:44:31 · 6 answers · asked by GUWAPO (46) 2 in Business & Finance ➔ Personal Finance
The best way is to automate savings. Do you have any savings plans at work? If you have a checking account have some money moved automatically to a savings account each month. Pay for most things in cash and put the change into your savings account at the end of the month.
What are you spending your money on? Don't look at the $3 per day for a latte as $3 look at it as almost $1,000 per year or $ 10,000 in ten years.
Good luck
2007-07-08 04:40:27 · answer #1 · answered by J 4 · 0⤊ 0⤋
The best way to do it is NOT focus on your savings, Set up you bank accounts, or do it through your payroll, to have a certain amount taken out of your check to go into a savings/investment account. That way you don't think about it, it just happens. Maybe start with as little as $25, or $50 a month.
Then, everytime you pay off a bill, or get a payraise, increase the amount going to the account by another $5-25. After a few years you'll have thousands of dollars saved.
2007-07-08 02:07:02 · answer #2 · answered by rlloydevans 4 · 0⤊ 0⤋
Saving Money is a frame of mind, or, as you say, a focus. This is hard to do. People say; "Save 10%" or "Learn to Budget", well these will work, but, only if we Focus. What happens, we have short term goals and long term goals in life. But, the short term come more often and deplete any money we would save for a long term goal. Every time I go to town, it nothing to spend $50. What I realized, when I not go to town, I not spend $50. Now, I do not go to town, except when I have to for food and things I really need. As I started to save for my Sailboat, I realized how fast my savings is growing. I set a long term goal to have the money in 5 years. The other day, I was talking with my woman and said, "If, I can keep up this savings each month, I may have the money saved in less than 2 years"! What happened, I was able to get started on a goal I have had for many years, and, now I can focus as I see the money is building much faster than I anticipated. So, it gets me excited for my boat and I lose focus of the Short Term Goals which "Nickle and Dime" me out of my long term goal.
I found spending is like being an Alcoholic wanting to stop drinking. He can stop and go weeks without drinking, but, you let others get around drinking and the alcoholic will end up drinking. It the same with myself, going to the store, I go, I spend money. I not go and I can save. ;-)
This really all I can say. You have to make your Long Term Goal more important than the Short Term Goals.
2007-07-08 02:07:34 · answer #3 · answered by Snaglefritz 7 · 0⤊ 0⤋
Set up regular distribution of money from your regular checking into a ROTH IRA, so that it's gone before you even see it and you can't easily get it back.
Cellphone? Are you saying you spend big money on a stupid cell phone bill? Please, not to be insulting, but that's just dumb.
2007-07-08 02:10:20 · answer #4 · answered by The Scorpion 6 · 0⤊ 0⤋
It sounds like you need a budget! Put some "fun money" in there.
2007-07-08 03:03:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
hard to save if you have payments and debt. get rid of those, than saving becomes easier... .
can the cell phone!
2007-07-08 02:13:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋