how do u save ur money???

Question

i have trouble saving it, i really really want something but then i go out and spend it on somethin stupid that i never use all but one time.

i already have a saving account dudes!!!!!

Answer 1

I know saving money is hard, but the easiest way to save money is to not tempt yourself to spend your money( that's the hardest part) and ask your parents if they can open a bank account for you so you can put your money in it. Then every time you get a paycheck, chore money, babysitting money, etc. you can put about 60-80% of it in the bank so you can save it for something important.

Answer 2

I have the same trouble. I fixed it by making my savings automatic. I have three "savings" account and I put them all on automatic pilot. Two of the accounts are for retirement. The main one is a 401(k) account through my employer and it's set up so that 15% of my gross wages are deducted and sent to the account automatically, every paycheck. I have a money-market account with an online bank. I have set it up so that a certain dollar amount is automatically transferred from my checking account to my money-market account each payday. The other retirement account is a Roth IRA and it's with that same online bank. It, too, is set up to automatically transfer money from the money-market account to the Roth IRA once a month. After the initial set-up, it's all done automatically. I don't have to remember to do this, the banks do it for me. After a month or two, I didn't even miss the money that goes to the retirement and savings accounts. Oh lord how I was I had done this 30 years ago! I could afford to retire early and be financially secure. But I didn't have the foresight to set this up then. It's never too late to start but the earlier you start the better. If you can't seem to stick to a savings plan, then set it up for your bank(s) to do it for you automatically. When you retire you'll be glad you did.

P.S. The retirement accounts are just that--you're putting money in them for retirement, don't take any out until you retire! The money-market account (which earns much more interest than a regular savings account) is a "liquid" account, meaning you can put money in and take money out if you need to. Try to not need to : )

Answer 3

The absolute best way is to take advantage of all the saving vehicles that your company offers. If you can contribute to a 401k for 10% of your salary before tax and the company matches it with say 4% then you get 10% tax free income and a 4% salary increase. The taxes are only due when you take the money out after age 59 1/2 or start at age 70 when you are required too. Also stock purchase plans in your company stock often offer a 50% bonus in additonal to your contribution. This way you never get the money to spend. You can take loans agains your 401K and sell your stock if you need to but try not to do that.

Answer 4

If you're wasting money and you're employed, you can afford to have some money taken out for 401(k). Don't worry about what to invest it in immediately, just put it in the money market fund until you can study your options. If you have direct deposit you can probably have a portion put in a savings account. If you continually raid this account for stupid purchases then you have a problem and your best investment would be to get counseling.

As for what I did, I started maxing out IRA contributions at about age 25. I wasn't entirely virtuous--many years I just shifted money from a taxable account to the IRA account, but it had a chance to grow tax-free. When I was in my early 30's my company started a 401(k) plan. At first I just put in 2% so I could get the company match, but I gradually increased my contribution to the legal limit. It was also critical to not increase spending as fast as our salaries grew. Since I handled family finances, I was stressed out over cash flow for several years. When we got to the point of not worrying about cash flow, it was such a relief that I was never tempted to increase spending and go back to cash flow problems.

Answer 5

The Best Advice is to whenver you think of spending, Fold the Currency in Half, and put in back in your MoneyPurse. The Best way to save :)

Jokes apart, Best way is to start investing in small sums on Fixed Deposit, which will lock you for a period, thus not giving you an option to withdraw it as in the case of Savings Account. On Maturity, you have a choice to either spend or invest on some other.

Answer 6

I try getting cash back with a purchase or get money out of the ATM and everytime I get change back, I put it in my change jar. It took me 6 months and I saved $100 in change. Also I started every $5 bill that comes into my possession, I put in a jar. That way, I save $5 at a time.

Answer 7

Open a saving account. And in the end of the year whatever you have in this account put it in an investment or fund.

Answer 8

i keep track on my expenditure. this will inturn control my expenditure and i see some balance in my account at the end of the month. i dont plan any expenditure just cos i have some balance of funds instead i do plan a good investment either short term or long term keeping in view of my immediate or non prioritized expenditure.

Answer 9

open an account where you cannot get the money out with an atm card...

put your money in the account....

don't manually go in and take it out....