Advice on how to save up money the best way to buy items that cost like $3000-$5000 if a couple...?

Question

makes $500 a piece a week? we aren't good with a budget, advice from money smart people please! thanks :)

Answer 1

<>You already said the magic word- "budget!" People who depend on their earnings to make their way must have a budget, whether simple or complex. Basically, it's just a list of all your monthly expenses and the known or projected amounts you need to pay. Once you do this and get it so it works, saving will be easier. If you know how much you need to lay out each month for bills, you will be able to discuss with your partner how much you can safely put away. Seeing your budget on paper also allows you to tweak it and figure out where you can cut expenses. If you don't feel you can lay it out yourself, there are lots of free on line resources., such as:
http://www.bankrate.com/brm/news/debt/debtmanageguide/home-budget-tool1.asp?caret=42

Answer 2

The best advice I can give you is to NOT take out a loan with some predatory lending company.

Your budget is the key. Budgets give you power over your money. Instead of your money walking out the door, you tell your money where to go. The most effective and financially healthy plan is to budget savings for your purchase.

My wife and I used to have a hard time with budgets until we took the Dave Ramsey Financial Peace University class. You can also read any of his books which include great budget lessons. If you can't afford the class or the book, I'm sure you can check the books out at your local library.

The key is to stick with the budgeting process for 2 or 3 months. The first budget won't work 100% but that is because you failed to budget everything. About the 3rd month, it should be working. Good luck!

Answer 3

If you aren't good with a budget or with your spending habits, my advice would be for each of you to have some percentage (say 10%) of your payroll put directly into a savings account of some sort. That way you don't actually handle that money and don't miss it so much. Might be good if that account is set up so that its as difficult to access as possible. Keep it off of your online banking if you bank online. Set it up so that two signatures are required to make a withdrawl. You get the idea.

Answer 4

It's an income/out-go question. It won't take long if you save all that money, but sounds like you don't.

The easiest thing to do is examine the things you spend money on. If you like to go out to eat, stop or cut back. Anytime you feel compelled to spend money on something you don't absolutely need (a "need" is food, rent, utils, and car/gas), ask yourself, "would I rather have this or the ."

The harder thing to do is each of you get a second job and take all that money from the second job and save it until you have enough.

Good luck.

Answer 5

Save your money into a savings account, then purchase items

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