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I really want to save for the rainy days but I find many distractions that I encounter like Going to the internet cafe EVERYDAY so that I could participate on YA & Buying loads for my cellfone.Please give me your best advise on how can I really concentrate on my savings.....THANKS for all your opinions & GOD BLESS..........

2007-08-30 15:08:08 · 3 answers · asked by POGI AKO :-) 3 in Business & Finance Personal Finance

3 answers

Easy ..

1) Work out how much you can spend each week (appart from bills etc)
2) Each week, on Monday, go to the cash machine and draw out the money
3) Spend cash ... NEVER use a Credit Card ... when the money has gone THAT'S IT for the rest of the week
4) If there is any left over on Sunday, put it in the savings pot AND take out a bit less the following Monday


Taking the money out on Monday is key .. it means you have to resist spending during the week OR you will end up with nothing for the weekend ..

You will find on the first few weeks that by Saturday you have very little left in your pocket .. this is GOOD .. it means you have wasted your money before Saturday, so you now have to stay in and watch the TV .. (and no take-aways for you this week !)

Eventually you will reach the point where, by Saturday you still have almost ALL the money that you started with on Monday .. this is FANTASTIC .. it means you have learnt how to resist wasting money !!

Finally, there will come a time when, on Sunday, you discover you have some money left over .. put that in the Savings Pot (and DON'T touch it !) AND on the Monday, take out LESS than you did last week ...

2007-08-30 20:00:46 · answer #1 · answered by Steve B 7 · 1 0

I have this same problem too. My best friend and I want to take a Spring Break trip somewhere and I need to save about 1500.00 for this and I am just putting some cash in a jar and taping a big sheet of paper with some encouragement. The more I save the more I can do. It is kind of like when you are on a diet how you tape a picture of this really fit model to the refrigerator to help you along the way. This can be used in the same way. Tape a picture of something you really want to buy to your jar or piggy bank. i.e. plasma tv, lap top, down payment on a new car... etc.
Also, write down your necessities and how much you spend on them. Then make a "junk" list. Put down what you spend your money on that you don't need. You can elimate the money from that and put it aside for your rainy days.
Good Luck!

2007-08-30 15:18:39 · answer #2 · answered by Ana M 3 · 0 0

have goals for your money.

i want to save x amount by september 30.

instead of the internet cafe, try the library for internet access, you can't buy much of anything there.

write down everything you are spending money on for a month, in your case try for a week and see what you can cut out.

have money from your paycheck deposited right into a savings account...at another bank. not the one you bank at so getting to it is not as easy.

make what money you have work for you so you don't have to work for it.

set goals!

2007-08-30 15:24:44 · answer #3 · answered by Debt Free! 5 · 1 0

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