I am a poor person living from paycheck 2 paycheck. Any advice on how to save& invest money?

Answer 1

read the book called The Wealthy Barber (get it at the library and if they don't have it, ask them to order it for you). It talks about the nitty gritty of building a solid financial future even when you have very little. Good luck and all the best!

Answer 2

You know that the first thing that you need to do is stop calling yourself a "poor person". All the asving in the world won't help if you identify yourself that way.

You are "a rich person who is currently living close to the breadline until your opportunity to realise the full financial destiny that the future holds for you arrives. You are ready for it."

If you always think of yourself as poor then you will subconsciously do things like get sick so all your savings go on medical bills. You aren't poor you just don't have as much money as you want right now.

Then save, then invest. All the while be careful what you tell yourself too often it's c**p and too often you (we all do it) believe it.

Bon chance.

Answer 3

At this point it would be not a good idea to invest. 99% of all people have no clue how to do it for a living. The best way to start HAVING more money is to not waist it on fast food, alcohal, junk food. Buy quality food that is on big sales. You will have to learn what a normal price is so that you can buy extra when the price is low. Example, I buy 89% hamburger when the store drops the price from $2.45 a pound to .99 at 7:30 pm to get rid of it. I also look at all the Tuesday adds to figure out what is on sale that week and to plan around it. Cloths, bu y good stuff at year end clearances... Don't feed the neighborhood.

Answer 4

Make a budget. Know exactly what you spend and what you make. Go over the list and decide what is a priority, and what is extra. Get rid of the extras. So, if you have Internet at home, perhaps you can go to the library and use the internet there for free. If you have space for a few plants, you can plant vegetables and use them to supplement your food. You can ride a bike or walk instead of taking the car. Instead of going out with friends, have a potluck party at home and ask everyone to bring the food. I'd also suggest that, if you can, you join a congregation in your religion. Studies show that people who go to services regularly make more money, about 50% more, because they make more contacts that lead to better jobs. You may also need to get a second job, or study so you can learn more and increase your value to your employer or get a better job. You can either increase income or cut expenses.

Also make a list of things you want that are important to you. Then, when it comes time to make a decision about something, you can ask, "Does this lead to my bigger goal?" Read the book, "Seven Habits of Highly Successful People" for more tips.

Answer 5

The public library has a multitude of info. on just such a topic! Get a savings acc. and put in as much as you can every check and pretend it doesn't exist. Get financial aid, it ain't that bad. When used properly it is a life saver, spend thrift, and do with out when you can. if you know a little you could sell items on e-bay. It sounds cliche' but it works. Save every single thing till its' last use ziploc baggies twice(wash them), don't buy name brand things, walk or bike when you can. bus is still cheaper than a car. Just be motivated and ready to do without luxuries. Mostly go to the library!!! it's free and has all the same books the book stores have only free!!
Good Luck, One of these days i won't be poor either!

Answer 6

So am I. I established a checking and savings account. Every week I deposit my paycheck into my checking account, and every month I have my account set to take 25 dollars out of my checking account and into my savings account so that I'll have money to pay for my schooling at the beginning of each semester. So far it's been working out all right. I may up the amount taken out of my checking account and put into my savings to 50, though. I know if I were to keep all of that money on me in cash, I would spend it all. keeping my money in a checking account really helps me to not spend so much.

Answer 7

The first steps:

Get a car that is cheaper, both to operate and to repair. Is possible use the subway.

Get a home (even if its smaller) that is near to your workplace, so you don't spend too much time and money commuting.

Start saving in many other things.
Get more money from other side-jobs.

Finally do some investments.

Answer 8

if you can find a way to move some of your money into savings on each paycheck, you can end up with nice results from the advised investment you make from the bank money you save up.

if not, then you can always entrepreneur it up (come up with new business ideas or reform an old one.)

Answer 9

Squeeze every quarter possible out of those checks. Only drive when you absolutely HAVE to. Buy cheap food...but try to get the nutricious stuff (yeah, it might taste like cardboard but it's good for you). Don't buy cokes or candy or anything like that. Get rid of what you don't have to have to live on...no internet, tv, etc. These are a bit extreme I know, but it adds up to quite a bit each month.

Answer 10

each paycheck jsut push some back and then take care of the NEEDs not the wants