How do I save money?

Question

I really want to save my money not just for a rainy day but for the future but I always find a way of spending it I want something for my business that's 2 grand but should i do 5 payments or should i save and pay for it all?

Answer 1

Pay yourself. You pay other debts. You owe yourself a future. Start making payments into an account set apart for that purpose. Hopefully it will be an interest bearing account. Decide what you can afford. Make those payments like you would for a car or to a credit card company. Many suggest around 10-15 percent of your paycheck. If you are serious, then put as much in savings as it takes for you to start "hurting". Save until you don't have any left over. Don't put it in checking. Then you won't accidentally spend it. It's up to you to decide how much you want to save.

Answer 2

Keep track of what you spend-every cent-for a month or two. Most of us have money 'disappearing' into a black hole, which could be eating out, getting drinks and snacks, Starbucks coffee, a hobby or even a loved one we want to get things for (i.e. a child who gets a prize or toy every time we go somewhere and she's a good girl.) I read a deal that one man was buying a magazine, a newspaper, gum and coffee every morning. When he added up the cost, it was enormous, and he never knew he was spending that much. My husband started taking his lunch to work 4 days a week and saved almost $70.00 a month. If he had put that into a separate account, and never spent it, he wouldn't have missed it and it would have really added up after awhile.
Look for your weak areas and find better ways.
There are lots of books, articles and stuff on saving money. Go on line or to the public library. It makes an interesting research project. I'll read a book with '100 hints' and find a few I can use, then read Suze Orman on money or the Idiot's guide to investing or the Poor man's guide to credit, only finding some info that I can use practically but it adds up. Borrow from the library and it won't cost you anything!
Live well and do good!

Answer 3

That would depend on the urgency of the business need. If it is a want rather then a need save and pay cash for it. As to savings build a budget with savings built right into it. Then invest that amount into a money market account first then CD's or Bonds. City and state bonds interest is tax free to the FED govt. I have a percentage of my weekly pay put directly into a savings account. When I get a raise (few and far between) the savings dollars goes up. The money earns interest (not tax free) and once I got used to not having that amount in the pay check is was ok. There are always the company 401k's and employee stock purchase plans that many but not all companies have.
If the purchase if for your buisness you will also have to determine if you want to make it a fixed asset, talk to your accountant about that.

Answer 4

Do you owe any debts? Credit card, auto payment, or any other loans (but not mortgage). If so, you need to pay those off first, because it is a waste of money to pay interests to those loans. If you don't, that is great, you need to "pay yourself". Of course that is after paying the necessary expenses like rent (or mortgage, which you cannot pay off easily), auto insurance (break down your monthly cost and put it in a savings account), groceries, utiliities, gas, and etc. After all those are accounted for, you give yourself a little spending money (or calls it Silly Money so the percentage should be really low to your gross income). Then the rest (hopefully is majority of the gross income) pay to yourself in a savings account that make good interest rate. I love one of the banks that offer a great CD account. The CD is for 12 months or less, so you can pick your own term. I usually go with the higest interest rate (of course) They have this add-on feature that you can add money to it. It is great because you lock in that high interest rate when you open your account. And you don't want to withdrawal from it, because it will cause penalties. Good luck!

Answer 5

You should save first. If your company has a 401 plan or other way you can deduct money before you receive your pay check, you should sign up for it. If you never see the money in the first place, it is much easier to save. You will be surprised how fast the money will mount up

Answer 6

Set up with your bank to take out a $2.000
Cd that you hafto pay on ever month.
After it's paid off,you can borrow money
on it,and you still have the CD.

Answer 7

any debt you have get rid of it NOW. it will look good on your credit report. also, learn to budget. pay for overdraft protection for your debit account and learn to manage. it . workout how much you need to spend for necessities and save the rest. peace!

Answer 8

401-k