What is the best way to save money if you make $6.00/hr?

Question

I make $6.00/hr and I was wondering what is the best way to save money when you make so little.

Answer 1

Get rid of your bills. If you don't need it to live, don't pay for it.

Answer 2

Put money into a managed fund, $400 dollars a month. They wait for the payment, so you are forced to save it. Anytime is a good time to start cause it is a Long Term investment (so generally over time you can double it every say around 7 years) and it compounds. So you could get a 30% return in say 4-6 months, if u pick a good one. $100 a week=$400 a month =$4800 a year =$24000 over five years and double this by compound following the rule =$48,000 not bad for 100 bucks a week. Theres always an excuse it will go down or won't work but at least youll have 24 grand. Internet accounts are good also 5% interest and cant get at on weekends, till Monday morning. Just dont ask for a card. Get a timer for your oil heater- I was living in a cold climate (Orange) last year and the timer reduced the bill by like $500 bucks for the quarter. From 900 to 300 and it was still snowing in November. Dont buy books on investment, you could have invested the money. If u do sell it on ebay when finished. Sell anything u dont need on ebay. Its cheap to sell and someone else benefits from something you dont need. If you have Cash pay you credit card off, this is the worst debt you can have.

Answer 3

I would seriously look for another job because it is going to be hard to save anything if that is all you're making per hour. But lets say that's not an option. Remember to always "Pay yourself first!!" This means that as soon as you get your check do one of two things, either have a portion taken out automatically and transferred in to a savings account or take part of the check and put it in a savings yourself. This way you are always saving. Then pay your bills and then have fun with the $ you have to blow. There may not be much left but at least you know you Saved some before spending it all.

"Pay Yourself First"

Answer 4

Wow..that's a tight squeeze, But you to need to pay yourself first with some savings even if it's just a few dollars. Keep track of every dollar you spend for a couple of weeks then review. Vending machines at work is where a lot of money is spent. Take your own drinks and snacks to work. If your paying for coffee from somewhere like Starbucks stop. I like to try getting through an entire 24 hours a couple of days a week without spending so much as a dime. Get creative.

Answer 5

If your major weekness is shopping for clothes that you don't need, don't go to stores or look in cataloges! Or, if you are really desperate for new clothes but don't want to spend to much, buy on ebay.com! It's way cheaper and you save a lot of money. You can also take some of your clothes that are cute, but your just sick of them, and put them in your basement or garage or somewhere hidden for half a year, then when you take them out they it seems like you got new clothes! Keep putting your clothes away for months at a time. That way, you wont get sick of them!
For regular saving tips, don't throw money around! A lot of people say, "Oh, I can't afford this 40 dollar sweater I really want." But just last week, they spent 6 dollars on movie rentals, 15 dollars eating out with your friends, 10 dollars ona movie, 4 bucks at the gas station where you bought gum and mints, and 5 dollars on those hair scrunchese you kind of wanted. There you go! It may seem like "Oh, it's only a few bucks." but then those few bucks add up and you realize you actually spent so much!
So count every penny, save all your pocket change in a jar, and don't buy something unless you know you can't live without it, like food or water. Also, a lot of people leave a lot of lights in there house and pour out water alot for no reason. So don't wash something in the laundry if it's not dirty, like if you only wore it once. Don't leave water running if your drying the dishes or brushing your teeth, not leave the light on in the living room when your waching TV in your bedroom, small things like that.

Good Luck!

Answer 6

Make More!! Get a better job.

The best way to save is to do it automatically. Set up automatic savings. Either invest in your company;s 401(k), have a portion deposited to your savings when you check gets deposited, or set up some other form of automatic transfer to savings.

Answer 7

make your money work for you. penfed.org for example pays a 1.25% rebate on all purchases and 5% on all gas purchases. they give you money back each month. take that money and put it in lets say paypal and earn 5% interest. you just gave yourself a raise and didn't buy any less

Answer 8

stay away from credit cards,go to library for books,movies,use coupons (every penies add up to large amount)and cook at home.

Answer 9

At $6 , you must be living with parents ,
You did not mention your living arrangements so we can't give but wild guesses for advice .

Please give more details .

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Answer 10

Spend less than you earn.