i have a problem saving at times...plz help me out and give me positive tips for managing money in a better wa

Answer 1

Don't go shopping when you are upset or depresed, if you use shopping as therapy, you'll probably wind up buying crap you don't need.

When you do go shopping, have a definite list of what you need and stick to it. Avoid buying stuff solely because "it was on sale" Stay out of those stores you can't resist.

Every time you consider buying something you have to think; will I die if I don't have this?

The 3 biggest rip-offs are jewelry, electronics and furnature don't buy any of this stuff unless its like 50% or more "off".

You probably got friends that constantly brag about what they bought on their latest shopping spree; don't get into a contest with them to see who can buy the most stuff.

Try to learn how to do simple repairs around the house (or get your boyfriend or husband to do it). Every time somebody has to come to the house it's like 50 bucks minimum down the drain. There is no reason why you can't replace fawcet washers, put doorknobs put back on, fix windows/screens, etc.

Don't replace expensive items just because "it's old", "it's the wrong color/clashes with the decor", etc, If it is still doing the job it is supposed to do, keep it. Note: there might be a few exceptions; if there have been developments such as major increases in eficiency (air conditioners, refrigerators, furnaces etc) it might be defendible to replace something that is still working.

Avoid places like those drive through coffee shoppes their "designer coffee" is overpriced (and quite fattening).

Take a bag lunch to work; try to avoid going out for lunch as a matter of routine, it doesn't seem like a lot of money, but it adds up over time.

When buying clothes, avoid really trendy stuff, it will be out of style in a year and you'll look like a total dork if you keep wearing it.

When buying anything that comes with different levels of options, ("bells & whistles") like appliances, stereos etc really think whether you will really use that extra knob. Many times manufacturers use these options as a reason for substantial increase in price while delivering only a slight increase in performance!

Most extended warrantees are a rip-off as most break downs from defects will occur with in the first year, if it survives the first year, it will probably keep working untill it reaches the end of it's "lifetime".

Don't be too proud to buy stuff second hand or even rescue it from the trash (just don't save food or clothing out of the trash; at that point, you've crossed over the line; you're no longer being frugal you're officially a bum).

Get any credit card balances paid off ASAP & try to keep them paid off. Try to use cash as much as possible I think when people actually see the money leaving their hands they think about the consequences of their spending more than when handing over plastic.

This is not an exhaustive list, but is should get you started.

Answer 2

Sometimes it helps to set something up so some money automatically goes into savings every month and you don't have to think about it. Your bank can probably set up something like this for you. Sometimes employers will also be willing to deposit your pay in 2 different accounts, so you could tell them to put X number of dollars in your savings account.

Another thing to do is keep really close track of what you spend money on for a couple of months and figure out where the big unnecessary expenses are and try to cut back. (Eg. you might realize you spend $100 on drinks from a coffee shop at work every month, but you could make 2 cups of tea in your office every day for a month for under $10.) Then take the money you didn't spend and put it in savings.

Another thing to do, if applicable, is to avoid thinking of your available credit as available money you can spend. If you don't have the money in the bank to cover your entire credit card bill, don't charge anything unless it's an emergency. Credit cards are great for convenience and you can earn points that are useful if you get a good one, but pay the whole balance every month.

Also, cars are big money pits. Can you live without one, or can your family get by with one instead of two?

Answer 3

Take it off of the top. You can never save what is left. Put your money in an IRA or a 401k. so that it is not easy to withdraw. Do a search on the internet to know the diffrence in them . I am guessing that a 401k would probably be best. Or put savings in a stock brokerage account where you can get it out but it is more trouble than a savings account. You can open an account at tradeking.com and buy a share of stock for a fee of $4.95 per trade. You can create a 401K through trade king and then buy stock out of that account. The money is taxed going in
, but the profit is not taxed.They are the cheapest. Buy one share at a time if you have to. Buy companies like Coke, Budwiser, etc. When you see your stocks increase in value, you won't want to sell them You can buy the biggest Chinese blue chip stocks that trade on the New York stock Exchange like Petro Cinna, China Life, Baidu is the Chinese Google. These stocks are going to the Moon. Big things have small beginings. Most people think of them selves as being broke when they have 0 dollars. Banks consider themselves as broke when a person does not have enough funds to pay their bills and expenses for 6 months. Start off setting you broke level at 50$ or $100 or $1000 or whatever. Consider yourself as broke and tighten up when you start aproching that level. Peridically raise your broke level higher and higher. Never, never, never violate your broke level for any reason on pain of death. Never, never, never let your mind think about the different things you could buy with that money. If you have that habit, your dead. If you know anyone that has made money buy investing, ask them if they would touter you. Holding money in a savings account is the worst thing you can do. First it is to easy to get to and inflation will make it worth less and less. You have got to place saved money somewhere that will out run inflation and a declining dollar. Thats all I have

Answer 4

I used to have a really hard time saving money too... i love to go shopping! What I try to now is to put aside a little more than half of my paycheck and put it into a savings and also pay off my credit card, and then use the leftover money for fun and going out. Immediately when I get paid I put the money away into the savings just so I don't spend it and I try to pretend like the money is not even there.

Answer 5

these guy's do have the right point.
Put money away, but you know as well as i that puting money in a shoubox doesnt make it any harder to get at one and two YOU dont get anything out of it.

I suggest you go to your bank and get out a CD (certificate of Deposit) this is kind of like a bond. You put so much money away in this account at a bank and you earn more intrest than if the money were in a savings account. the only thing is that if you do decide to take money out of a CD you get Penalized fot taking out the money prematurely.
A CD can be as short as 3 months usually. and making money on the thing is GUERENTEED, and the money is insured up to 100000 dollard by the FDIC.

go get a CD to force you to save money

Answer 6

Well you could invest in a goverment bank which under contract will not allow you access to that money and it grows at that. After like 10 years you get a profit and money

See a financial Advisor

If your young then ask your parents for financial help; they will store your money where you cant get it without going through them first without good reason

Answer 7

it appears that ur income is sufficient to meet yr exp. only and hence saving is difficult. so one simple solution is to keep aside just 10% or 5% of every receipt and keep this saving in a bank saving a/c. periodically, when sufficient savings are accumulated u can transfer these to a good open end mutual fund scheme so that u may withdrawe money when u need.

Answer 8

it can be hard at times, but what you can do is if you are saving for something big and expensive, is take all of (or at least half) of your pay each time, and put it in like an envelope, or some kind of container. Instill this in your mind that you CAN NOT spend that. It accumulates quickly, and you still have the other half of your pay to do what you want.

Answer 9

do like i do. Get a shoebox and everytime you get paid toss a lil in there. after a while you will have a stack, or you could just get a savings account.