Any tips on saving money?

Question

I find it hard to save money and I really need some suggestions. Any advice or comments would be great!

Thanks!

Answer 1

get a notebook, and write down EVERY penny you spend each day.. you will be amazed at how much money you actually waste on crap.. also, get a 5gal jar, and each day throw your spare change into it.. use coupons whenever you can, at lunch get the specials, etc...

Answer 2

The best thing that has helped me is by making spreadsheets of my savings, debts & investments.

Then I opened online savings accounts for the major things I'm looking to get in the future. I've got an emergency fund, a car fund, a new house fund, a furniture fund, an investment fund and a travel fund. In addition to my investment accounts & 401K from work. When the savings accounts build for some of the longer ranged goals, I move some into a mutual fund, or other investment.

All of this I keep on my spreadsheet. Now instead of impulse buys, I find myself thinking about my spreadsheet and how far away I am to a new car.

I did the same with my debts, and after struggling with them for years, in just 5 months I've got them all paid off except some school debt that I refinanced at a ridiculously low rate.

One of my big expenses was buying lunch at work. With drinks, etc, it was running me about $12.00 a day. Now when I bring in lunch & sodas I estimate about how much I saved and add it to a fund.

You can do the same with coupons. Went to the gorcery store and saved $20.00 with coupons, move $20.00 to a fund.

By doing my spreadsheets I have a roadmap of where I was, a plan for where I want to go, and a constantly updating tally of my progress. That will be a powerful tool to curb the spending habit.

It only took a couple months for me to see a dramatic change.

Answer 3

Pay yourself before you pay anyone else. Here's how:
First go to your payroll department and sign up for direct deposit to your checking account.

Next, go to your bank and open a separate savings account or go to a different bank if need be. You want a savings account only. Don't worry about the interest rate on your new savings account (it doesn't matter at this point, ok).

Now go back to the bank that has your checking account and setup automatic bill payer or whatever automatic payment system they have for paying bills direct from your checking account.

Create your bill payer account to deduct $25 every 2 weeks the day after your paycheck direct deposit hits your checking account. Your bill payer account should send this money straight to your savings account.

I recommend $25 because most people can save that without really feeling it.

After the bank notifies you that the deduction has been made, then go pay your bills and what's left over you get to spend if you want. But, the important point is you have a plan to seriously start saving money.

Answer 4

The only way to save money instead of spending it is to move the money into some savings vehicle immediately as soon as you get it. Transfer the funds to a CD that you can add to but not withdraw from. Or pull out the cash and give it to someone (a parent, a VERY trustworthy friend) who will keep it from you and save you from yourself.

If you try to save money without putting it somewhere that you're 100% unable to get at it, you'll get at it, spend it, and NEVER GET AHEAD like most people.

Please don't be like most people.

Answer 5

limit yourself to one to two days to go out. save friday and saturday's to go out.

when you go out, make it so that you won't spend all your money, plan what you will do. for instance, go out on friday or saturday for just a movie, or just do some shopping, limit your shopping to half of what you normally would buy, like if you spend 400 dollars shopping, limit it to 200 dollars.

open up a savings account, or a cd plan. that way it will have you focused on savings. these options should be for long time terms, like for saving for college, savings for children's education, retirement plan, or something else.

don't eat at restaurants, eat at home, or make your meals so that you can eat at school or at work.

just plan your daily activities, where you would limit your spending and you should be okay.

gl hf.

Answer 6

well you can do these old ways.
- keep a jar & put your change in it
- hold back a certain amout of your money from your paycheck.
-get a savings account
- get a gift card with your own money .

Answer 7

After you pay all your expenses put half of the remaining amount away in a bank account. After you start doing this it gets easier and easier.

Answer 8

Buy a used Honda Insight or Toyota Prius and you will save thousands of dollars each year on gasoline.

Answer 9

every week put all your change in a jar, don't touch it till end of year, you'll be surprised how much you saved