I am having money problems how can i save?

Answer 1

Try taking 3%, 5% or 10% of your pay per month and put it into a savings or prepaid credit card. First decide what amount you can save without it causing a burden on you. An amount that you could put away each time you get paid. But make sure that it is always the same amount if not more but never less.So to start out you might want to start with3% or 5%. There are 5 rules that you need to follow for you to be successful. #1NEVER tell anyone about your secret account. (they might think you have money to lend. but you are not a lender you area saver). #2 Make sure that you deposit the same day that you cash your check. #3 If it is a savings account it is best that it is at another bank. (if it is at the same bank as your checking accout most banks will want to join your accounts and it will become like an overdraft account so even if you know there is not enough money in your checking account to cover a check that you want to write you figuer it's o.k. the check won't bounce and I can replace the money with the next deposit into your saveings. sounds easy but never works out that way) #4 Don't get an ATM card for that account if they say they need to send you one say o.k. and cut it up the day it arrives.(it's to easy to access the money) #5 Once the moneyis in the account you have to forget about it .( never think it o.k. to spend money you don't have in you hand be cause you have this secetret account) If you can follow thes rules you will be amazed at how quickly it grows. If you are saveing for a car, house, or vacation and you reach your goal thats great. But just because you have reached that goal dos'ent mean that you should stop putting money into that account. The best way to look at it is I have been getting along without this 3,5 or 10% for this long why not just keep doing it and then when you need alittle extera money it is there. I wish you the best of luck and hope this will help you.

Answer 2

What are your money problems? Over extended credit? Unable to pay basic living expenses because income is inadequate? Spending on having a good time and nothing is left to pay the bills?
1. Assess you basic living expenses. Rent/mortgage, car loan, parking and gas or alternative transportation, utilities, food, clothing and cleaning, church and gifts, etc.
2. Which of these are vital? Boil it down to what you absolutely have to have to exist, and what are nice to have,
and what is frivolous. Go back and edit again, until you have the absolute minimum, without mooching off everyone you know.
3. Balance your income against your minimum, then add the extras according to your personal compass. Do not add too many extras at first. You want to strike a balance between working to live, and living to work.
4. If you are seeking to pay off bills, set yourself a very tight budget. If you are working a second job, you will not have so much time to get yourself into financial trouble, because you won't have the opportunity or the time! So get a second job if at all possible. You will be forced to manage your time more effectively, as well as your finances. Do not use this as an excuse to indulge yourself with more meals out, more trinkets, more alcohol, etc. This is a time to test yourself for your hidden strengths. Set a time limit for this, say 4 months, then see how long you can keep it up. If you find after 4 months that you are enjoying yourself, great! If you hate it, then remember this when you decide to indulge yourself on some frivolous whim. It may motivate you to keep your credit card in your pocket. Keep it up until you pay off those bills! You may find that you really enjoy the feeling of control you now have.
5. Put all available money into the credit card with the highest interest rate, while keeping every thing else current. It may be you are so far in debt, that keeping current is the best you can do at first. Keep at it until you are able to pay off one at a time, highest interest rate first. Roll over any cards you can to an interest free card, or at least a lower rate than you are paying. Do not use this as an excuse to open more cards just to spend the money! Cut up the cards with the high rates, but do not close the account, as you will need it to get a high credit score.
6. When you are comfortable with the lower rates and balances, start funding a savings account, 401 K or IRA. Add the same amount each month, as soon as you get the paycheck. Pay yourself first, then pay the bills. When you comfortably have 3 months expenses in savings, go back to paying off the credit cards. Then when the last card is paid, shoot the money into the bank for savings.
7. Maximize your money by having an interest bearing checking account, but watch the terms! It may be that you will find a money market account more reasonable. Again, shop around.
8. If you are like me, you will find that having the peace of mind of clear credit, and savings to tide you over during times of trouble, are much more satisfying than the extra latte, a newer car, new shoes or clothes you don't need, or a fancier house. And think how much better you will feel when you find that you have some unknown strengths!
It could be that at some time in the future these things will be part of your life, but right now, you have an urgent need to get your finances and your life in balance. When you have that, good things will come to you, and your blessings will flow.

If your income is lower than the most basic expenses, look into higher education when the bills are under control. A better job is vital, and that will only come through education. An education will not just open the doors to a better job in itself, it will also expose you to opportunities and people who will make the doors available.

Answer 3

Well... You can start by spending less.
You can also open a Money Market account, check www.Sharebuilder.com, this is a stock account, but the money you leave in the account is automatically put into a Money market savings account(A pool of bonds that are just about to expire usually returning around 4-5%). You can also choose to invest this money into stocks, bonds and ETF's of your own personal preference.

Also, the best thing about this account is you can deposit money into it right out of your checking account, so as soon as you get paid, send $20,$50, even $75. It add's up! And it takes about 2-3 days to get your money back, so your less likely to spend it on something STUPID!

You can save, you can be sucessfull, dont give up!

Answer 4

If you have a 401K account at work, put in 10-15% of your pay. You don't see the money, and so you can not spend it. If you do not have 401K, set up an IRA account. You will pay less tax and have some money saved. The way to do it is to pay yourself first. Transfer automatically 10% of you pay to your IRA account.

Answer 5

Open post office saving accounts with a very small amount. Put in whatever money you can by cutting down on expenses like eating out, watching movies and so on. You can even open Recurring Deposit accounts where you have to put in small amounts at regular intervals

Answer 6

I even tend to have this concern too, i'm in straightforward terms 15 however. i do no longer prefer to spend my money, i think of it concerns what you pick, in case you certainly need some thing, think of you will use it and get good use out of it, then i might purchase it, yet issues that are in straightforward terms used for a quick time are not nicely easily worth the money. issues which will help you improve your self are nicely easily worth the money. Like, i'm a loose runner as a manner to improve myself i purchase weights, and a collection fees me like $30-$40, yet they final me like merely approximately as much as a year earlier I pass directly to a clean set by way of fact of my power.

Answer 7

Increase revenues or decrease spending - is the question? You either increase revenue and save or decrease your spending and save. Which do you want to try?

Answer 8

ING or a savings account.