How do you save money!!!!?

Question

My boyfriend and I are having some money issues. WE both have good jobs ( I am a teacher in a good paying district, he does some technical work) and both make around the same salary. We put away 50 dollars each a week, so about $400 a month, into an account. He has an apartment right now, but we are looking to get something together.
My problem is this, I feel like no matter what, we can't save enough money! I have friends who have bought houses and are doing great, but I feel like we can't afford anything!
We are pretty young, so we go out once a weekend, and sometimes twice. When we're out we don't go crazy, but I do enjoy the down time. I feel like the only way we can save money is to stay inside, do nothing ever, and save all of it!
I guess my question is how do you afford stuff! I am panicking because I feel like I am 24 years old and will never be able to afford a house or kids or anything. Please help!

Answer 1

do you both live in seperate apartments? if so, moving in together will save you one apt rent each month.

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 HIGHLY recommend the book "The Total Money Makeover" It's a fantastic book that I just finished that helps you budget your money, save cash to put toward a home, prepare for retirement etc... I know at 24 retirement feels SOOO far away, but if you start living responsibly now, your money can work for you over the years, and one day you'll be the one living the glamorous lifestyle!

Some things my husband and I have started doing (we're also in our 20's) to help save money for a home:
buy lightly used cars instead of new ones... budget for every dollar... if you don't know where your money is going to go, you usually lose track of it. We dont' buy anything really on impulse... if there is something we see that we think we want, we come home and think about it for a couple days. If we still think we need it at that point then we go buy it. Look for sales. Instead of feeling like you never get to do anything because you're trying to save money, start activities in your home for your friends... Do martini night at your house, the next week another friend can do dinner and margaritas, etc... in the long run it is so much less expensive than going out.

Answer 4

It is called credit cards. Most of those people who have houses have credit card debt. If they do not have credit card debt then they are making ends meet by a strand of hair. They skimp on certain items and buy the cheapest they can. Do not feel bad I am 38 my husband 48 he is a heavy machine operator and makes good money (off some months though) and I work for the county and we still live in an apt. We chose it that way because we both like to spend.

Answer 5

You really want to know the secret to saving money

Start living within your means , i knew at a young age what i wanted i had my 1st job at 14 of coarse didnt work 40hrs i was in school but i would take $20 from my check the rest would go into an account . each week i found my account getting bigger eventually i was so busy between playing football in highschool and working / going to school ...i didnt need to take $20 anymore

the thing im trying to say is you have to sacrifice ,i know your going to say ive sacrificed so much already ......well what do you want more to go out twice a week and hang out with your friends or kids and a house they can grow up in ....you know instead of going out to a bar and spending say $60 to $80 on drinks and food ......have a fun game night at your place get some beer and chips have your friends over have them bring something ...you just saved $20 to $40 dollars right there

but you dont have to do that every week plan a nice night at home with just you and your boyfriend

People dont know how easy it is to save money ...if you have a job and are willing to live within your means and sacrifice you will get ahead in life .....

Answer 6

there is different beetween needs and wants, make first priority to spend only on what you need such as food ,shelter and transport. and save on all what you wants.
don't spend on cigarette,pay tv and alcohol ,this stuff is not necessary
Try to cook food with cheap ingredients like noodle ,thin fish,sandwich or when the stuff on sale,stock up!!.I used to buy a botle of coffee for 10$ amonth now i buy on sale and only buy large can of coffee for 10$ that last for 3 month with the same quality coffee.
no credit card ,it's atrap! in the beginning you probably thinking you only going to spend 1000$ and at the end of the year you will end up with 10.000$ debt
point is don't spend money.Good luck

Answer 7

You don't have to spend money to have a good time. Visit a State Park, a hike, a bike ride, lots of things to do, and not spend money. Curtail the shopping, only buy what you must have, and use cash, if you can't afford it, don't buy it. Pay yourself first, and stick some money in the bank each pay period.

Answer 8

Try keep extremely detailed records of all your spending for one month. Then go through those records and in the next month cut everything that is not necessary.

Cut until it hurts.

Don't just place your savings in an account. Invest it. Make that money grow.

Good luck.

Answer 9

Here's the deal Susan. You friends are probably obtaining mortgages and going in debt with their credit cards. Please do not compare yourself to your friends. You are being smart by saving money. Resist the urge to use the plastic. Try to buy things with cash that you need and want. Keep the credit cards at home.

Answer 10

i would set up a budget. we use the dave ramsey system. it works great for us!
in about 2-3 years we will have our own home and be building our own.
don't feel overwhelmed. just keep saving and you will get there! sounds like you are doing great by being concerned and aware of your money!
email me if you want more info about what we do.

Answer 11

You are freaked over nothing really. You can buy a house with not much money down..I am a loan officer for mortgages and I am creative and have put many first time home buyers in homes for under $2k.