Q&A: What are your tips for saving money?
Question by Jebbie: What are your tips for saving money?
What are your personal methods of cutting costs and putting aside for a rainy day?
Best answer:
Answer by lookin 4 love in the wrong place
Pay yourself first. It’s easiest if you have direct deposit, but you can do it at the bank when you cash your check too. Each time you get paid, instantly transfer or deposit some of your pay into a savings account that’s linked to your checking account. You’re going for the principle known as “out of sight, out of mind.” If you put it “away” before you ever get a chance to spend it, you’re much more likely to leave it in the account. Start small so you don’t “feel” it, then once you realize it works, increase the amount a little more, and then a little more, til you can put away as much as you can afford.
Another way is what I call “the rule of thirds.” Every time I get a lump sum of money for any reason, or some unexpected money, I divide it into thirds. I spend one third now, so I get to enjoy it. I use one third to pay down any older debt or to boost my mortgage payment, and I put one third in that savings account. In this way I get to satisfy all three of my money “needs” at least partially.
Add your own answer in the comments!
by not spending money on things i dont need only buying what i do need.
Buy groceries and don’t spend money on food out.
Stay home.
Do own pedicures, etc.
Don’t buy every new product that is advertised and eat out less… Not! My tip for saving money is to spend some money so others will have a job and others will be able to hire your services or purchase your goods… so you can make some money, too.
Every day at the end of the day take all your change and put it in a jar. You would be amazed at how quick it adds up. I also like U.S. Savings Bonds.
I answer a lot of questions in the Personal Finance and Credit categories and I’ve found that many people will ask how to save money right after they’ve admitted that they have no idea where the money is going. Rule number 1, make it a point to keep track of every penney you spend until you know exactly where you’re spending. Then separate wants from needs, eliminate the wants and use that money to pay off debts, the goal is to become debt free. I think you need to take those steps before you are in a position to save. When you’ve become almost or debt free, immediately start saving the money you no longer have to pay out monthly. Consider it a bill you owe and be consistent in saving. Whatever you do, don’t just go back to your old ways of charging things you’ll be paying for years. Most people are living paycheck to paycheck and are only a couple of months away from being homeless when something they weren’t financially prepared for happens. That’s why I think the first priority is to get out of debt as quickly as possible. To do this means you are not in a position to save yet. If you’re consistent with your focus on getting out of debt, you’ll find you now actually have the money to save. Life is just so much less stressful when you have a solid plan for handling your money. I recommend any of Dave Ramsey’s books or tapes to help you get started. His plan is not a get rich scheme, it’s practical advise on how to handle your money so that you can get the things you want out of life. When my husband I married, he had terrible credit, a second mortgage with a variable percentage rate that should have been above the usury laws and no savings. We worked together and while we’re not well off, we’re debt free and have enough money to travel and to take care of us in our old age.
im not good at saving money, i just get more than i spend
The only Financial Bible I’ve lived with for the past, debt free, 25 years is………..don’t spend money you don’t have. In other words, forget the “credit cards” unless you can afford the payments. I don’t spend more money than I make, I make a monthly budget for Winter/Summer (heating bills, cooling bills are the most flexible here in Ohio) and adjust my spending based on those variables. I always have a “cushion”, house/car repairs are those that come up most unexpectantly and live within those guidelines only. If I want something, then I save up for it………some months I can put aside 100$, other months, I can only set aside 10$, but only when I have enough to buy what I want, is when I purchase it. Do I do without, Yes, is it something I have to have, usually No, what are the basics that I can live with, within my financial means? I happily live on with what I make and sometimes, it can be difficult, but I just don’t spend money that I don’t have, that’s it. GREAT question today, have a great week ahead!