best way to save money?..?
i have a really bad habit of spending money i dont need to spend. i realllyyy need to stop and save it. i just opened a savings account but im scared ill just withdrawl money out of it :[
Public Comments
- dig a hole and bury the money, that way its really hard to withdraw.
- talk to someone who works at your bank and tell them you opened a savings account and dont want to take money out the will offer you with a plan that you cannot take any money at all every three months or more.
- Take that account and tie it to an on-line account. I think that the ING account pays about 4.25% interest. I have heard that it takes a day or two to get the money back from the ING account into your regular account. That will help you to avoid the impulse buy.
- I have an ING Orange Savings account and it has helped me save money because it takes like 3 or 4 days to withdraw the money from the acct.
- You can ask your bank to help with this...they can set up a limited withdrawal amount and number of times you can withdraw. Also consider putting some of the money into your retirement (like a ROTH IRA fund) where you can't touch it until you are 59.5. Also, try really hard to give yourself 24 hours for every buy (yes, even ones on sale unless you actually NEED it) and that can help deter impulsive buys. Finally, write out a budget and follow it just for two months and see how much you've managed to save. Another option for this one is give someone you trust (a parent, significant other, etc) ALL of your money from every paycheck along with your budget and then they will only give you back what you need and that way you can't access the money. good luck
- you better make percentage you want to save. i suggest you (taken from the book "Financial revolution) no matter what size of your salary 10 % in save account 20 % for growth investment that is you can spend your 70 %
- Good for you for recognising it. The simplest way is, as the others are saying put the money in to an account where there is, in effect a time delay on withdrawals. Fundamentlly though as the issue is mental (it's a habit, it's mental) you need to find the root cause and address it. If you are successful in locking your money away it won't address the root cause and so that will manifest in some other way. You may save money but adopt another bad habit. Generally in situations like this the root cause is that a lack of self esteem leads to pander purchasing to make you feel better in the (very) short term. Equally it may be a very quiet voice inside that thinks that being rich is equivalent to being greedy, bad, nasty and selfish therefore you unconsciously trigger a valve to let out any savings so you never become rich and therefore bad, greedy, selfish etc. Hey, I never said that it would be a rational arguement and these may not be true in your case but what we do know is that there is something subconsciuos at work here and only you can be sur what that is. I can strongly recommend the book "Secrets of the Millionaire Mind" by T Harv Eker. I learned a lot about my internal money map by reading that and I also learned that it all starts inside and what you do outside won't hold water unless you address your internal issues simultaneously. Bon chance.
- First of all you have to start new habits. Suggest that you visit your local library and get a couple of books on budgeting your money. These books will have many ideas of where to look to save yourself some money. You need to have a budget plan in writing. You will look at regularly and make necessary adjustments. Here are a few things you can do today: Do not carry a lot of cash or all of your credit cards. This will cut down on impulse buying. Only shop when you need things and use a list. Stay home and eat at home more. Do not charge anything for Christmas this year and this includes making withdrawals from your savings account. Reduce or eliminate some gift giving throughout the year. Brown-bag your lunch to work. Good Luck
