Is there an easy and fast way to save money,?

Public Comments

1. Sure, when you see something you want, just say "No." Quickest way to save I know...
2. Yes, setting priorities and eliminate non-essential spending. Take the money saved and put in a savings account but make the saving deposit automatic or "write yourself a check" first.
3. easy ways are if you are recieving a paycheck, open a savings account or high yield checking and have it DIRECTLY DEPOSITED to that account. Also--I've always opened savings accounts at banks not too near to my house, therefore it takes time and a lot of thinking to drive there to withdraw money. Good luck--always worked for us.
4. Check out Washington Mutual's "Saving for Success" program. It's easy and pays 6.5% APY interest. I have done it. It's awesome. It is only offered in Georgia, Illinois, and Texas though. If you don't live in any of these states, I'd start with a Certificate of Deposit. Talk to your local branch about one.
5. Great answers already...if I could add to them. Don't ever go with a bank's generic savings account. There is little return and by the time you factor inflation, you could have buried it in your backyard. With steady income, you could earn quite a bit with a High Yield savings account or a money market account. Vanguard has the lowest expense ratios in the industry, I use them. Figure out your budget, first your needs and then be realistic about Misc. expenses like entertainment, etc. I put all of my money into savings and my IRA and only put into my checking account what I will use for the month. That way, your money is returning as much interest as possible, and you are forced to spend only what's in your checking, as long as you don't cheat and transfer money into checking when you don't need to. It's worked for me. Money market accounts are liquid and safe, as are high yield savings. Shop around for the best rate. Don't put your money in a COD because they are known to have minimum return and you can't touch it in case of emergency without paying hefty fees. The Automatic Millionaire is a great book too.
6. this is an amazingly simple method that works only if you follow the regimen. get some jars or cans or ?, (i use 2 milk bottles, one for silver coins and one for pennies) and place them up on your dresser near where you empty your pockets at night. (if you have something special you want to save for such as a trip to disneyworld and epcot center, you might want to label the jar.) then when you get ready for bed, place your days change into the jars. then next morning you will have to start the day by breaking a bill and then you will have some change to drop in the bottle tonight. anything dropped in will soon add up. if you have little kids, like under 7yo, then let them watch you put the money away, and when the bottle gets about three inches full, let the kids count it. let them keep track of how much you have, and the next time they count it - maybe every saturday night. this will tell you how much you have and show them how a little bit added to a little bit every day adds up to a big amount over time. in Canada, we have coins from a penny up to a two dollar coin. so if you are in the US maybe to make it even, put away any denomination of money lower than $5, so every day you will have to start off breaking a $5 bill. when my silver bottle got to be about half full, my girl counted it and i had over two hundred dollars. when they get older and going to the store alone you may want t make that "jar" a little too difficult for them to move. i have always put pennies away for the girls and have cashed them in a couple of times for simple treats. they even helped to count them into 50 cent piles. you can also keep a bag in the car and when you find any refundable deposit items, pick them up and take them in for the deposit. put this money into the jar. it doesn't matter what you spend it on, you will save up fairly quickly and this is a good lesson for young kids to learn about saving.
7. You may get some good ideas from the book, "The Automatic Millionaire".