I cant save money....?
i make $65,000 annually but i live in NY and the taxes are crazy...i take home about $2800 after taxes, 401k, medical insurance etc.... i cant seem to save any money no matter how much i make. i was making $30,000 right out of school and i was able to live, however, still unable to save...now im making double and its still the same deal..wahts wrong with me? does anyone have this problem too??? what do i do??? i do have bills and support my family with rent, groceries, and i have insurance, cell phone bill, and a girlfriend, and i eat lunch out for lunch and dinner... maybe tahts why...helppppp
Public Comments
- In short, the more we make, the more we tend to spend. Just because we make more, doesn't mean we should spend more. Try keeping your budget closer to what it was when you were making $30,000, and put the extra away. I know, easier said than done. :-P Regards
- get a notebook document every thing you spend even down to that stamp every day soon you will see where you can trim also it is likely that your eating out may be contributing to this Think like this if you go to starbucks 5 days a wk thats 4.00 a day thats 20.00 a week and 80.00 a month and thats only coffee see what I mean?
- well, the obvious reason is the eating out. I bet you're spending a lot of your income on that. To really figure this out, keep track of all your spending for one month and take a look at the numbers. Most people are very capable of spending what they make. The more they make, the more they spend. I've gotten some great raises in the past and what they've taught me is that very few of us have enough income that we do not have to worry about what we spend. If you develop a thrifty behavior pattern, it will benefit you for the rest of your life. I'm not talking about not having a good time or fun, just be aware of where you're money is going and make conscious decisions about it.
- 65,000 is not nearly enough for the cost of living in the east coast. I made 10 grand less fresh out of high school and have found that I have more money than people making 100,000 per year. First mistake people make is to take the new money for granted. You go off on shopping sprees, get the latest technology and buy a house that same year. Okay and I thnk thats the only mistake. When you start making that amount of money its still a good idea to keep a roommie for at least a year so you can build a savings. you may want to consider a rommie soon just so you can get buy...I bet you bought a new car too eh? Eating out is not all that expensive unless you go all wild. try building a budget and live within your means
- Dont try to save it is impossible. Set up a savings account that automatically transfers 100$ a week from your checking to savings. You wont notice the money is gone. Then after a while you can invest that money in something. 100$ a week =$5200 a year. Not a bad start. Just forget that you even save and keep living how you live. You wont notice a differance, but eventually you will have a lot of money saved up to invest or whatever. Read a book called "The Automatic Millionare"
- Yes I do understand what you are saying. I had the same problem this is what I did I don't know if it can work for you; first take your lunch to work, eliminate all the unnecessary expenses you might be surprised what you can live without, stuff that you don’t need to live and you don’t need spend your money on. Second open a saving a count if your job offers direct deposit makes sure you deduct at least two hundred $ to go to your savings account directly if you can afford more then do so, trust me this adds up.
- Quit eating out! Even if you are eating cheap fast food at lunch, you are probably spending at least $5, and dinner, probably $10. $15 a day works out to $450 a month ($5,400 year). Learn to cook, and you will save a LOT of money, and eat much healthier too.
- The next time you get paid, take $50 and open a savings account (NOT checking) at bank, or better yet, a credit union, that is different from your normal bank. It should be one that is inconvenient as possible, no branches where your live or work. That's why a credit union with only one branch on the other side of town would be best. Do not get a ATM card or on-line access to the savings account. After opening the account, have an automatic deduction taken out of your paycheck by your employer and sent to this account. Start with $50 or $100 a paycheck if paid every two weeks. Then leave the money alone. Hopefully, it will be hard to get to, so that when your driving to the credit union or bank to withdraw it, you'll feel bad enough to change your mind, and leave it alone. It will accumulate automatically for you, and you will have savings. If you don't see the money, you won't be tempted to spend it. And after just a few paydays, you'll start feeling great knowing that you have some funds saved. At the time you get your next pay raise in a year or so, see if you can increase your deduction by $25 or $50.
