how to effectivly save money when you dont make much?

I work as a bartender so its hard to put a certain percent or portion away of my check since i mostly live off tips, make decent money trying to get all these credit cards finally paid off and save some money any suggestions

Public Comments

1. Try to give up one thing that you always do, maybe that extra coffee you have every day. Buy a no name brand instead of the named (more expensive) brand. Go to a dollar store.
2. Make sure to save consistently, no matter how much it is--do it regularly and it will soon add up.
3. I found the best way to save money is to invest it, that way I cannot get my hands on it. Your first option should be to fund fully a retirement account. If you do this, and you have extra cash, then one of the best things you can do is open a DRIP Plan. Go to : low-cost-stock-recommendations .com Click on the "DRIP's" Button on the Navigation Bar These powerful investment plans are seldom talked about because brokers make very little money when they suggest them. Yet, they have proven to be one of the best, if not the best, long-term strategy on Wall Street. They are perfect for small investors, as well as big investors. They are safe and allow you to not care about whether the market is going up or down. They are a must for any serious investor. If you decide you are interested in DRIP Plans, click on the advertisement on the same page "$4 to purchase stocks". This will answer your next question, which is, How do I get started? and what is the least expensive way to get started? I strongly recommend looking into it. They are great plans. Good Luck
4. You know your average earnings and average expenses. Make a budget for your self with a goal to save for something tangible in a given time eg a paid up car in two years. Then work backwards to see how much money you would need to save. Compare your budgets, make adjustments and stick to it. You will be rich soon enough.
5. Make a goal to save 10% of your weekly income. That means if one week you earned $300, save $30. The next week if you only earn $200, save $20. I've worked casually for years, so I know what it's like, although in Australia (I'm an Aussie) we don't have a culture of 'tipping'. Working casually meant that some weeks I had 5 shifts, and others I had none. My income was very sporadic. Setting yourself a percentage as a goal is easier than a set amount each week. If you decided to put away $50 a week but then got a few lean weeks, you'd be in trouble. Put all the tips you get into a jar, and at the end of the week, count it all out, and add it to your pay check amount. Then take 10% or more from that amount and save that. I would put the money in a bank account that earns decent interest. However, paying the credit cards off first is the number one priority. At the end of each week, pay a big chunk off the highest interest rate card, and the minimum off the others. That will save you interest in the long run. When you have cleared the debts, continue the 10% savings. When you have saved a couple of thousand, consider investing it with a financial planner's advice. Even though you're on a low income, there is no reason why you can't save a little money and invest it for the long term. It's also very comforting to know that you have a small nest egg to live off for a while if something goes wrong, like you lose your job or your car breaks down. Just because you're on a low income doesn't make you helpless, so help yourself and start saving a little regularly. It's the little amounts that make the difference. Best wishes
6. If there is a payroll plan for purchasing government bonds where you work, ask to be enrolled. You will never even see the money because it will be taken off your cheque before you receive it. Over time, you will be able to accumulate quite a bit in a very secure investment. You also need to find out exactly where your money is going. For one month get a receipt for everything you purchase, no matter how small. Put the receipt in your pocket or in a special compartment in your wallet. Each night remove the receipts and put them into categories, such as Food, Entertainment, etc. Put the receipts into shoeboxes or any other container you have. At the end of the month, tally up what you have spent on each category. Then look closely at which purchases you could have done without. Add them up and you will know how much you can put into a savings account whenever you get your paycheque. Talk to the bank about making the savings account a "deposit only" account. You will want some conditions that will enable you to remove the money, in part or in whole, however being unable to withdraw it on impulse will not be possible. With the credit cards, call each financial institution about getting a lower interest rate. If the first person you speak to says it can't be done, ask to speak to a supervisor. The odds are you will get a reduced rate. Also be sure to pay more than the minimum payment each month or you will never pay down the debt. The minimum payment is only the interest due; it does not contain any portion of the debt owed. Theoretically, the cards with the highest interest rate should be paid off first. Some people, however, find it more psychologically satisfying to pay off the cards with the smallest balances first. Once you have paid off a card, cut it up into little pieces. The only card you need is a Visa or Mastercard since they are accepted universally. Get rid of store cards as they are notorious for charging ridiculous rates of interest. Besides the stores will accept a Visa or Mastercard. I hope these suggestions are of some help. Good Luck!
7. you can have the gov't do it for you - elect zero exemptions on your W4 form and then have them take out an additional $100 per paycheck then in Feb you'll be getting that money back, put it in a savings account and don't touch it another way to do it is to have a % of your paycheck (up to 10%) to be automatically transferred into your savings account that way you never see the money and you won't spend it (or deposit it every day in cash at ATM's since you work in cash)
8. Never EVER use your paycheck. Use your paycheck itself as your savings and put some tip money into the account, too (10% is good, or more). Cut out stuff you don't need. I gave up television. No cable $, less wasted time. With that time, I can mow my lawn and scrape my driveway and put oil in my car and do all the things I might pay others to do. I have an account with only savings. I never ever touch it unless I"m putting money in it. When I got a decent amount of money, I put it in a CD and am now gaining interest on it. Not a ton, but it'll end up being like $400 at the end of the year. And those credit cards need to be paid off as soon as possible. Never use a credit card unless it's an emergency. Put extra money on those cards so you're not paying the exuberant prices on simply interest. But you've probably figured that one out already.