How can I save money?
How can I save money? I've already got quite a few direct debits coming out of my account each month. I dont know where the rest of my money goes!! and i need to save money for my holiday next month!!
Public Comments
- Try setting up a dedicated savings account. Most financial institutions offer them. They will automatically take the money from your regular account and put it in a high yield account. This is similarly to CD's, but it can be shorter term and less money. Or you can do the same thing for yourself, just take some of the money out of your regular account and put it in another. Or just earmark that amount in the same account. After that it is up to self discipline for you to not spend the money. Just remember why you are saving it and think twice before you spend it. Something I have done: put a picture of the place you are going on holiday, or something that reminds you of it, in your purse, so whenever you reach for your money or your credit card you will see that and remember to save!
- Stop spending. Put aside 10% of your income each month. Put loose change in a bank or a jar or whatever. My kid sister did the change bit and at the end of a year she had close to $1500.00 in change.
- first you need a piggy-bank to put your money in and don't have a lok for it then you can't take your money...
- Good timing to start thinking the way you are thinking. At least you do not have debts just yet. Firstly, it seems that you are spending randomly without a budget at all. That is not a healthy way to keep up with. Especially when you start having major responsibilities this chaotic spending lifestyle might become really hard to maintain. At that stage you would start getting into debts. Firstly you need to start budgetting and be disciplined about that. Have a monthly allowance for miscellaneous spending; no matter the temptation do not exceed that. Secondly, save regularly. A third of your savings should go towards further investments such as shares or the likes of ISA. Another third for eventualities and the last third for events like holiday or shopping. The secret is starting to save early for such events. You must be in control of your finances. Use the principle of 'opportunities cost' if you have more than two competing needs you must forgo one for the other. The secret is to always live within your means at every stage. I hope you get a head start with your savings. Good luck!
- 1- Keep a journey of how much money you spend during the month. 2- Do this for a least a month. 3- Once you find out how much you spend during the month, it is time to set up a financial plan. 4-Always, pay yourself first, set aside an specific amount of money you want to save every month. 5- Pay your bills (by this time you should know how much are your expences). 6- Leave some money to use anyway you want, (a new dress, new shoes, whatever you like)
- By far the best way to save money is not to spend it in the first place. It may sound overly simplified but in my case I had to take a look at where my money was going and cut down on all the little leaks in the bucket. There are many ways of saving yourself a lot of money by making sure you are not paying for extra services you don't need, such as call waiting, etc. All these add up. Get a pad and paper and start going through your monthly credit card and bank statements to get an idea of where your money is going. Contact your auto and home insurance companies and see if you can drop some converage on unused vehicles or increase your deductable. Try site such as coupons.com and print out free coupons to use...
