What is the best way to save money?
I'm a student and have loans and debts etc, and although it's not majorly serious now (compared to some of my friends), I really would like some help on how to save. i've been going out less and have stopped buying myself clothes etc, has anyone got any other ideas? thanks
Public Comments
- Please look into Financial Peace by Dave Ramsey, shows you how to get out of debt and then live like no one else. no schemes or gimics. it works and starting now can save your financial life. I wish I had known about this sooner. Also on Hulu.com look for Dave Ramsey town hall for hope,.
- 1) Pay yourself first. When you get paid, put a set amount in your savings account before you pay any bills or buy anything. 2) Set up a budget. Begin by writing down everything you spend for a month. Look at your expenditures and separate needs (like groceries) from wants (like eating out). Once you know what you must spend each month (rent, car payment, student loans, groceries, utilities, insurance, etc.), you can add a little for wants, but be sure you pay yourself (save) first. 3) Once you're living on a budget, save all extra money you get (raises, bonuses, tax refunds, etc.). If you're making car payments and you pay off the car, save the amount of your car payment every month (do the same when you pay off any loan or debt). You're used to paying it anyway; so pay it to yourself. If you can manage to hold on to a paid off car for five years and your car payment had been $400 per month, you'd have $24,000 saved (not including interest) at the end of the five years. Use that money to buy your next car (used) for cash. And keep saving the amount your car payment would have been. Good luck!
- "Rae" and "Kathryn" are giving you sound advice and Dave Ramsey would be a great person for you to learn from! If you have multiple debts, you should consider Dave's "Debt Snowball". Many people talk about it, but he coined the term. It's where you make only minimum required payments on all your debts and throw as much money as you can every month at ONE of them, usually the one with either the highest interest (i.e., most expensive) or the one with the lowest balance (i.e., fastest victory). When you paid Debt #1 off, you take its payment amount and add it to the payment of Debt #2 to speed up its payoff. Then pay Debt #3 using the payment amounts of Debt #1, #2 and #3. The idea is a big snowball rolling downhill that grow and by the time you're ready to pay off your last debt, you're throwing HUGE payments at it. Again, you never stop making payments on anything, you just focus on one at a time and when done, roll that payment into the next one. One book I'd highly recommend to you is Ramit Sethi's book, "I Will Teach You To Be Rich", also his blog by the same name. An awesome book with a cheesy title and a New York Times best-seller. It's not 'get rich quick', but about automating your finances so that saving is not something you have to think about. For instance, set up your loans on automatic payment with your bank, but also set up an automatic transfer of money to your savings account. Now, you don't even have to think about your debt payments nor even remember to save. It's all automatic!
- I suggest you to try project payday, simply because you don't need any money up front and you can start making money within minutes. I average around 3,500 dollars every month with it. Check it out at http://tr.im/payday
- You have asked a very broad question. As a student, you can save money and earn money online at the same time: Save money by: 1. stop all junk food, and soft drinks, eat healthy 2. sleep a bit earlier, if you want to save on electricity 3. do not buy new textbooks, buy second hand textbooks or share with roommates, to be honest, you dont read every single word 4. sign up at free sample sites, and collect free samples Earn money online: 1. post all your courseworks to writing sites to make money 2. take part in discussion forum that pays you for asking questions, and commenting, I make about $15 every month 3. write reviews, book reviews, games review etc 4. sell ebooks and earn commission up to 70% You can read my blogs and articles below for more information.
