Donna J
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At a budgeting seminar that I took through my church, they told us to first write down all of your expenses. That includes fixed expenses (rent or mortgage, car payment, cable TV, phone and/or cell phone, etc.) and variable expenses (electric, gas, food, credit cards, etc.). Include as an expense a line for money to put into savings (they recommeded 10% of your income minimum). This way, you know what you're up against and can take a long, hard look at your spending habits.
After you consider what your expenses are, look at your expenses versus your income. If your expenses are higher than your income, you need to cut your expenses or raise your income. You can do that by eating out less, getting rid of services you don't need, getting a less expensive house/apartment, getting a cheaper vehicle, or getting a different or a second job. If you need a new car, add a line into your expenses for putting aside money for one rather than running out and buying one right away. Pay cash for a car that you can afford (used is a great idea!) rather than taking on payments if you can help it. Never lease a car because you'll never have anything to show for it other than a lifetime of car payments.
As soon as you get paid each pay period, immediately pay the bills that are due next. That saves you late fees and maybe some interest, too. Write down the due dates and payments, or put them into a calendar on your computer or PDA. Automatic reminders are a good thing. You can also set up for some bills to be paid automatically from your checking account. Look into what your bank has to offer and use as much of it as you can.
The best thing you can do to save money in the long run is to get yourself out of debt or avoid going into it in the first place. Any money paid out in interest is money lost, even if you can claim part of the interest on your taxes. Each pay period, put aside as much as you can afford to do to pay down any debt that you already have, and cut up your credit cards before you're tempted to use them.
Learn to live within your means and pay cash for everything you buy. That way, everything you have belongs to you and not to a bank or credit card company. Little by little, you'll find yourself with more and more savings to fall back on.
I hope that helps. It's not easy to do, but it works! |
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JBWPLGCSE
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clip coupons, use the coupons when the store has a sale on that item too, (so you get double the savings) don't spend it on everything, (you don't have to have everything) don't buy new items just out on the market. wait to buy till the product has been out for a while and the cost has gone way down. Find the best bank, mortgage, car loan, and credit card rates. (Only have one credit card) Shop at the dollar store, or big lots, check garage sales. borrow things from neighbors (if you are close friends) instead of buying new. Rent movies from the library, instead of paying to rent from a store. Make due with what you have, do repair work, or paint something if you want to re do a room. Take hand me downs (unless they are in really bad shape) Use things that are less expensive. For example I don't buy filing cabinets, I have these crates that have places for hanging folders and I can hide them so others don't see them. |
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Craig P
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Ummm, oh I know, try not spending it.
Anyway, it helps me. |
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bopbo
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oooooh! I hate when I miss a payment, I think $50 is tooo much to try and save, stick with $20, I set up in my cell phone to remind me to pay a bill. |
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Hello_Kitty_Lover<3
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call me kuh-razy but its called a buh-jet |
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Mitchell B
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Put money in the bank and have a determination in your mind not to withdraw.And keep money for yourself.Just act as if your check is less than what it really is. |
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a-mazed
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Begin your savings project with something smaller - then build up to your present amount ----- after you see how 'tight' the amount is, when paying your debts.
You also could establish an 'auto' process at the bank -
They automatically withdraw and redeposit funds from your checking to savings - each week. It's still always there for you to use, if needed - it just creates a 'paper trail' for you to follow, and see how realistic your figures are, if you ever need to 'dip into it' for a forgotten, or unexpected bill. . . |
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dlmrgnk
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Be penurious in actions and deeds. If you don't spend it you don't have to make it. Be ruthless in cutting expenses. It will pay off handsomely (pun intended). |
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J
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Brown bag your lunches instead of eating out. If you eat out three times a week normally, you'd save about $15/wk by bringing your lunch. Before buying ANYTHING, ask yourself if your really need it or if you just want it. If it's a want, ask yourself if it's more important than that $50 you're trying to put away for a rainy day. Also, when grocery shopping, buy as much in generic form as you can. The things I absolutely won't buy in generic are feminine products, diapers (although some people don't mind), and graham crackers (they just never taste quite right unless they're Nabisco). |
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Blue Rose
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You need to organize your bills. Mark your calendar when their due each month. Get an organizer with pockets/folders. Make a budget for yourself. Maybe try putting $25 a week away until you have this budget worked out. |
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Mr. Hendricks
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after paying all your bills, write out a budget, allocating funds to different areas. Then you will be able to see what you have to work with and save. |
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NONAME
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don't spend it |
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monkeyseatcheese
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too not spend any |
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TheOracleAtDelphi
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The $50 that you put away must become "untouchable"--you need to treat the savings account like it doesn't exist. All your bills have to come out of your checking account. It will hurt, but the discipline will be good in the long run!
Then, slowly raise that $50 to a higher number. Good luck! |
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Finance Pro
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I would start with the basics of money. What do you want to use the $50 for? Is it to go out n spend on "wants" and gizmos? If yes, then I would say bad idea. What I would recommend you do is create a cycle to generate more money. And no I am not asking you to go out and get a job like some people have already suggested. Going out and getting a job means you get taxed. You may even get pushed into a higher tax bracket and you may end up paying more in taxes! I prefer to have mail box money. By that, I mean money that gets generated while you do other things including sleep. With that money, I would divide it up into 2 and put part of it back into the system and use the other part to buy my gizmos. Plus the other thing you need to note is that the banks currently give you about 3-5% return on your money, which they report to the Feds and you again have to pay taxes on. With a cycle that creates wealth, you pay no taxes or very little if at all. But a business is you best bet to getting this cycle going. Other things include real estate, investments, etc. Finally, I would say you need to be disciplined about money and not go out and spend what you don't have a pay your bills when they are due. For payment of your bills, I would recommend bill pay, a feature that most banks offer. So you set up your bill payments and the bank automatically writes, cuts and sends out the checks. Oh, by the way, they pay for the postage. A good way to not spend you own $$.
Good luck and best wishes. |
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scary bear
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just get a good paying job and try not to spend money on anything else but food and bills |
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