Do you ever get to save money?

I know it's a highly personal question, but please answer this for me- and please, be honest. I have been trying to save money (as in save up in the bank), but things are always coming up: emergencies, car repairs, medical needs, etc. I can never save any money, and it's a terrible disappointment. Do most people just live from paycheck to paycheck, or do some people really actually have extra money to save up?

What has been your own personal experience with this? Do you have money saved? What is your secret? How may I also save money?

I found that there is an easier way to save for the future that is a lot easier then a savings account. I started a Roth (401K kinda thing) that automatically pulls a little bit out of my paycheck each month (pre-taxed). After a month or so I never even missed it and at the end year I had quite a bit saved. That was a number of years ago and now I have more money saved then I would have ever thought possible.

I keep expenses to a minimum. Example:

Dating is very very expensive keep that in mind.

Drinking and smoking are very very expensive.

Going out to eat is very expensive.

Buying name brands is very expensive.

Hair cuts are very at some places cheap at other.

A penny saved is a penny earned.

I find saving money fairly easy. It comes down to making personal choices. Do you really need an iPod? Do you have to have the latest Razor cell phone? I find a lot of the "stuff" that is offered on the shelves and in the newspaper ads unnecessary.

I try and find quality in the items that I do need. I buy automobiles that have a great service record. I follow the maintenance program suggested by the manufacturer. I use the car up. That is I don't trade cars every three years, or four years, or six years.....try 10. This may sound extreme but I use the product to its full potential. The first time I bought a car (NEW) I placed the largest down payment I could....(I sold a bunch of crap that I rarely used). I had $50 a week deducted from my check and placed into a separate savings account. This is my car account and I don't touch it for any reason. At the end of the month I had $200 to make the car payment. This cycle continued until I had the car paid off (NOT MORE THAN 40 months...EVER) Even after I pay the auto off I continue having the $50 deducted and placed into the account. Well, if you do this for the life of the car (see above...6,8,10 years) you have a massive down payment for the next low mileage used car you are going to buy. Look for something with 15,000 miles or less. I have done this technique for the passed 30 years. And since I buy cars with good resale (ie Hondas...or Toyotas) I usually get a couple of thousand for a car with 225,000 miles on it. (I also don't lease autos.....in most cases a very bad idea)

As for other tips I'll offer these.
Have only one credit card. Cut the rest up and don't open any other accounts. With interest rates in the 15-24% range this is a losing proposition. I find it absolutely amazing that some individuals have twenty, thirty and sixty thousand dollars on credit cards.

Pay off the balance each month for the purchases you do require. By require I mean needed items. Gas for the car, food that is prepared in the home and medicine for the baby would qualify. I have friends that eat out 6 nights a week and put it on a credit card (or 6 different credit cards) When the end of the month comes they are barely able to make the minimum payments. This is what the credit card companies want....and you will continue to pay and pay and pay and get the feeling that you aren't getting anywhere.

If you work for a company that offers a 401K program jump on it. The match is like free money. If they give you 50 cents for every dollar you contribute that is a 50% return. You will rarely beat that in the market. Spread out your contributions over a range of choices if they offer them. I would suggest never keeping more than 10% in company stock in a 401K. If you have to take the match in company stock watch it carefully. If you have an opportunity to sell it and transfer the money into another fund in the 401K DO IT! (remember IBM and Enron!) Even if it's $5 a week that is better than nothing. If you never have the money in a checking account you'll be less likely to spend it. Over time it will add up. (This is how I started....and each pay raise I added $5 more to the deduction....I have over $200 a week taken out and I really don't "miss" it. When I get my 401K statement I have something to smile about.)

If you own a home spend money on things that will improve it's value. If you have hail damage and need to replace the roof DON'T spend the money on a vacation to Mexico. (Yes I know someone who did this!) I know people who take home equity loans and spend the money on a vacation! It's insane!

I also don't want to sound like a Scrooge and never spend money. I just don't spend money I don't have in my pocket. I rarely use a credit card. I take a certain amount of cash each week and purchase items from that sum. (With the cost of gas I have had to make changes....I know where the lowest price gas station is in my area. I plan trips to cover several errands and get my gas too. I save about 18 cents a gallon by not using the station closest to my house.)

The bottom line to all of this is making good choices for your money. You work hard to get it and there are entire industries that are geared to separate you from it. I know it's tough to see friends and neighbors driving nice cars and going to Europe for vacation but unless you really make good money at your job you can spend yourself into a deep hole. The best protection is not using credit cards.

Im sorry to say that im in the same boat your in, its seems like no matter what my money evaporates in thin air, but ive learned how to hide it from my self. One day i put 3 hundred dollar bills in a old ugly green sock i had and put it in my top dresser drawer, i found it like 4 months later, but need less to say i spent it as soon as i remembered it was there...............which sucks

alittle dont spend it all thats the secret put away and leave it

dude dont put it all in the bank!!!! take a percentage and put it in a box or jar or sumthing, and thats ur leisure money, under no circumstance r u to use it 4 anything else!!!!! i usually take my check to bank and take like 25 bucks out and just hold on to it. that way i have money in my chick wallet when i wanna have fun.

yes, i highly recommended everyweek you have an automatic amount pulled from your paycheck into a savings account you'll never touch! even if its only $10 a week, it will add up very fast especailly with compounding.

personally, i do this with 5 different accounts (ie IRA, vacation, etc). but then again, im a jew and find it very helpful as i do have lots of money from saving.

if you use the link please email me, as we'll both get free money for signing you up too! i'll let you know how. SERIOUSLY!

$$ yea i save money. $$

Go to Dave Ramey .com

yes i can save money

but only for a while you cant save your money for the rest of your life. when you save money it means that you are saving it for something.
like when i save a little from what suppose to be my food allowance to buy a n electric guitar... unfortunately i suddenly had a need to buy a book, i only bought an acoustic guitar...

I'm anxious to see the answers to this question too!

I personally ALWAYS have things coming up and I don't get to save money. The things that come up are EXPENSIVE.

My mother does save money and she says she does it by saving where she would normally spend, then banking the money in a passbook savings account without a debit card. I know that will work if you actually keep track and stick to your guns. She is prudent with money though. I'm not .

The problem most people have is not having enough money to have any left over after bills to save.

The answer is simple, make more money, right?

And if you are reading this it means you have access to the Internet, so you have the power to solve your own problem my friend.

I see what bills i have and know how much i will pay a month, what's left i make a list of stuff like food and gas and set money aside, after that whatever is left i put some aside to spend during the week, the rest goes to the bank. It's simple just make a budget.

My Mom has told me to put at least 10% of your paycheck in the bank and don't touch it. Even if you have to get a separate account to do that then do it. 10% isn't a lot, but if you don't touch it then it will add up eventually. Ex. if you get 300 a week; then put back 30 a week that is 120 a month and 1440 a year.

We do have a small amount ($2000) set aside in a mutual fund for emergencies. If your employer offers a 401(k) plan, take advantage of both the tax reduction and the 'blind' - as in, you never see the money - savings (most companies offer matching funds up to a certain amount, so that's like getting free money from your employer). Until we get our last debt paid off, my husband just puts the minimum in his 401(k) to get the company match. Once the debt's paid off, we'll max out the emergency fund to 6 months expenses, pay off the house, then max out the 401(k), then our Roth's.

it seems like when i get ahead, i fall 4 feet backwards, no i never can save im on a tight budget, and just getting by!!plus if you have a child there is no saving!!you hope you have enough!! i think it is a murphy law to never get ahead!! i try to be positive alot but that subject i see no positivity in!!good luck on that one dude!!

The thing is that you need to save for when things come up. You can't put it off. Look at me I just turned 20. My car broke down the day before my 20th birthday. Now if I had did not save for my plans for the future. I would not have money to fix my transmission. I know it sucks because I wanted to use the money to pay for school and a down payment on a house. But at least I am not one of those people who be taking the bus for 6 months because I did not have money to fix my car. Life is hard there are no guarantees. That's what I was told when my dad drop me off from the mechanic. And buy the way my dad is paying thousands of dollars for hospital bills from an infection form an ANT BITE. He even got a Staff infection. My boss got a new Benz and drove it in the rain and had to spend thousands of dollars to fix the computer. You never know when an ant is going to bite you or when there is rain. Good luck.
I am bummed. However I have to think what can I do differently next time?

Welcome to the real world. Yes, I live paycheck to paycheck. But I am very happy knowing that my ex-wife and step kids are doing ok. Maybe not as happy as when I was married having an income of 50 grand a year and having that American dream, but since my divorce, I am now back into the category of not having more than a dime left over after payday. You need a finacial councelor perhaps, and maybe a career where you earn more than you pay out and keep it simple. When you get a raise in income, try not to go get that luxury car you have had your eye one. And don't get an additional credit card and so on.

Sock it away and forget about it. After you get a nice sum, think of ways to invest. Buying and selling is a good way to increase your money. Never use assets for personal expenses, even if you have to live in on the sidewalk and go hungry.

While most people recommend putting away money for long-term savings, I can understand how it seems difficult. Right now, my fiancee and I live more or less from paycheck to paycheck, and I know I hate it. We're just starting out, though, and sometimes that happens. As we become more established, and can properly balance a budget so that income exceeds our monthly bills by plenty, we hope to be able to start putting some money away asap.

its easy, if you work, sign up for a 401 k and you have money saved. or get your own IRA and pay a montly premium and have it set aside for your retirement or whatever. I would consider looking into a Roth IRA. it's not tax deductible.

Some insurance companies have a universal account in which you pay some for the insurance premiums, and the other part of the premiums goes into a savings account in which it can accumulate some money with investments.

Yes, you can save it in the bank!!!

Most American's believe this or not do live pay check to pay check and if they were to lose there job, would not have enough money in the bank to go a month or two with out a job... just a fact.

I used to have a spending problem... just a fact. When I needed to save money most what I did was I took the money that I did not want to spend and I put it inside a glass bottle (Miller High LIfe beer Bottle). Therefore the only way to get the money or use it I had to break the glass bottle. I didn't want to break it, maybe out of fear I'd hurt myself or someone would think someone was being robbed after hearing the glass break... who knows... but when I finally broke it, I ended up saving up about $1,000 which I used to move across country.

Today I use this same method with my daughter... except she don't have a glass bottle, she uses a big plastic cranberry bottle. She must have about $100 or more saved up (with the occasional help of me sticking in a few bucks here and there for her). I also have told her that when she finally cuts into it; I'll give her an additional 10% of what she has saved up. I don't know who wants to cut into it more, me or her... haha

I'm sorry to say that I am in the same situation as you...I don't live paycheck to paycheck; I always have a cushion in my checking, but as far as savings, I have nill. My kids have more in savings than I do...lol...We are able to save up for stuff like vacations, but it costs so damn much to live....if you get any good advice, let us know!!

I think that a lot of people do live paycheck to paycheck, or shall we say, over their means. Try starting small. I started with 50 a paycheck and increased it. I have an automatic transfer from my chequing account into a high interest savings account, like ING, that is not blocked, but to which I have no bank card. I now can easily save 5000 a year, half of which I put into my RRSP and the rest I use for travel. Put your money in the RRSP at the beginning of the year so that you earn interest on it all year through. Most people add the money at the end of the year which is not the best practise. Think of that money as a bill payment and calculate your spending around what you have left. If a real emergency comes up and you need it, it is always there and you just have to start over. I find that the more I save, the less likely I am to spend it on something I don't really need.

Secret:
Pay yourself first. Call your bank...have them remove $20 out of your checking account every time you get paid...have it go into a savings account that does not have an ATM attached to it. In other words, you would HAVE to go into the bank to get it out.
This will be a great start and can eventually turn into big money...an even better idea is to have that money go into a ROTH IRA, which can only come out to buy your first home or when you retire. Good Luck

i ask ma dady to save it fo me coz if i ask him for ma money he says no am sorry and so have to think about another way coz if i kill ma self he is not gonna gimme that money that i asked him to save so that after some times i find ma self like havin a lots ov money

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