Cloee Quips
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You have to make priorities. It is need vs. want. We need a lot less than we think we do. Challenge yourself to not buy anything new for a month. It will give you an idea of your impulse buying. Be very disciplined and keep track of all expenses for a month . Even $1 for parking. Good luck. We are all going to hell in a handbasket w/ the national debt w/ the credit crisis in this country. |
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JEDI MASTER YODA
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Try:
www.simpleplanning.net
They have GREAT resources!
The secret is to OPEN a Regular Savings Account at your local Bank or Credit Union.
Then set-up an AUTOMATIC SAVINGS PLAN where you PAY yourself first by transferring some of your income to your new SAVINGS account when you get your pay check.
By SAVING on a regular basis you will accumulate wealth.
Then you want to consider INVESTING and opening an account at:
www.sharebuilder.com
Its EZ and worthwhile you will see.
The other secret is to establish a BUDGET for your income and expenses; and set aside some funds for future needs.
You would want to have 6-months of normal income SAVED in a savings account for emergency purposes.
Save for a rainy day!
SAVINGS MONEY IS SUCCESS!
Most people SPEND SPEND SPENDING...
You will come out ahead of others by starting to SAVE today!
www.wellsfargo.com
www.bankofamerica.com
GOOD LUCK! :-) |
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Natural Medicine Man
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Do not purchase anything that does not either keep you alive or decent clothed in public. Make a budget and save everything that does not fall into the above areas.
Where you save will also depend on how much you end up with in the end. With anything below 4% you are losing money with tax and inflation. Cut up all credit cards and work on debit cards. But with them if there is no money in the bank there is no product in the bag.
If you put it in your mind to save it will begin small but will increase as times proceeds. |
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J.T.
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open a savings account at a bank that is father away than you normally drive and take a portion of you money each week or every other week and deposit it before you know it you ll have a couple hundred dollars... |
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INACTIVE
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The only way to save is to something in a way that fits your lifestyle much like dieting. It's not going to work for any length of time by cutting back to 1000 calories a day and expect to do it much past the first few weeks. The best way to save money is to reduce spending a little at a time and seeing some reward. Get an account that you don't have easy access to and preferably one that offers a higher rate of return. Start with $5 or $10 per pay and then gradually increase a little at a time. Make it automatic... you cannot spend what you don't see. A 401K with employer match is an awesome tax free long term investment but also a Roth IRA is more liquid if it's a shorter term savings need. You don't have to do one thing or the other... diversify your savings plan(s). Cut back a little on your spending to "find" the money to save. Use common sense. Read books about investments and don't invest in anything you don't understand. The higher returns are the most risky so use your head. Suze Orman offers practical advice. Check out her books at the library. Get a savings account in a bank on the other side of town and do not accept an ATM card. It's so easy to transfer money instead of forgetting that you have the money. Stay away from credit unless it's for a home or auto or something you cannot pay cash for. DO NOT use credit cards for consumer purchases or cash advances. Knowledge is power so read books by the experts. Consider a part time business to make use of tax credits. Write a plan of action and attack your goals one by one. You can do it!!! |
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Jack O
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Try to put alittle something into as high a paying account that you can get. Spend less - there really are no big secrets. |
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netthiefx
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Yeah uhm, the secret is there is no secret, spend less than you earn and always put a little away, keep doing that. |
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Radish
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use mental savings like - get a piggy pank, once you have made 20$ in it you can spend 7 and the rest goes to ur bank acount or somehting
jkust think - if i dont save, who is gunna buy me 4 pounds of chocolate this summer??LOL |
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Martin T
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Fist of all, Pay yourself
1- Like the other other answers, open a saving account.
2- As soon as you get your pay check, put let say 20$/week
0r: Using your bank services, program an automatic
transfer from your regular account to your saving account
3- Never use your saving account for your day to day
expenses. Don't use any debit card with your saving
account.
At 20$/week it is more than 1000$/ year. Depending on your salary or your needed amount of money, you will vary this amount
4- As soon has you get a sufficient amount, start buying Treasury bills or other bond that will start giving you back interest
5- Grow your capital step by step. To the point that it is your money that will work for you. Think that your capital has to work as hard as you. Don't let your money in a saving account at .1 or 2% interest
Good luck |
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Lebelle
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open a savings account and set up a weekly deposit for a small amount something like 20 dollars. Before you know you'd saved lots.... |
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vanessa_page_2004
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Don't think of your paycheck as 400$ If you can, save 25-50% and then put it in another bank so that the money is always on hold. Then, mentally tell yourself that you paycheck is only 200-300$. You can't spend what you don't have.
If you can't save that much, then do 10% or 50$ a week but make sure you can't access the money without waiting. Do not link your savings account to your debit card!!!
PS. Using a different bank than you usually use is good because your money takes 1 day to get to your primary account 5-7 more days on hold after that. With waits like that, you've already received another paycheque by the time you get access to your savings. |
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Uncle Leo
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Establish a budget. Make sure priority items in the budget are contributions to a retirement account (like a 401(k) or an IRA), and also maybe to a savings account or money market fund as well. Use payroll deduction or automated transfers from your checking account.
The budget is crucial because it helps you control your spending. The automated transfers to the retirement account and other accounts let you pay yourself first. Make you your top financial priority. See the webpages listed below for more information. |
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smiling_freds_biz_info
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Get a piggy bank that you can't shake or otherwise extract money put in. |
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Mr. just be happy
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Start with a goal.
my definition of a goal is "a dream with a plan"
you need to dream then you need to have a plan to make that dream come true.
Go to your human resources department at work and tell them you want to start a direct deposit, some financial guys call this paying your self first.
You should start small if you try to save to much at first you will feel the shortage.
Some say to pay yourself the first 10% .
Not knowing your finances I don't know what you can afford , its been said that most people cant account for 10% of there money so it might be a good place to start.
Basically you need to trick yourself into saving, direct deposit to an on line bank might be the way to go do to the fact its a little harder to get at your money.
Which ever way you go make sure you don't get a ATM card w/the account or you will blow through your saving like crazy.
It will be to easy to get to.
Good luck. |
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Bottom Contributor
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Here is the most well kept secret for saving money:
Stop spending it. |
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