I am so bad at saving money....?

does anyone have any good tips on how I can manage my money? thanks in advance.

Hi Fabey!
This is a good question! The answer is to budget. Budget can be a scary word to people because it sounds so restrictive. Something that everyone should understand is that budgeting is something that everyone has to do. Even people who have tons of money like Donald Trump has a budget. Take a look at this--I hope it helps!

Budgeting: It’s really for everyone
How to incorporate a budget into your lifestyle

Most people cringe when they hear the word budget. They think, “What more can I deprive myself of? I don’t have much to begin with so let me enjoy a few of life’s simple pleasures.” Budgeting does just that! It helps you squeeze out a few more dollars to be able to splurge every now and then and more importantly, it allows you to add to your savings so you can improve your quality of life.

The point of a budget is to help you see where your money is going and highlight the areas where you can cut back. If you think about it, budgeting is not just for people who don’t have a lot of money. All major companies operate by a budget. Oprah Winfrey operates by a budget. She needs to be able to keep track of where her money goes, just as we all do. Budgeting is a way of keeping your finances organized, whether you have a little or a whole lot of money.

Here’s how you can incorporate a budget into your lifestyle:

• Start by using a spending log for a week or two to see exactly what you spend your money on. Write down everything you buy whether it’s a newspaper, can of soda, groceries for the week, eating out or what you spend on entertainment. This will help you come up with your average monthly expenses. To find out your total monthly expenses be sure to include your monthly bills along with your average spending.

• Then figure out what your total monthly income is after taxes. Once you come up with a number, subtract your total monthly expenses from your total monthly income. Hopefully the resulting number is positive. This means you have a surplus and you have money left over. If you have a negative number, a deficit, this means you spend more than you earn and you need to cut back.

What to do with a deficit:

• Look back to your spending log, particularly those flexible areas like eating out and entertainment.
• See if there is any way you could cut back. Perhaps instead of eating lunch out at work everyday, you can bring your lunch 3 times a week to save a little money. Instead of going to see an evening movie at the cinema, see a matinee, which is usually cheaper.
• You can always find painless ways to cut back. If you feel it’s too hard to bring your lunch to work because eating out breaks up your very stressful workday…that’s fine. Just find another area to cut back on until you no longer have a deficit.

What to do with a surplus:

• If your budget reflects a surplus and you do not see this extra money at the end of each month, use the spending log again to help find areas where you do not realize you are spending money.
• You’ll be amazed to see how frivolously your money is being spent when you actually write it down! This will make you more aware of your actions and may make you think twice before you spend.
• Now determine an amount that you can reasonably afford to put aside for yourself into a savings account, retirement fund, college saving plan, etc. Make it a priority to pay yourself first!

We can all live with what we have if we change some of our old habits. When there’s a will, there’s a way.

Want to learn more? Call us for a no-cost consultation about this and other financial topics.
Toll Free: 1.888.354.6332
Debt Counseling Corp. is a not-for-profit organization
providing education, counseling and advocacy to consumers like you.
3033 Expressway Drive North, Hauppauge, NY 11749
A brighter tomorrow… Licensed by the New York State Banking Department

There is a lot of other great information listed on our website that you should take a look at--there is also a sample budget that you can print so that you can start this!

Danielle
Certified Credit Counselor
www.DebtCounselingCorp.org

well my brother had the same problem, he found a credit union that had bad hours, it was like 10-4 tue-fri and he would have so much taken out of his check and direct deposited in that account, that way it is a pain in the butt to get to but if you really needed it then you could still get it. start small and work your way up to a higher amount every couple of weeks. and if you never see the money it is alot easier not to spend. so i suggest having it direct deposited in another account.

Automatic transfers to a savings account

Personally, I have three accounts. One is a savings acc't...I have $X X put in there out of every check...direct deposited. The other is my regular checking acc't, which is also direct deposited. Then I have my PartyLite account. They are all at different banks, I am less likely to take $ out if I have to drive all over town to get it. I also don't allow myself to take money out of my PartyLite account (like when they deposit profit checks). I cut up the ATM card for the savings account, and because of my work schedual, I can only get there on Saturdays when they are open...and they close at noon...I like to sleep in. Kinda forces my hand there, but that is a good thing. I haven't had to put Christmas gift on a charge card for 10 years now.

and i am so good at it....what is your problems? you have to be paying you internet bill....and your phone...etc...what you think is important...so, why isn't everything else the same way? i believe you are not "keeping track" of it as you should.." loging it..paying attention...keeping receipts...monthly records..balancing your check book properly (every day!) that's called "neglect!"..falure to recognize....oops!!! If you don't stay $ conscious, of course you will lose track, and then say.."Where did it all go!!!!" Oh. "you are Welcome! :)

Hmm... Start a CD investment?

I have.

Why dont you use a municipal credit union for your area that you can have money taken out automatically from your check to put into a savings account. At first it will be tuff but then if you start small maybe 10-15 dollars per check it accumulates quickly and by the end of the year have a nice little sum that you could either invest or put into a bond fund or ira fund. small starts help!

Have a percentage of your check into a savings account so its there even before you get paid!

Dear Fabey Jay!!!!
Your question appears to be innocent but still wise. It is an experience as how one can manage money. Money is ruled by JUPITER, the GURU. He gives plenty of money, food, resource, education, facilities etc. So he makes us not to suffer for want of anything. Then it is our turn and duty to make use of them in the best way.
You may have plenty of fruits, and cant eat all yourself. In 2-3 days if not used all of them will perish and become useless. If you give those fruits to the needy and distribute as a gesture, then they will be completely utilized, even after satisfying your hunger. Many who received the fruit from you will also be helped and keep gratitude for you.
I told this to understand the philosophy of pending or managing things ruled by Jupiter.

I give another example. You are blessed to dine in a best arranged function and with rich and variety food of exceptional quality and quantity too. Suppose you consume all those, which you like most, what happens. For this indiscipline your stomach suffers with pain, motions, and other problems making you ill. This is another example of misusing the Jupiter's grace.

Now we will come to your query.
Please make a realistic answer. What is your income from all sources. Is is sufficient to make your both ends meet? or is it little excess to give you more comforts. Categorize and prioritize the nature of comforts which are necessary in the present situation. you need not be greedy.

So if you feel over all, that you receive something more than what you need, then think of savings and charity.
Identify by a little exercise, as what can be cut down, without hampering your comfortable living. O.K.
Then try to exercise the restriction in a gradual manner, that you yourself don't feel any displeasure or inconvenience. Thus your savings commences.
You have to do paperwork. One way is just write all expenses for every spending for one week days, without any audit. After one week just go through the list/account and bring the expenses in to number of headings, and then you yourself will understand where to cut the expenses and where to spend more and where to save.
This is not only to save money, but it is a spiritual practice to see that what all Jupiter sanctions us, we are able to channelize it in the optimum utilization.

Best of luck dear JAY.

So am I. So today I'm going to open up a 'keep the change' account with bank of America. basically, if you buy something for $4.50 with your debit card the bank rounds the price up to $5.00 and adds the remaining .50 to a savings account for you. So i really don't have to save any thing because the bank will do it for me! and balancing my check book will be easier because everything will be round to the nearest ten already. oh, when you use your debit card be sure to chose credit every time so you don't incur a charge from the store.

The first bit of advice I would give you is to learn to give correctly. Pickup a bible and read what it has to say about giving. My spouse and I learned this lesson shortly after losing most of what we had only to be blessed with more than we have ever had Good luck and God bless

well you can't save money unless you make a lot of it. Investing in education is your first step toward a higher income, and then get a job or career with good income. Otherwise you might want to have 2 or 3 jobs as well as being creative at home like shopping with coupons. You don't have to "keep up with the joneses", i.e. you don't need the newest of everything. When you buy then buy traditional items that won't go out of style in 15 or more years and keep your weight stable so you won't have to buy new things. You can live inexpensively, you don't need to eat out a lot or lunch with your peers or buy large lunches or meals in general. Determine the difference between "want" and "need". And review websites like daveramsey.com to see just what problems you would encounter if you didn't take care of your finances.

Then you need to make a plan, have a goal, a strong goal and then begin putting small amounts of money away for that goal. If you don't earn enough you will always be dipping into that account. So supplement your income with an evening or weekend job or both. I started out doing Christmas club saving and converted one to a savings account and one to a bond. I know you will need to save for your retirement and that would require saving at least $1,000 a year for a Roth IRA. Perhaps your employer has a plan wherein they save half and you save half...if you stay there for several years.

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