Need tips on saving money..?

I am only 17 and I get paid every two weeks. Whenever I get paid I always say I'm going to not blow it but I always do. I always want to spend everything I have then I go a week with no money until I get paid again. Please give me some tips on preventing this. Thanks!

go here to save a fortune

http://forums.moneysavingexpert.com/

open a bank account
keep enough money to see you through to the next pay day
put the rest in the bank
give your bank card to your parents to look after
I'm sure they wont let you spend it all

I have the same problem too, so you're not the only one =D

I've maintained self-control by answering these questions in my head whenever i consider buying something.

1) Do I NEED this?
2) Can i substitute something instead of buying this?
3) Do i like this?
4) Is the price reasonable?
5) Can i afford this?

Think these questions through, and maybe your self-control will be perfected =)

What I did at your age is I took a three ring binder and made up an account. Much like a statement book. Next I had categories. I was a horseback rider and took lessons weekly. I knew how much that would be, so I took a bank envelope and wrote riding lessons on it. I then made a page for it in my three ring binder. I had categories like savings, clothes, tithe, etc. You always write down what you spent on each statement page. It takes self discipline, but you'll get there!

Well, this might sounds more like a life long advice. But here it goes...I know you are still very young and not really thinking about the future. The roots of you spending money like that is you have no clue what you want in life YET (it is part of being young). But is never too early to think about it....If you are good with spread sheets, play with it and plan out a savings plan. Make goals and that would help you realized what you want in life. Since we are talking about money, make it more of a Financial Goal, and let's make it a short term goal. Short term as in 2 months, so aim for the end of the year. You don't have to save penny right now, but do try to save 20% of what you make. So multiple the amount you are making every two weeks by 0.20 and that would be your goal to reach at the end of the year. The easiest way is to set aside 20% every time you get pay. You can motivate yourself by "pretending" that you want to save for a new iPod (or something that is close to the value of the 20% of your income). When you reach it, don't spend it yet...think twice and set another goal for a bigger items, so now you have set your goal to a higher amount now. So start to save again.... This is really to teach you to play with your own mind, to motivate and drive yourself to save. I hope the goal eventual ACCUMULATE to a really big goal and longer terms goal. Don't you think since you are so young and with so much time, you should be able to save up for a house in the future? I suggest that is because my personal opinon is real estate is the best invest for your retirement. Yeah, I know is a long, long way for you to go. But it is never too early to think about it NOW. I hope one day the BIG SAVINGS comes handy that you really buy something you really NEED and NOT what you WANT. I hope learning to set short term goal and motivate yourself by "trick yourself" would work for you. Good luck!

Open a savings account at the local bank...put half of your pay check in the account, and force yourself to not touch it...then add half from your next pay. You will see your balance grow and begin earning you interest...then it will give you the encouragement and incentive to continue to grow the savings. Keep the money in there for the really important things...not just to blow it. The more you save, the better...in time you can use the accumulate savings to put into special accounts that draw even more interest. If you cannot deposit half...then deposit what you can...but make sure you DON"T TOUCH IT once the deposit is made

Never use your debit card. It makes it too easy to spend money.

Use direct deposit.

Don't eat out -- learn to cook if you don't already. Food shouldn't cost $5 per meal.

Put it in your savings account and leave it there unless you absolutely need it (gas).

Open a savings account and put half or three quarters of your paycheck in the bank and don't touch it. the interest will make it grow

This is what I used to do. Ask your employer if they have direct deposit. Ask them to deposit 1/2 of your check in a savings account and then blow the other 1/2 if you want to. This way you are saving and still having a good time!

Go open an account at a bank make sure its your savings so that you dont have a card on you put your money derct de-posit so that you'll never have it on hand and that you;ll always have money. Not having to always worry. and when you need money all you have to do is go to the back drawl out only so much.. and you'll be fine.
Goodluck.. i hope this helped you.

Set up a savings account that cannot be used unless you go into the bank in person. On payday, transfer 10% of your cheque into the savings account. If you make it really inconvenient you won't be tempted to spend it. And since you're transferring the money immediately, you won't even miss it...

The one thing that helped me conserve my money was keeping it all out of my wallet. When I ever got money, I kept nearly everything out of my wallet, and used only a small portion of what I left in my wallet. You tend to use much less money when you walk around with only like 10 bucks in your pocket instead of having the full wad inside your pocket.

Okay, one of your obligations in life as a worker is to PAY YOUR TAXES.

The government knows something about you that you don't even know-(you'll blow it too-your tax obligation)

So, to prevent 99.7 % of all people from being put in jail for failure to pay thir taxes each year, the government grabs it BEFORE you get it.

Neat trick huh! They get theirs whether you get your or not.

They do this through a process call Payroll Deduction and it WORKS.

And it can WORK for you too. Here is how.

Go to your bank (I HOPE you are having your paychech sent DIRECTLY to your bank and not being given to you on Friday-if not GET IT CHANGED NOW) and open up a simple Money Market Account. It will earn some pittance like 2-3 % but that is NOT the point here.

Deposit ALL of your paycheck INTO you checking account and have the bank every Monday remove an amount $25-50-100 a week and place it in this Money Market Account (MM). Whatever you feel comfortable with.

NOW, once you have done this and have accumulated 500 bucks ( a magical number in the financial business) you need to find you a good mutual fund (google the concept)

May I recommend a fund/company called Pioneer II. It has been around since 1928.

NOW for some magic. With the 500 buck you buy into the mutual fund-setup an account under an IRA or a Roth IRA ( recommend a Roth IRA) The Mutual Fund company will help you with the IRA setup.

A bit of explanation is in order here. A mutual fund is an investment fund. Your money is POOLED with millions of others on a daily basis and is invested in the American marketplace for your benifit. You receive shares in the company commersurate with your invested dollars.

An IRA, Roth or plain vanilla, is an umbrella, NOT for your investment, but as a protection against taxes on your investment. In a plain IRA any money you put into an investment (one you have set up under an IRA ) and any monies you invest for a calendar year, you do NOT have to pay income tax on. It is said to accumulate tax free.

Yep, if you make say $25,000 AGI (Adjusted gross income-all income minus allowed deductions) you pay taxes on $25,000. BUT if you put say, $2000 into a sheltered investment (IRA) the government will let you take that 2 grand right off the top of that $25,000 AGI and you will only have to pay taxes on $23,000. Pretty neat huh?

But, I recommended a Roth IRA. WHAT its the difference you say? Well, the name comes fron the Congressman who introduced the bill allowing for its existance. It allows MORE money to be sheltered under the IRA umbrella (remember taxes is like a bad Texas hail strom-you can't run and there is NO place to hide) BUT unlike a straignt plain Jane IRA you do not get to deduct the invested funds from your taxes that year.

Well THAT'S dumb you say right? Wrong.

The object of these savings accounts is for your future-possibly retirement (I KNOW-I"m WAY ahead of you)

But here is what happens. If you take the tax break NOW (reduced income taxes for the year) the government ALWAYYS wants their money-they'er more scary then the Mafia-at least in the Mafia you can go into the Witness Protection Program. With the US Government they ARE the witness protection program-and SO in exchange for the sheltering of taxes from your investment for many years (believe ME it really adds up) they want you to pay taxes on it when YOU WITHDRAW it. This COULD be a great sum as who konws what your tax rate at that time will be.

With the Roth IRA you do not get to take a tax deduction inthe year of your investment BUT there is NO taxation on the money when you get ready to take it out. It grows, protected from taxes just like the regular IRA.

These are long term investments and for a person like you at 17, your participation (in mutual fund investment) will virtually insure your being a millionaire WELL before you retire.

Now for the really good stuff.

Once you take a leaf from the government's playbook and "Pay Yourself First" it will soon be a habit and your self imposed "reduced paycheck" will be just something that you learn to live with-knowing full well that everyweek you are doing something for yourself.

Now, as for that micky mouse Money Market fund you opened, is will be better then keeping ALL of your working money in a bank checking account-no matter HOW much you keep in there. Get a MM account with check wirting features. The only reason I asked you to open it was so that you could have a safe and inexpensive place to have your savings go while you are accumulating enough to open a Mutual Fund Account. Most Mutual Funds require a 500 dollar minumum to open an account but they (at least the Pioneer group) will let you automatically Payroll Deduct any amount into the Mutual Fund account each payday, (or ANY defined period)as little as $25 per period. You can set this up as the beginning and chage it ANYTIME on line.

OH! One last thing NOW you can sit in the McDonalds resturaunt each morning reading the financial pages and checking your lastest position in the market-you see, all mutual funds lists their previous day closing prices-now you can splurge on the frugallity of Micky D's while your portfolio is cleaning up on Wall Street.

Ahhhh! The Novo Rich. To be 17 again.

FYI... IRA stands for Individual Retirement Account

I agree with what some others have suggested. Open a bank account, make it a savings account that is NOT accessible by debit card. Have your money put in by direct deposit. Make it inconvenient for you to get money out of the bank ... not impossible, just inconvenient, so you have to think before you spend.

Save a dollar each day. You can save $365 a year.

Buy a big soda bottle( i did this) it has to be a jumbo(About 2ft. tall) cut a slit in the cover. seal the cover w/ tape(strong tape), but dont cover the slit. When ever you get cash or change put it in da bottle.
IT WORKS

give it 2 someone u trust to keep it safe!!! someone reliable!

Find a hobby that allows you to stay home and not spend any money.... world of warcraft works nicely...

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