Help with saving money??

Question

OK i have a problem i cant save money and it hurts being broke can any one help me on some tips on saving SO could mange my money

please and DONT want answers like don't spend you money or don't go out or stupid answer please am for real!!!! ty

Answer 1

The old adage "Pay Yourself First" is the most important money management lesson you will ever learn.  Before you spend a cent, put some money into a saving/investment fund.  Manage with what you have left after putting something away for your future.  Pay rent/mortgage, utilities, car payment, car insurance, gas/transport to get to work, health insurance, student or other loan payment, credit cards in THAT order so the most crucial expenses are covered first.  Food, household expenses, clothing, etc. are all discretionary and can be easily pared to the bone.  

Last comes anything else: non-critical toiletries, entertainment, furniture & furnishings, etc.  Save up for them.

Pay at least three times the "minimum" payment on your credit card bill or you will paying for that dinner out for the next 30 years.  Always keep at least half of your credit limit open so you can handle an unexpected or emergency expense.

Utility bills are easy to cut back on:  think green.  There are tips all over the place on cutting utility usage.  Cut gas usage: Plan the most economical route to & from work.  Batch errands, limit them to once a week -- better yet, twice a month (shopping, dry cleaners, public library, bank, Post Office, and other running around you do).  Re-evaluate your needs and get competitive quotes on insurances at least every two years.

#1 cause of poverty -- having children you cannot provide for, and it gives them a poor start which makes it tough for them to break out, too.  Kids often learn bad habits from parents and fail to break them.

#2 cause of poverty -- failure to plan ahead, budget, and save.

Answer 2

You need to create a budget. Write down how much money you make monthly. Write down what you are spending monthly. Then come up with a plan where you can cut back expenses and use that extra money for savings. Also look at your credit card/bank statements and look where you money is going. Little purchases add up after awhile. I budget my money everymonth and it really helps.

Answer 3

Hi,

I'd suggest you start out easy, find ways to save and to spend less that won't impact your lifestyle or causing a cash crunch. It's tough to make a commitment to spending less or saving more when you feel like you're making a sacrifice. What do most of us feel like we'll have to sacrifice? Some of our most valuable asset, happiness, which is what makes it so hard. This site, http://www.money-and-investing.com/Easy-...  lists "20 ways to save without sacrificing your lifestyle or happiness".

After you've developed a little discipline, you might want to start learning more about the basic principles of investing and personal finance. There's a good introduction to some of the most important concepts at http://blog.money-and-investing.com/1/th...

Good luck! Post back here often so we can watch your progress, it's fun for all of us to watch beginners on their wealth-building journey.

Cheers!

Odd Lot