How do you make yourself save your money?

Question

So, I have a problem, I am terrible with my money, as soon as I get it it feels like I blow it. And I almost never make it to the next pay period without being completely broke. You think that it would have occurred to me that something isnt right, well it has occured to me, as many of my friends have several thousand dollars saved up in their account, I would be very happy if there was a better mentality that I could have. Is there anyone that has been in my position that found something to work for them?

Answer 1

you have to keep a coin bank but put those bills there for example for every pay day you have to put $30 in the coin bank but of course, it depends on your salary. if you have extra money keep it in any places like under your bed, under your cabinet/closet. so if you need money you will get it there. from my experience, i forgot i have inserted money in my book so i was surprised one day i was totally broke then when i saw it LOL. i thought it was not mine though.

collect your coins and put it into a coin bank as well. exchange in the bank and save in your account you will be surprised for the total amount of the coins.  

Answer 2

Do some regular savings e.g. in systematic investment plan in some good mutual fund or recurring deposit schemes.

Thanks.

Answer 3

Open a savings account. If your paycheck is on direct deposit, you have the option to split your money so have a decent portion directly deposited into the savings account. You won't even miss the money. If your company offers 401k, start contributing if you are not doing so already. Money in 401k is harder to get to than in a savings account.

Here is what you do though if you want the money in your savings account to not only stay there but grow exponentially, start tracking your expenses down to the pennies. Knowing where your money goes should be the first thing you do. You might be surprised to find what you spend your money on! You may not want to go entirely cold turkey on your spending...easy does it.

Also, your friends can be a great asset to you. You have seen their spending habits so you kinda already know some of the things they are doing right that you are not. Ask them how they manage to save. You are with the right people, make it work to your advantage. Set realistic financial goals and this will help you put your financial life into perspective.

Answer 4

Just open a savings account and treat it like a bill and pay it monthly or whenever you get paid. It's been working for me for 35 years

Answer 5

In a manner, you have to think cheap. You have limited funds, you have limited spending power. Control that, and get rid of those credit cards. Pay cash when you NEED to buy things. And do open that savings account. Put 20$ per pay in it (more if you can) and see how fast it grows.