How do you save your money?

Question

I am so horrible at saving money. Everytime i get money i soend it on something. What are some ways that you save your money? Can you suggest anyways besides putting it in a bank account to save money?

Thanks

Answer 1

Since it looks unlikely that you will get a straight answer, I will try and help you.  Here are a few options.

1) set up direct deposit so your check goes straight to the bank, and cut up your debit card if you have one.  that way you will be forced to go to the bank to get cash, or have to write a check.  having to stop and write the check for $10 here and $10 there may get you to reevaluate if you really need the item

2) close a checking account and open a savings account.  if possible direct deposit to the savings account.  that way you can only spend cash, that you will have to drive to go and get

3)limit yourself to whatever you feel comfy with (i don't know your bills etc) and live with it.  if you are in high school, and live at home and don't have bills limit yourself to $20 a wk and stick to it.  if you don't spend anything this week, you'll have $40 next week.  more than enough for a show with friends, or a quick bite to eat.  if you do have responsibilities you may need more than $20, but try and stick to it

4) if none of those will work, ask you parents to hold the money for you in their account, and just start a form where you write your check number, amount and date on it, and have your parents initial it.  it will be like banking within your family

I hope that some of those help you.  I am 28 and married, so we have bills like rent, car payments, elec, water, cable, phone etc.  It is easy for me to put money in the bank and save it because we are working towards something... money for a house, and to start a family eventually.  You need to pick something that you really really want, and start building your bank account for that.  You can do that, no matter what your age.  Set your sights on something do-able.  A prom dress, a new car, new sports equipment, a new watch.  Anything that you really want, and then just focus on that.  Once money starts going into your account, and you aren't pulling it out, you'll be amazed at how fast it grows.  

If you are older consider enrolling in your employers 401k or 403b.  You can also enroll in an IRA.  The market is up and down, but that is the best way to plan for the future.

EDIT:  Sorry Pebbles, yours is good, you posted while I was writing.

Answer 2

hello - I''m not sure how old you are, so what i do may not make sense for you.  

here are some tips and ideas that i use -

List out how much money you have coming in each month (paycheck, alimony, side jobs, etc.).

List out what your fixed costs are (rent/mortgage, car payment, car insurance, phone, cable, student loans, commute costs etc.) If you have credit card debt look at how much per card and which has the highest interest rates.

Track it by category -

retirement (401K, etc.)

home

car (payment, insurance, etc.)

gas

cable/electric/water

groceries

eating out

clothing

movies/plays (include the popcorn)

books

newspaper (if you already paid your news paper or magazine subscription, figure out the monthly cost and include that)

hanging out with friends (bar, pool etc)

non meal related drinks/snacks (Starbucks, diet coke, snacks)

other

other

(other could be alimony, whatever, things I did not list out but you have to pay)

and im able to see where my money is going.  

Consider what is really important to you and what is not and spend accordingly.

I put all leftover money into my 401K and retirement account (i have no debt or I would pay that off first.)  

Retirement savings are very important, so if you have a 401K or the equivalent, dont stop contributing to that. I see so many questions here about stopping contributing or taking the money already saved out, dont do that. The value of the compound interest is huge.

feel free to email me for more info if you like

good luck

Answer 3

The best thing about a bank account is "out of sight, out of mind" but other than that you really just need to modify your behavior. Start questioning each and every purchase. Write down goals and rewards. The rewards may be being able to finally purchase that big screen TV (cash not credit) or you may do a deal with yourself of save $1,000 get to spend $100. Make sure you allow yourself some elbow room within your budget. Don't try saying you are going to save every penny. You will likely not follow anything that strict and, therefore, get nowhere fast. Give yourself an "allowance" so you can get your spending out of your system and still have some money left to save. The biggest part is following what you set forth. It will take some dedication, good luck.  

Answer 4

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