Need easy to follow tips to save money.

Question

I have trouble saving.

Always have, I earn a really good wage for my age, i'm only 22. And I know i'm still young but if I don't started saving now, i never will.

I find it hard to put away money, becuase if I do i'll get go get in out again or something.

I would like some tips to saving money. Should I open up another bank account, give it to someone. I don't know what to do, I live from pay to pay. I pay all my rent and bills fine, I'm left over with a lot of money, and I jsut spend it. It's really starting to get me down.

So tips from anyone would be good.!

Answer 1

you should have someone hide it from you.

thats what i do. hah.

Answer 2

There are some good tips listed on the source below.

If you end up with extra savings and your employer matches up to 6 percent, I would definitely save that much in a 401K plan.  The trading tips below say to max out 401K savings but I would max out savings (if you qualify) in a Roth IRA before maxing out savings past the full matching portion of a 401K plan.  I don't know your tax situation so you'll have to find our for yourself or talk to a financial advisor.  Then you can start reading financial news sites and start letting your money work for you.  I'm currently reading trading tips at elliotwave.com.

If you don't want to do that much, write down what you want on one list, what you have to spend on another list, and what you need on another list.  Sort it out and decide how much you want to keep for yourself to save.  Stick to it and you'll end up with your savings.

Answer 3

wat u problyy should do is consider how much u get paid and consider how much u want to save, work out the difference and thats how much u may spend. I have tried this and it will not be particularly easy if u have poor will power like me (lol) though it is much easyer if u keep track of ur spending and earning and avoid impulse buying (i am a sucker for this) i hope this is helpful for u, but just remeber wat ever u do unless u start geting paid more u will not be able 2 save until u start cutting back on luxuries

Answer 4

Just open a savings account and treat it like a bill and pay it every month or whenever you get paid. My wife and I have been doing it for 35 years.

Answer 5

There are loads of resources out there that can save you money to be honest, but I think your best bet is to have some kind of savings account, and put in all your 'surplus' cash at the end of the month. I,e, take your monthly salary, minus all your necessities (rent, tax, utility bills etc etc etc), keep some for 'living', and then have the rest going into a savings account. Some banks will let you have a savings account where you can't even withdraw or transfer money without having to fill loads of forms out - this will help you because it can be a real pain having to fill forms out!

One other source I have found recently is this blog, which has some practical ways of saving money...

http://ten-to.blogspot.com/

Good luck!

Answer 6

1. Start by writing down every penny spent.

2. Then add up totals.  Figure out where it's going.\

3.  Budget.  Put money in envelopes and stop spending in a category if the money is empty.

Answer 7

Hi! Good question. My opinions regarding the matter are as following;

1.Firstly you have to have the determination of saving money.

2.You have to draw your monthly Budget.

3.Try to write down every single expense.

4.Find, which expenses are not must for your living. Then cut them from your Budget.

5.Finally you have to remind yourself the proverb always that

  saying ‘Cut your coat according to your cloth.’