How to save money?????????

Question

My partner and I really need to start saving for a car, but we are hopeless at saving, our money goes so quickly and we dont know where it goes!!

Weekly earnings are: $540 and we need about$50-$80 for grocerys and about $50 for ciggarettes! Thats all!

Can anyone PLEASE help?!?!

Thanks

Answer 1

Quit smoking that will save you a lot of money duh!

Oh well, be broke then.

I agree with Altair

Answer 2

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Answer 3

you're right, quit smoking is not the question, it's the ANSWER. stop smoking, that's $200/month extra. just don't buy anything unnecessary. and if you're not making enough money now, then you won't have enough to pay for car insurance and gas every month if and when you DO get a car.

Answer 4

make a budget write down all your expenses then keep all your receipts from spending on groceries out to eat and other shopping. add it up each week and you will see where your money is going.

Answer 5

You can try the envelope system.  I don't know how much you want to save for a car, but you can simply put a certain amount of money each time that you get paid, then stick it in a drawer and forget about it until it's time to get the car.  If the money is too tempting in the envelope, then just simply open a savings account, without a ATM card, and deposit the money that you decide to put in every week as soon as you get paid, until you get enough for the car.  Good Luck.

Answer 6

I save money on cigarettes by using a little machine to stuff tobacco into paper tubes, Not only is it quite a bit less expensive, I only stuff them one at a time, and I keep the different makings in different parts of the house, so it becomes a bit of a project to smoke a cigarette. If I have a pack of Tailor Mades around, I just smoke them one after another.

I found that by borrowing money to invest in some sort of term deposit I'm forced to make the monthly payments, and I don't have the money on hand to spend. And the money is making me something, rather than what buying a car on credit would.

Microsoft Money is a very effective tool for tracking your money and accounting for what it's spent on, but it needs to be used consistently. It's not a lot of work, but it's not very useful for procrastinators.

Answer 7

you need to setup some kind of budget so you know what you spending on currently and workout how much money that you can set aside for the new car each week.

Then setup another saving account preferable that earning good intereste and setup automatic transfer from your day to day account to the new account each week, that way you know you do automatic saving. NB: you can not touch the new account until you reach your goal to buy a new car, and do/setup the automatic transfer from your salary or as soon as you received your pay so you can only spend what's left on your day to day account which should be enough since you have workout your budget.

Once you reach your goal then you can use the account for another goal. once you get used to it then it is easier and will help you in organising your budget as well.

Hope it helps and good luck.

Cheers

Answer 8

quit smoking - it is not only going to save you the cost of cigarettes, it may also save your life. And if that is not enough incentive, then think abt the medical bills you will save.

other easy options to save: cut down on take away coffee, food and drink.  Cut down on pre-prepared meals and go back to the basics. Bring lunch to work. Go shopping on a full stomach so you aren't tempted to buy more food.

check your service suppliers to see if they are competitive and consider switching - insurance, bank fees, credit card fees, mobile phone...

Answer 9

hello - there are a lot of ways to save money, bit one of the ways i find the most effective and longlasting is actually knowing where it goes -

so here are some tips and ideas -

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 (mortgage/rent)

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)

cigarettes

other

other

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

and you will see quickly where your money is going to go. Then you can see if it is all the right places, or if you want to make a change and not buy so many clothes, see so many movies (or pass on the popcorn) etc. Do you need to have the car you have or is there a way to get a vehicle without a car payment? Do you need HBO?

Consider what is really important to you and what is not and spend accordingly - so, since you are saving for a car, make sure every time you spend you ask, is this a necessity (if yes, ok) i fno - will this help me get the car?

Be sure to put all left over money into savings somewhere and not just spend it on something else (or put it towards paying down credit card debt). And keep tracking what you spend for at least 6 months. that will help you get into habits and patterns that are good ones.

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