Tips on saving money...?! Easy 10 points Best answer =)?

Question

I work in the restaurant industry so I make money every night as oppose to every week. I need to save money!!! I need 3 stashes of cash...

1. Bill money (Rent & Utility)

2. Spending money for the week (Food, Gas, etc.)

3. Savings for leisure ( Trips, TV, Furniture etc.)

Does anyone have any ideas for me?! Should I get 3 accounts & what kind of accounts? What stash should the atm card be linked to? What percent should I put into each every night?!!!! PLEASE ANY HELP WOULD BE GREAT!!!!! Easy 10 points =)

Answer 1

When I used to do hair I would get paid everyday. I made a lot of money but I spent a lot of money because I spent it as soon as I got it. It seemed like I never saw a cent. Then I realized that I had to develop discipline. You should:

1. Pay yourself as though you had a payday.

2. Choose a day a week that you get paid. like Friday for instance.

3. Everyday Before work or at lunch you should take what you made to the bank and deposit it.

Then tell yourself that you can only withdraw on the day that you chose for your payday.

4. Pay as many bills as you can from your account and never skip a day to the bank. Make it a ritual. By depositing your cash you are less likely to spend it. Out of site out of mind.

5. Make a monthly budget and remember to stick to it.

6. You can get by with just a checking and a savings acct.

7. You can put all of you money in savings and then transfer over what you need to pay bills or rent when it accumilates.

8. Only make your ATM link to your checking. linking it to savings is too tempting until you are disciplined.

Plan what you  spend and save room for entertainment and paying yourself first.

I understand your frustration. Been there. Trust me out of sight out of mind. Drop it in the bank and take realistic inventory on what you are making and spending.

Good Luck!

  

Answer 2

Since the Bill Money account is only for stuff you write checks for, you don't need the ATM card to be linked to it.

To save up the money, first, you need a written budget.

Start with how much income you have, and then list your expenses in order of priority.  If you can't cover everything, you already know what you won't be spending money on, because it's at the bottom of the list.

As for the expenses, here's the priority list.

DO NOT PUT ANY MONEY TOWARD ANY INDIVIDUAL STEP, UNTIL ALL OF THE STEPS ABOVE IT ARE FULLY FUNDED.

#1 priority: FOOD

We're talking essentials, so if you know the money's tight, you can budget for ramen noodles.

When I was unemployed, I could stretch $11 a week with Wal-Mart groceries (beans & rice, mac & cheese, ramen noodles, etc.  Today, it's more like $50 a week at Aldi)

#2 priority: SHELTER

Rent, and renter's insurance.

Not furniture.

#3 priority: CLOTHES

Not habitual shopping, but essentials.

#4 priority: TRANSPORTATION

Car payment, bus fare, gasoline, whatever you use.

#5 priority: UTILITIES

These are rather important.

#6: MINIMUM PAYMENTS ON YOUR CREDIT CARDS AND OTHER DEBTS.

#7 MINIMUM SAVINGS.  

You need $1,000 cash in the bank for emergencies.

#8 ATTACKING YOUR SMALLEST DEBT.

Could be a credit card, could be a student loan, could be an old hospital bill from 4 years ago.

#9 ATTACKING YOUR NEXT SMALLEST DEBT, ETC.

#10 FINISH THE EMERGENCY FUND, WITH 6 MONTH'S PAY.

Who needs a credit card if you have $20,000 in the bank.

#11 SAVE FOR A DOWN PAYMENT ON A HOUSE.

Not a 3% "I hope I don't get upside-down or foreclosed" ,

but a big honkin 30% down, so that the house doesn't own you.

#12 RETIREMENT SAVINGS

Once you have completed steps 1-11, then we can talk about the stock market, Roth IRAs, etc.  

15% of what you make goes here.

#13 LUXURY ITEMS (but only pay cash)

New TV, New furniture, Vacations, "live like you're rich", because if you can get all of the first 12 covered, you will be.

Answer 3

Hey,

  I'm an accountant and a mom. I know how hard it is to save money for the things you need. My suggestion is to set down and make a journal of what you spend your money on and how much you spend. You can break it down into your 3 groups you listed, but in your journal put another group title-total income. Then at the end of the month total every group and divide each group into your total income to get the percent you need every month to cover your groups. Then you can break it down per week or smaller if needed. With the extra money you have left over you can put that into your spending or saving. If you would like I can help you create an excel personal budget sheet if you would like.

Hope this helps.  

Answer 4

IMO I think you are on thre right track with the three accounts. This is something I have done for a while and it works for me. I have (1) account thats for bills and rents-this account is a checking account and used for bills and rent only. Account (2) is my Freedom account-my alllowance for the week-gas,lunch out etc goes here. This is the only account that I have an ATM card linked to. Account (3) is for my yearly vacation fund. I have this money automatically deposited every month. The amount deposited each night is up to your discretion because...well,I dont know what your bills are.