What is the best way to save money?

Question

What is the best way to save money?

Answer 1

Spend less on everything and then put the extra money in a savings account immediately.  Have a portion of your money from a paycheck deposited in a savings account automatically before you even see the money.  Collect coins and put them in savings every month.  I did that one for a year and got over $1,000.  That was the beginning of my savings when I was living paycheck to paycheck.

Answer 2

Take control of your money! Write a budget and follow it. Save for big items or do without; don't charge them. Shop wisely; buy generics when quality isn't sacrificed. Shop bargain and dollar stores. Clip coupons, do price comparison at stores like Wal-Mart that will price match so you don't have to drive all over town. Use energy efficient items when possible. Seal drafts, weather strip doors. Put up heavy curtains. Line dry and wash only full loads of laundry. Turn the heat up in summer and down in the winter (even more so when you are not there.) Organize errands logically so you aren't driving all over town. Use public transportation if available. Pay bills on time and over the internet. Correspond online instead of by mail or long distance. Cut back excess like cell phone plans with more minutes or texting than you need. Cut back your satellite package. Cut back your home phone (if you use a cell for long distance drop your home to just local or by-the-minute.) For groceries try Angel Food Ministries. It is open for everyone. The food is the same that you would buy at a grocery store and includes a great variety of meat. It is $30 per unit and is enough to feed a family of 4 for a week. Priced in a grocery store, the exact same food is about double that. I will include a link so you can look at the menu and find a place that does it near you. They do it all over the country. Most of all the best way to save money is to stay dedicated and resist spending temptation.

Answer 3

My recommendation is to set aside a percentage of every pay check you get. Start off by putting small amounts (depending on your income) into a savings account. Once you've saved roughly $1000 you should look into a CD or Roth IRA. If you are a little more adventurous you can look into mutual funds, stocks, and bonds. Treasury bills and municipal bonds are also excellent investments.

Answer 4

By not spending it.

But really, there's not much more you can do except for putting it away somewhere. Preferably somewhere where it's not so easily accessible. For someone just starting out your best bet is to find a low MER mutual fund provided with a pre-authorized payment plan through your bank.

Most major banks provide them with no charge, just find one with a low MER so you're not paying a ton of money for management fees. These fees are removed from the fund itself, so it's generally taken without you really even noticing.

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Answer 5

in todays inflation infested economy , you need to save in a scheme where your rate of return on investment is higher than the current rate of inflaion.

invest in a SIP --systmatic investment planning

Answer 6

Resist temptation.

Answer 7

dont buy books go to the library.or buy newspapers read the news off the internet or watch the news.dont buy magazines.

dont get a car .walk or get the bus one way and walk back.

dont be changing your phone just because a new one comes out .keep the one you have for as long as it works.

with clothes buy them when you need them .

make calls when it is cheaper usually early morning or late at night.

dont go out drinking your seriously wasting your money .go to the off licence instead.bring your own food to the cinema make your pop corn at home and bring that .