GeneralAny good money saving advice?
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GeneralAny good money saving advice?Posted:
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So I'm hoping someone on here knows a good method or way to save money as far as in percentages I have to put back every pay period and budgeting. I recently got a new apartment and really want to save a lot by the end of the year to hopefully move into an house or buy a new truck . So I'm open to everyone suggestions.
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#2. Posted:
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Check this out.
nbcnews.com/better/business/how-o...ncna844051 I thought it was a pretty good idea. |
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The best way to save money is by cutting out most of the LIABILITIES.
(A Liability is something that takes money out of your pocket OR something that you DO NOT need that much) e.g a new designer jacket, fancy shoes, snacks etc. Doing so, replace the LIABILITIES with ASSETS (An asset is something that puts money into your pocket OR things that you NEED) e.g The most common asset is investing either being long term or short term. Putting money away/into something hoping that the value will appreciate over time. A lot of people don't know this but a mortgage is actually a liability. As long as you have a roof over your head, you are fine. Hope this helped mate. |
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It's pretty hard to break spending habits if you didn't grow up with a parent that constantly saved money. But the first thing to do is stop buying name brand foods. Check if you have any discount stores near you and start shopping there (Save a Lot, Dollar General, Dollar tree) A friend of mine moved out recently and hes been having days where i have to Cashapp him money because he gets around 200$ in food from walmart but it only lasts around a week. I told him to look if he had a save a lot near him and go shop there. Now he hes been all good on food and cash for a while now. And stop eating out at expensive spots, if you absolutely have to, go somewhere at least make it cheap. Subway,Little Caesars, Local chinese spot and so on.
Personally, the thing that saved me a ton of money is to stop buying new games on release. I end up binge playing them and hating it, its a waste of 60$/100$ I used to do it so much to the point where i got all the newest games but they're collecting dust because i only play a handful. Don't go buying games your friends say they're going to play, because in reality they won't be playing as much as you'd think. Find a free game with some grind (Eg, Runescape/Trove) to keep you on it while also saving a little bit of cash. You'll probably end up spending around 60$ throughout the time playing, but at least it will be worth it. Another personal thing, I don't really buy expensive clothes. If you do that a ton, cut that off because that's a huge money killer for some monotone shirts with a 150$ logo on it. As my mother always taught me "If you can't buy it twice, you can't afford it" and i always apply this thought when buying things because its always nice to indulge now and again but not when your on a budget. |
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Anhur wrote It's pretty hard to break spending habits if you didn't grow up with a parent that constantly saved money. But the first thing to do is stop buying name brand foods. Check if you have any discount stores near you and start shopping there (Save a Lot, Dollar General, Dollar tree) A friend of mine moved out recently and hes been having days where i have to Cashapp him money because he gets around 200$ in food from walmart but it only lasts around a week. I told him to look if he had a save a lot near him and go shop there. Now he hes been all good on food and cash for a while now. And stop eating out at expensive spots, if you absolutely have to, go somewhere at least make it cheap. Subway,Little Caesars, Local chinese spot and so on. Thanks a lot & yes I don't eat out much at all and if I do it's McDonald's or something cheap & im not big on having the most fancy clothes or shoes because they don't last forever . |
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Everyone's situation is a little different but here is how I structure my finances.
I have a few different bank accounts, one being my checking account, another being my savings account, and the last being my "rainy day fund". I like to have $300 cash in my wallet at all times, so let's go through my last paycheck and how things ended up. Basically the checking account is money I have access to at any time, the savings account I try to never take out of unless of emergency and the rainy day fund I don't touch unless life is going really bad. Basically that's my retirement money I guess? Trickling down, like I said I keep $300 in my wallet. Then I keep $5,000 in my checking account. Anything over that goes into my savings account. Last week my paycheck was $2,624.64. I already had the $300 in my wallet, and now we're at the end of the month so all of my bills are paid, this paycheck is a really easy one to divide up. Right off the bat since this is all "extra" money, and I don't have to worry about what bill needs to be paid I throw 50% into my rainy day fund. With what's left I start at my wallet, do I still have $300? Yes, so no need to put anything there so the rest can go into my checking account. Am I at my $5,000? Yes, so in this case $1,312.32 went to my rainy day fund, and $1,312.32 went into my savings account. Say it's the beginning of the month, my number 1 priority is getting bills paid. If 100% of my check goes to bills, then that's what happens. By the second week most of my money should be going into my accounts and the 3rd and 4th week are 100% going into my accounts. It's easy for me to sit here and say how easy it is to save money, but I know I'm in a very unique position. My bills are considerably low, and I make a decent amount of money. Let's look back to when I was 16. My truck was paid so my only bills were car insurance, food, gas, and whatever entertainment I wanted. I only made $10/hr under the table, my car insurance was a little over $200/mo. I was usually only able to work the weekends as I had school so I usually worked 10 hours a day so I could make $200/week. Looking at it monthly, I made $800 per month so 25% of my money went to car insurance. I usually spent $200 in food as well so there's another 25% of my check gone. Gas wasn't bad as everything was within 15 miles of my house so I might've spent another 14% of my money on gas. Now I have roughly 36% of my money left to figure out what to do with. I was actually pretty smart, I kept $500 cash and with the rest I split 50/50 between throwing it in a savings account and investing in silver. I am very analytical so I will go through my bank statements and see exactly how much I spent VS how much I made and when I first started doing that I realized how much I was spending on stupid stuff. Now people are going to say that yeah you can carpool or catch the bus to save money and it works, but it's just not practical in my opinion for my lifestyle. When I started seeing that I was spending 60% of my check when my bills accounted for 30% of my check I took a hard look at what I was spending money on. I started saving money by only going on dates every other week instead of every week (no one told me how expensive dating was ), I started refilling my water bottles instead of buying more, I decided my truck was costing too much so I sold it for a newer one, and I noticed I had a lot of stupid recurring expenses. For example, I was buying shoes every few months because I bought the cheapest ones I could find. I ended up buying a mid quality shoe that so far has lasted me a year and a half so they're actually saving me money lol. I also noticed I was paying for Dropbox storage, Netflix, Youtube, Tinder, Bumble, pretty much every dating site under the sun, etc. etc. I decided that I don't watch Netflix so I stopped that one, I watch Youtube on Google chrome which has a cool extension to stop ads so I stopped paying for that, and I stopped paying for dating sites that weren't getting me anywhere. Anyway, in your situation I forgot what the actual numbers were but in my area they said housing should be about 50% of your check at most, your car payment should be 20% at the most, and your bills (phone, food, utilities, etc.) should be 25%. You should be able to save at least 5% of your check, then theoretically in 7 years when your car is paid off you should be able to save 25% of your check for a few years until you need a new car. Financially just as a smart thing, unless your car is giving you problems and costing you tons of money then look into buying a house. A house should make you money by the time you sell it and is a livable investment. |
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| easy fix, go to your bank if you are 16(legal age to own an bank account) might be different else where, open a savings account and have it attached to your chequeing account have them take auto transfer every two weeks if you have td canada trust and are from the us or canada, or if you have a different bank not sure if the said other banks do this feature like td does, now if you dont have a bank account the best way i found since im always spending on my card and my cash i randomly have(which cash is rare for me) is to put it in a jar and then forget about the jar same with the saving account, never check your balance and dont spend on stuff you dont need, since a 5$ item would be better then a 90$ item |
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| Just don't spend it lol |
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| dont spend money lol |
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| What I like to do to save money is always divide things into chunks. So first (in my opinion) go with priority what needs to be paid first I know in one month I get 4 checks and sometimes 5 I always prepare for the worst because it's what is smart to save yourself if you end up in a worst case scenario so I always put my first and if necessary second check towards all my bills. I may now be broke or close to it but hey now I know I don't owe anything. Now I have a remaining 2 and if I'm lucky that month 3 checks with those checks you may think oh you don't owe anything so yay let's go splurging NO with those checks I personally will put 60-75% in my savings and then I will spend what's left however I feel. I find this to be a very good way to save and not only save but maintain money and if you ever go under one month you should have money in savings to make up for it or if an emergency pops up you will have money. Another thing I like to do is not limiting myself I work full time (50-60 hours a week) however I don't let my job be my only source of income as personally I just don't like relying on one thing anyways I'm going way too far with this lol. If you need further advice feel free to PM me. I like to think I'm good at saving money and have been told so but who knows loo they could be lying to me. |
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