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How to save money?


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Old 28th November 2015, 10:52 PM   #1
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How to save money?

when it comes to money.. i throw it away easily. spend it behind craziness and the thing is i dont even really spend it on myself. like clothing and stuff.

So im bad with money. i dont work for a lot but i would really like to start and try saving. im a young guy. 22. i just wanna start saving to have a bit of financial stability in my life because i have no one to help me do things or look out for me.

So any tips. ?? thank you.
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Old 29th November 2015, 1:56 PM   #2
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There are lots of blocks & websites out there. Read them. Places like pennypincher & frugal are very helpful.


There are several things to do but step # 1 is ALWAYS a budget. Write down your income, weekly / monthly whatever but the exact amount you make. Now write down your expenses: rent, car insurance, phone, cable, internet, phone, food, gas, household bills. Add it all up.


Now because you say you spend frivolously you need to keep track of your spending so for 1 month (yeah, yeah, it's a long time but you need to know) write down every single cent you spend every day: the coffee, the candy bar, the drink after work, the cool new shirt etc. Every penny.


Take a long hard look at that at the end of the month. Most people are disgusted with themselves.


Once you have a better handle on where your money goes, now you can take pains to shop around & see what you can cut? Can you buy cheaper car insurance? Can you bundle phone & internet?


Figure out cheaper alternatives. The big ones usually are eating out & clothes. Invest in a travel mug & take your coffee from him. Brown bag your lunch. Eat dinner at home, not out. Learn to cook if you don't already know how. Buy clothes at thrift stores & second hand places. You will be shocked at how nice some of the stuff is. Even if you can't get work clothes at these places, you can get jeans there.


Cut other costs too. Can you get a roommate? A part time job?
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Old 29th November 2015, 2:14 PM   #3
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Quote:
Originally Posted by marcusdevilliers View Post
when it comes to money.. i throw it away easily. spend it behind craziness and the thing is i dont even really spend it on myself. like clothing and stuff.

So im bad with money. i dont work for a lot but i would really like to start and try saving. im a young guy. 22. i just wanna start saving to have a bit of financial stability in my life because i have no one to help me do things or look out for me.

So any tips. ?? thank you.


Take a week and write down every penny you spend.

List monthly costs as well, dividing them by 4 to see what they cost you weekly.

I'm sure you'll find, like the majority of the population, you are wasting money on housing and car expenses.

Look at the biggest things you are wasting money on and think your way around them.

Post results here and I'd be happy to rip through them, showing you how to achieve financial independence on *any* income.

Be warned: It takes similar discipline as it does to get in and stay in good physical shape.

Last edited by loveweary11; 29th November 2015 at 2:24 PM..
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Old 29th November 2015, 2:27 PM   #4
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Good for you OP that you're thinking about saving early in your life...you'll have to save less later on because of return on investment (if money is put into the market).

Here are some tips:

-Find a financial adviser or ck online for calculators that will tell you how much you need to save now to get to a certain amount for the future. Open an investment account either online or other

-Do as above posters mentioned with budget but pay yourself in the budget ...call it "my future money = $40/week" ... put that $ into an investment account every month

-Don't buy anything that's not an absolute necessity for 6 months ... eat out only 1 time per week.

-If you don't have a roommate, get one for a few years.

I didn't start really saving till my late 20s ... wish I had started sooner.
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Old 29th November 2015, 11:37 PM   #5
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Set a goal, like building a small emergency fund. Pay yourself first, and lock it away into a savings account, preferably one that is not as easy to access such as online savings account. Online savings accounts tend to be better anyway because their interest is higher (albeit still piddly).

Whatever you do don't touch it, unless an emergency. And consider what is an emergency: your car needing a new engine is an emergency. Overspending at the bar is not.

Good luck.
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Old 30th November 2015, 7:33 AM   #6
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Use cash more often. It's scary seeing money dwindle. Debit and credit cards make it easier to spend.

Set budgets.

Use envelopes system a la Dave Ramsey

I like to make a list of my expenses. That makes it easier for me to budget.

Consider home cooked meals made largely of rice and beans. Rice and beans go a long way. They are cheap and filling. I like to make a big pot and eat on that for 2 or 3 days.

Save your receipts.

Buy items while on sale.
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Old 30th November 2015, 9:55 AM   #7
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Here is the mistake most make....

Its easy to just cut everything out of your life and eat ramen noodles and live in a dimly lit and cold dump...But this never worked for anyone..

Rather than trying to live obsessively frugal, figure out the way to make more money..Yes, living cheap is good...I live cheap...But then you cant hamstring yourself if you just kill anything that will actually help you make money in the first place..

Example...

People cut out a gym membership, because its too costly and they dont go as much as they should...Well, how about keep the membership and actually USE IT...Get all you can out of it...Then, when you are in great shape, your confidence builds and you become more successful in other areas...Its a win-win..

Try not to skimp on the basics...Housing, food..exercise, education...These are the positives...Dump shyt like drugs, alcohol, gambling(yes, even lottery tickets), cigarettes, etc...All that crap is just throwing money down the toilet..

And here is a thing to consider...What would you say if I said to you..."Ill give you a million dollars right now, or a penny today that I doubled for you each day for a month"?...I bet you would say take the mil, right?...Well do the math and tell me what the difference is...thats the way compounding interest works...

As far as investing goes, if you aren't completely inept, I say learn how to invest and educate yourself...I'm not knocking financial advisers, but I havent met any at the "mom and pop" level that are anything better than an average guy that has some knowledge..

I went from penniless at age 24 to complete financial independence by the time I hit my late 30's-not only for me, but also for my kid, unless she totally screws it up......Its do-able...Good luck to you..!

TFY
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Old 30th November 2015, 10:20 AM   #8
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TFY makes good points and this is the secret to financial independence he is mentioning.

Just as being thin has 2 sides to the equation, so, too does having some money.

If you're trying to lose weight, don't eat and run. That easy.

If you're trying to have some financial independence, make tons of money and don't spend it.

This is a core principle in my own financial life.

I enjoy keeping personal spending to minimum and finding efficiency in ways I use money. On the other side, I try to earn as much as i can.

It's laughable how much I earn compared to my spending. A complete disconnect.

What do I do with the extra?

I save it or spend it...only on things that generate more income.


Rent, car payments and car expenses are the worst sink holes for money.

But as TFY said,you still need a plan. Can't penny pinch your way into lowering your income.
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Old 10th December 2015, 6:12 AM   #9
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Here are some further ideas

Use coupons/vouchers

Get a degree or learn a trade so you have higher earning potential

Don't buy anything non essential without a 24 hour cooling off period

Don't buy anything that is poor quality
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Old 10th December 2015, 6:14 AM   #10
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you do what you want to do -
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