What's your best tip for saving money?
What tip would you give someone trying to pay off debt or start saving?
Make sure the money comes straight from your salary to a savings account, if it passes through your hands it will end up in the hands of a shop assistant some where!
Separate 'want' from 'need', then draw up a budget and stick to it. Saving money can be fun if you look at it like a challenge rather than being deprived. Watching your money grow can be a lot of fun! Meanwhile, don't be afraid of thrift shops and make meals at home rather than buying convenience food. Every little bit adds up. Good luck!
Saving money and paying off debt comes down to planning. If you take the time to plan where your money goes you will figure out quickly the areas of life where you are overspending and you can direct those funds to debt repayment. Planning meals based on what is on sale at the grocery store and clipping coupons accordingly will put a few dollars back in your pocket. Instead of eating meals out plan to meet friends for happy hour at a restaurant with great specials. Plan for as much as you can and challenge yourself to live on less and you will soon see you can maintain your lifestyle without too much sacrifice.
Spend money on what is really essential, and make it a habit of saving a certain amount (acc. to your convenience) monthly from your income, whatever happens. Convince your mind through auto suggestion, that you are allowed to spend that much only, until your debt is cleared off.
Cook food at home as much as you can, which is healthy and money saving and avoid outside food.
If you have to travel try to go in a group to share the expenses.
I'm sure these tips will help you a lot, if followed correctly.
Set a budget, trim those excesses, like lunch out or lattes. A hard thing but necessary for a while. Save, save save--even if it is just a few dollars. Have an online savings account and set it up to be able to transfer directly from your checking account. Every time you get a paycheck be sure something gets transferred to the saving even if it is $5. Never go one paycheck without putting something aside.
As the account grows, you will find it is fun to see how much you can put in. In the middle of the month, if you see you have a little extra--instead of buying that DVD, transfer the money to savings. The money will aways be there for you, but you have to start somewhere.
Debt reduction is imperative, but you must still put a few dollars aside. Start on one debt--the highest interest and again this can be done online and pay on the debt every time you have a little extra.
When one debt is paid, take what you were paying on the first debit and add to it and begin on the next one.
It can be fun and believe me once the stuff is paid off, you do not want to go back.
The old adage a penny saved is a penny earned comes to my mind. An old millionaire wants told me that a man who wouldn't take care of a penny wouldn't take care of a hundred dollars. We can't help but spend money, but we are so impatient. Why not save up and pay cash for items we don't need. Just think of the interest we would save, the pennies we would take care of.
I have an answer that I applied to my wife years ago (who was then my girlfriend) to get her out of tens of thousands in debt. Here goes:
1. Track all expenses and income for at least 2 months. There are several programs that can do this or use a simple excel sheet. In one column you'll have expenses, in the other you will have any/all income.
2. Analyze how much you have at the end of each month and how much MORE you can have by cutting out certain spending. For example, maybe you spend $200 per month on clothes, perhaps you can cut it to $100.
3. Examine your expenses and find anything that is high interest. This is the key. You always want your money making money for you. If you are paying high interest on credit cards, auto loans, etc, you'll want to try to eliminate your high interest first.
4. As I said, you want your money making money. I can't give you investment advice without knowing your situtation but you'll want to allocate your money appropriately so that you can maximize tax deductions, maximize return, etc.
There is term called "the latte factor" that explains how cutting out an unneeded repeat purchase can save lots of money in the long run.
For example, lets say that someone who enjoys lattes buys a $4 drink 3 times a week. Over the course of a year, these lattes add up to a cost of $624. So skipping the fancy drink can save this person $624 each year. If this money is saved or invested, it can have the wonders of compound interest help it grow.
The term latte factor can apply to any repetitive purchase. You may have your own "latte" that you can cut out that is not a latte at all.
Hope this helps!
by Penelope Hart 6 years ago
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