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What is the best way to save money?

  1. luse profile image75
    luseposted 5 years ago

    What is the best way to save money?

    Saving money is difficult... Is there a way you'd recommend?

  2. LandmarkWealth profile image80
    LandmarkWealthposted 5 years ago

    Always start with tax qualifed plans first.  401k /403b/IRA's.  A good target savings rate is 10% of your income.

  3. duffsmom profile image61
    duffsmomposted 5 years ago

    Start small if you have to. But when you sit down and pay your bills, put something, anything - even pocket change into a savings account. It will become a habit and it you do it consistently - you will want to do it.

    Some employers offer automatic deductions which is wonderful  Start small and then increase it every few months until you have a decent amount being put away.

  4. sharmav profile image59
    sharmavposted 5 years ago

    I find personal money management software very good.  If you can get your historical data and review your expenses that will be your first step towards saving.  This will help you evaluate where you spend your money and identify the top 3 areas where you want to reduce the discretionary spending. After that it is your determination to stick to the plan.

    Try to differentiate between your needs and wants. There is enough temptation out there to convert your wants into needs. Do you have an iPad 2? Do you actually need the New iPad? Perhaps not but you want it.

    As LandmarkWealth mentioned 10% of your income is a great start too.

  5. Sheepsquatch profile image63
    Sheepsquatchposted 5 years ago

    Work more is the easiest way to save money. You make more money and have less time to spend it. Even volunteering would save you money by taking up your time in a way that doesn't use money.