What are some easy and practical ways to save money?

What are some easy ways to save money?

  • I have a really bad tendency to spend money that I get right after I get it. I pull in about $3,000 a month; only pay $400 for rent, $80 for insurance and $100 for dental bills. I should still have $2,420 left over. I don’t buy anything really expensive, but I do buy a lot of small things, mainly food and drink items while at work (a desk job at which it is very easy to get bored, hence my involvement from 8-5 M-F on yahoo answers). My question is, how can I reduce my spending while at work? I go home and don’t buy anything, but at work I buy 2 or 3 bottled drinks a day, 1 or 2 snacks… and a couple of other things that cost under $5 each. Yet, at the end of the month, I am left with nothing and wondering when my paycheck is going to come through (I only get paid once a month). Any money saving tips would be appreciated. By the way, I am talking about money saving tips for now; I already have a 401A through my employer, a separate 457 plan and an IRA. I am 24 years old. Thanks.

  • Answer:

    hey man, it is kinda easy to save money if you dont have to burn through it on bills. fortunatley i know how to save and that is the only way that i am staying afloat right now. after getting layed off 2 months ago i am depending on my savings to keep my head above water. well for starters, take your lunch and snacks to work with you. get you a good sized lunch bag and pack you a luch. instead of getting the coca cola brand or pepsi brand drinks get store brand drinks get a big variety pack of tater chips. make you a sandwich or something and take it all with you. when i was working i figured it up and when i started doing this i saved my self about 100 dollars a month. now the key is to set a goal for your self. everyone needs atleast 3 months of savings. that covers all your bills. figure up how much you need to survive for 3 months. rent, electic, water, insurance what ever. and you also need an entertainment fund. figure out how much you need to survive (not have a blast) survive from week to week. take what you have left and put 75 percent into your savings and the other 25 perent in your entertainment fund. the trick is to only use what is in the entertainment fund for entertainment. dont dip into the emergency fund to have fun off of. just make a goal and stick to the goal. oh yea, before you start putting away for your emergency fun gather all your bills, ones that are not like electric rent, gather any out standing medical bills, car payment, what every and take what you would put into your emergency fun and knock out these bills. you knock out those bills and then start saving. if you do this (and lord forbid you loose your job) all these little bills will be payed off and you will have 3 months of savings that you can depend on and still have a little in your entertainment fund if you need it. man i know that i rambled on and on but trust me right now now one can afford to throw away money (well some can) save every penny that you can put it away for your future. right now i am living off my savings and it is running to a quick end and i hope that i have a job before then but if i didnt have these savings i probably would not still have a roof over my head or food on the table for my family. good luck with your savings

devyn at Yahoo! Answers Visit the source

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I have not paid for a drink (other than an alcoholic one at a bar) in over 5 years. I bought a stainless steel water bottle on amazon.com for $3.99. They still have them. They are 27 oz. Actually, I have 3. I fill them with water and put them in the refrigerator at work and at home, and have one in the car at all times. I never buy a drink at a fast food place, or at work. I only drink water or make tea or coffee, which are provided at work. Bring your own snacks. Buy a big bag of chips and divide it up into ziplock baggies. Do the same for any other type of snacks you like.

Dwight Guy

Take drinks and snacks to work with you. Buy them in bulk at the grocery store, or costco, and take food with you. I brink my own drinks, snacks and even lunch. It saves a ton of money. Also I make my own coffee at home and bring it instead of going through the starbucks. I spend about 30 cents a cup instead of 4-5 dollars. You just need to add a little discipline to your life. Once you start doing it the extra money is rewarding. Good Luck.

jojo

Every night, put all the money in your pocket/wallet/whatever into a piggy bank (you can buy the tin banks which can only be opened with a tin opener). Also, open up a savings account with a different bank, and destroy the ATM card as soon as it arrives. Arrange for 10% of your salary to be directed here automatically on pay day either via your bank or your employer. With no bank card, you'll be forced to go to your local branch to withdraw the cash. What a pain! This will make it difficult to fritter away.

virtuocity

Don't buy drinks, bring your own drinking water. No drinking of alcohol and no smoking. Keep $50 dollar in your wallet/week. Any left over for the week would be saved. Open a fixed deposit account and deposit a fixed amount every month. : )

simck

Be mindful of your spending. Take your cash and any left over $ from recurring bills that you do not want to or can not eliminate and open a savings account. Money market accounts are good as they can be liquidated without penalty at any time. Leave only the money you do not mind spending (however much that may be) in easily accessible accounts (checking) or in cash. Monitor your spending habits daily. Any financial software (MS Money, Quicken, Quickbooks) is useful for daily monitoring. Just open the software when you go home for the evening and input any spending and update with you banks online utility. This is useful to give you a visual understanding of wasteful spending habits and help you to plan ways to eliminate any such occurrences. The easiest way to save money is to not spend it needlessly.

Give it to me ill save it for you

Tiggerrrr...

I was averaging over $500 for food and up to $700. Including eating out, which I did almost daily. I am down to less than $200 by brown bagging it 4 days a week, and cooking at home for dinner. It sucks to do, but once you get used to it and you see how much money you save you will want to keep it up. I have even started clipping coupons when I go grocery shopping. I do allow myself to eat lunch out once a week, breakfast once a week, and dinner once a week, maybe twice if I go out with friends. Try using Microsoft Money to track everything you purchase for a month so you can see where you might be able to cut back. Most likely however, from what you have said it is food.

drewpidawg

1) For one month keep an exact spending diary listing EVERY PENNY you spend. Even if you don't change your habits it's eye-opening to see where the money goes. ALWAYS carry cash. Keep the card ONLY for a back-up. Money leaving your hand should be REAL not simply a swipe through a machine. 2) Stop "treating yourself" to all those "little luxuries." Get the cheaper cell phone and cable/satellite tv plans. Cut down on the smoking/drinking. 3) Keep a plastic bottle (I like a wide-mouth one like Gatorade) and refill it all day with water or bring a container of pre-sweetened Kool-Aid instead of buying sodas all day. Who cares if you look "cheap?" Too many people are worried about image. 4) Brownbag it to work Monday, Wednesday and Friday with leftovers from the previous night's dinner. Who cares if you look "cheap?" Too many people are worried about image. 5) Stop eating at fast-food joints so often. They seem cheap, but in the end you can eat for half the coat at home. Look for sales at the grocery store and learn some of the basics of cooking. 6) They suggest a girlfriend because the better ones will be nagging you about wasteful spending, not demanding that you spend more. What does yours say about your spending dilemma? And how are her money habits? "Attitudes towards money" is the number one source of marital discord.

estielmo

i sure you have other bills too such as a phone/ cable/ Groceries/ Electricity/ Water-trash and what about credit card bills do you have those? 2-3 bottled drinks a day probably cost you about 3 bucks plus snacks which will cost you about another 3 so that's 6 bucks a day and 24-30 bucks a week. i would suggest taking your own lunch, drinks and snacks to work they will be a lot cheaper. people don't think its cheaper to bring their own lunches but they are wrong its always cheaper and then you end up eating less because you have told yourself you have no money for vending machines.

goofy1804

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