Question by Virginia: How do you budget your money?
Does anyone have any tips on saving money and having money left over after paying off all the bills?
Best answer:
Answer by Cash
Okay, the first thing you need to do is change your perspective. If you always think in terms of paying bills first, and then putting money into savings, you will never have a dime to save.
Start by committing yourself to placing a specific amount of money into savings each pay period. What is left over can be used to pay bills. If you sticjk to this savings plan, your bills and living expenses will drop to the level that allows you to pay the monthly bills after moving your money into savings.
I also highly recommend you read Rich Dad, Poor Dad by Robert Kiyosaki. And, in order to save more money, you may want to start a home business on the side to make more money.
What do you think? Answer below!
First of all – and the most important – pay yourself first.
What I do is have money automatically deducted from out checking account and transferred into our savings account. After a while it really adds up. And I don’t even notice that the money’s missing. (But if it stayed in my checking account I might spend it.)
Other tricks are – don’t use a credit card (unless it’s the type you have to pay in full each month.) Use a debit card instead. That way it’s hard to go over your limit.
Don’t carry around much cash. (Just enough for an emergency.) When I carry cash, I spend it.
Don’t go to the supermarket when you’re hungry. You tend to make more impulse purchases. Instead plan out your meals for the week, make a list, and stick to it.
Don’t use the mall as entertainment. That goes for yard sales too. Shopping shouldn’t be a hobby.
I am a very thrifty person, you have to be in this day. I save $ 1.00 per day for my fun spending. I put it in a jar. I know that doesn’t seem like much but over a period of time it adds up. I put $ 100.00 in savings as soon as I get my check and forget I ever had it. Depends on your salary, put a little each month away. It’s hard but if you leave off buying fast food once a week and deposit the $ in a jar, it’ll add up. Good luck
The answer is in your question: budget your money.
It’s as simple as a spreadsheet — just start keeping track of where all the money goes. If you don’t want to track every single soda or candy bar, then at least track what goes to “cash”. Your bills, credit card statements, and bank statement should all add up.
You can go back over bills from the last month to figure out a reasonable monthly average. Then that should give you enough to be able to analyze your expenses to figure out where you’re “leaking”.
Post your results here after a month and we’ll be happy to give you a hand with some suggestions.
Doug
if you are really concerned about savings, you will need to make sacrifices and not spend all your income. my advice is look carefully at your expenses. what most people think are “money problems” are really “lifestyle problems” – you really can’t afford the lifestyle you want, so cut back your lifestyle. subscription services like cable, internet, wireless, gym, etc. most people call necessities i say are still luxuries and (within reason) you can do without until you’ve established discipline for saving (and paid off debt).
the easiest way to save is by automatic payroll deduction. start small, you won’t miss it, and over time you’ll have a nice lump. always use raises and tax refunds to pay down debt or just put it into savings. you didn’t have it yesterday so you don’t need to spend it today.
when it’s time to make a big purchase like a house or car, be especially careful to buy only what you need, minimal bells and whistles and resist the “i deserve it” mentality.