Saving Cash....
 

Yea well I'm 19 and I have high auto insurance due to my wonderful driving. By High I mean in April May June July I will have to pay $450 a month. Then I'm good for the rest of the year... with that being said.

I have a problem with saving money. I mean once I get it I blow it. Not all on stupid stuff...some on important things (phone bill and what not). Well the fact that I barely earn $200 every two weeks don't help.

Does anyone have a system on saving money or tips that I can use to help me improve my sorry saving ass??

I use the envelope system. I write a budget then get an envelope for each item. I put the amount budgeted in the envelope (either as cash or as a check) and don't touch it unless it is used for what is marked on the envelope. If the food envelope has no money, I buy no food. If the dining out envelope is empty, I eat in. If there is no gas money left, I cut back on driving, etc.

In your case, I would take the $450 a month, times 4 months for a total of $1,800 and divide it by the number of paychecks you will get from now until the final payment is due. Put that amount aside each paycheck and stick with it -- or don't live when the "rent is due." For the future, divide your $1,800 for the year and start saving now. It will be much easier to take in little chunks. Good luck!

^ Yeah, start saving now, and honestly SAVE CHANGE!

Get a change jug, and never pay w/ exact change, always get change back, put it in the jug, in a few months, you'll have probably 50 bucks atleast, and you'll never miss the money! Just don't take change out for any reason, keep it out of sight

I filled a 5 gallon Culligan just w/ just silver coins, $3,468.00 I believe... Took me quite some time though

What a fantastic idea, I too have problems managing money. Thanks!

Yeah I have to say, sexymama, that you suggest a very good system it seems. I'm a 19 year old too and am looking for a way to help me save. I've recently invested in a 4-star fund offered by my employer but still want to keep saving in the bank.

Put the money in something other than a checking account. Something that is harder to get the money out of, like a savings account. Most savings accounts only let you write like three checks a month towards it, and since you wont have an ATM card or anything like that to get at it, you will only be able to take it out when you need it--like for paying that insurance.

70-20-10

70% of your income should go to your expenses for living, that's rent, transportation to work, insurance, phone bill, gas, water, food from the grocery

20% of your income should go to yourself. Enjoy yourself. Buy that toy you wanted, go out to dinner, go to the movies, go out for drinks with your frineds. This is your entertainment fund.

10% of your income should go to savings.


First things first. Pay yourself first. Meaning, SAVINGS comes first before paying bills. Even if you save $5 a check it's still savings. DON'T TOUCH IT. Don't be tempted to pay the bill company another $5, it won't make that much of a difference to them, but to you it will.

Even if you save just $5 a week, that's $5 times 52 that's $260 at the end of 1 year.

yeah, bro.. two words: Quick in.. okay, one: Quicken.

This sweet little program will teach you financial responsibility. This because you can not hide from your own spending habbits. You hold yourself accontable to the cent. You'll soon see how dumb your habbits are and how quickly you can turn them into good spending habbits. Debt reduction planners, house planners, all included. I love this program it it was a start to a beautiful relationship between me and my money.

You must learn self control. Set goals, and I mean realistic ones. Live within your means, however, don't strangle yourself. Paying yourself first is very wise, however, it will not work unless you set goals and stick to them. Good luck. For most of us, this is a lifelong endeavor.

YES. That really helped me with my spending habits.

For instance, eating restaurant food for lunch every day or going to the convenience store for coffee and a snack all the time never seemed too harmful. But it was pretty damn shocking to dump everything into Quicken and see transaction after transaction after transaction after transaction dinging my account for 5 or 10 bucks. Adds up quick after a month!

How much does quicken cost? I need to get my budget under control as well, especially my wifes, she nickle and dimes us to death.

Daval,
If you bank has online banking you can check with them, mine supports Quicken, and provided a copy of it for my use, free.

oo, i do online banking - i'll look into it.