how to save money?

[Justadork]

I'm having a hard time saving money.
I even blew away an inheritance and everytime I call myself stupid but I always do it, I'm broke and I'm going to need dental work soon, what shoudl I do to help stop my spending and stupidity?

 

[farmer2me]

Well, I'm only 18 but I can give you advice that my parents have been following religiously (but they're not religious) so here goes:

Make a budget for yourself, and somehow "punish" yourself for overspending. Do you have a confidante, a brother, or a sister, who can help manage your money? They can give you a budget, and refuse to give you any more should you spend it. Maybe have an account where you section off a generous portion of your paycheque and have it sealed in some way so that you alone won't have access to it - you would need someone else to help you do get those savings. Then whatever's leftover is what you can use to live. That'll make you think twice about spending so much! The trick is to limit yourself as much as possible.

Good luck, and yes criticize me if I'm wrong in any way haha I dont think I'm even old enough to be giving this kind of advice!

 

[FallingWaters]

I'm having a hard time saving money.
I even blew away an inheritance and everytime I call myself stupid but I always do it, I'm broke and I'm going to need dental work soon, what shoudl I do to help stop my spending and stupidity?

A lot of people don't save because they don't have a plan. The most important thing about saving is to make it a regular habit. Right now, my husband's earnings are directly deposited into our bank account. Well, we have designated $25 a week to go into the savings account. When it's in savings we don't "see" it, so we're not tempted to spend it. Some people have a harder time with this than other people. Developing discipline is hard, but you know what Ben Franklin said, "A penny saved is a penny earned." You know why? Because saving is hard. Feel good about yourself for doing it!

Another little saving trick we do is we have a 2-liter glass jug in our room where we put all our change at the end of every day. When it gets full, it has over $100 in it.

I highly recommend that you get your hands on a video series by Dave Ramsey. He is so practical, and very motivational. Do not BUY it! BORROW it. Some churches have it in their library. He is also on the radio.

 

[Akathist]

I love love love Dave Ramsey. I used to go to the same church with him and his wife and attended one of his first seminars before his book was published. It is good stuff.

I suggest that if you are having to live paycheck to paycheck that you might try to envelop method.

Here is how it works:

Get a bunch of cheap envelopes and when you get paid get your money in mostly small bills (like 20's and 50's and even smaller). Then divide the money up into the categories.

Here are mine: (not in order of priority of course, just random order)

Rent
Groceries (groceries includes hygiene stuff like laundry detergent and cat food, everything the grocery store sells.)
Electric
Trash
Rent
Cell phone
Cable (includes internet)
Car: gas
Car: insurance and oil changes, (quarterly costs)
Spending: going to a movies, clothes for myself, gifts for others
Emergency money (car repairs, etc.)
Church
Savings. (this would be for something I want in the future... right now I want a Tivo)

I know what my monthy costs are for the most part. The one that changes is gas for the car and electric.

At the beginning of the month I start to fill the envelopes for rent, and electric, gas for car and groceries. When Those basics are filled, I determine how much should go in the rest of the envelops.

When the money set aside for Groceries are gone... that is it. No more groceries! If I know I really underestimated, then I take out money from Spending or saving for the Tivo.

I can't always put money into categories like this as it doesn't always stretch far enough, but this idea is how I try to keep up with it all.

Another really good idea is to track where you spend you money. Record every dime you spend from the cash and change in your pocket to checks you write or ATM uses and bills and credit cards, etc. Track it for a month and see if you can discover places to cut back.

Dave had us do this in his class at church. I found I was spending a lot on magazines in the store. (He had us write down everything we bought when we went shopping from the receipt too). And the soda machine at work was also eating a lot of my money. I also discovered that I was spending nearly $100 a month buying food out at work.

I have ton of ideas about saving money. I can often get a quarters worth out of a dime!

For example: I use the library instead of buying books. If I must have a book, I use Amazon's used books.

I buy can goods when they go on sale, generic brand whenever possible, and try to buy easy to fix things to help me avoid fast food.

 

[CBlade]

I have a friend who's saving up for something, a car I think, and every time he gets a pay check he has a set amount every time that he puts into the bank and the other amount he can spend on himself, because when you work you still want to use a little on fun. It's a small piece of advice, but I think keeping that much in the bank keeps it away from you while you can still feel the current fruits of your labor.

 

[If Not For Grace]

Save your pennies and your Dollars will follow--this is an old adage I have heard and applied all my life and it is true. Most people have the problem of want it NOW--save now, and you will be ready later. START now, and before you know it you will have it, God will multiply it for you. Do the footwork, there are no shortcuts...

 

[Shane Roach]

This may sound silly, but I am going to once again post my catch all temptation verse.

1 Cor 10:13
13 There hath no temptation taken you but such as is common to man: but God is faithful, who will not suffer you to be tempted above that ye are able; but will with the temptation also make a way to escape, that ye may be able to bear it.
KJV


Why? Because you express the opinion that you just can't help but spend. Yes, ma'am, actually, you can. I know, I know, it can be hard, but do not cut yourself the slack of saying to yourself that you can't stop. Your question is even worded such that you and I both know what you need to do.

"what shoudl I do to help stop my spending and stupidity?" Obviously, stop spending.

It may help you to seek out some sort of accountability partner, almost as if you were in a 12 step program sort of thing. Other than that, yes, all the advice above is perfect.

YOU CAN DO THIS!!! You honestly, truly can.