6 answers
Skye
Student
New Jersey, New Jersey
1
Question
Updated
647 views
How do I save and make money efficiently?
I want to start saving money, but I also need different ways to make it in the first place.
Login to comment
6 answers
Paul Goetzinger MPA
Academic and Career Advisor | Freelance Writer | TRIO Program Director
1104
Answers
Tacoma, Washington
Updated
Paul’s Answer
Savings can usually be accumulated by setting up a strong core philosophy and persisting with it. This core philosophy is designed to simplify budgeting and long-term financial planning. The following is an example of a savings philosophy:
The 10% Savings Rule: For every dollar you earn, you should immediately set aside 10 percent for your future savings accounts and investments.
The 90% Living Rule: Use the remaining 90% of your income to cover all essential and lifestyle expenses, including bills, food, and other purchases.
In regards to investments I have always emphasized moving saved funds into investment accounts, where they can grow rather than letting them sit idle. This can include the following:
Starting with simple, accessible options like Money Markets, CDs, and Traditional IRAs.
Long-Term Growth: For sustained returns, you can look at diversifying investments across stocks, bonds, and mutual funds.
Automation: I have advised using direct deposit to automate the 10% transfer, ensuring the money is saved before it can be spent. Like putting the 10% in Savings Bonds, which many employers can deduct from your earnings by using an automated system and purchasing the bonds for you.
This approach is built on the belief that consistently "paying yourself first" is the most effective way to reach major life goals like home ownership and future retirement savings.
The 10% Savings Rule: For every dollar you earn, you should immediately set aside 10 percent for your future savings accounts and investments.
The 90% Living Rule: Use the remaining 90% of your income to cover all essential and lifestyle expenses, including bills, food, and other purchases.
In regards to investments I have always emphasized moving saved funds into investment accounts, where they can grow rather than letting them sit idle. This can include the following:
Starting with simple, accessible options like Money Markets, CDs, and Traditional IRAs.
Long-Term Growth: For sustained returns, you can look at diversifying investments across stocks, bonds, and mutual funds.
Automation: I have advised using direct deposit to automate the 10% transfer, ensuring the money is saved before it can be spent. Like putting the 10% in Savings Bonds, which many employers can deduct from your earnings by using an automated system and purchasing the bonds for you.
This approach is built on the belief that consistently "paying yourself first" is the most effective way to reach major life goals like home ownership and future retirement savings.
Rebecca Tang
Banking
2700
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. This question is related to your financial management.
Firstly, you need to distinguish the expense on 'What you need' and 'What you want' :
What you need - It is the expense on what is vital, e.g. your school fees, transportation, meals, etc.
What you want - It is the expense on what is nice to have, e.g. Trendy clothes & sneakers, jewelry, etc.
Every month, you can divide your income / pocket monies into 3 portions :
1. Expenses on what you need
2. Savings
3. You can use part for investment or you can save the monies to buy something 'what you want in the future'
Hope this helps! Good Luck!
May Almighty God bless you!
Firstly, you need to distinguish the expense on 'What you need' and 'What you want' :
What you need - It is the expense on what is vital, e.g. your school fees, transportation, meals, etc.
What you want - It is the expense on what is nice to have, e.g. Trendy clothes & sneakers, jewelry, etc.
Every month, you can divide your income / pocket monies into 3 portions :
1. Expenses on what you need
2. Savings
3. You can use part for investment or you can save the monies to buy something 'what you want in the future'
Hope this helps! Good Luck!
May Almighty God bless you!
Rafael Diaz Montelongo
Consultant
562
Answers
Raleigh, North Carolina
Updated
Rafael’s Answer
Hi Skye! On the making money side, internships are a great start since my own summer internship gave me real-world experience and income at the same time, but also consider freelancing, tutoring, or picking up certifications in things like data, project management, or tech skills that can land you paid gigs even as a student. On the saving side, the biggest trick is to treat saving like a bill you pay yourself first, so the moment money comes in, set a percentage aside before you spend anything. From my experience, one of the best long-term money moves is investing in skills and credentials that keep increasing your earning power over time, because each new skill I stacked on opened doors to higher-paying roles. Start small, stay consistent, and let your income grow alongside your savings habit! I hope this helps!
Vianne Phan
Youth Development Teacher
316
Answers
San Diego, California
Updated
Vianne’s Answer
Consider taking on a part-time job, babysitting, tutoring, or helping neighbors. These activities can add up more than you might expect. You don't need the perfect job. Just find something to build good habits and routine.
Once you start earning, keep things simple. Save a portion of your money before spending, especially if your bills are low. Even if you can't save half, setting aside some money intentionally makes a big difference. Before making a purchase, pause and ask if you really want it or if it's just a spur-of-the-moment desire. This practice can help you save money without feeling too restricted.
Once you start earning, keep things simple. Save a portion of your money before spending, especially if your bills are low. Even if you can't save half, setting aside some money intentionally makes a big difference. Before making a purchase, pause and ask if you really want it or if it's just a spur-of-the-moment desire. This practice can help you save money without feeling too restricted.
Daniela Velazquez
Interne
2
Answers
Mexico City, Mexico
Updated
Daniela’s Answer
Hi Skye,
It was really good to read your question because I’ve been thinking about the same situation. In my case, I just started my first job as an intern at a firm, but I’m still studying, and my expenses went up last month because I have to travel across the city from work to school. I think the best ways to save money are using public transportation and bringing lunch from home. I also love having coffee with my best friends, so we found a place with cheaper prices. My advice is to think before you buy something and make a smart decision. Sometimes we need to prioritize what we need instead of what we want just to satisfy a craving.
It was really good to read your question because I’ve been thinking about the same situation. In my case, I just started my first job as an intern at a firm, but I’m still studying, and my expenses went up last month because I have to travel across the city from work to school. I think the best ways to save money are using public transportation and bringing lunch from home. I also love having coffee with my best friends, so we found a place with cheaper prices. My advice is to think before you buy something and make a smart decision. Sometimes we need to prioritize what we need instead of what we want just to satisfy a craving.
K Hashmi
Accountant
2
Answers
London, England, United Kingdom
Updated
K’s Answer
Hi Skye,
All the advice you have already received is really solid!
One thing I would gently add is the value of setting aside a small amount each month for charity or a cause you care about. It does not need to be big - the consistency matters more than the amount. Even when your income goes up and down (side jobs, unexpected expenses, helping out a friend), having that small standing contribution builds a sense of discipline and keeps your relationship with money purposeful.
Giving to something that benefits others, without any personal gain attached, often brings a surprising amount of positivity and blessing back into your own life - not always immediately, but over time you really feel the difference.
All the advice you have already received is really solid!
One thing I would gently add is the value of setting aside a small amount each month for charity or a cause you care about. It does not need to be big - the consistency matters more than the amount. Even when your income goes up and down (side jobs, unexpected expenses, helping out a friend), having that small standing contribution builds a sense of discipline and keeps your relationship with money purposeful.
Giving to something that benefits others, without any personal gain attached, often brings a surprising amount of positivity and blessing back into your own life - not always immediately, but over time you really feel the difference.