7 answers
Skye
Student
New Jersey, New Jersey
1
Question
Updated
594 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.
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7 answers
Paul Goetzinger MPA
Academic and Career Advisor | Freelance Writer | TRIO Program Director
1087
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.
Vianne Phan
Youth Development Teacher
296
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.
Rebecca Tang
Banking
2572
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!
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.
Rafael Diaz Montelongo
Consultant
563
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!
Liam Rielly
Data Center Technician
180
Answers
Manassas, Virginia
Updated
Liam’s Answer
Hey Skye! This is the eternal question I am still asking myself 25 years after I started working and being on my own!!
I'm going to try and share the best of my knowledge but I am not a money guy and I don't know how people half of my age invest and make more money than I do (maybe you can help me out when you figure it out!!).
You are going to have basic expenses. You need food, a place to stay, a way to get around, clothes, utilities, telephone (and likely a computer or tablet), and you need some things to feel like you are a person like some furniture and maybe a TV/ books/ artwork or something like that. Do not get a job that will pay you less than your basic needs. There are jobs out there that will pay you less than what you need and you should avoid them. When on TV they complain about how people working fast food in California are making over $25/hr, they are making that money because they need to to sustain their life in that area. In 2026 $25/hr is not a huge wage, its not the same wage as in 1996.
It is better to work an unskilled, non-glamorous job and get paid what you need than it is to have a glamorous job that doesn't pay anything. I see too many young people pushing for a dream job that doesn't pay their rent.
After you get your basics, start to think about where you want to be in the future. Is this going to be you and a someone married with three kids? Is it going to be you and a small dog? Are you going to be in a big city or out in the country? What state? What country? How do you want to spend most of your time? This can only be answered by you and what you want out of your life.
Learn your fundamentals with money. Learn how to save over spending. Get a credit card but never use it. Figure out how to pay your debt off before making more debt. I had to go all the way back and learn for myself how to do this so I watched finance basics on Khan Academy so I could know how to save over spend better. Watch free seminars by people and associations that are known for helping people understand money. There are a lot of get rich fast clinics out there that don't work so beware.
Start to figure out something you are good at that people want to pay you for, then get really good at it. I answer a lot of questions on this site for people wanting to become an electrician. You don't need a higher education and you can sometimes name your price as you go from job to job. People with a house or business often need someone with that skill set in order to fix broken devices or systems and make the building safe again. You might not be an electrician but to start a career at higher pay with no debt added is a good start. Over time getting more skilled allows you to make more money doing the same thing. Think about what it is you do that is going to make you money and figure out who needs it and what they want from you doing it. You are never going to be a better cashier, you might own the best store in town and work for yourself though. You are never going to be best at working in a box store, but you might be an amazing salesperson for cars or property later on. You are never going to be great as a laborer (moving or inventorying items) but you may become a great manager from that! Also people say do what you love and you'll never work a day. I disagree with that. I prefer do something I can do well that I tolerate and keep something I love for myself so I don't have to compromise what I love in order to make money.
A lot of how I am speaking is person --> do -->thing and that equates to one person becoming a "person-do-thing" as a job. This is kind of how we think of work in our country but it does not need to be that. You can make money doing several things at the same time. You can be creative and think of ways to make money with money. You can influence the right people to help them move their money to investments and causes. Its just easier for me to describe a wall if I can define what a cornerstone is.
Read up about money. Learn how to invest money. Get a savings account and not just a checking account. Do not rely on credit or loans unless you have to for something specific. Get an idea of how you want to live and then think about what you need to get there. Live within your means always! This is not something I can say "if you do this -- > it will then do that", this is an art that takes a lifetime to master and there is never one thing you will do to get you there.
Read "The Essays of Warren Buffett" by Warren Buffett
Read "The Millionaire Next Door: The Surprising Secrets of America's Wealthy" by Thomas J. Stanley, William D. Danko
Watch https://www.khanacademy.org/college-careers-more/financial-literacy and do the whole course
Don't go into debt unless you need to for a reason.
Don't buy things that are beyond your needs or you cannot afford.
I'm going to try and share the best of my knowledge but I am not a money guy and I don't know how people half of my age invest and make more money than I do (maybe you can help me out when you figure it out!!).
You are going to have basic expenses. You need food, a place to stay, a way to get around, clothes, utilities, telephone (and likely a computer or tablet), and you need some things to feel like you are a person like some furniture and maybe a TV/ books/ artwork or something like that. Do not get a job that will pay you less than your basic needs. There are jobs out there that will pay you less than what you need and you should avoid them. When on TV they complain about how people working fast food in California are making over $25/hr, they are making that money because they need to to sustain their life in that area. In 2026 $25/hr is not a huge wage, its not the same wage as in 1996.
It is better to work an unskilled, non-glamorous job and get paid what you need than it is to have a glamorous job that doesn't pay anything. I see too many young people pushing for a dream job that doesn't pay their rent.
After you get your basics, start to think about where you want to be in the future. Is this going to be you and a someone married with three kids? Is it going to be you and a small dog? Are you going to be in a big city or out in the country? What state? What country? How do you want to spend most of your time? This can only be answered by you and what you want out of your life.
Learn your fundamentals with money. Learn how to save over spending. Get a credit card but never use it. Figure out how to pay your debt off before making more debt. I had to go all the way back and learn for myself how to do this so I watched finance basics on Khan Academy so I could know how to save over spend better. Watch free seminars by people and associations that are known for helping people understand money. There are a lot of get rich fast clinics out there that don't work so beware.
Start to figure out something you are good at that people want to pay you for, then get really good at it. I answer a lot of questions on this site for people wanting to become an electrician. You don't need a higher education and you can sometimes name your price as you go from job to job. People with a house or business often need someone with that skill set in order to fix broken devices or systems and make the building safe again. You might not be an electrician but to start a career at higher pay with no debt added is a good start. Over time getting more skilled allows you to make more money doing the same thing. Think about what it is you do that is going to make you money and figure out who needs it and what they want from you doing it. You are never going to be a better cashier, you might own the best store in town and work for yourself though. You are never going to be best at working in a box store, but you might be an amazing salesperson for cars or property later on. You are never going to be great as a laborer (moving or inventorying items) but you may become a great manager from that! Also people say do what you love and you'll never work a day. I disagree with that. I prefer do something I can do well that I tolerate and keep something I love for myself so I don't have to compromise what I love in order to make money.
A lot of how I am speaking is person --> do -->thing and that equates to one person becoming a "person-do-thing" as a job. This is kind of how we think of work in our country but it does not need to be that. You can make money doing several things at the same time. You can be creative and think of ways to make money with money. You can influence the right people to help them move their money to investments and causes. Its just easier for me to describe a wall if I can define what a cornerstone is.
Read up about money. Learn how to invest money. Get a savings account and not just a checking account. Do not rely on credit or loans unless you have to for something specific. Get an idea of how you want to live and then think about what you need to get there. Live within your means always! This is not something I can say "if you do this -- > it will then do that", this is an art that takes a lifetime to master and there is never one thing you will do to get you there.
Liam recommends the following next steps: