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How do i put away money

How do i start saving up if i spend so much when i get it

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Miguel’s Answer

The simple strategy I followed to begin saving money was to prioritize myself and save whenever I received any income. The idea is to put yourself first, above everything else. If you believe you should come first, then set aside a portion of your money (for example, 10% or 20%) for savings as soon as you receive it. Additionally, pick a way to store your savings that makes it challenging to access the money, so it takes significant effort to withdraw funds, but not to deposit them. This way, you can easily add to your savings, but avoid taking money out.
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David’s Answer

Establishing a savings goal is crucial. Consider developing a budget to track your expenses effectively. Determine a realistic amount you'd like to save and be deliberate about it. If your employer offers a 401K plan with automatic deductions from your paycheck, make sure to utilize this benefit. Additionally, store your surplus funds in a location that's not easily accessible, deterring you from making withdrawals. Opening a savings account in a distant part of town could be an option. Once you've gathered a substantial amount, explore certificates of deposit at your preferred bank, allowing your savings to flourish.

Best of luck with your savings objectives!
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Joe’s Answer

Starting to save money as a young person is a wise financial decision that can set you up for future success. Here are some steps to help you get started:

Set clear financial goals: Determine what you are saving for, whether it's an emergency fund, education, a car, or a down payment on a house. Having specific goals will give you a sense of purpose and motivate you to save.

Create a budget: Track your income and expenses to understand where your money is going. Identify areas where you can cut back on unnecessary spending and allocate a portion of your income for savings.

Establish an emergency fund: Start by building an emergency fund that can cover three to six months' worth of living expenses. This fund will provide a safety net in case of unexpected events like medical emergencies or job loss.

Start small and be consistent: Begin by saving a small percentage of your income, such as 10%. As your income grows, increase the amount you save. Consistency is key, so make saving a regular habit.

Automate your savings: Set up an automatic transfer from your checking account to a separate savings account. This way, a portion of your income will be saved before you even have a chance to spend it.

Reduce expenses: Look for ways to cut back on unnecessary expenses. Evaluate your spending habits and find areas where you can make adjustments, such as eating out less frequently or finding cheaper alternatives for certain products or services.

Find additional sources of income: Consider taking on a part-time job or freelancing to supplement your income. The extra money can be directly allocated towards your savings goals.

Avoid unnecessary debt: Minimize your use of credit cards and loans. If you do use them, make sure to pay off the balances in full each month to avoid accruing interest charges. Being mindful of your debt will free up more money for saving.

Take advantage of retirement accounts: If your employer offers a retirement plan like a 401(k), contribute to it and take advantage of any matching contributions. Starting to save for retirement early can have a significant impact in the long run.

Educate yourself about personal finance: Read books, follow reputable financial websites, and seek advice from experts to improve your financial knowledge. Understanding the basics of investing, budgeting, and saving will empower you to make informed decisions.

Remember, saving money is a long-term endeavor, and it requires discipline and patience. By starting early and following these steps, you'll be on the path to financial stability and future financial success.

Useful Link on the topic = https://www.ngpf.org/curriculum/?gclid=EAIaIQobChMIyurA3rTD_wIVrCqzAB1vIwXAEAAYBCAAEgJYhfD_BwE
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Crystal’s Answer

Hi Shyanne, this is a great question and I'm glad you're thinking about this!
The best advice I have is: when you get money, if it's at all possible, wait to spend it to make sure that you REALLY want to spend it.
Sometimes it's not possible to wait to spend money. Maybe you have to pay bills and pay for necessary things that can't be put off.

But sometimes we are all tempted to spend money on things that are not necessary, and may even regret spending that money later. This can be going out with friends, buying snacks or drinks, buying yourself some other kind of treat, all kinds of things.
In those cases, force yourself to WAIT before you spend that. Maybe you only wait one day, or three days, or a whole week. Then you'll see if you still want to spend the money, or if you get over it and find out that you prefer to save the money.

Another option is to try to save a certain amount every time you get money. For example, if you regularly get $50, make a promise to yourself that you'll save $10 (that's 20%) or $5 (that's 10%) and not touch that. If you're able to do that regularly, you'll find your savings will build up before you know it.

Crystal recommends the following next steps:

Every time you want to spend money, wait and ask yourself if you really need to spend it. If you're not sure, wait 3 days or wait 1 week to see if you still want to spend it.
Create a savings plan to put aside a certain amount of money every time you get it, to save it for the future.
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Madisyn’s Answer

Hi Shyanne,

Remember, it's never too early to begin saving money! There are numerous ways you can start saving, making it an enjoyable and rewarding experience. For instance, you could take up a part-time job and save a specific percentage or a fixed amount (like $20 or $35) from each paycheck. Additionally, consider setting aside a portion of the money you receive on special occasions, such as birthdays, graduations, or other holidays. Don't forget to collect any spare change you come across and store it in a large jar – you'll be surprised at how much it can accumulate over time, sometimes even reaching hundreds of dollars!

Wishing you the best of luck on your exciting journey!
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Molly’s Answer

Shyanne,

This is a great question! I have learned over the years that the best way to save up money is to transfer or store it in your savings account or where you know you will not touch it for a while. After every paycheck I received working part-time, and even working within my full-time job now, I have learned to take half of that pay check out and store it in my savings for the future.

I had a problem back in the day by wanting to spending all of my money at once. However, after learning to manage my money wisely and safely, it taught me a lot about what things are considered a necessity, and what things are simply just an item that I may want, but not necessarily need.

I hope this helped!

Thank you,
Molly H.
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