4 answers
Sasha
Student
Florida City, Florida
1
Question
Asked
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When should I start saving money?
When should I start saving monery
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4 answers
Paul Goetzinger MPA
Academic and Career Consultant and Freelance Writer
657
Answers
Seattle, Washington
Updated
Paul’s Answer
I would start saving now.
It is never too early to start developing positive saving and investment habits.
One that I recommend, is the 90/10 formula. Which is saving 10 cents out of every dollar that you earn, and living off the remaining 90 cents.
This is particularly helpful in the future, when you are out on your own. Save 10 cents out of every dollar earned and invest in a certificate of deposit, or a I or EE Savings Bond. These are two investment options to start out with.
It is never too early to start developing positive saving and investment habits.
One that I recommend, is the 90/10 formula. Which is saving 10 cents out of every dollar that you earn, and living off the remaining 90 cents.
This is particularly helpful in the future, when you are out on your own. Save 10 cents out of every dollar earned and invest in a certificate of deposit, or a I or EE Savings Bond. These are two investment options to start out with.
Yisel Andujar
Pharmacy
48
Answers
Vineland, New Jersey
Updated
Yisel’s Answer
Hi Sasha,
Fantastic question! The journey to financial security can start right now.
1. Set Up Automatic Transfers
One of the easiest ways to start saving is by automating transfers from your checking account to your savings account each month. Over time, this money will add up, and you'll hardly notice it's gone. This method works especially well when you're saving for a specific purpose, such as building an emergency fund, planning a vacation, or saving for a down payment.
Apps like Digit or Qapital can also handle this for you. Once you sign up, they'll move small amounts from your checking account to a savings account, saving you the effort of remembering to do it. These apps can be a great tool for effortless saving, so consider whether they might be a good fit for you.
2. Save Your Loose Change
Another simple strategy is to save your change each day. When you've collected a decent amount, deposit it into your savings account and watch your balance grow. Using cash instead of credit cards can also help you be more mindful of your spending, as it's often harder to hand over physical money. While this method won't make you rich overnight, it's a steady way to increase your savings.
3. Use Your Check's Change
When you receive a paycheck, consider moving the change into your savings account. For example, if your check is for $1500.98, you could move the 98 cents into savings. Over a year, this could add up to $50.96. Sometimes, you might decide to move over $1 or $2 instead. These small amounts can accumulate surprisingly quickly, and you'll be amazed at how much you can save this way.
4. Make Small Lifestyle Changes
If you have a weekly budget for things like lunch, coffee, and snacks, consider making some changes. For instance, you could start making coffee at home or packing lunches instead of buying them. If your weekly budget is $50, and you save $20 by making these changes, that's an extra $80 per month you could be saving. Remember, it's the little changes that can make a big difference in the long run.
So, start your saving journey today, Sasha! Every little bit counts, and you'll be amazed at how quickly it can add up.
Fantastic question! The journey to financial security can start right now.
1. Set Up Automatic Transfers
One of the easiest ways to start saving is by automating transfers from your checking account to your savings account each month. Over time, this money will add up, and you'll hardly notice it's gone. This method works especially well when you're saving for a specific purpose, such as building an emergency fund, planning a vacation, or saving for a down payment.
Apps like Digit or Qapital can also handle this for you. Once you sign up, they'll move small amounts from your checking account to a savings account, saving you the effort of remembering to do it. These apps can be a great tool for effortless saving, so consider whether they might be a good fit for you.
2. Save Your Loose Change
Another simple strategy is to save your change each day. When you've collected a decent amount, deposit it into your savings account and watch your balance grow. Using cash instead of credit cards can also help you be more mindful of your spending, as it's often harder to hand over physical money. While this method won't make you rich overnight, it's a steady way to increase your savings.
3. Use Your Check's Change
When you receive a paycheck, consider moving the change into your savings account. For example, if your check is for $1500.98, you could move the 98 cents into savings. Over a year, this could add up to $50.96. Sometimes, you might decide to move over $1 or $2 instead. These small amounts can accumulate surprisingly quickly, and you'll be amazed at how much you can save this way.
4. Make Small Lifestyle Changes
If you have a weekly budget for things like lunch, coffee, and snacks, consider making some changes. For instance, you could start making coffee at home or packing lunches instead of buying them. If your weekly budget is $50, and you save $20 by making these changes, that's an extra $80 per month you could be saving. Remember, it's the little changes that can make a big difference in the long run.
So, start your saving journey today, Sasha! Every little bit counts, and you'll be amazed at how quickly it can add up.
Ethan Grant
Software Engineering
1
Answer
Hudsonville, Michigan
Updated
Ethan’s Answer
Begin saving money as soon as possible. Apply for a job as soon as you are able to. If there are any job opportunities in your area, apply to them.
Anasa Lattibeaudaire
Career Counselor
24
Answers
Miami, Florida
Updated
Anasa’s Answer
Are you saving for something in particular? Start saving money now if you're able to. Put a little here and there every week as if you're paying yourself. You can start as little or as big if you'd like, too. For example, if you're bringing home $150 a week, pay yourself 10% each week, which is $15 a week. Have the money come directly out of your bank account (should you have one) and have it go into a savings account (one that builds interest). Ally and Barclay Online Banking offer savings accounts with interest. These are great because the bank pays you a little extra money over time, called "interest", just for keeping your money in the account. It's a good way for your savings to build over time without you having to do anything extra. Finally, if you enjoy goal setting, give yourself milestones every month or so and you will be able to reach the financial goals you have set for yourself.