i really don't know how to save money and i think is the right time to start saving. whenever i get money, i just want to spend it on expensive things like cloths and electronics. i am not even rich but many people think i am cos i can even empty my whole account for a phone. i have three phones and i want to get a smartphone nokia E90 communicator but the price is to high. i use a lot of money on unnecessary stuffs. i want to start saving money now for future uses. what are some simple ways? i am addicted to shopping, i always want to look the best, always want to have the most expensive toy or something. please help, thanks.
vixen
open a savings account and put a certain amount of money in there per month. create a BUDGET for the things you NEED rather than want; then see how much money you have left over for your "wants".
naughty cat
take daily lesson from a miser!make a money box and save your money when ever you are about to break it remember your dreams and wishes and what ever you want to do in future.you can save with determinition and time.keep in mind that you can do it.
Jessica P
I would start saving all your change when you buy something,that's a good place to start. Try shopping when their are sales or look for coupons. Go places where you can trade in your old stuff and get credit for something new. Shop places less expensive,discount stores. Oh and you really don't need three phones that's rather excessive.
Joseph F
You will never achieve wealth if you are the kind of person who thinks you need THREE(!????) telephones! What on Earth is that about?
Think about it, do you REALLY care what kind of phone your friends have? Does it change anything about how you feel about them? Then why do you think they care about what kind of phone you have? They don't.
Thịnh
Stop using money that you don't have (cc)
Buy thing that you don't need ( 3 cell phones)
Dress to impress people you don't like. (Expe clothes)
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vcs7578
Some topic!!! It is also a timely question given the state of the economy. You for sure will receive lots of responses. Those responses will be helpful to many others in the same boat they are. You have already taken the first step by recognizing that you are not just experiencing the passe that recent graduates experience in the first of year of financial independence but it is an addiction. From your description, you are deep in it and have expanded the expenditure tentacles in different areas - clothing, electronics, etc.
Since your age or your income is not known it will be little difficult to hit the hammer on the nail, also you cannot attack all the habits at once, so I am providing the very general sketch. You can work it out on your own. You cannot establish a starting point till you figure out where you went wrong.
1) Take a good look at your monthly expenses. Take out all the statements and itemize by date - e.g. eating out, clothes(separately shirts, pants, caps, sunglasses, etc.), movies, electronics etc. As you scrutinize, you will create your own categories. In big bold capital letter mark the interest charges
2) Now is your first step. Mark out the items you did not need or are sitting in your closets- mainly the curve of diminishing utilities disappear after one use. You really don't need these items. Try to associate them with the categories developed in 1) above and target that category to be shunned first.
3) Don't use credit cards. Keep 2-3 so that it works towards accumulating credit, but don't use them. Find an institution that will issue a credit card with upper limit like $ 200-$ 500, will reject any excess charge purchase,carry only that one with you. Write checks or make a schedule of withdrawing a certain amount on a certain day of week - that should provide you for your groceries, movies, eating out etc. over the week.
4) Try cooking by yourself as much as you can - eating out should be a pleasure and change, not a way of life unless you have compelling circumstances. Similarly, do your laundry, ironing etc. Spend 2-3 hours at least on alternate days in gym/ if those facilities are not conveniently located, spend that much time walking, and in home exercises like treadmill, bicycle, weights etc. You certainly can afford those.
5) Open a savings account for a rainy day. If your employer has any of those plans like 401K, retirement, try one. Join the one that the employer contributes dollar-per-dollar and make maximum contribution. If there are options for more than one, think if you can do that (keep the options open for changing your mind without penalties). In addiiton, you can always open IRA/Roth IRA account per IRS guideline.
6) If you are well settled in the job and are likely to be in the same location for 4-5 years, think about buying a residential place. The monthly installments will compell you to cut down the unnecessary expenses.
I am really good at all of the above and more, but my profile does not allow contact.
There is something in your question more unsettling. It is not clear if you are doing this since you still need to mature (we all need even when we turn 100 ), or trying to impress others so your so called friends don't leave you. You are the only one who could answer this after great soul searching.
7) You cannot be rude to ask your friend to get lost, but you could go on equal shares like you pay your tab at a restaurant, your share of excusion outing etc. If they enjoy the scenery, let them bring their own camera. Only sincere friends will stick around.
8) You need to get back in touch with reality. If you are spiritual, talk to the head of worshipping place. Otherwise, try to volunteer in social causes. Help out at soup kitchen, the places like goodwill industries, hospitals etc. You will hear many heart wrenching personal stories, that will rearrange your priories in life. If you are in a place like New York, just walk where the homeless take shelter. Even if these activities hurt you, you need to do this regularly, at least once a week. You may gain sincere friends in this process, who will be there with you in times of need.
I wish you all the success. It is going to be very difficult, but go slowly, set very achievable goals, like babysteps, and always keep big picture in sight.
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