I’m horrible in saving money.Im 22 years old and I plan to move out next year out of my parents house?

Question by : I’m horrible in saving money.Im 22 years old and I plan to move out next year out of my parents house?
Please help!!!!!! I need to learn how to save money. Any tips?

Best answer:

Answer by david
try putting them in a bank and not spending it. try to make a new year commitment or something?

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7 Responses to “I’m horrible in saving money.Im 22 years old and I plan to move out next year out of my parents house?”

  1. sassy2 says:

    Yes Have the bank withdraw 10% of your paycheck from your checking and put it into a savings account. Then keep a daily journal of every penny you spend every day. Bills, clothing, newspaper even gum. At the end of the month see how much was spent on unnecessary items. Then stop eating out.

  2. Allison says:

    Assuming that you are working – have part of your paycheck automatically deducted into a savings account. That way, you will not miss it, and will not have to think about manually making a deposit into a bank. Also, then you can look at it and see the amount increase, and know that you are actually saving. It’s a huge motivator.

    Try reading a basic financial book, like Dave Ramsey’s “Financial Peace Revisited”.

    Good for you, for thinking about this at your age. It shows maturity.

  3. mxxoxoxo says:

    You can put money into CD accounts and not be able to touch them until a specific time. At most banks you can view the term for each cd online and find one best that can hold the funds for about the length of time you need. You earn interest too. good luck.

    Included info on cd accounts

  4. kris k says:

    Never too late to learn and great you have time till next year to learn and save. It is very simple and straight; Think what you need your money for or where do you spend most and how do you spend most. Check out you last months expenditure and bring it to specific numbers. This will give you Budget heads. Prepare a budget for your expenditure.

    The hard part is to remember that it is easy to spend, but hard to earn therefore, ask yourself what you must have and what you can stay without to see exactly how much you can retain. More you can retain becomes a part of your income and saving. More the saving more you are on your way to building wealth.

    Ever considered owning a house at say 24 years. Well, there are some who have been careful with their borrowings, credit cards and savings and expenditure and invested in an asset capable of earning in multiples. Well, think on those lines of creating assets. Invest in legitimate registered financial schemes. Remember, to avoid increasing your debt income ratio which would increase your credit score and you could actually borrow big time for a major investment. Invest where you have a return. The one big principle is aim to at least save 50% of your income which is hard, but not difficult. Resort to economic expenditure, use thrift stores, garage sales, recycle as far as possible and stay away from the clutches of consumerism which haunts every youngster today. This is the basic call for an honest hard working young man to steer for a good financial and secure future.

  5. lim says:

    I used to have the same problem. Budget is key and you can improve in your financial budget through a few steps and tool. Check this blogsite out on the budget tips. http://financialguidetowealth.blogspot.com/

  6. Peter says:

    Hi Belinda

    You need to set yourself a budget and stick to it. You can download free budget software from http://www.cashflowcalculators.com.au. Track your spending daily along with your bills and then enter these figures into the software. It will take a few months of fine tuning but once your budget seems manageable stay with it. You can also include how much you would like to save. I recommend you start with at least 10% of your gross earnings. Place it into an account with only keycard access and give the card to your parents/friend (dont let them know the pin no.). That way you can save up a nice little nest egg.

    I recommend you stay on their mailing list as well as they send out monthly emails on tips to saving and budgeting which are useful and also a reminder to stay on track with your budgetting.

  7. Jfloody says:

    Yea when you move out and need to buy things always use coupons it will save you alot of money in the long run and you will be satisfied. I just moved out of my parents house and i print different coupons all week to save on groceries and other items. Here is a site that can help you save a good amount of money weekly