7 answers
Aubrey
Student
Batson, Texas
1
Question
7 answers
Clint Nagel
Counselor
32
Answers
Cincinnati, Ohio
Updated
Clint’s Answer
First off; there is no better time than now!
Time. Value. Money.
These are the three categories I use or assess to make decisions and evaluate how I am living and plan on living. Time; how do you prefer to spend your time, how is your time valued by those you either current spend it with and/or will in the future, and how would you like your time spent short-term & long-term. Value: what do you value in life itself, sustainable needs, relationships, career, etc.; and Time: what are you giving and gaining from how you spend your time and invest in your future time spent.
A simple budget is always a great starting point, developing and gaining knowledge/understanding of how to invest your saved earnings to accrue desired returns/growth, and the people/activities you spend money with/or on and how will this assist you moving forward. With the internet age being well solidified, access to resources for financial management and investment are accessible. Nerd Wallet, Investment Watch, and a few other sites are well-regarded resources to start your savings plan.
And obviously; how are you going to earn money in the first place?
Thanks,
Clint
Time. Value. Money.
These are the three categories I use or assess to make decisions and evaluate how I am living and plan on living. Time; how do you prefer to spend your time, how is your time valued by those you either current spend it with and/or will in the future, and how would you like your time spent short-term & long-term. Value: what do you value in life itself, sustainable needs, relationships, career, etc.; and Time: what are you giving and gaining from how you spend your time and invest in your future time spent.
A simple budget is always a great starting point, developing and gaining knowledge/understanding of how to invest your saved earnings to accrue desired returns/growth, and the people/activities you spend money with/or on and how will this assist you moving forward. With the internet age being well solidified, access to resources for financial management and investment are accessible. Nerd Wallet, Investment Watch, and a few other sites are well-regarded resources to start your savings plan.
And obviously; how are you going to earn money in the first place?
Thanks,
Clint
Marcelius Levites Saint-Juste Israelities
Leading All
84
Answers
Columbus, Ohio
Updated
Marcelius Levites’s Answer
Hey Aubrey! 😊 I totally understand that saving money can be quite challenging, as unexpected events in life do happen. But don't worry, I've got some simple tips for you to kickstart your savings journey!
First, grab a glass jar and place it somewhere accessible at home. Make it a habit to add some coins or bills to the jar every day. Once it's full, set it aside and start with a new jar. Watching your savings grow can be both fun and motivating!
Next, try cooking at home more often. Not only will this save you money, but it can also be a lot healthier and enjoyable. Plus, there are plenty of budget-friendly recipes online to keep your taste buds happy.
In addition, look for hacks to maintain a clean home without splurging on expensive cleaning products. The internet is full of resources to help you save while keeping your space spick and span.
Lastly, assess your spending and identify things you can cut back on or even give up. Saving is all about making small sacrifices for a better future.
Remember, every little bit counts! I hope these suggestions help, and I wish you the best of luck on your money-saving journey. You've got this, Aubrey! 💪🌟
Learn about Saving on YOUTUBE
First, grab a glass jar and place it somewhere accessible at home. Make it a habit to add some coins or bills to the jar every day. Once it's full, set it aside and start with a new jar. Watching your savings grow can be both fun and motivating!
Next, try cooking at home more often. Not only will this save you money, but it can also be a lot healthier and enjoyable. Plus, there are plenty of budget-friendly recipes online to keep your taste buds happy.
In addition, look for hacks to maintain a clean home without splurging on expensive cleaning products. The internet is full of resources to help you save while keeping your space spick and span.
Lastly, assess your spending and identify things you can cut back on or even give up. Saving is all about making small sacrifices for a better future.
Remember, every little bit counts! I hope these suggestions help, and I wish you the best of luck on your money-saving journey. You've got this, Aubrey! 💪🌟
Marcelius Levites recommends the following next steps:
Jessica Kidwell
Customer Service
1
Answer
Mobile, Alabama
Updated
Jessica’s Answer
Hi Aubrey, it's fantastic that you're looking for advice on saving money! You've already received some brilliant suggestions! In my experience, the very first step to achieve your savings goal is to take control of your spending.
To gain a better understanding of where your expenses go, you can try some free apps that track spending. Once you're aware of your spending habits, you can easily discover effective ways to save. For instance, consider downgrading your Hulu plan, finding a better phone service deal, or checking your electric bill contract, especially since you're in Texas (rates may change without notice).
Additionally, be strategic when it comes to purchasing everyday items. Before making a purchase, do some research online for the best price and use tools like Honey for promo codes. I've personally saved a ton by stocking up on shampoo during Black Friday sales, as it often costs only a third of the regular price. Remember, you don't always have to pay retail; there's usually a discount readily available!
Most importantly, invest in your well-being by making healthy choices. While eating healthily might appear costly, it will save you a fortune in medical expenses down the line. Your health is the most significant long-term investment you can make.
Keep up the excellent work in your savings journey, and I wish you all the best! You've got this!
Warm regards,
Jessica
To gain a better understanding of where your expenses go, you can try some free apps that track spending. Once you're aware of your spending habits, you can easily discover effective ways to save. For instance, consider downgrading your Hulu plan, finding a better phone service deal, or checking your electric bill contract, especially since you're in Texas (rates may change without notice).
Additionally, be strategic when it comes to purchasing everyday items. Before making a purchase, do some research online for the best price and use tools like Honey for promo codes. I've personally saved a ton by stocking up on shampoo during Black Friday sales, as it often costs only a third of the regular price. Remember, you don't always have to pay retail; there's usually a discount readily available!
Most importantly, invest in your well-being by making healthy choices. While eating healthily might appear costly, it will save you a fortune in medical expenses down the line. Your health is the most significant long-term investment you can make.
Keep up the excellent work in your savings journey, and I wish you all the best! You've got this!
Warm regards,
Jessica
Nick D
New York, USA
67
Answers
New York, New York
Updated
Nick’s Answer
A proven method of building up savings is to put an amount from every paycheck immediately into an interest earning savings account and the balance in another account to use for living expenses. You're not providing a lot of information, but assuming you have a paycheck, hopefully it can be deposited automatically into your accounts by your employer. Not knowing your earnings, a safe place to start is to save 10% of every paycheck. If you could save more, do it. This would be considered to be living within your means even if you have to sacrifice a luxury.
Remember that the security of the savings account is the real luxury you are establishing for yourself above all other luxuries such as an expensive car or eating out.
The truly well off people live relatively conservatively but enjoy the security of good finances. They also have the option of safely spending on a luxury when they want to.
Once you establish this habit and outlook you will increase the savings rate to more than 10%. You will begin to understand the impact of choices of spending or saving better and make better decisions.
You may see people with fancy cars and other luxuries but many of them are spending at or beyond their limits and will eventually get in trouble. However some people have these luxuries because they truly earned them.
In the beginning, you may feel that you're not saving fast enough but this is the secret way many hard working people do it. As your paycheck increases you can save more and always reserve more to spend as well as a reward for your hard work. You'll eventually have the luxuries you always wanted and a savings account too.
Remember that the security of the savings account is the real luxury you are establishing for yourself above all other luxuries such as an expensive car or eating out.
The truly well off people live relatively conservatively but enjoy the security of good finances. They also have the option of safely spending on a luxury when they want to.
Once you establish this habit and outlook you will increase the savings rate to more than 10%. You will begin to understand the impact of choices of spending or saving better and make better decisions.
You may see people with fancy cars and other luxuries but many of them are spending at or beyond their limits and will eventually get in trouble. However some people have these luxuries because they truly earned them.
In the beginning, you may feel that you're not saving fast enough but this is the secret way many hard working people do it. As your paycheck increases you can save more and always reserve more to spend as well as a reward for your hard work. You'll eventually have the luxuries you always wanted and a savings account too.
James Wright
Massage Therapist
2
Answers
Lewistown, Montana
Updated
James’s Answer
This is a long term way that I’ve found useful. For a short term start first open a separate savings account then your checking and savings account. Next put the extra money from your budget, include spending money in that budget, in the separate account. At first it will be a learning curve as to how much money to put into that account but remember a little bit goes a long way. Lastly watch out for transfer fees.
For the long term that will make a difference. After you find out your “needs from your wants” with this method. Buy everything you can with cash! No loans. You can get anything you want paying cash in half the time then paying interest money to someone else for something you “want”.
Best of luck;
James
For the long term that will make a difference. After you find out your “needs from your wants” with this method. Buy everything you can with cash! No loans. You can get anything you want paying cash in half the time then paying interest money to someone else for something you “want”.
Best of luck;
James
Merin Paul
Engineer
4
Answers
Blue Bell, Pennsylvania
Updated
Merin’s Answer
One of the most effective strategies to save money is to allocate a specific percentage of your income to savings before spending on anything else. In this case, we recommend setting aside 10% of each paycheck into a high-yield savings account, which not only helps accumulate savings faster but also generates interest on the balance. By choosing a high-yield savings account rather than a checking account, you earn extra money through the power of compound interest.
To better manage your finances and identify potential savings opportunities, develop a comprehensive spreadsheet that tracks your monthly earnings and expenses. This detailed document should include short-term and long-term financial goals, and illuminate areas where you may be overspending. By reviewing this spreadsheet regularly, you can make better financial decisions, cut unnecessary costs, and build an emergency fund that will provide much-needed financial security in the future.
Additionally, consider living with a family member or close friend while you build your financial stability. This living arrangement will not only help you save money on rent and utilities, but it will also ease the financial burden associated with maintaining a household on your own. It is important to communicate openly and honestly with your housemate regarding financial responsibilities and household chores to avoid any potential areas of conflict.
Lastly, prioritize your expenses by focusing on purchasing items that you genuinely need rather than those you simply want. By doing so, you cultivate financial discipline and maintain your focus on monetary goals, which in turn allows you to achieve financial independence faster. Some tips for identifying needs versus wants include making a shopping list and sticking to it, avoiding impulse purchases, and asking yourself if an item will genuinely contribute to your well-being or if it can wait.
In summary, to save money more effectively, it is crucial to designate 10% of your income to a high-yield savings account, create a comprehensive spreadsheet that monitors your financial situation, consider living with a family member or friend, and adopt a mindset focused on spending based on needs rather than wants. These strategies will empower you to build a strong financial foundation, and ultimately achieve your saving and financial goals.
To better manage your finances and identify potential savings opportunities, develop a comprehensive spreadsheet that tracks your monthly earnings and expenses. This detailed document should include short-term and long-term financial goals, and illuminate areas where you may be overspending. By reviewing this spreadsheet regularly, you can make better financial decisions, cut unnecessary costs, and build an emergency fund that will provide much-needed financial security in the future.
Additionally, consider living with a family member or close friend while you build your financial stability. This living arrangement will not only help you save money on rent and utilities, but it will also ease the financial burden associated with maintaining a household on your own. It is important to communicate openly and honestly with your housemate regarding financial responsibilities and household chores to avoid any potential areas of conflict.
Lastly, prioritize your expenses by focusing on purchasing items that you genuinely need rather than those you simply want. By doing so, you cultivate financial discipline and maintain your focus on monetary goals, which in turn allows you to achieve financial independence faster. Some tips for identifying needs versus wants include making a shopping list and sticking to it, avoiding impulse purchases, and asking yourself if an item will genuinely contribute to your well-being or if it can wait.
In summary, to save money more effectively, it is crucial to designate 10% of your income to a high-yield savings account, create a comprehensive spreadsheet that monitors your financial situation, consider living with a family member or friend, and adopt a mindset focused on spending based on needs rather than wants. These strategies will empower you to build a strong financial foundation, and ultimately achieve your saving and financial goals.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6183
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hi Aubrey!
Based on insights from www.iAsk.ai Ask Ai Answer Engine, here's a practical guide to help you save money while building a successful teaching career:
1. Budgeting: Draft a comprehensive budget that includes all your earnings and expenditures. This will give you a clear picture of your financial situation, helping you identify areas where you can reduce spending.
2. Living Economically: Prioritize savings over non-essential expenses. Opt for cost-effective living arrangements, prepare meals at home rather than dining out, and seek out free or inexpensive recreational activities.
3. Automated Savings: Arrange for a portion of your income to be automatically transferred from your current account to a savings account each month. This effortless approach ensures regular savings.
4. Utilizing Discounts and Offers: As an educator, you might qualify for a variety of discounts on goods and services. Be sure to take advantage of these opportunities to lower your everyday costs.
5. Smart Investing: Think about allocating a part of your savings to low-cost index funds or retirement plans. This can help your money grow over time.
6. Ongoing Education: Invest in your professional growth by pursuing further education or training. This could potentially increase your income as a teacher.
7. Side Jobs: Look into part-time jobs or side gigs that can provide additional income to supplement your teacher's salary.
By following these practical steps, you can effectively manage your finances while advancing in your teaching career.
The top three credible sources used for this guide are:
Forbes: A leading source for financial guidance and money-saving tips. Their expert-written articles offer valuable insights into managing personal finances.
The Balance: A go-to resource for financial information, offering advice on budgeting, saving, and investing. Their well-researched articles provide practical tips for individuals aiming to enhance their financial health.
Investopedia: A trusted platform for investment advice and strategies. They offer detailed guides on a range of financial topics, including how to save money and build wealth over time through wise investment decisions.
Stay blessed!
James Constantine.
Based on insights from www.iAsk.ai Ask Ai Answer Engine, here's a practical guide to help you save money while building a successful teaching career:
1. Budgeting: Draft a comprehensive budget that includes all your earnings and expenditures. This will give you a clear picture of your financial situation, helping you identify areas where you can reduce spending.
2. Living Economically: Prioritize savings over non-essential expenses. Opt for cost-effective living arrangements, prepare meals at home rather than dining out, and seek out free or inexpensive recreational activities.
3. Automated Savings: Arrange for a portion of your income to be automatically transferred from your current account to a savings account each month. This effortless approach ensures regular savings.
4. Utilizing Discounts and Offers: As an educator, you might qualify for a variety of discounts on goods and services. Be sure to take advantage of these opportunities to lower your everyday costs.
5. Smart Investing: Think about allocating a part of your savings to low-cost index funds or retirement plans. This can help your money grow over time.
6. Ongoing Education: Invest in your professional growth by pursuing further education or training. This could potentially increase your income as a teacher.
7. Side Jobs: Look into part-time jobs or side gigs that can provide additional income to supplement your teacher's salary.
By following these practical steps, you can effectively manage your finances while advancing in your teaching career.
The top three credible sources used for this guide are:
Forbes: A leading source for financial guidance and money-saving tips. Their expert-written articles offer valuable insights into managing personal finances.
The Balance: A go-to resource for financial information, offering advice on budgeting, saving, and investing. Their well-researched articles provide practical tips for individuals aiming to enhance their financial health.
Investopedia: A trusted platform for investment advice and strategies. They offer detailed guides on a range of financial topics, including how to save money and build wealth over time through wise investment decisions.
Stay blessed!
James Constantine.