5 answers
Emma
Student
Bowling Green, Kentucky
1
Question
Updated
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What is the best way to save your money without overwhelming yourself?
I do not want to overwhelm myself with a ton of work while also trying to keep good grades with my schooling.
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5 answers
Angella chepchirchir
SEO, MARKETING, ANALYST , psychologist
76
Answers
Nairobi, Nairobi County, Kenya
Updated
Angella’s Answer
Saving money is the best financial taught. I really want to congratulate you for making such a decision as working SMART involves making a decision and then the hardest part comes in working towards achieving the decision.
Here are some of the tips to help you save your finances;
Set achievable and realistic financial goals and target; set an amount that won't strain your working hours as well as can't keep you off academic field.
Create a budget;
Make priority of the major life spending and keep off from extra luxuries and unnecessary spending as they will drain you and force you to work extra hard in trying to come back to normal.
Use student discounts; If you are eligible to a product on discount as a student, please use them as they will reduce your spendings.
Reduce unnecessary spending
Consider part-time work: this will make you allocate time to your research, classes as well as family without strains.
Finally, check on your friendship list as friends could lead to financial strains as you try to live their standards and might end overwhelming you.
Saving is a continuous process and you should work in making small savings each and every time to avoid financial strains. Above all don't limit yourself into finances and classes too much. In this life, the present comes once; say you are a youth once, soo if you don't enjoy it, then you won't enjoy it again. Just DISCLIPINE and savings is the key.
Leave me a comment. 👍
Here are some of the tips to help you save your finances;
Set achievable and realistic financial goals and target; set an amount that won't strain your working hours as well as can't keep you off academic field.
Create a budget;
Make priority of the major life spending and keep off from extra luxuries and unnecessary spending as they will drain you and force you to work extra hard in trying to come back to normal.
Use student discounts; If you are eligible to a product on discount as a student, please use them as they will reduce your spendings.
Reduce unnecessary spending
Consider part-time work: this will make you allocate time to your research, classes as well as family without strains.
Finally, check on your friendship list as friends could lead to financial strains as you try to live their standards and might end overwhelming you.
Saving is a continuous process and you should work in making small savings each and every time to avoid financial strains. Above all don't limit yourself into finances and classes too much. In this life, the present comes once; say you are a youth once, soo if you don't enjoy it, then you won't enjoy it again. Just DISCLIPINE and savings is the key.
Leave me a comment. 👍
David Beaumont
Technical Support
29
Answers
Westerville, Ohio
Updated
David’s Answer
Saving is such a great to increase your financial value. Kudos to you for being motivated to save! Just a couple of items that may be helpful.
* Start small. You will be amazed what saving you can accumulate in one years time. Whenever you pay cash for something, the change you get back ( the coins portion) take those coins and drop them in a jar. Do that for a whole year. If you don't already have a savings account. Open one and make the coin savings your first deposit. Repeat for the following year.
* If you are working a job that offers a savings benefit like a 401k. Take advantage of that benefit. Speak with your benefits department to see how to get involved. Once enrolled, each time you advance in you job and your pay increases, give your 401k or whatever the savings benefit is a raise too. You'll be amazed at what you will have accumulated in a year.
Wishing you all the best with your savings journey.
* Start small. You will be amazed what saving you can accumulate in one years time. Whenever you pay cash for something, the change you get back ( the coins portion) take those coins and drop them in a jar. Do that for a whole year. If you don't already have a savings account. Open one and make the coin savings your first deposit. Repeat for the following year.
* If you are working a job that offers a savings benefit like a 401k. Take advantage of that benefit. Speak with your benefits department to see how to get involved. Once enrolled, each time you advance in you job and your pay increases, give your 401k or whatever the savings benefit is a raise too. You'll be amazed at what you will have accumulated in a year.
Wishing you all the best with your savings journey.
David Beaumont
Technical Support
29
Answers
Westerville, Ohio
Updated
David’s Answer
Embarking on a savings journey can be as simple as taking small, manageable steps. One effective strategy is to save your loose change every time you make a cash purchase. Collect the change you receive and store it in a jar. Make it a habit to do this every time you spend cash.
At the end of the year, take all the change you've accumulated and deposit it into your savings account. Some banks will have a coin collector where you can deposit loose change and get a receipt from the machine to use for your deposit.
If you don't have a savings account yet, it's a good idea to open one. You'll be surprised at how much you can save in a year just by stashing away your loose change.
After a year, why not challenge yourself to continue this method for another year? If your jar fills up, simply replace it with a larger one.
Wishing you great success on your savings journey!
At the end of the year, take all the change you've accumulated and deposit it into your savings account. Some banks will have a coin collector where you can deposit loose change and get a receipt from the machine to use for your deposit.
If you don't have a savings account yet, it's a good idea to open one. You'll be surprised at how much you can save in a year just by stashing away your loose change.
After a year, why not challenge yourself to continue this method for another year? If your jar fills up, simply replace it with a larger one.
Wishing you great success on your savings journey!
Daniel Maynes
Credit Manager
187
Answers
Dallas, Texas
Updated
Daniel’s Answer
Hi Emma!
The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.
After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.
The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.
Hope some of the above provides insight.
The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.
After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.
The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.
Hope some of the above provides insight.
Joshua Miller
Analyst & Money Coach
10
Answers
Berkley, Michigan
Updated
Joshua’s Answer
Saving does not have to be overwhelming. It is a mindset you must choose. “I am the type of person who…” saves money.
There is a good book called The Richest Man in Babylon I would recommend for those just beginning their financial education. Save the first 10% of everything you make is a key takeaway.
Start with that book and continue reading other books. Good luck and God bless.
Read The Richest Man in Babylon
There is a good book called The Richest Man in Babylon I would recommend for those just beginning their financial education. Save the first 10% of everything you make is a key takeaway.
Start with that book and continue reading other books. Good luck and God bless.
Joshua recommends the following next steps: