4 answers
5
Asked 952 views

How do I start saving money ?

When you get an income make sure to have enough to pay bills and food. Then if you have money left over save it and don’t spend it even if you really want to.

money
Answer This

+25 Karma if successful
From: You
To: Friend
Subject: Career question for you
5

4 answers

0
Updated
Share a link to this answer
Share a link to this answer

Sharon’s Answer

Hey Ella! If you're looking to start saving money, I'd assess your monthly bills and cost of necessities and your monthly income. After you've set aside income to take care of your bills, any income left can be saved! Many people use the 50-30-20 rule where 50% of your income goes towards needs, 30% towards wants, and 20% towards savings. But if you're interested in saving more aggressively, you could adjust the percentage of savings as needed. I'd also recommend looking into high-yield savings accounts! With these accounts, you can gain ~4-5% of interest. It's important to find a balance between saving and spending on things that make you happy! But if you're interested in retiring early or have a savings target in mind, it's important to be cautious with spending.
0
0
Updated
Share a link to this answer
Share a link to this answer

Colleen’s Answer

If you're aiming to save money, it's wise to consider options beyond your bank's savings account. Generally, these accounts don't significantly increase your wealth. The best time to start is when you're young. When the right time arrives, seek advice from a financial expert. Ask them about the most effective methods to save for a tax-free retirement and strategies to retire early.
0
0
Updated
Share a link to this answer
Share a link to this answer

Anissa’s Answer

Hey Ella! Let's kick things off by putting a little bit of your earnings away each month, right after you've taken care of your bills and essential needs. Your bank's automation feature can be a big help here - it can move this money straight into a savings account for you. It's a good idea to have specific savings targets in mind, like that dream vacation, a rainy day fund, or your long-term future. The key is to stay strong and not dip into these savings, even when it's tempting. Stick with it, be patient, and over time, you'll see your savings pot grow.
0
0
Updated
Share a link to this answer
Share a link to this answer

Ezra’s Answer

Hi there,
Saving money requires a good deal of self-control, but it rewards you with a sense of calm and security as you age. After determining the sum you wish to save each month, it's wise to either invest it or deposit it into a savings account. This way, your money isn't just sitting idle, it's actively working for you.
0