7 answers
Abbey
Student
Roseville, California
1
Question
Asked
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What is the best way to achieve savings?
How to choose a career path
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7 answers
Amanda Sevier
Branch Manager
1
Answer
Oneida, New York
Updated
Amanda’s Answer
Hello there,
I've discovered a simple yet effective way to save money, and I'd love to share it with you! It's as easy as bringing your own coffee and lunch to work. You'd be surprised how much you can save!
Let's break it down: If you're spending around $6 on coffee and about $15 on lunch every day, that's approximately $100 a week. Now, imagine if instead of spending that money, you were to deposit it into a savings account every Friday.
By the end of the month, you'd have saved a whopping $400! Keep up this habit for a year, and you're looking at a substantial $4,800 in savings. It's a small change in routine that can lead to significant savings. Give it a try, and watch your savings grow!
I've discovered a simple yet effective way to save money, and I'd love to share it with you! It's as easy as bringing your own coffee and lunch to work. You'd be surprised how much you can save!
Let's break it down: If you're spending around $6 on coffee and about $15 on lunch every day, that's approximately $100 a week. Now, imagine if instead of spending that money, you were to deposit it into a savings account every Friday.
By the end of the month, you'd have saved a whopping $400! Keep up this habit for a year, and you're looking at a substantial $4,800 in savings. It's a small change in routine that can lead to significant savings. Give it a try, and watch your savings grow!
Angelina (Yun Chu) Kuan
Risk Consulting
41
Answers
Foster City, California
Updated
Angelina (Yun Chu)’s Answer
Hi Abbey! Managing money and saving up can be challenging, but here are some approach that I would recommend to manage your money and save up. Hope these helps:
1. Assess your income: Calculate how much money you have coming in regularly. This could include income from a part-time/full-time job, allowances from parents, etc.
2. Track your expenses: keep track of all your expenses for at least a month, and bucket them into categories of spend (necessities vs. wants). This will help you understand where your money is going, and identify areas to cut back if needed.
3. Create a Budget: Based on your income and expenses, create a budget that allocates a portion of your income to savings. Know how much expenses must be incurred monthly, which are ones that you cannot cut back. See how much you have left and how you can bucket them into savings and leisure expenses. Aim to save at least 20% of your income, but adjust this based on your circumstances of course.
4. Prioritize Saving: Treat savings as a non-negotiable expense and prioritize it in your budget. You can set up automatic transfers to a savings account so you're less tempted to spend the money
5. Cut Unnecessary Expenses: Identify the expenses that are non-essential that you can/should reduce. This could include dining out, entertainment expenses, impulse purchases, etc. You can also look for cheaper alternatives if possible or just eliminate them altogether
6. Set Specific Savings Goal: Having clear savings goals can help motivate you to save. Whether that's saving for college, a future trip, or an emergency fund, set specific targets and track your progress towards them
7. Review and Adjust Regularly: periodically review your budget and spending habits to see if there are areas where you can adjust by further cutting back or increase your savings. Adjust your budget as needed based on changes in your income or expense
1. Assess your income: Calculate how much money you have coming in regularly. This could include income from a part-time/full-time job, allowances from parents, etc.
2. Track your expenses: keep track of all your expenses for at least a month, and bucket them into categories of spend (necessities vs. wants). This will help you understand where your money is going, and identify areas to cut back if needed.
3. Create a Budget: Based on your income and expenses, create a budget that allocates a portion of your income to savings. Know how much expenses must be incurred monthly, which are ones that you cannot cut back. See how much you have left and how you can bucket them into savings and leisure expenses. Aim to save at least 20% of your income, but adjust this based on your circumstances of course.
4. Prioritize Saving: Treat savings as a non-negotiable expense and prioritize it in your budget. You can set up automatic transfers to a savings account so you're less tempted to spend the money
5. Cut Unnecessary Expenses: Identify the expenses that are non-essential that you can/should reduce. This could include dining out, entertainment expenses, impulse purchases, etc. You can also look for cheaper alternatives if possible or just eliminate them altogether
6. Set Specific Savings Goal: Having clear savings goals can help motivate you to save. Whether that's saving for college, a future trip, or an emergency fund, set specific targets and track your progress towards them
7. Review and Adjust Regularly: periodically review your budget and spending habits to see if there are areas where you can adjust by further cutting back or increase your savings. Adjust your budget as needed based on changes in your income or expense
Rafael Diaz Montelongo
Consultant
235
Answers
Raleigh, North Carolina
Updated
Rafael’s Answer
Hi Abbey! If you want to achieve savings, it's important to create a budget, automate savings transfers, cut unnecessary expenses, prioritize saving, reduce debt, and consider increasing your income. In order to choose a career path, reflect on your interests and skills, research different careers, seek advice from professionals, gain experience, set goals, and continue learning. Remember to prioritize saving and choose a career that aligns with your interests and goals. Best of luck on your savings journey and in finding a fulfilling career!
Donna Neubauer
1
Answer
Endicott, New York
Updated
Donna’s Answer
You should consider yourself a bill and pay yourself first. It is important to set a certain amount of money aside from each paycheck. No matter what happens you need to put the money aside in a separate account.
Seng Gan
Engineer
22
Answers
Ashburn, Virginia
Updated
Seng’s Answer
Adopt the "Pay Yourself First" strategy for saving. Prioritize saving by setting aside a certain amount before spending. Determine your saving goal, automate the deduction from your income, and then freely use the remaining funds. This method not only ensures you save consistently, but also makes spending guilt-free and enjoyable.
Dimetrius Harris
Retail Banking
1
Answer
Canton, Ohio
Updated
Dimetrius’s Answer
Take a little bit aside from every dollar you get. Don’t touch it and watch it grow.
Hi Dimetrius! Do you have any suggestions on saving and how to make money grow?
Sharyn Grose, Admin
Joanna Rose Mañaol, CPA, CISA
IT Auditor
200
Answers
San Jose, California
Updated
Joanna Rose’s Answer
Hello Abbey,
The best way to achieve savings starts with setting clear financial goals and creating a detailed budget to manage your income and expenses effectively. Automating your savings can ensure a consistent and disciplined approach, directly transferring a designated amount from each paycheck into a savings account. Reducing unnecessary expenses and finding ways to cut costs can significantly increase your ability to save. Additionally, consider boosting your income through side jobs or investments to accelerate your savings goals. Consistently reviewing and adjusting your financial strategies in response to changes in your financial situation can also help maintain and enhance your savings over time.
The best way to achieve savings starts with setting clear financial goals and creating a detailed budget to manage your income and expenses effectively. Automating your savings can ensure a consistent and disciplined approach, directly transferring a designated amount from each paycheck into a savings account. Reducing unnecessary expenses and finding ways to cut costs can significantly increase your ability to save. Additionally, consider boosting your income through side jobs or investments to accelerate your savings goals. Consistently reviewing and adjusting your financial strategies in response to changes in your financial situation can also help maintain and enhance your savings over time.