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What can I do to save money?
I want to become a professional soccer player {If you've been following} but I need some tips to save up money. Any advice?
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5 answers
Updated
Fred’s Answer
Make a budget and stick to it. That's all there is to it.
You should have a good idea what your current income is. Then, start looking at your expenses. Figure out which are non-negotiable. Things like rent, some minimum food budget, insurance, utility bills...etc.
How much do you want to save? that should be a non-negotiable.
Then figure out expenses you can control. Do you go to movies every day? Do you buy a lot of soda, coffee, or fast food? Can you cut back on any of these?
Compare your income to your expenses. Hopefully, the former is greater than the later. If not, you have to find something to cut back on.
Finally, it's easier to save money you never see. So if your employer will deposit into multiple accounts, have them put some amount into a savings account so you never have it in your hands to spend.
You should have a good idea what your current income is. Then, start looking at your expenses. Figure out which are non-negotiable. Things like rent, some minimum food budget, insurance, utility bills...etc.
How much do you want to save? that should be a non-negotiable.
Then figure out expenses you can control. Do you go to movies every day? Do you buy a lot of soda, coffee, or fast food? Can you cut back on any of these?
Compare your income to your expenses. Hopefully, the former is greater than the later. If not, you have to find something to cut back on.
Finally, it's easier to save money you never see. So if your employer will deposit into multiple accounts, have them put some amount into a savings account so you never have it in your hands to spend.
This was super helpful, thank you!
Jazzy
Updated
Christina’s Answer
Just adding to the great advice you have already received but make sure you find a high yield savings account that will allow you to earn while saving! Ally bank for instance has a great rate for savings accounts now
Thank you, this is amazing! I really needed it.
Jazzy
Updated
Jerome’s Answer
Lots of people struggle with saving. Early in life, I would pull money out of the bank and tried my best not to use credit cards. When the cash was gone, it forced me to evaluate what I spent things on. Swiping a card can be easy.
I also recommend finding an accountability partner that you can share with. If you tell someone your goal and you know they will ask about it, the social pressure element might help.
I also recommend finding an accountability partner that you can share with. If you tell someone your goal and you know they will ask about it, the social pressure element might help.
Thank you so much!!
Jazzy
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to learn about financial management.
Firstly, you have to distinguish below
What you need - it is the expense essential to you , eg school fees, meals, transport,etc.
What you want - it is the expense on items nice to have, eg jewellery, trendy sneakers, decent design school bags, etc
Below are my suggestions:
- Divide your income or pocket money into 3 portions every month
A. Expenses on what you need
B. Save some money
C. Use to buy something you want
Hope this helps!.Good Luck!
May Almighty God bless you!
Firstly, you have to distinguish below
What you need - it is the expense essential to you , eg school fees, meals, transport,etc.
What you want - it is the expense on items nice to have, eg jewellery, trendy sneakers, decent design school bags, etc
Below are my suggestions:
- Divide your income or pocket money into 3 portions every month
A. Expenses on what you need
B. Save some money
C. Use to buy something you want
Hope this helps!.Good Luck!
May Almighty God bless you!
May God bless you too! Thanks so much!
Jazzy
Updated
Kreshnik’s Answer
To save money, consider the following strategies:
Track Spending: Record every expense to understand where your money goes. :)
Create a Budget: Set monthly limits for different categories and stick to them. !!!
Automate Savings: Set up automatic transfers to your savings account.
Cut Unnecessary Expenses: Identify and reduce non-essential costs.
Shop Smart: Use coupons, buy in bulk, and look for sales.
Cook at Home: Prepare meals at home to save on dining out.
Save on Utilities: Reduce energy consumption to lower bills.
Avoid Impulse Buys: Think before purchasing and wait a day or two.
Increase Income: Look for ways to earn extra money.
Invest Wisely: Consider growing your savings through investments.
Track Spending: Record every expense to understand where your money goes. :)
Create a Budget: Set monthly limits for different categories and stick to them. !!!
Automate Savings: Set up automatic transfers to your savings account.
Cut Unnecessary Expenses: Identify and reduce non-essential costs.
Shop Smart: Use coupons, buy in bulk, and look for sales.
Cook at Home: Prepare meals at home to save on dining out.
Save on Utilities: Reduce energy consumption to lower bills.
Avoid Impulse Buys: Think before purchasing and wait a day or two.
Increase Income: Look for ways to earn extra money.
Invest Wisely: Consider growing your savings through investments.