How do I save money? I spend all my money every month and can't seem to hold on to a single cent. Can someone please teach me how to manage my finances?
I never used to think about saving, but now that I have a mortgage to pay, I'm feeling so much pressure. I just don't know where to begin. It feels like my money just disappears. I'm honestly not good with numbers or keeping track of my spending. btw I never used to check for discounts or bargain when I shopped, but I'm starting to now.
Do you have any good tips or experiences you could share with me?
I need your help can anyone give me some advice？
byu/AnteaterOpposite5145 inFrugal
Posted by AnteaterOpposite5145
13 Comments
Budget. Start budgeting as soon as possible.
Track all your expenses and analyze them. You will find some things which you can down and put it in savings.
Start by writing down everything you spend your money on. Every day. Get a little notebook. Write it down right away or end of the day. Then you have real data on where your money goes. From there you can see where you could maybe cut back. The usual suspects are eating lunch out-bring your own. Coffee places-make at home and bring it along. Start small and you’ll start paying attention.
Write down everything you spend money on for the month. Then you can look at it and figure out what can be cut out. Then create yourself a budget and stick to it.
Put money in savings FIRST from each paycheck. Start small, see how comfy you feel with $50. After 1 year that’s over $5,000. Or $20, $100, depending on your level of income. Then pay your non-negotiable bills SECOND. Whatever is leftover is discretionary.
Also, and I mean this gently and motivationally, as an adult you don’t “get” to be bad at numbers. The same way you don’t “get” to be bad at waking up for work, doing laundry, or washing dishes. You kind of just have to carve out time and do it.
Look in the shops for the supermarket brand. Imo for milk, butter, sugar, flouer, …it does not matter.
Test if you like the supermarket brand for other things as well: jam, cookies, cleeningstuff,…, if you doent like them stay to your brand.
If you have the space, buy in bulk: 2 for 1. Buy 2 get 20% off, those things.
For dellie, i go to a loke butger, so i can buy just what i need before it goes off. We can get only big packs at the supermarket.
Veggies: we go for frozen and big bags, the last months in the freezer, so no big deal.
Do not buy your lunch but pack it from home, and get yourself a good thermos and pack your drinks as well, and for your coffee too. That will save you tons.
Find ways to make bills cheaper and only shop for needs and not wants for a while. For me it’s the electric bill that always gets me so now I unplug everything except for necessities and use flash lights at night. I don’t even turn on my lights in the day. It’s little things like this that help you save when your money goes away so fast.
Find ways to make bills cheaper and only shop for needs and not wants for a while. For me it’s the electric bill that always gets me so now I unplug everything except for necessities and use flash lights at night. I don’t even turn on my lights in the day. It’s little things like this that help you save when your money goes away so fast.
I’d start by keeping track of your spending. Then look for ways to spend less.
I total agree with writing down EVERYTHING you spend! You might be amazed!
For grocery shopping: Make a weekly menu and include snacks and drinks. From this, make a weekly shopping list. Spend some time checking weekly sales at supermarkets you use. Take advantage of them but ONLY for things that are on your list or things you normally use. ALWAYS buy “pantry” items – cleaning products, toilet paper, etc – on sale.
I changed my mindset. I went to the bank to go “shopping.” I had a lovely afternoon shopping for CDs, money markets, etc.
I know what I need to live on–fixed expenses. My paycheck is auto deposited into checking and savings. Once I run out of money in checking, I am done buying.
Look on YouTube for cash envelope/ cash stuffing/ budget binder vids.
Start by figuring out your take home pay (your salary minus taxes and any other deductions such as health insurance). Then make a list of all of your bills (mortgage, property tax, insurance, car payments, utilities etc). Many of these bills have online payment systems so you can easily look to see how much you’ve paid each year. This will give you a better sense of where you money is going and how to make adjustments.
How did you save for your down payment. That tactic must have worked