Personal Finance. What Is The Most Effect Way To Save Money And Get Out Of Debt?

Personal Finance : What Is The Most Effect Way To Save Money And Get Out Of Debt

Does anyone know about "pay yourself first"? I have been starting over financially after a losing everything. I have never been good at money management. I need some sound advice. Any suggestions? ~~~ zoee_d ~~~

Best Answer To Personal Finance Question

You have to start thinking S-M-A-R-T. What kind of cutbacks can you make? For example: I drink bottled water. Now at $1 a bottle on something that covers over 65% of our planet is not smart. So I bought one of those water filters that screw into your faucet. I have bottles that I refil over and over again. I take them to work. Do you have a lot of small appliances around that house that are always on? I cut my electronic bill almost in half by unplugging all the clock radios and night lights. I also bought some of those florescent bulbs that look a lot like a regular bulb. These things use 80% less electricity than regular bulbs. You would be surprised, but these small things add up. I know I was spending money on the water filter and energy efficient bulbs but these things will pay for themselves in a month providing they pertain to you. If you really need the money right away start cutting back on your food costs. Romain noodles cost a dime and they taste just as good as campbells chicken noodle that costs $130 a can. Ok no chicken in romain noodles, but you are probably just missing about 4 tiny pieces of chicken. Put a brick inside your toilet chamber. You will use a little lesser water each time you flush..Before you know it you will be ahead. Wanna be creative? Find yourself leaving lights on? Buy a motion sensor switch, the lights will turn on when you enter the room and will turn off (by a set amount of time) when you leave the room. I have one, they cost $15 at HomeDepot. Need new windshield wipers for your car? Who says you have to buy 2? You only need the new one on the drivers side, leave the old wiper on the passenger side. So remember you have to start thinking S-M-A-R-T! Yours truly seahorsehawrey.

All Answer To Personal Finance Questions

Answer 1

Buy a small notebook that you carry with you always. Start listing the must pay monthly bills. Rent, utilities, car payments and such. Then every day during the month when you spend or charge enter the amount and what it was for into the notebook. Spend 50 cents on newspaper put that in the book. At the end of the month take a look at the unnecessary dollars you spent. Total that amount with 5 to 10% of your take home pay and that is what you should be putting in a savings account. Really serious savers have automatic withdrawals from checking into a savings acct each payday. And that is the way to be debt free and retire early..retired at 50

Answer 2

Total Money Makeover. 7 common sense steps to financial freedom. Buy the book, read at library, borrow from a friend. Watch on FOXNEWS TV every night at 8 pm, listen to am radio every day from 2-4. Not a scam, MLM, other get-rich quick scheme. Nothing to buy. Just follow the 7 steps and be financially FREEgt;

Answer 3

Put away one day of earnings each best way would be into a 401K. If you do not have a 401K start a high interest money market or savings account.

Answer 4

Besides having that budget book that the previous answerer suggested, I use the pay myself first, middle, last and always method of savings. Examine bills and see whether the company is charging you a fee to divide up payments and if you can save that by paying it one time. Example, life, car and home insurance premiums that are paid monthly and quarterly usually have a fee convenience fee added to each payment. If you put that amount in savings every month and pay the premium annually the savings can be substantial. Plus, you earn the interest on that money. Whenever you use coupons or buy sale items at the grocery, take that "you saved xxx amount of dollars" at the end of the receipt and put it into savings. I round up to the next dollar amount and have surprised myself at how much savings grows.

Answer 5

yes i pay myself a week an the rest goes for bills in the long run it pays off if thats to much try doller a week or a mounth but it will pay off in the long run

Answer 6

You have to start thinking S-M-A-R-T. What kind of cutbacks can you make? For example: I drink bottled water. Now at $1 a bottle on something that covers over 65% of our planet is not smart. So I bought one of those water filters that screw into your faucet. I have bottles that I refil over and over again. I take them to work. Do you have a lot of small appliances around that house that are always on? I cut my electronic bill almost in half by unplugging all the clock radios and night lights. I also bought some of those florescent bulbs that look a lot like a regular bulb. These things use 80% less electricity than regular bulbs. You would be surprised, but these small things add up. I know I was spending money on the water filter and energy efficient bulbs but these things will pay for themselves in a month providing they pertain to you. If you really need the money right away start cutting back on your food costs. Romain noodles cost a dime and they taste just as good as campbells chicken noodle that costs $130 a can. Ok no chicken in romain noodles, but you are probably just missing about 4 tiny pieces of chicken. Put a brick inside your toilet chamber. You will use a little lesser water each time you flush..Before you know it you will be ahead. Wanna be creative? Find yourself leaving lights on? Buy a motion sensor switch, the lights will turn on when you enter the room and will turn off (by a set amount of time) when you leave the room. I have one, they cost $15 at HomeDepot. Need new windshield wipers for your car? Who says you have to buy 2? You only need the new one on the drivers side, leave the old wiper on the passenger side. So remember you have to start thinking S-M-A-R-T! Yours truly seahorsehawrey.

Answer 7

Sorry to hear about your situation. Yes, "pay yourself first" is a very good way of getting out of debt. Technically, I hear that taking the first 10% out of your income and putting it into a solid savings account or similar is the accepted rule. 20% should go towards paying off debt and the rest to live on, but you can be more aggressive paying off debt depending on your situation. Make sure you dont skimp on things, because you have to feel good about the process so that you dont give up! Best of luck!