M
Manuel M.
Many people hardly have money to pay their bills. Where do you get your money to be ablevto save and how much do you save each week?
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Many people hardly have money to pay their bills. Where do you get your money to be ablevto save and how much do you save each week?
I save about $50 monthly. I do this by reducing my grocery bill. Meijer 10 for $10 is generally a great help to me.
I am on Social Security so I have limited resources! I started years ago paying myself first, even if it is a small amount. I do an automatic transfer to savings every month so I don't miss it. I keep my monthly budget on a spreadsheet so I can adjust as needed. I have found that this makes it easier to save.
Budgeting is the way to go . Keeping a tight budget allows you to see where monies are going so you can see where you can save.
Budgeting is the way to go . Keeping a tight budget allows you to see where monies are going so you can see where you can save.
Have you tried YNAB?
I budget a portion of my paychecks to savings. Currently I save $600 to my emergency fund and $525 to my sinking funds each month. Once my emergency fund is fully funded next year I will start maxing out my Roth IRA.
I take half of my pay an put it in my saving
pay your self first
Putting away half your income and assuming you invest your savings with a CAGR of 5% (pretty conservative historically) it takes about 17 years to reach financial independence at a 4% withdrawal rate.
Here is a more comprehensive list of years-to-financial independence based on saving rate under those parameters: https://www.mrmoneymustache.com/wp-content/uploads/2012/01/mmm-early-retirement-savings-rate.png
For many people it is easier to control your spending than your income so reducing your annual expenses as much as you can reasonably do so is often the best approach to achieving FI as early as possible if that is your eventual goal.
Banks and checks
I recently started being able to save $25 out of every paycheck. However before this when money was extremely tight for us I would save all my loose change and put it into a jar. I know it doesn't sound like much but at times my loose change would end up being a couple hundred dollars which is better than nothing.
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Budgeting and side hustles like apps that earn money for you!
This is the best question ever.
I do people's hair
I try to earn extra play money by doing surveys and taste tests. It's not a lot but it pays for my coffee habit and helps me save.
I try to save money by not buying snack cakes when I grocery shop.
I sacrifice buying wants and put that money in savings.
working hard to save
Part time work and taste test
I stick to the budget that my financial advisor put me on and I'm able to save $25 a week.
doordash
I make money using the WayBetter and StepBet apps. I usually save the money I make from the completed games.