Anonymous
Anonymous asked in Business & FinancePersonal Finance · 5 months ago

Someone good with money saving help please?

Whats up im a 21 year old I just moved into my own place and I need help learning to do good with money saving (im really good with spending it ): )

Any help is appreciated basically im really trying to save to buy a car outright i have a car currently but its got a loan on it of roughly $4600 right now

Let get to the basics i make roughly $2k a month after taxes

Rent being $395 a month

Car payment being $253 a month

Gas costing about $50 a week being between $2.35 and $2.50 a gallon

Food about $40 or so a week

I get paid every week and would like to learn to put some money away every week my main goal for the car I want is about $7500 of course it will be a used vehicle

How can I manage my money better to reach my goal?

Any tricks or suggestions? Besides "just dont spend it" cause listen buddy easier said than done

9 Answers

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  • Jeff T
    Lv 6
    5 months ago

    I would google "Dave Ramsey" and then look up the advice he gives.

  • Anonymous
    5 months ago

    I don't see savings on your budget/expenses list. You have to treat a savings account as if it was another bill that HAS to be paid and the simplest way to do it is to have the money transfered out of your checking and into your savings every single payday with no exceptions.

    Consider that money gone just like it is with a bill and ignore the balance mostly for a while. Get into the mindset that that this money is mostly untouchable and important.

  • 5 months ago

    It's difficult to help you when you haven't given us the full cost of what you owe each month:

    car insurance / maintenance

    sundries (shampoo, toothpaste, etc)

    internet / cell phone

    out of pocket medical / dental bills

    clothing

    etc

    Are you upside down on your current car loan or would you get any money in your hands if you sold it?

    If you want a $7500 car, with your current income, it's going to take you at least 7 months to buy the car...

    If you can figure out how to make $150 extra a week (10 hours at $15 an hour; 15 hours at $10 an hour), that's an additional $500 (after taxes) and you would be able to get the car, twice as fast.

  • 5 months ago

    Sell the car and use the money you get for it to pay off the loan. Don't buy another car; you can't afford one. Go everywhere by bus, train, walking, bicycle, whatever, so you don't have to pay for gas and car payments.

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  • 5 months ago

    Do a direct debit into a fixed savings account where you cannot touch. You should also have an emergency fund

  • Anonymous
    5 months ago

    Spend less than you make.

  • 5 months ago

    Captain Black makes the main point: Don't waste money on interest charges because it is money down the drain. If you are trying to save, don't take on new debt and pay off whatever interest bearing debts you have got as soon as you can. Your debt is costing you more than your savings will earn. Saving while you have debts is crazy.

    OK, I know that easy to say but hard to do so you need to keep track of all the ways your money is being spent. We all know about the big stuff - rent, car loan, fuel, food - but we tend to overlook the smaller stuff (cigarettes, burgers, coffees, magazines, beers, illegal drugs) and the stuff we can't see (electricity usage, gas usage, internet access, mobile phone contracts). We will never get a good overall picture unless we track EVERYTHING so my suggestion is to keep a notebook in which you write down EVERY time you spend any money. Then you can see where money is being wasted that could have been used to cut your debts.

    Another way to get to grips with spending is to stop yourself before EVERY spend by asking: " Do I absolutely NEED this thing?" IF the answer is 'yes', then ask yourself, "Do I need this thing right NOW? What makes THIS my top priority in the world?" If it is not your top priority, wait until it is. There are exceptions such as when there is an opportunity to save money in the future, for example a large pack of food this week might be cheaper than two small packs over two weeks.

    The best way to save is avoid wasted money. Interest charges are wasted money. Buying stuff you don't need or won't use is wasted money. Good luck with your budgeting.

  • Anonymous
    5 months ago

    Just don't spend it is the answer, and pay down the car loan.There is no magic trick that is going to create money out of air that you never thought of.

  • 5 months ago

    I'd Say try to pay off the car loan as quickly as possible and then start saving the $253 a month.

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