Question:
How do I learn to save money?
Geek In The Pink
2010-02-10 13:45:29 UTC
I'm 18 years old, I don't have a bank, and I'm terrible when it comes to saving money.
I get 30euro a week plus extra if I do work around the house, I try and save as much as I can but I tend to just blow it all on rubbish. I can never keep hold of any of it.

I need to save up 500euro... for ferrets... 200euro for their cage, 100euro for them and 200euro for stuff for them (food, cage accessories etc).

How can I save this money? How can I stop myself spending all my money on rubbish I don't need... I really need help.
Six answers:
nonbasic03
2010-02-10 13:54:34 UTC
Open a high interest savings account at your local bank if you can. You're usually charged a penalty fee or lose your interest if you withdraw your money, so having that as a motivator to keep it locked up for a certain term could help.
?
2016-05-31 02:59:06 UTC
First of all, have 10% or more of your weekly pay deposited into another account, preferably a passbook account, which gets a decent interest rate. That means you can only access the money over the counter at the bank, and it gets good interest in the mean time. Then DON'T TOUCH THAT MONEY. You will soon get used to living on a smaller amount of money. What I suggest is pay all your essential bills on pay day. Things like rent can be paid, and even if you don't have the bill, you can easy pay $15 or $20 on your utility bills on pay day. That way when you get the bill, it won't be gigantic and you won't need a cup of tea and a lie down after you've opened it. It really helps your budget to pay bills each pay day. If you can't help yourself, stay away from the shops. Just have 3 activities you can do at home instead of going to the shops, and when you are tempted, do one of those instead. Do not have a credit card. Don't ever get a car loan. Just keep your spending reined in. You'll be fine. If you want any specific tips, email me. I don't mind. Best wishes
Alex
2010-02-11 17:40:51 UTC
Pay yourself first - that means putting money in savings before you spend it on anything. Decide each time you get some money 20% (or another percentage) gets put away.



Opening a savings account is a great idea! Look online at the terms of savings accounts at local banks; some require a minimum balance to open the account. If you can't do a savings account, put the money somewhere in your house where it will be safe. Do not take money out of this "piggy bank" until you have enough to afford the ferrets. Once you have them, keep putting money away to pay for their food each week/month.
Lancey
2010-02-10 13:55:28 UTC
Open a savings account that will not allow you to withdraw money instantly - so you have to give the bank 30 days notice or something before you can get the money out. This will help you earn more interest on your money, and it will stop you from impulsively spending cash on rubbish.



Once you start to see your money build up, you'll be amazed how addictive saving money will become - every Euro you save is like scoring a point in life.
?
2010-02-10 13:53:58 UTC
Just dont go to the store with the money you earn. Save more than you earn.
2010-02-10 16:32:44 UTC
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