Best money saving tips?

Question

What are your best money saving tips? I'm 25yo. I've lived with roommates since 18yo. Next month, I'm moving into my own 1 BR apartment. I've always done okay with money and dont have any student loans or major debts, but I'd like to start saving more.

Current bills include: A $275 monthly car payment, $80/mo in car insurance, apx $350-400/month in medical bills (a combination of paying off old medical debt and current bills), $575 in rent, apx $150 in utilities, apx $150/mo in gas (unavoidable because of work commute), plus food (I allow myself $200/month). The debt to my name right now is apx $3500 in mostly hospital bills and a small amount on a credit card. I'm paying off the hospital bills slowly but steadily and they are not gaining any interest so I'm not too worried about it. I do have a CD for savings which I do not touch.

What are your best tips for saving money, either by spending less or by saving in smart ways?

Answer 1

No matter who gets elected or what policies we invoke the price of energy is going up. Savings in that area is probably your best bet. As far as the commute, public transportation, moving closer to work, a more fuel efficient car? With your home, turn down the heat or A/C, be sure your place is well insulated, invest in a turn back thermostat which turns down the heat or A/C when you're away at work or sleeping.



You need to eat out less, drink less if you do and quit smoking if you do that (a terrible and expensive habit). Buy things on sale and in bulk. Buy things in eBay or used things. Don't buy anything you don't need. Anytime you buy anything ask yourself if you really need it. Good luck.

Answer 2

You dont say how much you make. Without knowing whether you are adding to your debt, there's no good way to answer this question.

But I'll try my best to provide a reasonable answer.



The fact that you are 25 should give you some solace but not much. If you can stay with a roommate for a while longer (say another year) you'll be better off. That's because, even though you are paying off old debt, you should also be saving in a retirement account. The earlier you start a tax deferred retirement account which grows at approx 8-9% annually, the better off you are.

I say start an IRA account right away. If you room with someone and you can save an additional $200 which you can put in the IRA. When your old loans are cleared, the monthly amt of $400 or so which was going towards the loan can be applied to the IRA account.

If you are a little more aggressive, you can even look into mutual funds (esp Index funds), get some education on these and get a headstart on your savings.

You should target to save roughly 25% of your salary no matter how much you make.

Answer 3

You could try earning extra cash on the side as a way to save. Just use your free time and a computer.



I made some extra money just by taking a few surveys. Although it may seem like a scam, this is actually for real. I like to think realistically, so you may not make millions by doing this, but you definately earn for the amount of work you put in. And, you can put anywhere from just a few minutes a day to 40 hours a week into it. Did I mention there is no startup costs??



Here's the site: http://is.gd/zvE



Good luck! Let me know if you need any help.

Answer 4

you should keep money in a save. ***** 101