hey do you guys have tips for saving money. i have just assigned each a/c to given need such as long term saving, daily spending, debt repayment

what tips can you give for saving

strategies and do books help

@Ladyday

I found this from BET.com's financial section on how to build black wealth... hopefully there is something here that can be of assistance.niceone.gif

Five Savings Strategies

1. PAY OFF HIGH-COST DEBT. The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. For example, if you have a $3,000 credit card balance at 19.8%, and you pay the required minimum balance of 2% of the balance or $15, whichever is greater, it will take 39 years to pay off the loan. And you will pay more than $10,000 in interest charges.

2. BUY A HOME AND PAY OFF THE MORTGAGE BEFORE YOU RETIRE. The largest asset of most middle-income families is their home equity. Once these families have made their last mortgage payment, they have far lower housing expenses. They also have an asset that can be borrowed on in emergencies or converted into cash through sale of the home.

3. PARTICIPATE IN A WORK-RELATED RETIREMENT PROGRAM. Many employees turn down free money from their employer by not signing up for a work-related retirement program such as a 401(k) plan. If they did participate, with a dollar-for-dollar match they would likely receive an annual yield of greater than 100% on their investment.

4. OUTSIDE OF WORK, SAVE MONTHLY THROUGH AN AUTOMATIC TRANSFER FROM CHECKING TO SAVINGS. These savings will provide funds for emergencies, home purchase, school tuition, or even retirement. Almost all banking institutions will, on request, automatically transfer funds monthly from your checking account to a savings account, U.S. Savings Bond, or stock mutual fund. What you don't see, you will probably not miss.

5. EARN UP TO 5% OR MORE ON MANY CDS OR U.S. SAVINGS BONDS. Most CDs from a bank or credit union, and Series EE and Series I Savings Bond, currently pay between 3% and 5%. Many of these government insured or guaranteed savings accounts will double your money in 12 to 16 years.





*Finding Money to Save

Tip
Monthly Saving

Save $.50 a day in loose change
$15

Cut soda/pop consumption by 1 liter a week
$6

At work, substitute 1 coffee for 1 cappuccino
$40

Bring lunch to work (saving estimated $3/day)
$60

Eat out 2 fewer times a month
$30

Borrow, rather than buying, one book a month
$15

Comparison shop for gas (save est. $.25/gallon)
$4

Maintain checking account minimum to avoid fees
$7

Bounce one less check a month
$20

Pay credit card bill on time to avoid late fee
$25

Pay off $1000 of credit card debt, reducing interest

$15

Also from BET.com...on how to save for an emergency situation (sickness, disaster, etc.)

Set Up an Emergency Budget : Figure out exactly how much money you'll need to live on a bare-bones budget. If you normally budget $4,000 for food, housing and expenses, what can you absolutely not do without if your incomewere cut in half? How much do you need for housing, transportation, utilities, children's school --the bare necessities? You have to prioritize the payment order of your bills, based on the importance of sustaining and maintaining your life, writes Carol Costa, author of "Surviving Bankruptcy." If you skip payments on secured debt such as a house or car, you arein danger of loosing the roof over your head or the car you need to find work.

Adopt the "10 Percent Rule" : Save 10 percent of your earnings off the bat. "You didn't' make a dollar, you made 90-cents; you didn't make $500, you made $450," Bryant says. "Pay yourself first. Otherwise, you're just living to pay your bills." If a17-year-older starts saving 10 percent of his/her earnings now he/she has the potential to be worth as much as $4 million by age 60. If you start saving 10 percent of your earnings in a money market or some other interest-baring account, you'd be surprised how quickly your balance grows. Pretty soon, you'll have three-to-four months worth of living expenses, and then some.

Live Below Your Means : The difference between being broke and being poor is often a matter of your financial outlook. Low self-esteem can lead to bad money decisions, Bryant says. Are you making money choices that make you look good, feel good, or impress others? "You have to ask yourself, 'Why am I buying a St. Johns suit if I can't pay my rent'," Bryant adds. Someone who makes a minimum income but good money decisions can fair better in a crisis than someone who makes a six-figure salary and poor financial decisions. If you can get approved for a $1 millionhouse, but you only need a condo, you shouldask yourself if the bigger house is merely an ego purchase. "If you are comfortable within your own skin you make more mature financial decisions, decisions that are not tied to your ego or your thirst or insecurities," Bryant says. "They become more rewarding choices."

Establish A Relationship With Your Banker : Ever notice that when you don't need a new credit card, you are bombarded with applications? The worst time to ask for help from a bank is when you really need it. "People in bankruptcy don't get help," Bryant says. Get to know your bank representative when things are going well. That way, if a financial crisis arises, he or she knows your character.

thanks ashanti

i found this sit which although is american is really good and seems to work for all of use across these seas.. http://www.free-financial-advice.net/

i like the idea of living below your means. that is something i hope i can achieve within the next few months.

thanks ashanti ...



oh yeah for anyone who wants uk bank and finance info gmtv site is really good. remember alvin http://www.gm.tv/index.cfm?articleID=501

@Ladyday

You are welcome sis.

Try here: http://www.fool.co.uk/

@marcusgarveylives i saw that site and thought it was a joke site... i will check it out again

thanks

*BUMP*

well just in case anyone else has any ideas

One thing you can do is have your checks automatically deposited into a bank account.

Then draw out an "allowance" to take care of your expenses.

You'd be suprised at how much money is left over at the end of the month when you check your balance.

I set up several accounts at the same bankwith internet access.

Everytime I get paid I automatically deposit 10% into my locked up savings account - I gave my mother the book to hide - I won't see that book again untill I'm 30! Any money that I make from eBay or freelancing goes in here too.

Then I pay all the bills and any other household expenses. Try and do meal plans than you only buy the food that you need - this alone saved me about £100 a month!

Any money that I then have left over is mine to spend. I think that they key so saving is allowing yourself to spend money too. Then you don't get caught up in what you want all the time.

niceone.gif

i just realised that i have a instant a/c with my graduate a/c with hsbc. i have never used but they gave it to me when i graduated i am going to talk business with them. i dont like peaking to banks do i will write in a letter