Fed Financial
financial help!!!!?
i need some assistance with saving money and creating a budget for me and my wife!! neither one of us can save a dime and seem to spend everything we earn. i wanted to know if there is some good software out there or what everyone else is doing to save money? we both have good paying jobs and still can't seem to save a penny. if we have it we spend it. i was just wondering what everyone else was using to track their money?
Public Comments
- Best thing to do is as soon as you get paid, put 20% into savings. If it's not in your checking account, you won't spend it. We seem to spend what we have. This would be my best advise for "first time savers". Good luck
- I put a given amount into a savings account everymonth directly from my paycheck direct deposit. For you, open an account you cannot get to easily and just work off of the rest of the pay that's in your checking account. When it comes out of your pay, you never miss it! I'm just like you!
- You need to reassess your priorities and plan accordingly. A simple answer to this is to determine you fixed monthly expenses, and maintain them through your regular checking account. Set-up a savings account and a separate checking account. Put at least 10% of your income into the savings account, and put the rest of your "extra" money into the second checking account. Vow that you will not touch the savings, no matter what happens. You will violate this, but don't be easy on yourselves. Be sure this satisfies major goals or real emergencies! With the second checking account, take care of your entertainment, fun spending, etc. Don't kill yourselves on this, but be diligent within your budget. If your situation requires more control, just contact me directly, and I will do my best to devise a plan that will work for you. On another note, ensure that you have proper amounts of liability, health, disabilty, and life insurance to protect you against things you cannot control. Good luck! Have a great life together!
- Easy answer: minimize use of cash, and use your debit card (or credit card if you pay it off 100% every month) to pay for everything. That way your bank or credit card statement will reveal what you are spending and when. To truly know whether you are spending too much, look at your expenses categorically: housing, transportation, food, entertainment. Compare your monthly expenses to what couples your age are paying (on average). Also, ask yourself when you buy something "Do I really need/want this?" Often the answer is no.
