I need advice on to how save !!!!!!!!

**bjl584** · 11-06-2014, 03:17 AM

The first thing that you will want to do is track your expenses for a month. Write down where every penny goes for the next month. Once you see where you spend your money it will be easier to figure out where to make adjustments.

**Eagle** · 11-06-2014, 03:35 AM

Originally posted by angelsanchez91 View Post

Hello i just came across this forum today and i have been reading acouple threads and i like the advice that yall give. And i need help!!!!!!

I am 22/YO and my wife is 20/YO we have 3/YO son. I am the only one working and i make between $3366-$4355 per month and i have a total of $2210 in expenses. Thats including (gas,food,car payment and insurance, rent,CC's,cellphone,eletricity) and i know we can never seem to be able to save all we have now is $1000 in emergency funds. If yall have any tips on how to save or anything that can help me save i would greatly appreciate it. O also our goal is to have at least 11k as emergecny funds by the end of 2015

Welcome to the forums!

Is $3366-4355 a month your take home pay?

How much are you spending on the following monthly (Say for October 2014):
Gas: $?
Food - Groceries: $?
Food - Eating Out: $?
Car Payment: $?
Car Insurance: $?
Health Insurance: $?
Life Insurance: $?
Rent: $?
CC's: $?
Cellphone: $?
Electricity: $?
Water: $?
Internet: $?
Cable/Satellite: $?
Home Phone: $?
Entertainment: $?
Kid related (Clothes, Diapers, etc): $?

www.mint.com is a good way to track your expenses as Brian suggested.

Please list your debts, balances, and interest rates.

You've come to the right place. We can help you.

**realbankingadvice** · 11-13-2014, 11:03 AM

Hello angelsanchez91,

I truly admire your drive to want to start saving. Something most people nowadays don't bother of even thinking about.

First thing I suggest for you to do is draw up a detailed budget of your expenses.

As it has been said in the thread, take a month and notate all your expenses and see where every single penny is going.

Then once you do that you will know exactly how much you can safely put away after expenses.

Now you have to decide what are your savings goals.

Do you plan on going on a vacation in two years?, are you saving for your child's college education?, are you saving for retirement?

I see that your goal is to have 11K as an emergency fund by end of 2015, so your mentality is liquidity.

Basically you want to have access to those funds at a moments notice.

In that case you dont have many saving vehicles available to you, aside from a savings account or even maybe a short term (1Y<) mutual fund, you're really going to have to be diciplined with the money you are saving.

I believe your goal is quite reachable and have no doubt in my mind that you can do it.

Best of Luck,

Louis

**Eagle** · 11-17-2014, 08:20 AM

I'm always amused by one post wonders. People that come and post asking for help never to return... Lol.

**RudolfLesko** · 11-19-2014, 03:06 AM

Only you can get the right solutions for your problem, you need to cut the costs of your daily expenses. It is not the only way to cut costs for saving. You can also get some other money making way to earn more and it will also help you for savings.

**krantcents** · 11-19-2014, 03:05 PM

Start small and add to it. How much do you really have left after you pay your bills? Are your monthly earnings after taxes? After you determine how much you really have left, see what you can change. About 40+ years ago, I started taking m y lunch to work and saved roughly $250 a month.

**JohnM.Hendricks** · 11-19-2014, 10:41 PM

In this case here are some money saving tips which can help you:
Turn Down the Heat
Buy Clothing on Sale
Buy Non-Perishable Items in Bulk
Skip Starbucks
Ride a Bike

**WillieGearhart** · 12-02-2014, 09:08 PM

According to me you need to cut your useless needs or anything if you are spending too much on that. you should find some another way for incresing your income. have a good credit score.

**angelsanchez91** · 12-04-2014, 12:16 PM

Originally posted by realbankingadvice View Post

Hello angelsanchez91,

I truly admire your drive to want to start saving. Something most people nowadays don't bother of even thinking about.

First thing I suggest for you to do is draw up a detailed budget of your expenses.

As it has been said in the thread, take a month and notate all your expenses and see where every single penny is going.

Then once you do that you will know exactly how much you can safely put away after expenses.

Now you have to decide what are your savings goals.

Do you plan on going on a vacation in two years?, are you saving for your child's college education?, are you saving for retirement?

I see that your goal is to have 11K as an emergency fund by end of 2015, so your mentality is liquidity.

Basically you want to have access to those funds at a moments notice.

In that case you dont have many saving vehicles available to you, aside from a savings account or even maybe a short term (1Y<) mutual fund, you're really going to have to be diciplined with the money you are saving.

I believe your goal is quite reachable and have no doubt in my mind that you can do it.

Best of Luck,

Louis

Thanks for the advice and that is what i am doing now. I am using Mint personal finance app to help keep track of my spending and i love it in the last three weeks of november i was able to save $1150 which is awsome. Also i have made a goal an that mint app to save the $11,000 by the end of next year. and thanks to mint and what i have read on this forum i surpassed my goal last month by $359. According to mint i have to save $791 per month to reach my goal december of next year

**angelsanchez91** · 12-04-2014, 12:19 PM

Originally posted by Eagle View Post

I'm always amused by one post wonders. People that come and post asking for help never to return... Lol.

Sorry i didnt mean to be that one post wonder. lol but i was so focused on saving i totally for got about this thread, but im back now.

**samantha681** · 12-07-2014, 10:12 AM

Advice and Saving

I think it's great that you are looking to save and budget.
That is not commonly found with young couples.

I would sit and break down all of the expenses first and identify where your monies go each month. Once you have a good idea then you could look at tweaking or adjusting what and where you are spending.

The economy is tough but it is getting better.

**greenskeeper** · 12-07-2014, 03:47 PM

spend less than you make.....

**AnnaFaith** · 12-07-2014, 08:37 PM

Anna Faith

hai everybody am new logging on this forum.i want invest. i heard about it therefore i join this site.if you know some great tips of its use then text me.

**Eagle** · 12-08-2014, 05:42 AM

Originally posted by angelsanchez91 View Post

Sorry i didnt mean to be that one post wonder. lol but i was so focused on saving i totally for got about this thread, but im back now.

That is good! Welcome back. Glad to see your progress

I need advice on to how save !!!!!!!!