I need some tips on saving money!

[Ghainer]

So let me give you a little back story here. I'm 19 years old, I'm a carpenter and I do travel a lot for work. When I was 18 just coming out of high school I got into a little trouble fell in with the wrong crowd, long story shot I need to be saving my money but I have a bad habit of blowing i. I make 600 to 1000 dollars a week. Any tips and pointers?

[Petunia 100]

So let me give you a little back story here. I'm 19 years old, I'm a carpenter and I do travel a lot for work. When I was 18 just coming out of high school I got into a little trouble fell in with the wrong crowd, long story shot I need to be saving my money but I have a bad habit of blowing i. I make 600 to 1000 dollars a week. Any tips and pointers?

Do you have a checking account? Do you have a savings account? If you are lacking either account, open othem. Then, set up an automatic transfer to happen a day or two after each payday. Do not touch the money in your savings account. Consider it off limits, unless you really need it. Pay your bills from what is left in checking, and you can blow what you don't need if you like.

Now is also the time to begin planning for retirement. A small amount invested regularly now will reap big rewards for you down the road. Do you have a 401k plan at work? If not, open an IRA and set up an automatic transfer. I recommend Vanguard, and a Target Retirement Fund. You do need 1k to get started. So, save it up in the bank until you reach 1k. Visit vanguard.com to learn more, or ask more questions here.

You're wise beyond your years to be concerned about saving at the age of 19. Best of luck to you.

[funlol]

Best way to save more money is to make more money.

Always think of ways to be making more money so that you can save for the future.

If you are living well below your means, it's much easier to save.

[cris22]

One way that can help you save money is to put it on the bank. I believe that if I had cash on me I'll easily spend it. When you got your salary make sure you save let say 40% of what you earn on the back and the rest 60% budget it on your needs. This will help you limit the money you'll spend.

[disneysteve]

Best way to save more money is to make more money.

I would tend to disagree. Most people don't have an income problem, they have a spending problem, and that seems to be the case for the OP by his own admission.

You need a budget. You need to list your fixed monthly expenses and include in your "expenses" a line item for savings. Don't plan to save what is left over at the end of the month. Save first. Treat your savings as your top priority bill. If you send 10% of your income to savings immediately out of each check, that would be a great start to controlling the problem.

Do you have any debt?

[reliablefinancers]

if you want to save money you will have to neglect all your bad habits if you have like smoking, drinking alcohol etc because half of the salary is wasted on such things. avoid use of vehicles wherever you can as it saves a lot of fuel.

[krantcents]

Create a weekly or month savings goal and have it taken right out of your paycheck. If that is not possible, have it debited from your checking account. Once you set it up, you won't even miss it. Do you have any retirement savings? It is the same concept, but it is not pre-tax. Good luck.

[Jerry91]

In my opinion, the best tip to save money is budgeting. As you get paid on a weekly basis. You should make a weekly budget and spend accordingly. As soon as you develop a budget for yourself, you will be able to get rid of unnecessary expenses. This will help you save money.

[Augustine]

Do you have solid financial goals or any idea about where you want be financially in the next few years?

Once you are clear about that, you will have a framework within which you can start making deliberate, positive, financial decisions with the help of a budget as others have suggested.

[TheKayla]

Best way to save more money is to make more money.

Always think of ways to be making more money so that you can save for the future.

If you are living well below your means, it's much easier to save.

He's making more money than me with a degree at 24, after a 10% raise I agree with this philosophy -- its part of the equation -- but at only 19, he sure makes enough to put into practice saving or spending first!

[TheKayla]

Not a lot of details, but it sounds mostly like its a habitual thing for why you haven't saved yet. Here's a few tips that helped me push past that "I need to clear out my bank account with things I 'need' every month" mindset

- Start building a cash reserve in your bank account (or wherever you keep your money) The more cash you have on hand, each new paycheck won't seem so precious or large -- you'll have a greater net of security and will likely save more.

- Build an emergency fund. Understand the importance of having one and when to actually take out of it. If you lost your job or for some other reason couldn't get paid for a while -- what would happen? Say you couldn't fall back or borrow money either. Credit cards would obviously be a bad idea -- so look into having an emergency fund.

- Focus on cutting back on spending in your trouble areas. Where do you spend the most? What is necessary, and what has cheaper alternatives? What can you cut back on? Use lifestyle changes for a better you and to lessen your spending.

- Think big: when you're young, it's easy to forget that you'll want tens of thousands of dollars in the future to buy bigger things you'll want: a house, car, kids possibly, and more. Remember that so you don't spend money on such frivolous things now. If you save $100 a month starting now for your big goals on top of other emergency savings/cash buffer/etc, you'll have a great start for future bigger savings when the time comes. (Which may in turn lead to a bigger house, nicer car, etc. )

[cschin4]

Wanting to save money at 19! Kudos to you! You have your whole life ahead of you. You are going to do great. Managing money is not just about saving. Managing money is a Mindset. When you adopt the mindset it will start to come naturally. I got to a point in life where I absolutely HATED debt of any kind. Doesn't mean I didn't use debt to acquire a home or car or education, but I HATE debt. And, as a result, I paid all of my debts of early. At 40something, I own EVERYTHING free and clear, my home, cars, everything. THe last two cars, I purchased in cash.
So here is my advice:

1. Live BELOW your means. Times when you make good money, don't run out and blow it. Learn to find contentment and peace in having good finances rather than things. Doesn't mean you shouldn't buy and enjoy things. Of course you should. But, don't let impulse rule. And, look at ways to get what you want. Can you buy what you want used? Are you paying a premium for that "new" feel when a used one would be perfectly acceptable, etc.

2. Credit cards - You only need ONE credit card. Don't succumb to offers to open up more. Get a Visa or MasterCard, that's it. My dad told me to pay my CC's off in FULL every month. That is how I started out life. I have paid off EVERY cc payment in FULL since I was 20. If you have a month where you can't, then stop spending, because you are overspending and that will take you down a bad path.

3. Incidentals - Traveling for jobs can be expensive. Especially eating out, stopping for pop, etc

4. Upgrades, upsizing. - Every "upgrade" is MORE money out of your pocket. When you buy an upgraded car, more money. An upgraded home is more taxes, more to heat, more to maintain. Stuff comes with a price to maintain, clean , store, etc. Upgraded cell plans = more money. You can easily upgrade your standard of living with each raise and never have more money than you do now. Live below your means. That is my best advice. I know you don't have great means YET, but carry on and you will.

5. Invest - Open a mutual fund, ROTH IRA now and start putting in small amounts every month. By, the time you hit middle age, you will have a very nice nest egg.

[snafu]

Good on you for realizing you need to be in charge of your money early on. Are you self employed or working for a builder? Can pay automatically go to automatic deposit? Share some details like rent, utilities, cell, vehicle, travel & entertainment costs and you'll be surprised how fast the right decisions can make you wealthy.

[DisciplinedSaver101]

How's this for an incentive. At your age, if you can save $135 every month until you turn 65, and you put that money into an S&P 500 Index fund, based on past performance of that fund, you should have $1 million when you turn 65. Charles Schwab has a great S&P 500 Index Fund, and it's very easy to open an account. You can even have the $135 automatically taken out of your checking account every month and invested immediately in the fund.

Good luck!

[JackieWard]

Read

Start by reading. George Clason's "The Richest Man in Babylon" is a great place to start.
Plan where your money is going to go before it comes in. Give every dollar a specific assignment before you receive your paycheck.

In order to save money, give first, off of the top. It may not make sense to you at first, but it works. (10%)
After giving, but before spending, pay yourself second. (10%)
If your payroll taxes are not withheld, set 25% aside for your quarterly estimates.
Prioritize the remaining 55% dollar for dollar
Food forth
Utilities fifth
Rent sixth
Gas seventh
Insurances eighth
Debt payments ninth
Fun tenth

When you plan your life, your results will be yours. When someone else dictates your life, the results will be theirs.