How much should I put in my savings to effectively save money?
When my brother was in elementary school, he really wanted a Nintendo. This was the original 8-bit system, with the cartridges you blew on when they didn’t connect right , and it cost $100. If you’re a 10-year-old kid and all you want is a Nintendo, you should work on saving $100 (plus tax). Of course, my brother, at 10 years old, was not paying rent or buying his own food, so he could save all of his allowance, if he could resist spending it on an action figure, instead.If, on the other hand, you’re an adult with plans to buy a house, you’ll want to save up enough at least for a down payment, ideally with some extra for the pile of fees, to be able to make a few payments in emergencies, and so that when you discover that the seller is taking all his appliances, you can go get your own fridge.If you have any notion of someday ceasing your working career, you’ll want to do some math and save accordingly.My point is, your savings targets should be something you set, based on your goals and your stage in life. Do some soul-searching, set some reasonable goals for yourself, and get started.Bonus tip: If you’re earning money, you’re managing money, and you’re making decisions about it, whether you’re making them actively or not. It’s worth a bit of your time to learn at least the basics of personal finance and begin to take charge. You might start by finding books, blogs, or podcasts on the subject. Your public library can help find you appropriate ones, as can Quora.
What are effective ways of saving money as a student?
All money-saving ideas for the general population are also applicable to students. The key element is to keep a budget and stick to it. Also, use these tips to cut spending and save more: Twenty-five Easy Ways to Improve your Budget and Save MoreIn addition, as a student, one can have some unique ways to save money (& earn money):1. Make maximum use of free (or low-cost) school resources. Many campuses offer student helpful resources for free or at low fee. These resources may include school library, recreational facilities, writing center, career service center, school health clinic, etc.2. Join Amazon Prime for Students if you often shop online. Amazon prime student membership only costs half price of the regular Prime membership with a 6-month free trial, but offers almost all Prime membership benefits such as free shipping, access to Amazon prime video, audio, library, photo, etc.10 Reasons Why Amazon Prime for Students is an Excellent Deal3. Take advantage of student discount. Bring your student ID and ask for a college discount (even if it is not clearly stated) when booking a hotel, visiting an attraction, shopping for an insurance, buying a software, etc.4. Find a job on campus for extra money. There are many job opportunities on campus. Some jobs require little training, such as desk receptionist and library assistant. If you have skills in a certain area, you may find a more technical job, such as an IT assistant or a tutor at a writing center. You are not only getting an income, but also adding more experience to your resume.Check out my blog post for more details on how to save money in college.Good luck!
What is the most effective way to save money without accidentally spending it?
Make a strict budget. Write down your monthly income and savings that you plan. And then keep an eye on your expenses.Think of savings part as a debt to future you and no matter what, DO IT every month.In case you could not convince yourself for saving every month then open a recurring deposit at bank and then you would be forced to deposit the said amount each month. :)
What are the most effective yet simple ways people can save energy?
I’ve taken simple steps and a few more ambitious ones. Believe it or not, one of the best, easiest, and most rewarding things you can do to save energy is eat locally. The average item on the American dinner plate has traveled 1500 miles. I eat locally and love it. I eat fresher & tastier. I drive less. Traffic sucks; I take public transport everywhere and love it. I get to read when I’m en route instead of cursing the traffic. I walk and bike a lot, too. For energy usage at home, I’ve upgraded my insulation and turned the thermostat down a few degrees, it’s just as comfortable and cut the bill by 20%. I have a flash water heater and energy star appliances. I’ve changed all the light bulbs, of course, to CFB’s, but now there are CFB’s with nicer softer light, so try those. I have power strips for all appliances so I can easily unplug all my devices when I’m not around to eliminate drawing “vampire power”. On the more ambitious side, I’m currently converting electricity and gas over to solar and wind power generated on site at home.
What are some effective ways of saving money on Black Friday?
Do not shop.You could go with the Buy Nothing Day idea. (“Participate by not participating.”)You could go for a hike in whatever is your nearest wilderness area, and do the #GreenFriday thing.You could simply stay home and relax with family or friends.Regardless, you’ll save money, stress, and wear and tear on your car, and probably make better memories than you would have elbowing the crowds and buying things people might just end up hauling back to the stores on Dec. 26.If your family or friends are in the habit of exchanging gifts, try paring down the tradition. Everyone who wants to writes a wish list, so no one has to guess. Every adult draws another adult’s name. And everyone gets one thing, maybe a bit of a nicer thing, for someone else on the list.Another option, if you’re good at crafts or cooking, is to make handmade gifts or food. I’ve enjoyed both giving and receiving homemade jam, granola, dried fruit (someone with a food dehydrator put pineapple in it, yum!), bread, and all sorts of things.Whatever approach you take, skip shopping on the Friday after Thanksgiving.