How do I start saving?

[Anonymous]

I’ve ordered flowers for some relatives’ birthdays, chipped in for other gifts and bought and posted gifts for numerous other friends and relatives. However, everything is adding up and I’ve found myself to be struggling financially since. I think I need to make a financial plan. How do I do this? Make sure I find a balance between remembering everyone and saving some money for myself?

[Anonymous]

You prioritize your own savings. You decide on an amount you’re going to save every month and then you do that. If that means you can’t buy gifts for others then that’s how it is. Ordering flowers is very expensive, it’s cheaper to buy flowers at a grocery store and free to pick them yourself. You don’t have to give expensive gifts or contribute more than you can afford and if contributing means you can’t save for yourself that month then you can’t afford it. If you can’t afford to buy gifts you can still either do something homemade or write a hand written letter about how much you appreciate them and what you love about them. If you want to make sure you have some money to buy gifts you can make a plan to save for that purpose. So you save a set amount every month for your own savings and also save a smaller amount into a different savings account every month and use the money in that account to buy people gifts. That way you spread out the gift expenses over the year and also see very clearly what you can spend on the gifts and not.

[Anonymous]

every time you get money, take 10% and put it in an envelope. then use the rest of your money like normal. once you get used to doing this, open a broker account such as Schwab or Fidelity and start putting your 10% into an index fund for long-term growth greater than a regular savings account. Read Motley Fool at fool. com to learn about all this. later on try to save 15% and then 20%

[Opinion Owner]

here's a better link https://www.fool.com/investing/how-to-invest

[Oliverlogan263]

Girl I totally feel you. Birthdays and holidays can get so expensive when you've got a big fam and friend group! Here's some tips for saving better:

- Write a budget that allocates $ each month for gifts, going out, bills etc. Stick to it!

- For birthdays, do $ gifts and homemade treats. Cookies, cake, etc are just as nice.

- For holidays, do secret santa or white elephant gifts with a $ limit so you only buy for 1-2 people.

- Unsubscribe from stores' emails so you're not tempted by sales

- Pay yourself first - set aside savings $ from each paycheck before spending

- Cut unnecessary expenses like daily coffees, only buy clothes on sale

- Open a separate savings account and automate transfers each month

- Use cash only so you're not overspending on your cards

It takes practice but you got this! Remember you deserve nice things too, so make sure to save for yourself too bb 💜 Let me know if you need any other tips!

[Siri137]

1: Destroy any credit/debit cards you may have, and only use cash from now on.

2: Only purchase what you actually need, and resist the temptation to purchase things you just want, but don't need.

3: Do not spend more than you actually earn. If you cannot afford something, then either don't buy it, or save up for it.

4. Learn to live with less. Possessions are grossly overrated, you don't need them to be happy or feel fulfilled.

[Anonymous]

Put away ten percent of every paycheck, and don't touch it.