Saturday, November 19, 2011

Best way to save money with little income?

I'm a student on vacation and I am working part-time as a cashier during this period. I will be receiving about $500 per month and I want to save on a dslr camera which costs about $1000. I'm aiming to get this by June of this year. I'm planning on not spending any of my income but I don;t think that will happen. What is the best way for me to save my money? I really suck at saving money.|||It's not the budgeting so much as it is the savings part of it, right ? since you mention that "I'm not planning on spending any of my income." The easiest strategy is not to cash your paychecks until you are ready to buy that camera in June. Most checks are good for at least 3 -6 months from the date of issuance.





Another option, is to buy gift cards from the company where you will be buying your camera. For example, buy a $250 gift card to Best Buy (or wherever) every time you cash a paycheck. After 4 paychecks, you'll have the $1000 needed.|||firstly, figure out your outgoings - ie what you spent per month. include treats (eg nights out), clothes etc as well as essentials (rent, bills, food) and see what you're left with.





set up a standing order to transfer the amount you don't need to a seperate savings account as soon as you get paid every month. if the money isn't easily available for spending, you're less likely to spend it, and by moving it as soon as you get paid, you won't consider it to be available|||A friend of mine set up a savings account at the bank but made it so she can't pull the money out until she had at least $1000 in it. Maybe do that and direct deposit your checks right in there.





Short of doing something extreme like that, I guess you just need to ask yourself every time you go to spend money if this purchase is worth putting you behind on getting your camera. Seriously every time you pull out your money stop and think about it for a minute. Is this more important than the camera? If no put it back.|||You could invest in a survey website membership? They are much better than those crappy free sites and pay much higher rates and they are a one time fee to join.



You could do something that fuels a passion you have?|||Try to see penny auction. I suggest the paybidz. They pay really money for the prize. You also can bid huge produces from low price.

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