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Posted in Saving Money
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Question By
quietwisperer

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im streched every month on finances how can i build a savings

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Excel is your friend

WRITE DOWN your "for sure" bills each month and add them all up. For things that change like grocery and shopping, use an estimate. Then take your income and subtract all the bills. Where is the left over money going???? Do you have any left over money??? Once you SEE ON PAPER where your money is going, you can take action. Ask yourself with each bill, "how can I lower this"? And actually DO SOMETHING to lower it!! I find using Excel the best way to budget because you can write simple add / subtract formulas and have Excel calculate the numbers for you. You can also password protect the document. Excel was the turning point for me. Before I started using excel, I never had money left over to save. Once I knew what to expect as far as bills each month, I was able to set budgets, find cheaper services etc. Thats how you stretch your dollar. 

Top Contributor
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Create a budget, buckle down, eliminate costs that you don't need, sell things that you don't need, find additional employment or income sources, etc. Usually something like this is hard for most people to acheive because it usually involves a serious lifestyle change. Once you get into a habit of doing things better though, it will start to become first nature. Good luck in your endeavor and I wish you the strength needed to achieve your goals.

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Helpful to 0 out of 1 people

Check out a local credit union. They are all non-profits who are owned by their members. They are not in existence to make money, but to serve their customer base. Nearly all credit unions have free courses or counseling on how to get financially fit. I've gone to several of these free sessions at my own local credit union (who i ended up taking out a loan with), and they've been very helpful. Talk to a lending officer there and they should be able to help you define some strategies (or set up a savings account) to start saving.

You can also set up a mint.com account and link your banks accounts to it to see just where all your expenses are going. It's helpful to get a snapshot of your spending habits/patterns before you start saving. Hope this helps.

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Reply by
yamafx4dude

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Credit unions tend to be the best with car loans. If you are buying a new car, look at a credit union. That seems to be their niche. Past that, they offer little compared to an online bank such as Ally. I invite you to compare your credit union to Ally or Discover. Credit unions were the craze some 20 years ago. Times have changed. Today you have to use multiple banks if you want to stretch your dollar. I have 6 bank accounts and each one has something the other doesnt offer. By far the best bank of my 6 is Ally. Your suggestion to use MINT is spot on. Mint is awesome!! Esp for Credit Cards. I no longer use a debit card except for withdrawing cash. It is very dangerous today to use Debit cards. I see people all the time still using them. A- no cash back and B- one bad or malicious transaction and your entire checking / savings account is GONE until its corrected. Plus why spend for free when credit cards pay you to spend? Ok my rant is over!!

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