[Ilikemyscarf]

Salam,

I've been thinking about starting to save some money.The problem is I don't know anything when it comes to this stuff, my dad takes care of all the finances in our house. I feel a bit more independent since i've started working. And I'd like to show my dad that I can be responsible, contrary to what he thinks

Discuss and share tips.

[Wolfn]

Just save all or most of the money you make in allowance or a job. Once you get it, you store it immediately in some special spot, whether it be in the bank or a special jar under the bed.

I've saved up all my paychecks for one year, and I saved up $8000, on top of that I saved all my allowance which is about another $1000.

Sadly, that's all being used for college right now, so my car that I was planning to get is several years off once again.

[wheelworks]

Saving is harder than you think. Well atleast for me it is

[iTz_NoT_Me_iTzZu]

Originally Posted by Ilikemyscarf

Salam,

I've been thinking about starting to save some money.The problem is I don't know anything when it comes to this stuff, my dad takes care of all the finances in our house. I feel a bit more independent since i've started working. And I'd like to show my dad that I can be responsible, contrary to what he thinks

Discuss and share tips.

do you have a bank account? get a savings account and have a certain amount automatically xferred to your savings every paycheck/month or wtv. then watch your money grow

[sally]

you should start by making a list of things that your parents will continue paying for and the things that you want to start using your own money for. once you have an estimate of how much money you will absolutely need on a monthly basis for yourself, you can have the rest automatically transferred over to your savings account from your checking, like itznotme said.

[riad19]

Get this monthly budget worksheet. Then fill it out and monitor all your expenses for a month to have an accurate idea of how much you are spending every month. I think if you have an account with Washington Mutual, they also give you a monthly spending report which categorizes everything nicely. That way you'll be able to cut down on stuff you dont need.

After completing the worksheet once you've decided how much you can save every month, tell you employer to send that mount from your paycheck directly to savings. And give the rest to your checking account. And then try to discipline yourself to live on the amount you are getting in the checking, and pretend the savings account doesnt exist. Inshallah soon you'll be able to save a good amount.

[Ilikemyscarf]

Originally Posted by Wolfn

Just save all or most of the money you make in allowance or a job. Once you get it, you store it immediately in some special spot, whether it be in the bank or a special jar under the bed.

I've saved up all my paychecks for one year, and I saved up $8000, on top of that I saved all my allowance which is about another $1000.

Sadly, that's all being used for college right now, so my car that I was planning to get is several years off once again.

This is what my dad told me to do for now, save all my paychecks until I get a reasonable amount. Thanks

Sorry to hear about that, have you searched for scholarships and grants? I know you're Native-American (or part), sometimes you can get scholarships based on race. Also, try work-study. Best of luck

Originally Posted by wheelworks

Saving is harder than you think. Well atleast for me it is

I've read saving can get addictive too.

Originally Posted by iTz_NoT_Me_iTzZu

do you have a bank account? get a savings account and have a certain amount automatically xferred to your savings every paycheck/month or wtv. then watch your money grow

Yes I do have a checkings account. I think i'll do that from now on. Just put all my paychecks in my account.

Originally Posted by riad19

Get this monthly budget worksheet. Then fill it out and monitor all your expenses for a month to have an accurate idea of how much you are spending every month. I think if you have an account with Washington Mutual, they also give you a monthly spending report which categorizes everything nicely. That way you'll be able to cut down on stuff you dont need.

After completing the worksheet once you've decided how much you can save every month, tell you employer to send that mount from your paycheck directly to savings. And give the rest to your checking account. And then try to discipline yourself to live on the amount you are getting in the checking, and pretend the savings account doesnt exist. Inshallah soon you'll be able to save a good amount.

Neat idea, thanks!

Originally Posted by sally

you should start by making a list of things that your parents will continue paying for and the things that you want to start using your own money for. once you have an estimate of how much money you will absolutely need on a monthly basis for yourself, you can have the rest automatically transferred over to your savings account from your checking, like itznotme said.

I don't have to pay for anything right now so it's probably a good idea to just start saving, so that when I do have to pay for stuff, the money will be there.

Thanks for the advice all.

[Jamroll]

Scarfy, open up a separate savings/deposit account.

It's important its separate from the account you spend from, so you won't keep dipping into it.

Next transfer a minimum of 10% of your income into this savings account.
So if you make $10 a week, put a dollar in the account. If you make $50 put 5 bucks in, and if you make a hundred then put ten in, and so on.

If you can afford to put more, put more (you can work out what your expenses are and then work out an amount like that) but whatever you do, keep putting at least 10% in.

It might not seem like much, but over time it will add up. Before you even know it, you'll have some money saved up.

[wheelworks]

Originally Posted by Ilikemyscarf

I've read saving can get addictive too.

Yea but then it's not called savings. It's then called Miserliness donchaknow

[iamcrazy]

I save a lot

But i like spending on others...

[shadha]

Bank 75%, if able, bank about 80-85%, and keep the rest.

When I was 17, I had my first job and for that year, I did saved that amount and banked 14-grand.


shadha-

[Timbit]

Originally Posted by Wolfn

I've saved up all my paychecks for one year, and I saved up $8000

Originally Posted by shadha

When I was 17, I had my first job and for that year, I did saved that amount and banked 14-grand.

Were you guys working full-time or just getting paid lots?

[Ilikemyscarf]

Originally Posted by Jamroll

Scarfy, open up a separate savings/deposit account.

It's important its separate from the account you spend from, so you won't keep dipping into it.

Next transfer a minimum of 10% of your income into this savings account.
So if you make $10 a week, put a dollar in the account. If you make $50 put 5 bucks in, and if you make a hundred then put ten in, and so on.

If you can afford to put more, put more (you can work out what your expenses are and then work out an amount like that) but whatever you do, keep putting at least 10% in.

It might not seem like much, but over time it will add up. Before you even know it, you'll have some money saved up.

I don't really have anything I spend money on right now, my gas and schooling is paid for at the moment alhamdulillah.
But yeah that's also a good idea, thanks.

[shadha]

Timbit: Were you guys working full-time or just getting paid lots?

No, part-time, but I banked 75% of everything I earned.

Oh wait, I worked two part-time jobs.

Now I work, one full-time and one part-time.


shadha-

[IbnMardhiyah]

and whatever you do, DON'T get a credit card.