Forex Forex Forex Forex

Sunday, January 28, 2007

How can I earn/save more money on a regular basis? -

I earn $13 a week (because I am 13). How much of this should I be saving each week? How much emergency money should I have? What can I do to earn more money???________When you say that earn $13/week because you are 13, that sounds like you are getting an allowance each week that is equal to $1 for each year of age. On the saving side, it is helpful to divide your money into at least 3 pots: one for immediate/short-term spending (think about stuff you would buy before you get your next $13); savings/longer-term spending and giving. I know it can be hard to think about donating part of your money at this age - especially when you are worried about earning MORE (not having less for yourself), but it is a valuable habit to learn now. And you will be surprised in the many ways giving comes back to you. But on to HOW MUCH you should be putting into the savings pot. Start with some amount, any amount. Many financial guidelines for adults say 10% or 15%. For you each week, that would be $1-$2. If you are saving for something specific - say a new bike or a PS3 - then that number might need to be bigger. If not, then the lower amount is a good start on having some savings. More importantly, it helps you get into the habit of not spending everything you earn. At your age, the amount of emergency money you need is likely small. But think about what types of emergencies you would be expected to pay for (what would Mom or Dad not cover). And how likely are they to happen. For instance, you don t need to have money to cover car repairs but you might want some money there just in case you have a part that breaks on a skateboard or bike. And then adjust how much you are saving as you go. The important part is just getting started. To earn more money at your age, you are going to need to be creative. Can you do extra chores around your own house or for your neighbors? Would your Mom or Dad help you sell stuff on eBay that is either your own or stuff you could get at local garage sales and resell? Do you make anything (food or crafts) that you could sell at a local farmers or flea market? Are you interested in babysitting or tutoring? Try to make a list of 20 things you could do to make money - and then narrow them down based on what can actually be done (for the least amount of money). You really have a head start on most kids because you are thinking about all of this stuff at a relatively young age. That can really work to your advantage - both now and in the long run. Keep up the good work!________You have to start thinking S-M-A-R-T. What kind of cutbacks can you make? For example: I drink bottled water. Now at $1 a bottle on something that covers over 65% of our planet is not smart. So I bought one of those water filters that screw into your faucet. I have bottles that I refil over and over again. I take them to work. Do you have a lot of small appliances around that house that are always on? I cut my electronic bill almost in half by unplugging all the clock radios and night lights. I also bought some of those florescent bulbs that look a lot like a regular bulb. These things use 80% less electricity than regular bulbs. You would be surprised, but these small things add up. I know I was spending money on the water filter and energy efficient bulbs but these things will pay for themselves in a month providing they pertain to you. If you really need the money right away start cutting back on your food costs. Romain noodles cost a dime and they taste just as good as campbells chicken noodle that costs $130 a can. Ok no chicken in romain noodles, but you are probably just missing about 4 tiny pieces of chicken. Put a brick inside your toilet chamber . You will use a little lesser water each time you flush..Before you know it you will be ahead. Wanna be creative? Find yourself leaving lights on? Buy a motion sensor switch, the lights will turn on when you enter the room and will turn off (by a set amount of time) when you leave the room. I have one, they cost $15 at HomeDepot. Need new windshield wipers for your car? Who says you have to buy 2? You only need the new one on the drivers side, leave the old wiper on the passenger side. So remember you have to start thinking S-M-A-R-T! Yours truly seahorsehawrey.

No comments:

Post a Comment