How to save money?

ok, im in my upper 20's and i really have to move out of my parents house soon. The rents on long island are ridiculous, studio apartments alone can cost 1000. I do NOT want roomates, so whoever answers this, do not say get a roomate.

I have about $20k saved. I only make $40k a year.

So how do people make a savings? You have to pay rent, car insurance, car payment, bills, food, ect... its so hard. No wonder why most people live paycheck by paycheck

How do people save up to buy a house in the future? I know u have to put a downpayment. I dont plan on buying a home right now, my first step is to get out of my controlling parents house, but im just saying for the future, how do u guys manage?

My bf is also living home with his parents. We are doing this only because we needed to save up . He is a little behind me with that step. So before he can move in with me, how do i manage on my own?How to save money?
Don't give or lend money to family or friends.How to save money?
Do not buy anything!
Save 20% each pay period. Invest in a good stocks,retirement with high returns.
My gawd you're doing great. Only $40k! That's plenty.



Open an ING Direct account and make sure you dump a min. of 10% of your takehome pay in that a month be it CDs or Mutual Funds.



You should be easily able to save making $40K a year even paying $1000 a month in rent. Bag the car if you don't really need it. But bills--get basic cable (seriously, you do not need full cable or digital box or satellite). Food--don't eat out more than once a week. Learn to cook and buy fresh veg, fish,m fruit, etc.



I mean, I could easily save $10,000 a year on your salary and whip that into a conservative mutual fund and you'd gain 10% a year on that. You'd have your downpayment by the time you hit 30.
Save money by -



Visiting the parents to eat dinner, lunch.

Cut down on kicking it (drink at home instead of going out)

Buy cheap microwave food.

Don't watch t.v. alot, try not to have aplliances on when not needed.

Don't buy a landline cell phones are better.

Keep some money in a savings account with interest.

Get a second job Part time
I just turned 20 and I have the same issue. I pay my own rent, but that is it. My parents are paying for my school, insurance, cell phone and other expenses and it kills me.



They bought me a car that if it breaks down, I am in trouble because I am not fully independent.



I only make 1000 a month, and I am making it somewhat on my own. Paying my own rent makes me feel good about myself.



So we are somewhat in the same boat. Is there any way you can move to a less desired suburb around NYC?



Do you have a lot of debt? I am just curious, because 40,000 grand a year should definitely be enough to make it on your own. You may have to live somewhere a little less desireable, but with time you move up just like everyone else. It sounds like you are in a good position to make it on your own!



Good luck!
You make out a budget and stick to it. Sack some money away in a savings account, credit union, or some other secure investment. Don't Touch It unless it is a dire emergency. Just keep putting a little away with each paycheck, maybe do without an extravagence or two, make the occasional sacrifice. Think long term instead of instant gratification. Not easy, but remember....you want that house someday. Keep your goal in mind, and you will get there.
You might have to get an apt in a more affordabel neighbourhood. $1000 IS an ok price, but if you really want to save you could look for something cheaper in another neighbourhood for less. look on craigslist, it has all the NY neighboirhoods.



Also, You can avoid the housephone bill and use only ur cellphone, ie if you dont talk alot. get basic cable, and rent movies occasionally from redbox, its only $1. Coupun shop for grocery and use flyers and only buy stuff thats onsale that week. reduce the fancy cell phone plans if you have one and get basics. Dont take on too much bills. eat out less, and spend more time cooking. there are quick easy meals you guys can make. Dont have more than 1 credit card and try to only use it for essentials when you have no other options.



Get a more affordable car and put the insurance in your mom's name if she lives in a better neighbourhod and has her license longer, that is assuming you dont already have a car. If you dont have car yet, try to not take on too much car payments. I bought a used card and was able to pay cash so now i have no car payments. Try not to buy expensive brand name cltohing, its really not neccessary, especially if u want to buy a home. ok, i'm tired now.
1) Brown Bag it for lunch. Limit your eating out. this works two fold, 1 you wont gain as much weight there by not having to buy clothes. and 2 you will save tons of money. Most people spend at least $10.00 per person eating out. Where as fixing your own meals ends up costing you less than $3 per meal.



2) Entertainment: Get to know your local library and learn to love reading. and etc. You can read recent periodicals, or check out good books for low cost. Also get friends into card games such as Uno or Skippbo.



3)Drink Water. No sodas or such. too Expensive



4)Learn to Shop at Target and such for clothes.



5)Set up a budget and stick to it. If you know how to use MS Excel in Each column set up your Paycheck amount per pay period. Reduce it by the expenses that MUST come out each pay period. Include at least 10% of your paycheck for that pay period. Have your bank automatically draft that money into a savings account. I would also suggest only keeping 3mos worth of expenses in your Savings account linked to your checking account.

Put the rest in higer yield account. check out the ING Orangesavings account, HSBC Savings, or a couple of CD's. Note, CD's require you to leave your money there a certain. If you have 20k and are only earning 1.5% interest you are missing out on roughly $600 a year in interest income. ING pays 4.5% interest. Depending on other investment options you could earn more. 20k can earn $900 on 4.5% interest a year. let's not forget Compounding...



6) Your Tax Return, Have it automatically deposited into your savings account.



7) Get the smallest Apartment possible. Let me guess, your Take home pay is roughly $1,150 per pay period. That means 50% of your income is going towards housing. This is BAD. You should never spend more than 30% of your income on Housing. Maybe get a roomate (I know you dont want to hear it) that travels a lot. i.e. a stewardess or someone that works for one of the big 4 accounting firms. They arent ever there, but they pay for 1/2 the bills. Personally I like to see people spending closer to 20% of their income on housing. But given the area you live in its' difficult., Could you move closer to work and get rid of your car?



maybe suck it up till you can move in with your boyfriend. I know your parents evidently suck to live with. But unless you can share the expenses or find cheaper housing. I dont see it happening.



You may want to consider monitoring your current expenses as it is now. See where your money goes on average for 3 mths and then revisit. Determine where you can cut costs. maybe even pay off your car.



things you will have to def cut out: Eating out, Wearing designer clothing, Wearing expensive make up, cable television.

it can def be done. When I got out of school I made 36k/ year. but my Apartment rent was only $569. I also live in Texas. That's another thing, is consider relocating to another part of the country where the income matches living expenses more reasonably.



Good Luck. I know it's tough. Feel free to email me if you have more questions.