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How do I begin saving money. Accountant. I want to learn how…

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How do I begin saving money

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I want to learn how to save money, and fast?

Submitted: 26 days ago.Category: Tax
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Answered in 4 minutes by:
3/24/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 26 days ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,029
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out with this.

First step is to prepare a monthly budget. Start with how much money you make a month, then list out each expense that you have to pay during the month, i.e. rent/mortgage, utilities, cell phones, cable, etc.

After you list out each expense, go through each expense and see if you can cut the expense at all. If you have credit card debt, contact the credit card and ask if they'll reduce the interest rate. If you have a cable/internet bill, call them and see if you can negotiate a lower bill for you (there are companies that will do this for you as well). Once you think you have all your bills down to the smallest they can be, calculate your left over money. That'll be your income less your monthly expenses.

This is your discretionary income. Set a budget for yourself for things like food, say $200 a month. Anything left over then is money you can put in a savings account each month.

You can also use apps like Acorns, which round up each purchase you have to the nearest dollar. For example, if you buy something for $5.45, they take 55 cents and put it into an investment account.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 24 days ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

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