When you live pay check to pay check how can you save for retirement?

The secret to saving money is not spending it in the first place. I know this seems obvious but here goes...

1st get yourself a notebook and write down everything you purchase...even a pack of gum or a newspaper...NOTHING is to be left off this list. Do this for at least a week. A month is better but a week will start the thought process working.

Now, analyze everything for which you spent money. How many times did you purchase something from the vending machine at work? How many cups of premium (i.e. Starbucks) coffee did you purchase. How much did that turkey sandwich from the deli cost?

I know this will sound purely cheap but think about it. If a soda from the vending machine costs .75 cents and you can purchase the same name brand soda from the grocery store on sale for 4 12 packs for $10.00 the cost per item from the grocery store is .2083 cents per can of soda versus the .75 or or more for each can from the vending machine. If you have 1 soda each day for a month (20 working days) at .75 cents each costs you $15.00. If you purchase those sodas from the grocery store and take 1 with you to work each day you'll have spent $4.17...a savings of $10.83 each month!

If you take that $10.83 savings per month and deposit it in an interest bearing account (even a basic savings account) you'll save $129.96 per year plus the interest that it earns.

You can do this same thing with snacks...instead of purchasing them from the vending machine buy at the grocery store (or if you're a member of a wholesale club even better!) and bag up your snacks each day.

If you just can't give up that premium coffee, buy the coffee (ground or bean if you have a coffee grinder) and make it at home. A whole pot will cost you much less than just a cup.

That sandwich from the deli (or the delivery service) will also cost you much less if you make it at home and you can vary the ingredients both in quantity and variety yourself. And here's a big bonus...you will not have to tip anyone so that's even more money saved!

If you're pushed for time in the mornings take time on Sunday afternoon to prepare your daily items for the coming week. You'll save time and money and by being concious of your serving sizes you'll keep your weight under control or even loose a few pounds! (Bonus!)

Look at what you're spending on cable, phone and cell service. Many times there's a promotion available that offers the same services you have for a lesser cost because of the way it's "bundled". You have to check these services at least once a quarter to make sure you're getting the best deal.

As far as basics like the electricity bill and other utilities (heating oil, gas, etc.) make sure when you leave a room (or the kids too) the lights are turned out. Is anyone watching that TV? If not, turn it off. Check your thermostat...could you change it by a couple of degrees and maybe wear a sweater and still be comfortable? Are you being the smartest in your driving patterns? Picking things up on the way in to work and home from work without having to make multiple trips? Each time you crank up the car you're using gas and that costs money. Plan your route to be the most efficient.

Saving is the only real key to wealth! Not "spending" money is really "saving" money. This will not be easy and it takes time to see the real results but be patient...you'll see!

Good Luck!

I understand living from pay check to anther. Maybe cut one luxury item out once a month and put that money back, also bankof amerca has keep the change program, which since I open my account last year I have saved 100.00 dollars from just rounding up my debt purchases, not bad. Also just plan to put so much back each check just like its a bill, it can 10.00 or more, very little bit helps

I've been trying to figure this one out for years! 1) If you don't already have children, don't have any. They're VERY expensive, even after they get out of college. 2) get a second job for the sole purpose of saving that paycheck. 3) budget everything. Or, live like a princess, charge everything, leave a mountain of debt when you die. You can't take money or debt with you to the "other side." lol ;)

you can't. if your job doesn't have a 401K plan then you need to work on boosting your income so you don't have to live paycheck to paycheck. get another job, do not purchase any more debt. once you get your feet on the ground and some traction under neath your feet, then start to save for retirement. i don't recommend investing right now if you can't pay the light bill. you can't plan for the future if you can't make it today. best wishes.

There's a saying "pay yourself first". When you get your paycheck, immediately put some away for retirement (i.e., pay yourself). You could even set up an IRA and have them transfer money out of your bank account automatically eacy month. When you pay yourself first, you will be forced to make due with what's left for all your regular expenses.

Do you buy bottled water, diet sodas, coffee, make-up, clothes, people magazine?

If so, you can invest that money instead, or better yet, pay off student loans.

1) do NOT spend money on things you don't need.

2) go to www.freecycle.org (NOT .com) and join up for your area. You can get almost all the "stuff" you need for free.

Now you don't need to do this all at once. Give up bottle water. Every time you would have spent money on a bottle of water, put it aside and pay down that loan. Once you're out of debt, invest the extras.

There are SO many ways to save money, and you just need to find them.

Medusa (above) has some interesting points but I happen to know a few things. She has tried to get rich the usual ways--lottery, white slavery, baldness cures, selling used food, holding up banks by mail, charging people for breathing HER air and what not. Now I know she plans on getting my cash when I die. Little does she know that I have ways of thwarting her plans when I die. The only glitch is that I will have to be dead to see if it works.

if you are a single mother and know someone who is in a similar situation you can become roommates and split the cost of everything. (as long as you can trust them)

don't buy anything you don't need (happy meals, movie rentals,starbucks. etc...) then you can save the difference