Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 2 months ago

I get disgusted every week at how little I can save of my money.. does this get better or worse, as I get older? ?

I make $8.00 per hour and only work 25 hours every week. I have my bachelor’s degree with no debt, and I’m currently in grad school getting my master’s with a focus on finance. Will it be easier to save money when I actually make more than $8 per hour? I have savings and a few stock investments, but it’s hard making $8 per hour. 

27 Answers

Relevance
  • 2 months ago
    Favorite Answer

    Try 15 dollar biweekly. I was in your situation (and it does get better) but probably worse because my hours were sporadic (retail). but if you start saving 10 dollars every paycheck. soon you'll build an emergency fund which might only be 100 to 200  dollars. but a journey of a thousand miles starts with one step. If you're in grad school, are you off summer and winter breaks. Can you take more hours then? do they offer more hours? can you cover a shift? and most importantly do you want too. so yes you can save more money. it does get better. but my advice is to have 15 dollars deducted every paycheck (more if you can afford it). 

  • ?
    Lv 7
    2 months ago

    Its fine. You'll be in the right condition. 

  • ?
    Lv 7
    2 months ago

    Sure. It gets better the more money you make. The more money you make the easier it is to save, assuming your expenses stay the same. I would think common sense applies to finance, as well as other endeavors. Don't forget to use your common sense.

  • Anonymous
    2 months ago

    Not many place jobs only pay $8/hr these days. 

    Maybe you should look around - 

    Starbucks and Target are both around $12 and proudly accommodate students pursuing higher education. 

    However much you earn, save the first 10%, at least until you have a couple of months tucked away for emergency. 

  • How do you think about the answers? You can sign in to vote the answer.
  • 2 months ago

    yes, higher earnings means more savings.

  • 2 months ago

    You can live on $200/ week (after deductions)??  What state do you live in?  

    Well, I'm in grad school also, getting my master's also, in nutrition. Here are some Thanksgiving presents for you.  These are presents of prevention, which can delay (or make unnecessary) trips to Doctors, hospitals, etc.  Follow them and continue "trying" to save money.

  • 2 months ago

    Maybe you should get a job that pays better don’t you think?

  • 2 months ago

    Alexander, you're a student working part-time in a minimum wage job. It's tough. Once you complete your Master's in Finance, opportunities should appear. It may be a little more difficult than normal at first with COVID slowing things, but your education will help you greatly before too much time goes by.

  • 2 months ago

    It might get easier. If you are having trouble saving, there are a few tricks you can try: Round up your purchases to the next dollar amount and subtract THAT amount instead of the actual amount. Pay yourself FIRST before any other bills. Always save SOMETHING--even if it's not much--so you don't get out of the habit. When all you make is minimum wage, you're right--it's not easy to save anything. So don't kick yourself for that. You're a low-wage, part-time earner--and you are TRYING. That is really all you can do. 

    Just keep at it. When you earn more, you can save more. It's a simple equation. 

  • 2 months ago

    It should be a lot easier when you make a lot more than what would barely cover my food.

Still have questions? Get your answers by asking now.