Saving money for the future

Draw up a budget listing all your expenses alongside your income. Go through the expenses list and indicate those expenses that are essential and then those expenses that are not essential but desirable. From this you will be able to see how much to allocate for your future leaving some money for the unexpected. Even if the money to be saved seems minimal save it in a separate account and watch it grow over the years. Hopefully you will find that you can save a bit more each year. Don't touch that money and when retirement comes you will have a pleasant surprise.

harryvan gave you a good guidline and an easy way to save for the future.

You may also want to check with the company you work for to see if they offer a 401k or simple ira plan. Often the companies will match up to a certain percentage of what you contribute to the plan. Since the contributions are deducted from your paycheck, you may never miss it.

Your contribution could range from 1% to 5% of your income and are considered pre tax deductions, so you do not pay income tax on that portion of your earnings.

MassMutual claims that the estimated cost of waiting 10 years to start investing is $248,713 in lost savings to you.

Start planning for your future now. A few small sacrifices now will pay off in future dividends and a better lifestyle when you retire.

Good luck and best wishes. 

Allotting a fixed amount and saving it monthly should help. Also, learning money management and efficient budgeting skills.

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Just a little each month and you will get use to it. Use extra money from gifts or misc. $$$ but stay focused,

I'm really happy for you that you wish to save for the future.

First:  Pay yourself first!  That means take anywhere between 10-20% (15% is a good rule of thumb) of each paycheque and put into a seperate account.  Do not enable this account for you ATM or with your bank for in person withdrawals.  Once it is of significant size, then start investing for your retirement or rainy day fund.  Really, you won't miss it after you get used to doing this.  If for instance you got a cheque for $1000, you just put away $100. if$600, go for $60.  Paying yourself means you are worth something in the future, and you can probably agree with that. 

Second:  Whatever the "future" is that you mention, write it down.  Then get a plan of how much money and when you need it by.  Start reading just basic books on the subjects you are interested in accomplishing (retirement, property buying, etc) as much as possible.  Then figure out your investment strategy for each (a retirement plan which is 401k or RRSP, Market Fund for long term planning, etc, there are many options).

Third:  Don't flush money down the toilet.  if you smoke, quit smoking each and everyday; don't go out to eat, don't drink alcohol out at clubs.  If you absolutely *need* new clothes, go buy them used.

Fourth:  Get a hobby that doesn't cost money.  TV doesn't count if you have cable.

Fifth:  Stop using credit cards and pay twice your minimum for each payment.

Sixth:   Take an inventory for two months of what you pay for (each and every penny!).  At the end of it divide the items into fixed and variable.  Fixed are things that you can only change by eliminating, and variables are items that you can actually reduce or eliminate and seem to fluctuate each month.  For instance, rent and hydro bills are fixed, while eating out at lunch is variable.  Go through each and every one and determine what actions you can do to reduce.  Be ruthless.

Seventh: stick to an all cash basis.  No debt.  Your goal is for you in-come to exceed your outgoing. 

 Best of luck!

you can start by using http://justbudget.com/

it will help you figure out how you can improve your situation.

Always live below your means.  Don't spend over your earnings, only buy the necessities, not the wants.  Don't compete with your friends when it comes to what they have.

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