Lux Investing - What is the best way to save and invest money?

What is the best way to save and invest money?

I got my tax refund yesterday, I havent been the wisest or smartest person when it comes to money..Had to learn the hard way.But now I want to be more responsible with it. and wanted to ask What is the best way to save and invest my money. I was planning definetly to get rid of my credit card debt. And put $500 in a CD for a year or less and I already signed up for a savings account at another bank. So I wont have that much easy access to it. Is this a good idea or a good start? And please if you have more suggestions I would like to know.. Thank you in advance again.

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Paying off the credit card debt is a good idea. But unless you get rid of the card, it is going to come back. If you really want to get you finances straightened out, read "The Total Money Makeover" by Dave Ramsey. It is not some get-rich-quick scheme. It is all about changing your spending habits, saving your income and budgeting your money. I wish I had read it when I was 18 instead of 31
Getting rid of credit card debt is a good idea but still keep it. You will need a credit card to secure airline tickets, a hotel room and a rental car at your destination. Just shop when you need things and use a list. Do not go to stores for leisure activities, less temptations, and the cost of gas is going up. If you have an land-line phone and use a cell phone, get rid of the land-line phone. Check out bankrate.com for possible on-line banking throughout the United States. Good Luck.
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The best way to save money is to first determine where and why you spend money, then cut out the BS. I did this several years ago, and was able to cut my monthly expenses by over $400 a month. Here's how: 1. Write down every penny you spend, for what, where, and why. At the end of the month, tally it up into several categories. Be as specific or broad as you want. Groceries could include health and beauty aids, or they could go in their own category. Do this for at least one month, preferably several months. 2. Find out where your spending is higher then you expect, or want it to be and cut out the BS. Sounds tough, but, it is surprising how easy it is to do when you see that your morning coffee at Starbucks is setting you back $150 a month. (NO WAY am I spending that much on coffee a month!!!) Yep, you could be. I was spending around $5 a day on coffee and a bagel/danish/whatever. That adds up to $150 a month. Here are a few other things that I dropped that resulted in huge savings overall: Bottled water, saved $80+ a month Premium cable TV channels, saved $30 a month Stopped buying downloaded music. saved $10 a month Dropped the cell phone contract in favor of pre-pay (I recommend Virgin Mobile very highly) saved $59 a month. Started brown bagging lunch, saved around $30 a week, or $120 a month. Do I miss buying lunch out every day? Do I miss the esprefrappimochachino with skim every morning? Is tap water as convenient? (Well, actually it is, I got a refillable bottle, and I do not miss bottled water at all) There is a simple two step process for getting rich. Anyone can do it, regardless of age, education, or background. It is: Step 1: Stop spending your money Step 2: Invest what you do not spend. Several other suggestions: Start looking at things in terms of how many hours or days you would have to work in order to afford it. Somehow, that cute little blazer is not so cute when you realize that it's represents 21 hours of working. When doing that, be sure to use your net pay, not your gross pay. Take your paycheck, and divide it by the number of hours you work to get the real per hour pay. Another thing that is vital to do is change the way you allocate your pay. A lot of people have a tendency to buy the toys first, pay the bills second, and if there is anything left over, it goes to savings. (Actually, it goes to more luxuries, but that is another story) Start using your money with these priorities: 1. Pay bills 2. Savings (At least 10% of your take home every pay day) 3. Luxuries Best of luck!
what I do is put money in savings right away. I was putting away $600 a month for taxes - and at the end of the year realized we didn't owe taxes - so, we just got used to putting it away and living without it. yea, at times we felt broke - but, we did it - and at the end of the year - we bought a bigscreen since we didn't owe taxes, but, we still put money into savings every month.