Discussion in 'Everything Else' started by hinakathleen, Apr 5, 2018.
Saving money is a long term commitment. It's best to save in small amounts daily especially if you do not have a regular job or if you have a medium to low salary. Likewise if you are still a student and have no job yet.
I also do have one suggestion, if you can do so, try to save money to start a small business. Something that you really like or passionate about whether it's crafts, design, baking, cooking, woodwork, etc. You just have to save a small sum of money, just to start the business then work from there. Try to look at the market in your country or neighborhood about what sort of things are in trend so you'll have an idea what to sell. This will be a good source of income for you and you can then save more money if you like. Not only you will be saving money but you will be earning money as well.
I am very frugal. I love to keep my finances in check. every payday, I make sure to allot 50 to 70% of my salary in savings. The remaining cash I have, I use it for recreational activities, shopping, and just splurge it to my self and family. It also depends on your salary rate I guess. If you are still receiving minimum salary, get at least 30% of it for savings and then secure your priorities like bills, and family obligations. Always spare some during the rainy days. It will help you keep afloat during the monsoon season.
When out, don't buy coffee or anything else you can make at home, get a thermos flask and a lunch box.
Get a big jar and every night when you get home put all your spare change in it.
Work out a complete budget that allows you to save at least 10% of all income, then stick to it.
Don't go shopping when hungry, draw up a shopping list inline with your budget.
Don't get caught by the lazy tax!
Review all your loans and consider consolidating (if you haven't already). You can also try and negotiate a better deal with your current financial institutions.
Check your bank account for any surprise fees, this might be a gym membership or magazine subscription you've forgotten about. While you're there also check how much your bank is charging you for your account, you may be able to find a better deal with another bank.
Without knowing your circumstances it's a bit hard to comment further but my biggest advice is to live within your means.
Know your money and the things you spend them on. Buy things that you need not want. There's a big difference there.
Live within your means. Know how to budget. Don't go for branded clothes if you can't afford it, don't buy a car if a public transpo is accessible, don't eat out if you have time to cook, don't splurge today and go broke tomorrow. If you have money left, put it in the bank, invest it in stocks, or just put it somewhere not readily accessible to you. Everytime you swipe your credit card, remember, you can get away with that expense for now, but it doesn't mean you're not going to pay for it.
Enjoy life but never overspend. Easier said than done. But you just have to strike a balance between spending and saving.
There are plenty of ways on how you can save money. The best way you can save is by learning how to properly budget your finances! Think deeply about your next impulse buy.
Do you really need that cool thingymajig?? Can you live without it? Do I need to buy it right now? Will buying this item help me in achieving my goals?
Assess your buying patterns and your lifestyle. Surely, you'll start noticing where your money goes. Once you identify the culprits that are draining your finances, write up an attack plan! Maybe cut out on buying one or two Starbucks Frappes in a week. Not only will your wallet thank you, but your food baby might as well!
Saving money is a discipline that requires patience and time. We all like to think that we have plenty of time. The reality is that we don't. You have to start now. The earlier the better. The good news is if you are willing to be disciplined it can be done. Little steps can build to big savings. One of the easiest ways to start is to sit down and create a budget. Find out what you really need to live on and shoot below that. Be realistic. The easiest way to bust a budget is to not be real with yourself. Sit down and write down every single expense from your rent or mortgage to that cup of coffee and occasional movie. Then go from there. Figure out "wants" and "needs". We can live without that weekly movie or daily coffee at the local coffee house. We need food, shelter, clothing and utilities. But even that can be minimized if we look at details. Limit yourself to maybe one outfit a month instead of buying every time you are in the store. Then maybe shop online to limit the exposure to "impulse buying". Make sure you really need it. Make a grocery list before you go to the store and stick to it. Do not go to the store hungry. You tend to buy more if you are hungry. And check the circulars and internet for coupons. In this day and age it is easier to plan and save money. A lot of stores now have their own coupon system which at times comes in the form of an app. You can click on the coupon and add it to your list, then when you check out you can scan the coupons that you are using and "bing" just like that you have saved money. Simple. Realistically the easier it is the more apt you are to do it. But a little work can save you a lot of money. One last quick tip is to set up an automatic transfer from your checking account to your savings account. Even a simple $20-$50 per paycheck can add up over time. Be disciplined and do not touch it. Remember this requires time. Build the habits now and later you will reap the rewards.
I choose to make lunches instead of buying them, take coffee sachets to work with me and walk where I can. Growing our own vegetables has saved a lot of money and tastes so much better! I have also found that making my own cleaning products saves so much while at the same time being much better for my family and the environment.
Saving money is very crucial decision because it needs a lot of discipline, effort and willingness to saved money
there's a lot of ways to saved money but one thing you will considered in saving money is your income because you never saved if your income is less than your monthly bills, after your assessment better to think of how you will improved your income example is having a small business or do partime jobs that can help you in saving money, next follow one of the rule INCOME LESS SAVINGS = EXPENSE! its better to saved first before buying or think of the expense because 100% sure you wouldn't saved money if you will prioritize your expenses.
Another tips of saving money is the partition process or I called the envelope process where I separate money on their respective enveloped labeled on where they be allotted to, example 1st envelop for emergency fund, the 2nd would be for savings account and mostly one of that enveloped is for tithe(One thing that is important to me, because I believed that it is nice to be back whatever blessings you received)
I hope I shared something you can do also Happy saving
Most people think they can save only if they have big incomes. Maybe if you insert some tricks and get rid of bad habits, you can save a lot for a year.
First, we live in a world where we live fast, sometimes we are in a hurry in traffic, and that can have a big impact on our pocket, especially if we drive nervous. If you drive faster and nervously, you will consume one liter to two fuel more per 100 kilometers. Reduce unnecessary cargo, unless something is of great importance to you. Also, reduce or completely off the air conditioner in the car. This will save you a lot of money annually.
Buy stuff at auctions. But do not buy anything that you really do not need. You have many online auctions to choose from.
Pay all bills on time. If you pay bills on time you will have a monthly discount, and interest will not be charged to you.
Pay cash. When you go to the store, try to pay cash. When paying with a card, you do not have the sense to spend money, and that's exactly what leads to an unplanned expense. When you pay cash, you have a "tangible" insight into the money you spend.
Repair taps. Dripping water from a broken tin can irritate, and it can also cost you.
Choose quality, not quantity. This applies to consumer goods, clothing, food, electronic devices and much more. Sometimes a choice of quality over quantity can save you a lot. Not only will you be better dressed and have a better phone, but these things will last longer, that is, the price of a quality thing you wear for years, it will be much lower when worn on a cheap cloth that collapses after ten wear.
Take a lunch to work. Plan what you will eat this week. You can make most of the meal today and have them for a whole week. Of course, a variety of foods that suits your needs. This will save you a lot of money, especially if you are consuming fast food that is much more expensive than you would make at home.
One of the very good ideas for saving is to take a large box and make a small hole on it and insert small money into it. After a few months, open the box and count the money, you will be satisfied how much you can save.
Just buy the Daily basic need, don't waste money on things that you can use everyday. For me as a mother i always think first the needs of my kids weather on school project and my husband need to bring on her workplace.
My goal for 2018 is to save at least Php 100,000.00 for the full payment of our housing amortization. At first, I found it difficult because I am the bread winner of the family. I pay our housebill utilities, school tuition fee and loans, which I thought my salary was insufficient to save money. But, reading tips and advice from financial advisors like Chinkee Tan and Bro. Bo Sanchez, I was able to start saving money at least 10% of my salary. I already separate 10% of my salary and deposit it to our credit cooperative,which will increase my savings up to 12%. I did not deposit my savings in bank because it has maintaing balance and my savings will not accumulate to 12%.
Aside from investing my savings in Cooperative, I avoid buying unnecessary things. I now polish my own nails. My family now prefers eating at home which lessened our food expenses.
I hope these tips could help as these help me a lot to pay my debts and save money for my family.
My tip is to pay what you can when you can. Make a budget up, go through with it, and (here is the secret) with what is left take half for spending money and put half in the savings. This way bills are taken care of, money is saved, and you have money set aside to enjoy your life. It doesn't make you rich quick, but it is a good and smart way to live in my opinion.
The best way to save money is to know your needs and wants. Knowing those two factors can help you decide to budget your money. Buy what you need and lessen your necessities. Change your lifestyle if needed. Another way to save money is to lessen your monthly bills like electric bills. Turning off the light and closing the faucet when it is not needed is one of many ways you can do to save money. Save money without being rude to yourself. Save money right.
This is what you gonna do, Build an emergency fund. Establish your budget. Budget with cash and envelopes. Don't just save money, save. Save automatically. Aim for short-term savings goals. Start saving for your retirement as early as possible. And when your a student you should go work as a working student and earn savings.
There are many tried and true ways of how to save money every month.
Every day put all of your loose change into a jar. Every once in a while deposit the money in your savings account. In time the money will grow into a little nest egg.
Try to set aside a certain amount of money each month or each paycheque for your savings. People have been doing this for years, but it takes discipline.
Saving takes discipline and consistency in putting away money to save instead of spending. It does not matter how much you earn, but how much you can consistently save first before anything else. From your income, save first (about 10% of your total income or bigger if you can) and then budget the remaining from your basic needs (food, transportation, shelter, etc.) to your recreational expenses. You have to purchase first your needs, and if you have excess money, then you can utilize it for you wants. It boils down to weighing between your needs and wants. Needs refer to the goods or services you cannot live without, while wants refer to goods or services that are not necessary but we desire.
Make a grocery list before going to supermarkets and stick to it and make sure you're not hungry (eat before you go) because you will tend to purchase more unnecessary items. Prior to purchasing clothes, consider your existing wardrobe if it necessitates buying new ones. Buy during end of the season to avail on-sale items. You can also use coupon discounts especially when buying online.
Be frugal and you will thank yourself later.
Tips in saving money? Think of the mostly needed things to buy , think of your priority. Save First before you spend.
Note down your expenses - I cannot put enough emphasis on how important it is to note down every expense you make. You should manage your expenses wisely, as it is of utmost importance to keep track of your spendings whatever they may be.
Make a Money Target -
By this I mean, plan ahead. If for example, you want to save a million dollars in 4 years’ time, make a timetable on how much you should save per interval and restrict yourself to how many dollars you can only spend.
Thrift Stores : Frequent thrift stores instead of immediately heading towards a department store. If you prefer going to a department store for certain things, that's alright, but thrift store will often have quite a few staples for a very small fraction of the price. Cups, plates, utensils, and sometimes even appliances or wooden furniture can easily be found at thrift stores. If you're not looking for anything in particular, it can be a very rewarding experience to shop at a thrift store. A lot of what you can find is very unique and often time name brand!
Lists : Make a list of non-necessities that you want to purchase, such as a new movie, and only let yourself purchase one of them every two weeks or every month (unless of course you find it very on sale). That way, you won't purchase luxuries out of nowhere, thus saving money in the process.
Put Money Back : One way that I've found to save money is to force myself to put money back in certain intervals. If you make a certain amount of money, put a certain percentage of it into a cabinet or under your mattress. I know some individuals put five dollars from each paycheck in a cabinet to save for later. Not having that money in your wallet or you bank account will make you much less likely to spend it.
Sales : The obvious answer is to purchase most of your items from sales. If you're not looking for anything specific, this is easy, and you may discover a new type of food or a new t-shirt design that you never would have picked up otherwise.
self discipline is a must
It took a long time for me to understand that we need to save money. At the time of need, I always had to ask for monetary help, though, I always helped those in need. Later on, I realised that at the time of need, people put a lot of conditions and expectations while helping. So, better is that we learn to save money.
God or life never said that we should not save money. Some selfish people in the world make us feel that we should donate so that good things happen to us. I have donated almost each and every penny I had earned in my life only to see myself helpless at this moment.
So, best way is save money and we learn to do that gradually. Earn more, spend less!
You have to set a goal for your savings at first so you have the motivation to save money. Having a lot of money will take you carelessly because you do not give attention to your expenses and lead you to overspending. Overspending means you are spending too much rather than you earn money.
I must confess that saving money is not an easy task. It depends largely on factors such as personality, family background, social status, environment and financial status among other things of the individual.
It is also easier for singles to save more than married couples who have more responsibilities. But, irrespective of the situation around you, it is good to have a saving culture. It boils down to personal discipline. A lot of people spend without looking back.
The first step is planning your budget before the money comes. Don't wait for it to come first before you save; no, first plan before it arrives. After that, when it comes, take away the amount of money you have planned on saving and spend the rest.
The principle of saving is save first and spend the rest and not spend first and save the rest.
Tips of saving money, to save money you must the following tips:
1. do not spend morethan your income.
2. tally all your expenses and compare to your income.
3. reduce buying unnecessary needs.
4. plan your budget
First spend money based on your income! You must budget your expenses based on your income.
Saving is hard when you have a lot of expenses. You need to commit yourself. You need to understand that saving is important for your own sake. You need to save before you buy anything. Saving is one of the greatest reqard to yourself. You must know the difference between wants and needs.
I am a saver, I can attest to that.
In order to save money, the first thing you have to do is to have a goal. Why are you saving money? Is it to retire early? To travel? To buy a house? Next is to develop a plan: how to get to the goal. Dissect each plan, make sure you are constantly reminded of your goal. You can do so by posting your goal to your wall, making it as a screensaver, whatever you can do to make it as visually accessible to you as you can, and the rest will eventually follow.
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