How to save money.

[Mehek]

The smartest way to save money is to not spend it. However, easier said than done. My personal plans include investment in real estate and bitcoin. Starting a business on the down low with my own money then, a little business. Simple life.

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[tyrexs]

Good money management tips. For example, it is not a wise decision to make a purchase if there is a need. To save a large share of your income and it is better to buy something only when you really need it.

[Erdogan]

Good money management tips. For example, it is not a wise decision to make a purchase if there is a need. To save a large share of your income and it is better to buy something only when you really need it.

 

Reminds me of what demand really is. It is not when you want it, not when you need it, not when you really need it, not when you can't live without it - it is only when you throw money on the counter and say "it's a deal, give it to me".

[GreenStox]

Do what the good old greeks do, put the money below the mattress, dig it in the backyard, or just put it on a treasure island with a map!

Of course there are plenty of better ways, use Bitcoin perhaps.

[dollarneed]

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion

[ajareselde]

The smartest way to save money is to not spend it. However, easier said than done. My personal plans include investment in real estate and bitcoin. Starting a business on the down low with my own money then, a little business. Simple life.

I second that, spending money in a smart way, by investing it , is way better alternative. If you don't use your money, you are limited by your previous money income sources, and
when you invest it you are creating additional source of income, while keeping older ones. It's like a game of monopoly, hoarding w/o investing gets you nowhere.

cheers

[bryant.coleman]

Do what the good old greeks do, put the money below the mattress, dig it in the backyard, or just put it on a treasure island with a map!

Storing your money in the form of fiat banknotes can be complicated. Every 10 or 20 years, the government withdraws the old banknotes, and print newer bills. The older banknotes will become worthless after a certain date. It will be much better, to store the wealth in the form of bullion (gold, platinum, silver.etc) or in the form of United States treasury bonds.

[Amph]

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion

you will lose them too if you save them under your pillow, there is no difference

if you don't want to lose money you need to invest in something that you think it will gain a considerable value in the future, and the only thing that has a chance right now, to achieve this, is bitcoin

[Light]

Storing your money in the form of fiat banknotes can be complicated. Every 10 or 20 years, the government withdraws the old banknotes, and print newer bills. The older banknotes will become worthless after a certain date. It will be much better, to store the wealth in the form of bullion (gold, platinum, silver.etc) or in the form of United States treasury bonds.

AFAIK, there should be a period during which you should be able to go to your local bank and simply convert your older banknotes to the newer ones without issue. Also, storing your wealth in gold isn't exactly storage - it is technically an investment as it does suffer from price fluctuations compared to your local currency. Which means it may increase/decrease your overall wealth if you're not careful. Bonds on the other hand are quite a viable option - as long as you trust that the government can repay (the US government for example should be fine, but things like Greece would be a definite no-no).

Unless you are not aware, you are losing your money each year even without putting them in a bank. The yearly inflation rate is so small that perhaps common people wont even realized it until few years, with that being said in few years ahead we wont see any use of $1 notes anymore

That's not exactly how it works. The inflation rate is generally of major importance in regards to monetary policy - so much so that they'll tend to try and keep it around 2-3% per annum. All that means is that your money has decreased value in real terms - i.e. your money buys you less. It doesn't necessarily mean $1 is going to be irrelevant anytime soon.

[bryant.coleman]

AFAIK, there should be a period during which you should be able to go to your local bank and simply convert your older banknotes to the newer ones without issue.

Yes. But converting huge amounts of old banknotes to the new ones can attract attention from unwanted sources, especially from the tax authority. Also, what happens if someone stashes away his wealth in fiat banknotes, and dies shortly afterwards? By the time his heirs find the stash, it might be worthless.

[deisik]

Storing your money in the form of fiat banknotes can be complicated. Every 10 or 20 years, the government withdraws the old banknotes, and print newer bills. The older banknotes will become worthless after a certain date. It will be much better, to store the wealth in the form of bullion (gold, platinum, silver.etc) or in the form of United States treasury bonds.

AFAIK, there should be a period during which you should be able to go to your local bank and simply convert your older banknotes to the newer ones without issue

You may be unfamiliar with the confiscatory monetary reform in the Soviet Union as of January 22, 1991, when it was declared late in the evening on that day that the old 50 and 100 ruble banknotes should be exchanged with the new ones. The exchange was restricted by severe limitations. It lasted only for 3 days, and no more than 1,000 rubles per person could be exchanged. Besides that, the amount of cash available for withdrawal at the Savings Bank of the USSR was also limited, and no more than 500 rubles was allowed to withdraw per depositor monthly, with the clerks of the Savings Bank branches making records of the amounts withdrawn from the deposit on the last pages of the depositor's passport...

In this manner many people simply lost their long-term savings

[Bitcoininspace]

Good advice, even tho saying "you don't need this" is relative tho. Sure thing, the only things we legitimately NEED is basic needs, the rest is relative and depends on the POV. For example for me, I needed to upgrade my computer recently, maybe other person could have said "you don't really need a better graphic card" but in my POV i really needed it so fuck it, I bought a new one.

It's not money wasted if you buy something you truly need, same thing goes for time. If you enjoy time you spend doing something (like playing games, etc) it's not wasted even though it would feel like it a week later or so.

[Dotakels]

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion

It won't lose if you keep it until it can earn an interest because your money lose if you only save in bank just in a few years. Its takes a lot of time to earn a profit from interest. But its better to save in bitcoin because your coins or money are excepted to inflation.

[Don007]

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion

It won't lose if you keep it until it can earn an interest because your money lose if you only save in bank just in a few years. Its takes a lot of time to earn a profit from interest. But its better to save in bitcoin because your coins or money are excepted to inflation.

While the current inflation is higher than the interest, in fact you will "loose some money"; in the sense that the profit from the interest is actually less than the loss of spendable income is (due to inflation).

However, that does not make saving money on a bank useless: be sure you always have some money as a back-up when something goes wrong; like unexpected costs.

[GreenStox]

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion

It won't lose if you keep it until it can earn an interest because your money lose if you only save in bank just in a few years. Its takes a lot of time to earn a profit from interest. But its better to save in bitcoin because your coins or money are excepted to inflation.

While the current inflation is higher than the interest, in fact you will "loose some money"; in the sense that the profit from the interest is actually less than the loss of spendable income is (due to inflation).

However, that does not make saving money on a bank useless: be sure you always have some money as a back-up when something goes wrong; like unexpected costs.

Well its like draining money from your bank account with a draining machine. It is slow but eventually your account will be left empty...

[Don007]

Well its like draining money from your bank account with a draining machine. It is slow but eventually your account will be left empty...

That is not true. In fact, due to interest, your amount of dollars / euros will actually increase yearly. It won't empty; it will only increase.

However, yes, you can buy less and less yearly with your dollars / euros as the inflation is higher than the interest.

[Dotakels]

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion

It won't lose if you keep it until it can earn an interest because your money lose if you only save in bank just in a few years. Its takes a lot of time to earn a profit from interest. But its better to save in bitcoin because your coins or money are excepted to inflation.

While the current inflation is higher than the interest, in fact you will "loose some money"; in the sense that the profit from the interest is actually less than the loss of spendable income is (due to inflation).

However, that does not make saving money on a bank useless: be sure you always have some money as a back-up when something goes wrong; like unexpected costs.

Well its like draining money from your bank account with a draining machine. It is slow but eventually your account will be left empty...

Yes, only the owner of the bank can earn from the money of their customers by saving in their bank. and they just actually get high their interest so that they can attract more customers.

[AtheistAKASaneBrain]

If you keep spending, you'll obviously end up with an empty wallet, no mater what rates of interest, deflation or inflation and so on variables are at that moment in time. The only way to avoid this is having a steady source of income, which unfortunately in most cases it means being a wage slave.

[GreenStox]

If you keep spending, you'll obviously end up with an empty wallet, no mater what rates of interest, deflation or inflation and so on variables are at that moment in time. The only way to avoid this is having a steady source of income, which unfortunately in most cases it means being a wage slave.

Not if you get juicy credit cards. I just get all sorts of SMS on my phone banks telling me to go and order a credit card, it's insane.

And now you can buy all sorts of house appliances with credit too. It seems like people have less money in their wallet and rely more on others to loan them 

[adzino]

The best way to save is to spend less and save more. Choose a bank account with more advantage of perks along with more interest. Don’t spend huge money for entertaining yourself. Spend less money on beverages drink and cigs if you smoke. Cutting down on holiday vacations also helps a lot.
If you have a habit of getting into trouble with credit cards its a better choice to quit using a credit card except for emergencies.
Last thing i would suggest is to always look ahead