How to save money.

[Dotakels]

Most people will never be responsible with money. They don't understand it, and certainly don't respect it. That is why wealth flows from the irresponsible many to the responsible few. And that is how it should be.

Not entirely true. The richest 1% in the world are just greedy banksters and swallow up everything for themselves by explotiing the poor and those who lend money from them. Many people live in poverty throughout the world without any hope of changing their life and that's not always their fault.

But if you save money with a proper planning than there situation would not arise to ask money from others. And that is what we are discussing here. No doubt richer are getting richest and poor are getting more poor that is the situation in my country. So saving money requires a great level of discipline.

The problem is no amount of discipline will help you if your housing costs are say over 50% of your income.  This is becoming the case for a lot of people.

The same goes for student loans, which are becoming the #1 bill for a lot of 20 somethign graduates.  Its a huge holdup for gaining financial freedom when these loans follow you til your 40.

Also, no discipline can help upon job loss.  Yes planning can HELP, but if you deplete all savings in the process of finding a new job you are right back at square one.

But if you have a discipline, all the problems about financially you can handled it because you have a discipline that make you a better person and also a great help to your savings.

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[zecexe]

Keeping track of your finances will allow you to enjoy some of the finer things in life, even if you are not rolling in cash.

[AtheistAKASaneBrain]

There's a way to temporally lock a wallet for a given amount of time. So what you could do is use that method, put a countdown of 10 years, and have your bitcoin wallet frozen where you can only put more bitcoin in but not extract any, until 10 years passes. That's hardcore saving for you. No way to miss the boat doing that.

[zeraTunerse]

Keeping track of your finances will allow you to enjoy some of the finer things in life, even if you are not rolling in cash.

Keeping track of finances and also keeping track of expenses will help you out to summarise the entire scenario. Preparing a budget and action plan would be helpful which can give you the clear picture of your expenses.

[pigzone]

Don't even sleep and work on the computer all day

[mearylll]

Don't even sleep and work on the computer all day

Sounds Creepy. You need to invest your time for family and friends too. Don't want to keep on running behind the money that I cannot spend my valuable time with my near and dear ones. Earn more and Spend less that is the success mantra to save money.

[Don007]

Don't even sleep and work on the computer all day

Sounds Creepy. You need to invest your time for family and friends too. Don't want to keep on running behind the money that I cannot spend my valuable time with my near and dear ones. Earn more and Spend less that is the success mantra to save money.

There's a kind of balance you need to find in that. Yes, you can work a lot. But then you don't have enough spare time to actually enjoy your life. If you do not work enough, you will have not enough funds to really enjoy your life.

Find a balance that suits you. I'm currently trying to maintain this balance by working one job with fixed hours per week, and a part time job in which I can determine how much I work (and when). In order to get some extra money to do nice activities or buy new stuff or to cover unexpected expenses, I work extra with my part time job. With my job with fixed hours i'm quite able to cover my monthly costs.

[AtheistAKASaneBrain]

Don't even sleep and work on the computer all day

If you don't sleep your biorhythm will get screwed up, making you take dumb decision due your fatigued feeling due lack of proper rest. What's ironic is, the markets don't ever sleep, and sometimes you miss on great opportunities if you have a normal healthy sleep schedule.

[greBit]

Don't even sleep and work on the computer all day

This guy is kidding, man. All of you need to chill down with the scientific break down on why sleep is important. And dude, if you are not kidding, fuck you. I just researched about it and conclusion: Extended periods of wakefulness are associated with poor health outcomes, and animals subjected to sleep deprivation have resulted in death… There is a disorder called Fatal Familial Insomnia. Goodnight.

[Zorrocoin]

Lock your money up so you won't change your mind and try to spend it all

Unless people have a stable lifestyle , where they do not have to worry about the month end's budget, they don't need to worry and lock up the money.  unless the people are very tempted and obsessive shopoholics or big spenders. People need to learn how to manage money well, to make a healthy and comfortable lifestyle.

[GreenStox]

• Pay off all debts first!  I see student loans mentioned a bunch, and it is unfortunate that that cost hinders people, but with a college education you should earn enough to pay these off in a reasonable time frame.

Haha that is not true, actually you lose less money if you pay your debts last.

With the amount of inflation, the the ultra low interest rates, you wanna pay the debts last.


Why? Because by the time you pay it back, you paid back less than you borrowed due to inflation

[Possum577]

Saving money is about discipline, hard work, and self education.  Easy way to save money is think of something you buy regularly either every day, or week and don't need and cut that out.  One thing that comes to mind is cigarettes, and alcohol. 
Some other off the top of my head thoughts:

• Pay off all debts first!  I see student loans mentioned a bunch, and it is unfortunate that that cost hinders people, but with a college education you should earn enough to pay these off in a reasonable time frame.
• Bargain shop for groceries, and buy things in bulk like canned foods, and food from markets.
• Drink tap water rather than buying expensive drinks.
• Don't eat out as often, and make sandwiches etc.
• Figure out your monthly budget, and allocate 20% devoted to savings, or some form of savings.  Like OP says divide this into 10% emergency fund, and 10% for investments IRA, or just some Mutual Fund/ETF you can let compound.
• It may take stepping out of your comfort zone temporarily, and working two jobs if your situation is bad. But, it could also speed up paying off debts, and be worth it in the long run.
• Last one I thought of is don't reproduce if you are having trouble providing for yourself alone.  Kids are expensive!

I am not a professional financial adviser, but I do think some of saving money is common sense.  Also there are plenty of tips available online, and if you can visit a Bitcoin forum i'm sure you can find those too! Best of luck to those trying to save more.

Completely agree with paying allocating savings first, "pay yourself first" as they say by allocating deposits to savings accounts as soon as you get paid, before you get your net pay from the paycheck (if at all possible). This will help people live within a budget that has at least accounted for savings requirements, especially if you're not the type to follow a strict budget. You'll learn to live within the post-savings means and every so often increase the savings amounts, especially when you get a raise.

As for the time needed/planned for paying back student loans - what do you think is a "reasonable time frame"?

[BTCevo]

Investing is not that easy because you have to hire a broker and pay him, you first need to save some money.
I earn around 650 USD/month and manage to save around 300, I am waiting to have 1000~2000 USD to get into market.

What are you saying? Do you need brokers when you invest in bitcoin? I dont think so, in bitcoin you learn how to maintain your bitcoin by yourselves, profit or loss it is determined by your works not broker

[tyrexs]

Investing is not that easy because you have to hire a broker and pay him, you first need to save some money.
I earn around 650 USD/month and manage to save around 300, I am waiting to have 1000~2000 USD to get into market.

What are you saying? Do you need brokers when you invest in bitcoin? I dont think so, in bitcoin you learn how to maintain your bitcoin by yourselves, profit or loss it is determined by your works not broker

now broker handle bitcoin? maybe he use broker for trade his money and get profit but im confused if he invest in bitcoin. why he need broker to buy bitcoin

[Amph]

Investing is not that easy because you have to hire a broker and pay him, you first need to save some money.
I earn around 650 USD/month and manage to save around 300, I am waiting to have 1000~2000 USD to get into market.

What are you saying? Do you need brokers when you invest in bitcoin? I dont think so, in bitcoin you learn how to maintain your bitcoin by yourselves, profit or loss it is determined by your works not broker

now broker handle bitcoin? maybe he use broker for trade his money and get profit but im confused if he invest in bitcoin. why he need broker to buy bitcoin

probably he is paying someone to do the trading job for him and he get a portion back on the revenue? or maybe he is talking about different broker to trade bitcoin with forex...

[Dotakels]

• Pay off all debts first!  I see student loans mentioned a bunch, and it is unfortunate that that cost hinders people, but with a college education you should earn enough to pay these off in a reasonable time frame.

Haha that is not true, actually you lose less money if you pay your debts last.

With the amount of inflation, the the ultra low interest rates, you wanna pay the debts last.


Why? Because by the time you pay it back, you paid back less than you borrowed due to inflation

Yeah thats right, because our money was increase as time passes by, and its depend on our country economy, so i think  if you not want to feel that you pay debts,i think pay it when your country economy is high.

[misterycoins]

Saving money is not to deny yourself everything you don't need. Everyone deserves a "treat" now and again. Spending money is about prioritising. You need to rank purchases/expenditure by their importance. Rent trumps new phone, food trumps new pair of jeans, you get my point.

[darkangel11]

Saving money is not to deny yourself everything you don't need. Everyone deserves a "treat" now and again. Spending money is about prioritising. You need to rank purchases/expenditure by their importance. Rent trumps new phone, food trumps new pair of jeans, you get my point.

Nicely said. I know people who denied themselves everything they could and saving every penny. In the last 20 years the inflation ate most of their savings and they still don't have much and are old and grumpy
You're saving more by buying the stuff you need and selling it when you no longer do.

[knowhow]

It is not necessary to give up everything to save just and necessary that your income is taken a value mensalmente.Aqueles only not spend to save later have the feeling of regret and wonder whether I had done would be different .... ?

[Dotakels]

Saving money is not to deny yourself everything you don't need. Everyone deserves a "treat" now and again. Spending money is about prioritising. You need to rank purchases/expenditure by their importance. Rent trumps new phone, food trumps new pair of jeans, you get my point.

Nicely said. I know people who denied themselves everything they could and saving every penny. In the last 20 years the inflation ate most of their savings and they still don't have much and are old and grumpy
You're saving more by buying the stuff you need and selling it when you no longer do.

But if you save with the exception of inflation? like keeping your coins into your wallet, your money will the same value ate the same time.