How to save money.

[freeyourmind]

It's really not this easy. I like how you've suggested a financial plan, but someone who makes almost 8 bucks an hour can not afford multiple things on top of their daily bills. It's easy to make a financial plan if you make enough money to where you don't have your monthly budgets interfering with each other. For example, medical emergencies. At that type of salary, you're essentially one accident away from any financial savings for anything collapsing. Your car savings, or your house savings, can all be destroyed with the medical side of your life taking over it due to an insufficient "medical fund". Saving money is something everyone would love to do, but when you don't have a decent salary, it's next to impossible.

Sir, all things are possible 8 bucks per hour? It is enough for a normal person . And you said that all of your savings will be destroyed by pne accident? No . Do you really read this thread? That your savings must 20% of your monthly salary? And its use in 2 different ways? First the 10% is for emergencies,  so you cant spent the other 10% wich must spend in your personal interest like business,investment, and etc. So how possible you can't save? If you do this strategies you can save every month. And like i said theres a choices , save or not so choose.

So there are a couple things to pay attention to.  One is income generation and the other is under-consumption (saving).  It would make sense for effort to be put into income generation primarily, and then towards savings. 

If someone is making 8 bucks an hour and living in North America, then the effort needs to go into generating more income.  That wage is for unskilled labour, so it would make sense to gain a skillset that pays more.  Don't fall into the trap of doing unskilled labour for life.  That type of job should be a steppingstone to something else.  If you are going to learn a trade, get a formal education, or learn a skillset that you can apply on your own, it will allow you to get out of that trap of labour/retail type jobs.

8 bucks an hour will just cover the absolutely essential monthly expenses.  It makes sense if you're young and working part-time while living at home with parents, but don't make a career out of a job like that.

[Dotakels]

It's really not this easy. I like how you've suggested a financial plan, but someone who makes almost 8 bucks an hour can not afford multiple things on top of their daily bills. It's easy to make a financial plan if you make enough money to where you don't have your monthly budgets interfering with each other. For example, medical emergencies. At that type of salary, you're essentially one accident away from any financial savings for anything collapsing. Your car savings, or your house savings, can all be destroyed with the medical side of your life taking over it due to an insufficient "medical fund". Saving money is something everyone would love to do, but when you don't have a decent salary, it's next to impossible.

Sir, all things are possible 8 bucks per hour? It is enough for a normal person . And you said that all of your savings will be destroyed by pne accident? No . Do you really read this thread? That your savings must 20% of your monthly salary? And its use in 2 different ways? First the 10% is for emergencies,  so you cant spent the other 10% wich must spend in your personal interest like business,investment, and etc. So how possible you can't save? If you do this strategies you can save every month. And like i said theres a choices , save or not so choose.

So there are a couple things to pay attention to.  One is income generation and the other is under-consumption (saving).  It would make sense for effort to be put into income generation primarily, and then towards savings. 

If someone is making 8 bucks an hour and living in North America, then the effort needs to go into generating more income.  That wage is for unskilled labour, so it would make sense to gain a skillset that pays more.  Don't fall into the trap of doing unskilled labour for life.  That type of job should be a steppingstone to something else.  If you are going to learn a trade, get a formal education, or learn a skillset that you can apply on your own, it will allow you to get out of that trap of labour/retail type jobs.

8 bucks an hour will just cover the absolutely essential monthly expenses.  It makes sense if you're young and working part-time while living at home with parents, but don't make a career out of a job like that.

How you can say that wage is for an unskilled people? Do you think they will get a job if they are unskilled?
And you said that if they need a big wage they will study, if they have enough money to study? Their wage are enough to live and make savings .

[anonyymi]

It's really not this easy. I like how you've suggested a financial plan, but someone who makes almost 8 bucks an hour can not afford multiple things on top of their daily bills. It's easy to make a financial plan if you make enough money to where you don't have your monthly budgets interfering with each other. For example, medical emergencies. At that type of salary, you're essentially one accident away from any financial savings for anything collapsing. Your car savings, or your house savings, can all be destroyed with the medical side of your life taking over it due to an insufficient "medical fund". Saving money is something everyone would love to do, but when you don't have a decent salary, it's next to impossible.

Sir, all things are possible 8 bucks per hour? It is enough for a normal person . And you said that all of your savings will be destroyed by pne accident? No . Do you really read this thread? That your savings must 20% of your monthly salary? And its use in 2 different ways? First the 10% is for emergencies,  so you cant spent the other 10% wich must spend in your personal interest like business,investment, and etc. So how possible you can't save? If you do this strategies you can save every month. And like i said theres a choices , save or not so choose.

So there are a couple things to pay attention to.  One is income generation and the other is under-consumption (saving).  It would make sense for effort to be put into income generation primarily, and then towards savings. 

If someone is making 8 bucks an hour and living in North America, then the effort needs to go into generating more income.  That wage is for unskilled labour, so it would make sense to gain a skillset that pays more.  Don't fall into the trap of doing unskilled labour for life.  That type of job should be a steppingstone to something else.  If you are going to learn a trade, get a formal education, or learn a skillset that you can apply on your own, it will allow you to get out of that trap of labour/retail type jobs.

8 bucks an hour will just cover the absolutely essential monthly expenses.  It makes sense if you're young and working part-time while living at home with parents, but don't make a career out of a job like that.

How you can say that wage is for an unskilled people? Do you think they will get a job if they are unskilled?
And you said that if they need a big wage they will study, if they have enough money to study? Their wage are enough to live and make savings .

No, $8/h is not enough in USA. $8 might be a lot in your country (Philippines?), but in USA its really hard to live with $8/h.

[freeyourmind]

How you can say that wage is for an unskilled people? Do you think they will get a job if they are unskilled?
And you said that if they need a big wage they will study, if they have enough money to study? Their wage are enough to live and make savings .

The condition that I put is if the person is living in North America, or any developed nation for that matter.  Where I live, minimum wage is $11/hr and that is for unskilled labour.  That means that you work a job that doesn't really require any previous experience or training.  This would be a typical job for someone that is either in school and working part-time or an older person that does not have the requirements to get a skilled job, whether that be experience, formal education or learned trade.

I know people come from all sorts of different financial backgrounds, some being very poor and some being very wealthy.  Unfortunately the less fortunate need to work that much harder and smarter to make it.  In North America, you can get student loans to go to University or College, and graduate with a pile of debt, but likely be able to make a lot more money than a minimum wage job.

At $8/hour, that would be about $16,000 in annual income.  Where I live, that is not enough to live on your own.  My mortgage alone costs more than that, and that doesn't leave anything for food, utilities, communications, transportation, clothes, entertainment, etc.  So at $8/hour, savings is not my concern, income generation is.

So again, depends where you live and what the cost of living is.  I'm not trying to offend or insult anyone by saying "unskilled" but that is the term used for the type of job that earns minimum wage.

[MF Doom]

No, $8/h is not enough in USA. $8 might be a lot in your country (Philippines?), but in USA its really hard to live with $8/h.

but if you only make $8/hour, you will qualify for just about every gvt assistance program under the sun.  Free healthcare, food benefits, maybe even free money (welfare).  I believe a study was done that showed the average person that receives gvt benefits like these gets 20k/ year worth of benefits.  So at $8/hr you might only make less than 20k, but will have an equivalent amount given to you for free.  Plus you will have no tax burden

[Dotakels]

How you can say that wage is for an unskilled people? Do you think they will get a job if they are unskilled?
And you said that if they need a big wage they will study, if they have enough money to study? Their wage are enough to live and make savings .

The condition that I put is if the person is living in North America, or any developed nation for that matter.  Where I live, minimum wage is $11/hr and that is for unskilled labour.  That means that you work a job that doesn't really require any previous experience or training.  This would be a typical job for someone that is either in school and working part-time or an older person that does not have the requirements to get a skilled job, whether that be experience, formal education or learned trade.

I know people come from all sorts of different financial backgrounds, some being very poor and some being very wealthy.  Unfortunately the less fortunate need to work that much harder and smarter to make it.  In North America, you can get student loans to go to University or College, and graduate with a pile of debt, but likely be able to make a lot more money than a minimum wage job.

At $8/hour, that would be about $16,000 in annual income.  Where I live, that is not enough to live on your own.  My mortgage alone costs more than that, and that doesn't leave anything for food, utilities, communications, transportation, clothes, entertainment, etc.  So at $8/hour, savings is not my concern, income generation is.

So again, depends where you live and what the cost of living is.  I'm not trying to offend or insult anyone by saying "unskilled" but that is the term used for the type of job that earns minimum wage.

The $8/h is my only example . so you mean that ? that wage for unskilled labour and for only in a part-time job or an a old person and all of your example are all about in north america and typically what is job for unskilled labour give me examples. Sorry for my example i got that in google minimum wage of america.

[freeyourmind]

The $8/h is my only example . so you mean that ? that wage for unskilled labour and for only in a part-time job or an a old person and all of your example are all about in north america and typically what is job for unskilled labour give me examples. Sorry for my example i got that in google minimum wage of america.

Yeah, the example is for North America - I live in Canada so I can give specific examples of minimum wage type (between $11-15/hr) jobs around here:

- working at a fast food restaurant in food prep or cashier (McDonalds, Burger King, Wendy's, etc.)
- working at a grocery store or supermarket either stocking shelves or produce or cashier (Costco, Walmart, Loblaws, Sobeys, etc.)
- working at a clothing or footwear store (can also be commissioned)
- working at a hardware store stocking shelves (Home Depot, Lowe's, Rona)
- working at a call centre as a CSR

Of course, for these jobs, you can make more than minimum wage with time and seniority.  But for these types of jobs, you don't really need a particular education or knowledge or experience outside of what you will be trained for in the first week or two by the company.

Jobs like this usually have a high turnover, because as soon as you are able to get a better/higher paying job, you leave.  These are also usually not the most enjoyable jobs.

So for living in Toronto, a wage like that is VERY difficult to get by on.  Your residence would likely be subsidized housing, or a rooming house, or a basement apartment in the suburbs.  Then once you get into the suburbs, it's difficult to get around with public transportation, and you can't afford a car/insurance/gas/maintenance with minimum wage.  So instead of focusing on savings, I'd focus on getting a skill and being able to generate more income, if financial stability is your main goal.

For other parts of the world, where the cost of living is significantly less, then something like $8/hour might be a very decent wage that allows for a pretty good lifestyle.  I went backpacking through 8 countries in Asia, where $8/hour would make for a great lifestyle.

[Dotakels]

The $8/h is my only example . so you mean that ? that wage for unskilled labour and for only in a part-time job or an a old person and all of your example are all about in north america and typically what is job for unskilled labour give me examples. Sorry for my example i got that in google minimum wage of america.

Yeah, the example is for North America - I live in Canada so I can give specific examples of minimum wage type (between $11-15/hr) jobs around here:

- working at a fast food restaurant in food prep or cashier (McDonalds, Burger King, Wendy's, etc.)
- working at a grocery store or supermarket either stocking shelves or produce or cashier (Costco, Walmart, Loblaws, Sobeys, etc.)
- working at a clothing or footwear store (can also be commissioned)
- working at a hardware store stocking shelves (Home Depot, Lowe's, Rona)
- working at a call centre as a CSR

Of course, for these jobs, you can make more than minimum wage with time and seniority.  But for these types of jobs, you don't really need a particular education or knowledge or experience outside of what you will be trained for in the first week or two by the company.

Jobs like this usually have a high turnover, because as soon as you are able to get a better/higher paying job, you leave.  These are also usually not the most enjoyable jobs.

So for living in Toronto, a wage like that is VERY difficult to get by on.  Your residence would likely be subsidized housing, or a rooming house, or a basement apartment in the suburbs.  Then once you get into the suburbs, it's difficult to get around with public transportation, and you can't afford a car/insurance/gas/maintenance with minimum wage.  So instead of focusing on savings, I'd focus on getting a skill and being able to generate more income, if financial stability is your main goal.

For other parts of the world, where the cost of living is significantly less, then something like $8/hour might be a very decent wage that allows for a pretty good lifestyle.  I went backpacking through 8 countries in Asia, where $8/hour would make for a great lifestyle.

So you mean that wage $8/h is not enough to live in america right? and you said in other country in asia that $8 would have a great help to improved our life. Thats true $8/h is very useful in asian . it makes our lives better and convenient . Its greatly help to prospered our lives. But in asia even if you are unskilled or skilled labour, all are equal in community and also they have value . And also we thanks them because they working and they not doing anything wrong like gambling, robbing, snatching etc.

[techgeek]

So if you really want to save money, this is what you`ll be doing to add on op`s $8hr.

Renting currently? Forget that, why waste $500 depending on where you live? (move back into your parents place) then just focus on minimizing on bills over the phone or downgrading a plan.

1. Phone plan
2. Internet service

I lowered my internet service from $50 month > $14.99 a month (time warner) plans that that they dont promote you call in to ask for the lowest possible.

This is the same done on phone plans as well, my t-mobile line used to be $50, but now its $40.

[Dotakels]

So if you really want to save money, this is what you`ll be doing to add on op`s $8hr.

Renting currently? Forget that, why waste $500 depending on where you live? (move back into your parents place) then just focus on minimizing on bills over the phone or downgrading a plan.

1. Phone plan
2. Internet service

I lowered my internet service from $50 month > $14.99 a month (time warner) plans that that they dont promote you call in to ask for the lowest possible.

This is the same done on phone plans as well, my t-mobile line used to be $50, but now its $40.

Saving is not hard it is up to the savers.  And thats right if you dont have a wife, live with your parents at least you have a opportunity to make a happy momemts with them  and you can  bonding with them and you can take care of them even if you have a work. And you can pay the other bills of your parent totally you live with them and you can save more because of less payment . It all depends in you.

[freeyourmind]

So you mean that wage $8/h is not enough to live in america right? and you said in other country in asia that $8 would have a great help to improved our life. Thats true $8/h is very useful in asian . it makes our lives better and convenient . Its greatly help to prospered our lives. But in asia even if you are unskilled or skilled labour, all are equal in community and also they have value . And also we thanks them because they working and they not doing anything wrong like gambling, robbing, snatching etc.

Yes, of course the social aspects have been treated independently.  A good/helpful/kind/aware/generous/empathetic person adds to the prosperity of society, with or without financial wealth.

IMO, do what you are most passionate about, find a way that it can benefit others, continuously learn and become a master in it, and design your career around that.  It is much more difficult than getting a dead end job, but it's a much better way to live life.

[Dotakels]

So you.  mean that wage $8/h is not enough to live in america right? and you said in other country in asia that $8 would have a great help to improved our life. Thats true $8/h is very useful in asian . it makes our lives better and convenient . Its greatly help to prospered our lives. But in asia even if you are unskilled or skilled labour, all are equal in community and also they have value . And also we thanks them because they working and they not doing anything wrong like gambling, robbing, snatching etc.

Yes, of course the social aspects have been treated independently.  A good/helpful/kind/aware/generous/empathetic person adds to the prosperity of society, with or without financial wealth.

IMO, do what you are most passionate about, find a way that it can benefit others, continuously learn and become a master in it, and design your career around that.  It is much more difficult than getting a dead end job, but it's a much better way to live life.

Thats right think first your surroundings. Think if will they get affect or not. Its it better to live that you are happy what you are doing and you are not hurting the other's . And continue living with dignity and you are not doing wrong things.

[mrhelpful]

This all depends on where you live exactley, so I assume you live in the midwest or somewhere is housing is super cheap.

Like a house is at most $20,000-30,000

If you were on minimum wage here on california, you cant survive due to the housing cost you`d have to get a room mate and thats the only way to do it. But even then, its still a struggle since other misc bills are not added.

Normal rent is $1,000 average.

[Natalia_AnatolioPAMM]

This all depends on where you live exactley, so I assume you live in the midwest or somewhere is housing is super cheap.

Like a house is at most $20,000-30,000

If you were on minimum wage here on california, you cant survive due to the housing cost you`d have to get a room mate and thats the only way to do it. But even then, its still a struggle since other misc bills are not added.

Normal rent is $1,000 average.

pretty normal actually , I thought it's much more in california

[Gyfts]

It's really not this easy. I like how you've suggested a financial plan, but someone who makes almost 8 bucks an hour can not afford multiple things on top of their daily bills. It's easy to make a financial plan if you make enough money to where you don't have your monthly budgets interfering with each other. For example, medical emergencies. At that type of salary, you're essentially one accident away from any financial savings for anything collapsing. Your car savings, or your house savings, can all be destroyed with the medical side of your life taking over it due to an insufficient "medical fund". Saving money is something everyone would love to do, but when you don't have a decent salary, it's next to impossible.

Sir, all things are possible 8 bucks per hour? It is enough for a normal person . And you said that all of your savings will be destroyed by pne accident? No . Do you really read this thread? That your savings must 20% of your monthly salary? And its use in 2 different ways? First the 10% is for emergencies,  so you cant spent the other 10% wich must spend in your personal interest like business,investment, and etc. So how possible you can't save? If you do this strategies you can save every month. And like i said theres a choices , save or not so choose.

No one making 8 dollars an hour can possibly save money to cover having lung cancer. If this were possible, then Obama Care wouldn't be a thing and US citizens wouldn't run to Canada for health care. This alludes to the fact that one emergency, specifically a medical emergency, is all it takes for the savings to go out the window and for your financial plan to be completely ruined. I read the thread, and in most basic terms you referred to having a 20 percent savings of salary savings as reserves. On an 8 dollar an hour salary, it's extremely easy for budgets to over run with one another to the point where you are either withdrawing from that 20 percent, or not adding in 20 percent to begin with. Your referring to your 20 percent savings of salary to be a reserve for lifes obstacles, essentially, and what I'm saying is, what if that's not enough? For many people it isn't which is why savings are nonexistent to them. Everyone wants to save money, but on the salary they make, it's simply not possible. All financial plans need to be customized to suit a person's yearly salary and monthly bill. There aren't any financial plans that will work for everyone in every sort of situation imaginable.

On an average US working schedule, 8 dollars an hour would result in 16-17k a year. This type of yearly salary for a person living individually would be extremely tough to maintain which is why taking percentages of your wages and distributing them equally won't always work.
http://www.convertunits.com/hourly/8

[Dotakels]

It's really not this easy. I like how you've suggested a financial plan, but someone who makes almost 8 bucks an hour can not afford multiple things on top of their daily bills. It's easy to make a financial plan if you make enough money to where you don't have your monthly budgets interfering with each other. For example, medical emergencies. At that type of salary, you're essentially one accident away from any financial savings for anything collapsing. Your car savings, or your house savings, can all be destroyed with the medical side of your life taking over it due to an insufficient "medical fund". Saving money is something everyone would love to do, but when you don't have a decent salary, it's next to impossible.

Sir, all things are possible 8 bucks per hour? It is enough for a normal person . And you said that all of your savings will be destroyed by pne accident? No . Do you really read this thread? That your savings must 20% of your monthly salary? And its use in 2 different ways? First the 10% is for emergencies,  so you cant spent the other 10% wich must spend in your personal interest like business,investment, and etc. So how possible you can't save? If you do this strategies you can save every month. And like i said theres a choices , save or not so choose.

No one making 8 dollars an hour can possibly save money to cover having lung cancer. If this were possible, then Obama Care wouldn't be a thing and US citizens wouldn't run to Canada for health care. This alludes to the fact that one emergency, specifically a medical emergency, is all it takes for the savings to go out the window and for your financial plan to be completely ruined. I read the thread, and in most basic terms you referred to having a 20 percent savings of salary savings as reserves. On an 8 dollar an hour salary, it's extremely easy for budgets to over run with one another to the point where you are either withdrawing from that 20 percent, or not adding in 20 percent to begin with. Your referring to your 20 percent savings of salary to be a reserve for lifes obstacles, essentially, and what I'm saying is, what if that's not enough? For many people it isn't which is why savings are nonexistent to them. Everyone wants to save money, but on the salary they make, it's simply not possible. All financial plans need to be customized to suit a person's yearly salary and monthly bill. There aren't any financial plans that will work for everyone in every sort of situation imaginable.

On an average US working schedule, 8 dollars an hour would result in 16-17k a year. This type of yearly salary for a person living individually would be extremely tough to maintain which is why taking percentages of your wages and distributing them equally won't always work.
http://www.convertunits.com/hourly/8

Like i said $8/h is only my example. And if you live individualy get a room with low rents and get a room mate so you can share your bills and other payments for rent. And few foods are enough to you. The 20% is the general/recommended. 20% of your salary is so very useful in the future and the 20% is only a cash reserved if you read the thread its only for emergency and personal interest.  So how you could say that you cant save? Your remaining salary will spend in bill payments,rents,food,transportation etc. $8/h IS ONLY MY EXAMPLE NOT A REALLY WAGE.

[Kimochii]

I also live in philoppines .

U love what?

[Dotakels]

I also live in philoppines .

U love what?

You need to use google to understand what some people here are saying. Thank God for Google!

Sorry typographical error  .

[dulldog]

This is my first post. Please do respect

My post intention is to help readers to save their money.

Some of the employee are not saving their money. They spend it on things that they dont need. For example gadgets,buying a concert ticket, accesories, etc.Buying things that not they need is also like a wasting money. Because this thing give a happiness  not a good life. Saving money is just like securing your future because your savings can help you in emergencies. These are the way to save money .
If you are empolyee. You must save atleast 20% of your salary. The 20% of your salary divides into two .


The 1st way : cash reserves- medical insurance, retirement, life insurance  and if you not have salary yet. And emergency. But dont spend all of you 10% in this emergency. You must know if the injury is serious o not before you spend the 10%.
The cash reserves must equal of your 6 months salary this will help you and ensure you becauas of you loss your job you have extra money .

The 2nd way : investment, business- you can invest in some company so that you have a extra income. And you can also built a small business that will always have an income like apartment.

Example. My wage is $ 7.5 per hour and i work for 8 hours and i work for 20 days. So thar my salary is $1,160 . The 20% of $1,160 is $232 .
So that my cash reserves is $ 116 i can spend this money in emergencies and medical insurance.
If my 6 month salary is $6,960 i can stop my saving money in cash reserves.
 

Thank you .

I'd rather go with the second way despite the fact it can be risky.

Thanks for putting some ideas inside my head

AT THE SAME TIME

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.

Damn it, the same thing happend with me last week when I decided to buy 60gb ssd. I had 1tb hdd already, but...

in my POV i really needed it so fuck it, I bought a new one.

[Dotakels]

This is my first post. Please do respect

My post intention is to help readers to save their money.

Some of the employee are not saving their money. They spend it on things that they dont need. For example gadgets,buying a concert ticket, accesories, etc.Buying things that not they need is also like a wasting money. Because this thing give a happiness  not a good life. Saving money is just like securing your future because your savings can help you in emergencies. These are the way to save money .
If you are empolyee. You must save atleast 20% of your salary. The 20% of your salary divides into two .


The 1st way : cash reserves- medical insurance, retirement, life insurance  and if you not have salary yet. And emergency. But dont spend all of you 10% in this emergency. You must know if the injury is serious o not before you spend the 10%.
The cash reserves must equal of your 6 months salary this will help you and ensure you becauas of you loss your job you have extra money .

The 2nd way : investment, business- you can invest in some company so that you have a extra income. And you can also built a small business that will always have an income like apiartment.

Example. My wage is $ 7.5 per hour and i work for 8 hours and i work for 20 days. So thar my salary is $1,160 . The 20% of $1,160 is $232 .
So that my cash reserves is $ 116 i can spend this money in emergencies and medical insurance.
If my 6 month salary is $6,960 i can stop my saving money in cash reserves.
 

Thank you .

I'd rather go with the second way despite the fact it can be risky.

Thanks for putting some ideas inside my head

AT THE SAME TIME

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.

Damn it, the same thing happend with me last week when I decided to buy 60gb ssd. I had 1tb hdd already, but...

in my POV i really needed it so fuck it, I bought a new one.

Yeah its so risky , but invest it in the company that a surely guaranteed that your money wil earn a big profit . You can got a bigger profit if the interest of your company is compound interest it doubled your money or triple it.