How to save money.

[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

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.

I get what you're saying. What I rather should say is, in my opinion, there is a certain threshold of what you make that will make financial plans like this work. Below a certain yearly income, what you save will interfere with other monthly bills because you simply don't have enough funds to pay off bills, and on top of that save money.

[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 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.

Reasonable. The problem is I don't know such companies. (I mean it's my problem, not companies')

[Salomon12]

This thread is actually quite interesting to be honest, I live in Hong Kong and the "ENTRY" level salary for a Fresh Graduate is right now HKD $12,000 per month or USD $1,550. Now normal working hours are 9 hours inclusive of 1 hour lunch; so 8 hours a day for 5 days a week. That brings it to a hourly wage of USD $9.68.

Now at that salary level, you'll end up paying roughly USD $65 in income tax. Your company will provide you basic medical and dental which should suffice if you don't end up with a life threatening injuries. Per month, your wages will be deducted 5% (USD $77.50) for a Mandatory Retirement Fund which your company will also need to match; effectively giving you USD $155 per month towards your retirement.

This all seems decent; however, housing is not affordable in Hong Kong. A 150-200 sqFoot flat is going to cost you USD $775 per month to rent. Utilities (Electricity, Gas, Water) should be another USD $50 per month. After your Mandatory Retirement Fund/Accommodations+Utilities that leaves you with USD $647.50. There are other accommodations which are cheaper but for arguments sake lets make it easier.

That amount seems good; but you can never afford to save up for a down payment for an apartment or raise a family on this type of salary. Apartments to purchase in Hong Kong start are USD $580,000 for a 350 - 400 sqFoot flat. If you were a young couple on a basic salary able to pay USD $500 per month towards your loan of an apartment, it would take you 96 years not including any interest rates/fees. You'd be dead before you even paid it off. Most young people here live with their families because of these high living cost and rely on Government Subsidized housing which isn't being built at a fast enough pace.


I (Myself) am not a fresh graduate and hold a middle level position. I have come across many fresh graduates and feel that times are getting harder or that many are becoming unable to manage their finances. The OP say saving 20% is a suitable number, I myself save 40% of my monthly salary just for any emergencies.

Any other folks care to shed some light for Asia Pacific or even Hong Kong?

[Dotakels]

This thread is actually quite interesting to be honest, I live in Hong Kong and the "ENTRY" level salary for a Fresh Graduate is right now HKD $12,000 per month or USD $1,550. Now normal working hours are 9 hours inclusive of 1 hour lunch; so 8 hours a day for 5 days a week. That brings it to a hourly wage of USD $9.68.

Now at that salary level, you'll end up paying roughly USD $65 in income tax. Your company will provide you basic medical and dental which should suffice if you don't end up with a life threatening injuries. Per month, your wages will be deducted 5% (USD $77.50) for a Mandatory Retirement Fund which your company will also need to match; effectively giving you USD $155 per month towards your retirement.

This all seems decent; however, housing is not affordable in Hong Kong. A 150-200 sqFoot flat is going to cost you USD $775 per month to rent. Utilities (Electricity, Gas, Water) should be another USD $50 per month. After your Mandatory Retirement Fund/Accommodations+Utilities that leaves you with USD $647.50. There are other accommodations which are cheaper but for arguments sake lets make it easier.

That amount seems good; but you can never afford to save up for a down payment for an apartment or raise a family on this type of salary. Apartments to purchase in Hong Kong start are USD $580,000 for a 350 - 400 sqFoot flat. If you were a young couple on a basic salary able to pay USD $500 per month towards your loan of an apartment, it would take you 96 years not including any interest rates/fees. You'd be dead before you even paid it off. Most young people here live with their families because of these high living cost and rely on Government Subsidized housing which isn't being built at a fast enough pace.


I (Myself) am not a fresh graduate and hold a middle level position. I have come across many fresh graduates and feel that times are getting harder or that many are becoming unable to manage their finances. The OP say saving 20% is a suitable number, I myself save 40% of my monthly salary just for any emergencies.

Any other folks care to shed some light for Asia Pacific or even Hong Kong?

Living in the comunist country is hard. Your movements are limited. I suggested to you to live with your family it reduces your payments every month and you can save better. If your family is not on hongkong find a renting house and find a room mates so you can share to your roommates the bills and other payments.  If you have a wife your wife should have a job so she can help you. And always think no matter what happen. All is well

[dothebeats]

This thread is actually quite interesting to be honest, I live in Hong Kong and the "ENTRY" level salary for a Fresh Graduate is right now HKD $12,000 per month or USD $1,550. Now normal working hours are 9 hours inclusive of 1 hour lunch; so 8 hours a day for 5 days a week. That brings it to a hourly wage of USD $9.68.

Now at that salary level, you'll end up paying roughly USD $65 in income tax. Your company will provide you basic medical and dental which should suffice if you don't end up with a life threatening injuries. Per month, your wages will be deducted 5% (USD $77.50) for a Mandatory Retirement Fund which your company will also need to match; effectively giving you USD $155 per month towards your retirement.

This all seems decent; however, housing is not affordable in Hong Kong. A 150-200 sqFoot flat is going to cost you USD $775 per month to rent. Utilities (Electricity, Gas, Water) should be another USD $50 per month. After your Mandatory Retirement Fund/Accommodations+Utilities that leaves you with USD $647.50. There are other accommodations which are cheaper but for arguments sake lets make it easier.

That amount seems good; but you can never afford to save up for a down payment for an apartment or raise a family on this type of salary. Apartments to purchase in Hong Kong start are USD $580,000 for a 350 - 400 sqFoot flat. If you were a young couple on a basic salary able to pay USD $500 per month towards your loan of an apartment, it would take you 96 years not including any interest rates/fees. You'd be dead before you even paid it off. Most young people here live with their families because of these high living cost and rely on Government Subsidized housing which isn't being built at a fast enough pace.


I (Myself) am not a fresh graduate and hold a middle level position. I have come across many fresh graduates and feel that times are getting harder or that many are becoming unable to manage their finances. The OP say saving 20% is a suitable number, I myself save 40% of my monthly salary just for any emergencies.

Any other folks care to shed some light for Asia Pacific or even Hong Kong?

I also live in the Southeast Asian Region, particularly in the Philippines. It is not an economic-progressive country and also not that slow in terms of development, but the living conditions are way below of what you have stated in here but still most people here cannot afford to live a "decent" life. To get a hint of how much on average does a normal Filipino individual need to have in order to get by a day, I'll give you some numbers.

To live decently in the Philippines--particularly in the urban area--you need to have at least Php 25000 ($500+) a month to satisfy your needs (and sometimes, you can buy what you want with that money) and other necessities in life. In terms of savings, the average cost that a minimum wage earner pay for is only Php 1000 (+ or - $25, and the figure came from what the pay slip of my father states) not much, yes, for a typical Filipino, but to the most poverty-stricken ones, it is already a big amount. So going back to what I'm saying, the costs for utility is $50, for the rent, it can go low from $25 (that's not a decent house to live in, believe me) or up to $200, depending on how big is the house, of course. As for the food, you can live with only Php 100 a day ($2-$3), and I must say that if you managed to do this, you can live in the country for long. So to sum it up, you have $175 to live within a month which is ridiculously low compared to what other country has. If every individual in our country follows a strict discipline on saving money, the number of poor people in this nation might be decreased. It is ideal for every person to have a job and earn some money, but the fact is most of the jobs here in the Philippines are underpaid, and a great number of Filipinos are still unemployed. With it, poverty sure is present within every corner. Also, I must admit that the Filipinos are spending too much on what they didn't really need; most aren't thrifty and just spend money on things that are in the trend. Colonial mentality is what fucked up this country big time. Most (if not all) Filipinos end up spending on things that they see on other countries rather than save their money for the future.

[SirChiko]

I also live in philoppines . But my example is the current wage in the US, so that their wage is enough to live and they have also a savings. In the philippines the wage of employee is not enough to live, theres many expences, like paying bills, foods and etc. But, if you want really to save, its up to you not in your wage. You have choices save your money if you really want or dont save thats easy.

Are you fuckingkidding me? You are crying about your wages but here in my country you have so low wage that you work 8 hours a day every fucking day except weekends and what do you get?
Fucking 300-400€ per MONTH!!!

[Dotakels]

I also live in philoppines . But my example is the current wage in the US, so that their wage is enough to live and they have also a savings. In the philippines the wage of employee is not enough to live, theres many expences, like paying bills, foods and etc. But, if you want really to save, its up to you not in your wage. You have choices save your money if you really want or dont save thats easy.

Are you fuckingkidding me? You are crying about your wages but here in my country you have so low wage that you work 8 hours a day every fucking day except weekends and what do you get?
Fucking 300-400€ per MONTH!!!

Dont blame me if your wage only 300€ . Blame your economy and your senators that corrupt the taxes that you pay.

[Snipe85]

I also live in philoppines . But my example is the current wage in the US, so that their wage is enough to live and they have also a savings. In the philippines the wage of employee is not enough to live, theres many expences, like paying bills, foods and etc. But, if you want really to save, its up to you not in your wage. You have choices save your money if you really want or dont save thats easy.

Are you fuckingkidding me? You are crying about your wages but here in my country you have so low wage that you work 8 hours a day every fucking day except weekends and what do you get?
Fucking 300-400€ per MONTH!!!

I know what you feel. I know people who earn about €400 a month and it's impossible to save anything. You just have enough to pay the bills and buy food, you're basically a slave.
Nobody should live like that, and really it can get even worse when you get old or sick and can no longer work.

[Salomon12]

I also live in philoppines . But my example is the current wage in the US, so that their wage is enough to live and they have also a savings. In the philippines the wage of employee is not enough to live, theres many expences, like paying bills, foods and etc. But, if you want really to save, its up to you not in your wage. You have choices save your money if you really want or dont save thats easy.

Are you fuckingkidding me? You are crying about your wages but here in my country you have so low wage that you work 8 hours a day every fucking day except weekends and what do you get?
Fucking 300-400€ per MONTH!!!

Sorry, which country is this if you don't mind me asking? 

[Erdogan]

All good advice. And...don't tell everybody that you have saved money, and don't give it away to anyone who asks. Be the guy that mysteriously can keep dry on a rainy day, and get out of trouble. Like a cat that always can land on its feet. (I wish I knew when I was young...)

[Btcvilla]

All good advice. And...don't tell everybody that you have saved money, and don't give it away to anyone who asks. Be the guy that mysteriously can keep dry on a rainy day, and get out of trouble. Like a cat that always can land on its feet. (I wish I knew when I was young...)

Why help others when you can look cool?

Welcome to 2015 everyone!

[Erdogan]

All good advice. And...don't tell everybody that you have saved money, and don't give it away to anyone who asks. Be the guy that mysteriously can keep dry on a rainy day, and get out of trouble. Like a cat that always can land on its feet. (I wish I knew when I was young...)

Why help others when you can look cool?

Welcome to 2015 everyone!

What do you mean? Should he rather give away his saved money to anyone who asks? What about you?

[Dotakels]

I also live in philoppines . But my example is the current wage in the US, so that their wage is enough to live and they have also a savings. In the philippines the wage of employee is not enough to live, theres many expences, like paying bills, foods and etc. But, if you want really to save, its up to you not in your wage. You have choices save your money if you really want or dont save thats easy.

Are you fuckingkidding me? You are crying about your wages but here in my country you have so low wage that you work 8 hours a day every fucking day except weekends and what do you get?
Fucking 300-400€ per MONTH!!!

Sorry, which country is this if you don't mind me asking? 

That currency is euro the country that use this currency are,Austria ,Belgium,  Germany Netherlands, Ireland  etc. This is the most currency in europe.

[qiwoman2]

I always say when I go shopping, do I need this or can I go without it. The best way to save money is to make goals. I told my Son now that he is working and earning to save at least 15|% of his income for LONG TERM SAVINGS. Also I believe one should look into buying assets too, start with buying gold and silver, save some of that aside as well.  Every year set a goal and also compound your savings in lucrative investments and diversify your portfolio.. In a few years you might find your future reshaped in a much more favorable position by making a few sacrifices today. Don't spend EVERY PENNY you get in your hand.

[Dotakels]

I always say when I go shopping, do I need this or can I go without it. The best way to save money is to make goals. I told my Son now that he is working and earning to save at least 15|% of his income for LONG TERM SAVINGS. Also I believe one should look into buying assets too, start with buying gold and silver, save some of that aside as well.  Every year set a goal and also compound your savings in lucrative investments and diversify your portfolio.. In a few years you might find your future reshaped in a much more favorable position by making a few sacrifices today. Don't spend EVERY PENNY you get in your hand.

Yeah to make sure that you would save is to make a goal or you have need to buy a something that make you assets. And thats great because early savings can make a big profit if you invest it.

[MF Doom]

Don't spend EVERY PENNY you get in your hand.

Most people cannot handle this.  And to make matters worse they spend every penny they DON'T even have (credit cards).  Then you are constantly playing catch up with your credit card balances, and will never get ahead.

[dothebeats]

I also live in philoppines . But my example is the current wage in the US, so that their wage is enough to live and they have also a savings. In the philippines the wage of employee is not enough to live, theres many expences, like paying bills, foods and etc. But, if you want really to save, its up to you not in your wage. You have choices save your money if you really want or dont save thats easy.

Are you fuckingkidding me? You are crying about your wages but here in my country you have so low wage that you work 8 hours a day every fucking day except weekends and what do you get?
Fucking 300-400€ per MONTH!!!

Same in the Philippines. The so-called "minimum wage system" is too low for a normal worker to live decently in this country. Also, you cannot take that 300€ as a whole in here; savings, utilities, bills, taxes and other expenses leave a minimum wage earner with more or less 150€ for the whole month. Some are even forced to take a loan in the banks, which makes their situation even more dreadful than it was before. We are not crying about our wages. We can live with it, and we did for many decades now. It's just a matter of right budget allocation and avoiding the "wants" of the people that aren't important. But yes, the wage is too low for the people to even bother opening a savings account, or even saving per se. Different wage hike had been proposed, but the government is too corrupt to even bother listening to the moans and cries of the general public.

[gentlemand]

All good advice. And...don't tell everybody that you have saved money, and don't give it away to anyone who asks. Be the guy that mysteriously can keep dry on a rainy day, and get out of trouble. Like a cat that always can land on its feet. (I wish I knew when I was young...)

Why help others when you can look cool?

Welcome to 2015 everyone!

A very sensible approach IMO. Money brings out the evil in an awful lot of people. If they sniff it then they'll take and take and take. People will throw away their deepest relationships for financial gain sometimes.

[freeyourmind]

All good advice. And...don't tell everybody that you have saved money, and don't give it away to anyone who asks. Be the guy that mysteriously can keep dry on a rainy day, and get out of trouble. Like a cat that always can land on its feet. (I wish I knew when I was young...)

Why help others when you can look cool?

Welcome to 2015 everyone!

A very sensible approach IMO. Money brings out the evil in an awful lot of people. If they sniff it then they'll take and take and take. People will throw away their deepest relationships for financial gain sometimes.

It's better to not keep people like that in your life, as hard as that can be sometimes. 

[gentlemand]

It's better to not keep people like that in your life, as hard as that can be sometimes. 

Unfortunately one can never quite tell until the vital moment has passed. As soon as I get a sniff of it these days then they're cut out of my life for all eternity. The world is harsh enough as it is. No point in surrounding yourself with worthless people.