Tips to save my finances, to grow personal economy

[crzy]

Aside from the given tips, savings must be spent on investment.  We cannot grow our personal economy if we keep hold of our savings.  Savings is good because it can save us during time of financial distress but it just stops there.  And if we rely on our savings for our personal economic growth, it will take time because our savings is very limited.  Using these savings to fund our investment will hasten the growth of our personal economy because there will be another source of funds where we can take a percentage for our savings.

Saving money and investing should be more balance because it is still ok to have at least a months of savings for your expenses so when the emergency happen, you have the most liquid money to get and pay for that emergencies. Investing is really made for the purpose of making money and beating the inflation, its really advisable. Financial planning is also important, we should take financial advices and be good at it.

[edgycorner]

While these points may help you save a pennies on a dollar but in the long run you need to invest some of it . Like investing in Mutual funds, ETFs, Index funds, etc

Before you get into them, you should dedicate a good amount of time to understand what "investment" really means and only then will you be able to comprehend the associated risks. Start small but don't waste time.  Just don't think of crypto as reliable investment options in today's market Check out this sub too https://www.reddit.com/r/Bogleheads/

Look into various reliable funds in your country too. And buy a good health plan with life policy(IF you a plan to have kids or already have).

Good luck!

[Gozie51]

5. Make a goal (dream to be achieved) to make yourself more motivated

This is a good savings factor. It will engineer you to make savings available when you have goals to achieve and with the kind of goal, it will determine the amount needed to save and within the time it is needed. It is not only about saving that matters but also how long time that it took you to achieve it. Depending on the need for the savings, you can have different levels of savings and proper for the changes that will occur in your finance or challenges that it will involve.

[Stella Mese]

sometimes I can't stop myself from spending money into everything I want. although I don't really need it. But the lifestyle sometimes makes me a person who is extravagant in managing finances. now i know the reason i always buy the thing i always want regardless of whether i need it or not. Turns out I didn't have a dream that I wanted to achieve. I like living aimlessly to a higher place. therefore I have always been extravagant. because I have no motivation to push me. but after reading the 5th point that is

5. Make a goal (dream to be achieved) to make yourself more motivated

I guess this is what I haven't thought about for a long time. this is what i'm missing. and from now on I will make dreams and goals to be achieved. so that I become motivated to save money. and I now remember that I once had a forgotten dream.

[blockman]

Create or do another source of income if the current salary you have isn't enough. You do the 9-5 job and then 7 onwards could be the time that you should be start working with another source of income. It's hard to look at the prices of everything right now due to the increased inflation rate and that's why one job is no longer enough. Everyone who's struggling to make ends meet has to do something such as doing another job or making a business or any side hustle.

[$crypto$]

Each need is different, there are $250 in a month or more or even less than $250, depending on lifestyle and we ourselves determine the activity.
Saving is an important thing that we must do, we can start small as long as we can be consistent every month, if there is an urgent need then we can use the savings for these needs and with several family we really have to be able to apply it to our lifestyle.
After all, investment is important for our future and our families, we invest anywhere with small or big risks depending on our ability.
So frugal is a good thing but it must be as needed.

[BRINIRHA]

5. Make a goal (dream to be achieved) to make yourself more motivated

This is a good savings factor. It will engineer you to make savings available when you have goals to achieve and with the kind of goal, it will determine the amount needed to save and within the time it is needed. It is not only about saving that matters but also how long time that it took you to achieve it. Depending on the need for the savings, you can have different levels of savings and proper for the changes that will occur in your finance or challenges that it will involve.

correctly. adjustments are also needed here. and that's where it's useful to record every income and expenses we regularly. so it's easy to set the amount that can be saved to achieve the dreams you want to achieve. and how much time it will take will also be seen.

sometimes I can't stop myself from spending money into everything I want. although I don't really need it. But the lifestyle sometimes makes me a person who is extravagant in managing finances. now i know the reason i always buy the thing i always want regardless of whether i need it or not. Turns out I didn't have a dream that I wanted to achieve. I like living aimlessly to a higher place. therefore I have always been extravagant. because I have no motivation to push me. but after reading the 5th point that is

5. Make a goal (dream to be achieved) to make yourself more motivated

I guess this is what I haven't thought about for a long time. this is what i'm missing. and from now on I will make dreams and goals to be achieved. so that I become motivated to save money. and I now remember that I once had a forgotten dream.

If we don't have motivation like ideals. so sometimes we forget the importance of a savings for the future. but the biggest motivation is when it comes to our family. like a father who has a child. and the father aspires to give the best for his son's future. Usually people like this always work hard and will be diligent in setting aside money to save or invest. for their future child or family. so really look for an important thing like a dream to grow motivation in yourself.

[Stella Mese]

sometimes I can't stop myself from spending money into everything I want. although I don't really need it. But the lifestyle sometimes makes me a person who is extravagant in managing finances. now i know the reason i always buy the thing i always want regardless of whether i need it or not. Turns out I didn't have a dream that I wanted to achieve. I like living aimlessly to a higher place. therefore I have always been extravagant. because I have no motivation to push me. but after reading the 5th point that is

5. Make a goal (dream to be achieved) to make yourself more motivated

I guess this is what I haven't thought about for a long time. this is what i'm missing. and from now on I will make dreams and goals to be achieved. so that I become motivated to save money. and I now remember that I once had a forgotten dream.

If we don't have motivation like ideals. so sometimes we forget the importance of a savings for the future. but the biggest motivation is when it comes to our family. like a father who has a child. and the father aspires to give the best for his son's future. Usually people like this always work hard and will be diligent in setting aside money to save or invest. for their future child or family. so really look for an important thing like a dream to grow motivation in yourself.

I really didn't think about the future for a moment. and I only care about what I'm currently running. maybe I forgot that sometimes life can change. and we must be prepared for any changes to come.

[naira]

1. Must take note and calculate our income and expenses regularly and consistently every month or week.

this is necessary in order to start saving by looking at our financial condition. and evaluate whether our spending has been done effectively or not. and measure how much we can save later.

Financial management really needs to be done as a form of evaluating monthly expenses.

2. Buy only what is needed, and put aside the things that are only wanted but not needed.

 so after seeing our financial income and expenditure records every month. so from here we can start analyzing what things we have bought so far that are only based on desires and the things we buy based on needs.
and from here because we want to save money then make our priority only to buy what is needed. and we reduce the things we want but don't really need.
well the result of doing the first step will be useful here.

Of course, but unfortunately the fact of reducing the necessities of life is not as easy as we think. The higher the income, the more needs are waiting to be spent. This is based on my experience as the head of a family who lives in a rented house with a size of 4x6 square meters with a monthly salary of $300 (enough to pay electricity bills, water, and a little to meet daily needs).

[Lubang Bawah]

sometimes I can't stop myself from spending money into everything I want. although I don't really need it. But the lifestyle sometimes makes me a person who is extravagant in managing finances. now i know the reason i always buy the thing i always want regardless of whether i need it or not. Turns out I didn't have a dream that I wanted to achieve. I like living aimlessly to a higher place. therefore I have always been extravagant. because I have no motivation to push me. but after reading the 5th point that is

5. Make a goal (dream to be achieved) to make yourself more motivated

I guess this is what I haven't thought about for a long time. this is what i'm missing. and from now on I will make dreams and goals to be achieved. so that I become motivated to save money. and I now remember that I once had a forgotten dream.

If we don't have motivation like ideals. so sometimes we forget the importance of a savings for the future. but the biggest motivation is when it comes to our family. like a father who has a child. and the father aspires to give the best for his son's future. Usually people like this always work hard and will be diligent in setting aside money to save or invest. for their future child or family. so really look for an important thing like a dream to grow motivation in yourself.

I really didn't think about the future for a moment. and I only care about what I'm currently running. maybe I forgot that sometimes life can change. and we must be prepared for any changes to come.

If we don't think about the future, we will regret it, what's wrong if we only focus on today, but we are not enough to just think, it's better to take concrete actions such as investment and learn to continue to develop business so that our future can become better.

[Mauser]

The first step for me to get my personal finances in order was to track my expenses. Only after recording every time I spend money in a month I got a feeling for my situation. Before that I didn't keep an close eye and used to withdraw money every time I needed it. A simple excel sheet helped me a lot to see where I spend most of my money and which positions I could reduce. After removing unnecessary expenses I looked at the fixed cost like insurances and food and other supplies. Just by switching insurance companies I managed to save 50 Euros per month. And I started buying at a discounter supermarket which sells larger quantities at a cheaper price. Instead of planning for the next 2-3 weeks only I look at the next 6 months now and whenever there is a special deal I buy more and have more storage at home. There are a lot of things where we can save money, even if it's only a few cents it will add up over time.

[bestcoins1]

If we don't think about the future, we will regret it, what's wrong if we only focus on today, but we are not enough to just think, it's better to take concrete actions such as investment and learn to continue to develop business so that our future can become better.

Thinking about the future is now because everything needs to be prepared more carefully and also requires a lot of time. So it's true as you said that it would not be wrong if someone starts to focus on managing his future from now on and trying to develop the business and investment that he likes. Because without taking action from now on, the results will obviously not be there, even if you think about it repeatedly every day. So it is clear that thinking without acting is futile.

[xSkylarx]

4. Stay away from excessive lifestyle (excessive luxury) and try to live with a minimalist lifestyle.

The impact of social media is what makes this difficult. It's hard to resist the temptation when the people around you are living paycheck to paycheck. They just justify that they deserved it even if they do it multiple times that they don't save anything from their salaries.

For me, choosing your circle of friends can help a lot to save and have an investment for the future. If your friends have long term goal about their current finances then you will likely become successful in the future.

[Kakmakr]

This is something that worked for me and some of my friends :

Use "Cash" more than "Cards" - So most Banks wants us to move away from cash, because "Cash" is expensive for them to handle... and some Banks charge their customers per transaction.

I suggested to some of my friends to go to a Bank after they were paid and then to withdraw 80% of their money (depending on each of their circumstances) and to start using "Cash" again.

When you handle and see "Cash" physically.... you actually see how much you spend on things. Go pay your clothing account with cash and "feel" how much goes towards your clothing expenses. (or rather pay with cash for that pair of shoes of say $250)

People make "easy" dept... because they just swipe a card... but once you are counting out that $500 ....it makes you think twice, before you pay for it in cash. 

[aoluain]

As a very frugal person, here are my tips.

• 1. Decide on how much you are willing to save and then automatically deduct that from your pay, or at least immediately move it to your savings. If you never see the money, you will never feel like you have to spend it.
• 2. If you don't have enough left over to pay bills, then you are living above your means, and you must cut back. That includes where you live and what you drive.
• 3. Pay off your credit cards every month. If you can't pay off your credits cards every month, then you are spending more than you make.
• 4. There are many people that get by with less money than you. If they can do it, so can you.
• 5. Stop showing off. Nobody is actually impressed or intimidated by your expensive shit.

I started at a low-paying job and saved about 10%. As my pay increased, so did my percentage. Now I am saving 30% of my pay. I don't miss it because I live like my pay is 30% less than it actually is.

The fifth point is especially important, many people I know fall into the trap of comparing themselves to their neighbors and often buy stuff they do not need or want just because their neighbors did it, also people need to stop buying brand stuff, luxury cars and all kind of unnecessary stuff, a regular car fulfills 99% of the needs you may have for a fraction of the cost, and the same is true for the majority of luxury goods we can find when compared to their regular counterparts.

Yes, so many people fall for this, we call it "Keeping up with the Jones' " so many people feel
the need to match their neighbours.


On personal finances, there are really great ideas and tips on this thread but what strikes me and
this is probably applies to a lot of people, I was never taught any of this in school? these are
important lessons and some I sadly learned after working 20 years and just after getting into BTC.
I spend the previous 20 years SPENDING instead of SAVING.

[Fortify]

For some people frugality is very difficult. because everyone's needs are different. and sometimes the cause is a balance between income and expenses. so for example when we receive a salary of $ 250 USD per month and it turns out that our expenses are $ 250 USD per month. then of course the money we receive from the salary will run out and only enough for a month.

maybe these tips only apply to some people and not to some people. because I know everyone's income is different and everyone's needs are different.

The following are tips that I usually do in saving my finances so that they are more effective and can be set aside for saving or investing.

1. Must take note and calculate our income and expenses regularly and consistently every month or week.

this is necessary in order to start saving by looking at our financial condition. and evaluate whether our spending has been done effectively or not. and measure how much we can save later.

2. Buy only what is needed, and put aside the things that are only wanted but not needed.

 so after seeing our financial income and expenditure records every month. so from here we can start analyzing what things we have bought so far that are only based on desires and the things we buy based on needs.
and from here because we want to save money then make our priority only to buy what is needed. and we reduce the things we want but don't really need.
well the result of doing the first step will be useful here.

sometimes people spend more money to buy the things they want regardless of whether they are really needed or not. and sometimes people prioritize wants over needs.

So from here we change the concept of making needs a priority. so we can reduce expenses by not buying things we don't need.
sometimes this step is the most difficult. because it requires a high level of commitment.

3. make the allocation of funds
because we already know which things are needed each month. from here it is necessary to make an allocation of funds so that the effectiveness of the money spent is more allocated.

4. Stay away from excessive lifestyle (excessive luxury) and try to live with a minimalist lifestyle. as usual you usually order fast food. well from here you try to make more of your own cooking. (this is only done by people who are not busy). because sometimes when we pay $5 dollars for a serving of ready-to-eat food for one meal. so when we spend it on fresh ingredients that we cook it can be enough for several meals. (optional)

5. Make a goal (dream to be achieved) to make yourself more motivated.

6. Start saving and investing the money earned from frugality.

7. Pamper yourself with the specified time portion.
sometimes we need entertainment and fun. so if we usually do it often, for example every week. then make it once a month. because too much frugality can also make us stressed. then entertainment is needed here. provided that the entertainment is not excessive. because if we overdo it even our money can run out overnight.

simple life but still fun.

maybe you can add tips from your experience all.

Thank You.

You have made some good points, with number 1 being the most important  - far too many people lack the basic concept of budgeting and understanding their personal money flow. It can be a real eye opener just to track all your income and outgoings for a month to really understand where you can cut back. I think one great thing to supplement all these points is keep striving to improve your financial knowledge, there are plenty of books out there which describe the stock market and that is a place where substantial fortunes will be made - it is just all the publicly listed businesses that you can buy a share in after all and many people are unknowingly investing in it every day in the form of their pension.

[Captain Corporate]

My own personal best advice has always been "no matter what you are in, always save %10 of your salary" because if you can survive with %100 of your salary, then you can survive with %90 as well. I am sure that the world is filled with people who can't survive with %100 of their salary and thats fine, in that case don't do it, or even in that case, if you fail to survive with %100, fail to do it with %90 instead if you want, but that would be risky. If you can survive however, %10 less wouldn't make you instantly poor, either you are poor already, or you won't be poor without %10 of it. So that and put that in good crypto projects and you will eventually be wealthy.

[justdimin]

The fifth point is especially important, many people I know fall into the trap of comparing themselves to their neighbors and often buy stuff they do not need or want just because their neighbors did it, also people need to stop buying brand stuff, luxury cars and all kind of unnecessary stuff, a regular car fulfills 99% of the needs you may have for a fraction of the cost, and the same is true for the majority of luxury goods we can find when compared to their regular counterparts.

Yes, so many people fall for this, we call it "Keeping up with the Jones' " so many people feel
the need to match their neighbours.

Unfortunately my wife falls that frequently as well, her friends are getting married just now, and we got married long time ago when we were pretty young. Of course all the things people buy now when getting married are more high tech, back when we were married they weren't there, now they are all buying them, so did she . So long story short it's a life that you gotta accept and nothing more to that.

I believe that we could keep spending money forever and live a happy life like that and it's fine, but we could also end up saving and then spending it all at once for something ore grant and we could be happy like that too, it all depends on what you want, there is no recipe to happiness.

[Finestream]

As a very frugal person, here are my tips.

• 1. Decide on how much you are willing to save and then automatically deduct that from your pay, or at least immediately move it to your savings. If you never see the money, you will never feel like you have to spend it.
• 2. If you don't have enough left over to pay bills, then you are living above your means, and you must cut back. That includes where you live and what you drive.
• 3. Pay off your credit cards every month. If you can't pay off your credits cards every month, then you are spending more than you make.
• 4. There are many people that get by with less money than you. If they can do it, so can you.
• 5. Stop showing off. Nobody is actually impressed or intimidated by your expensive shit.

I started at a low-paying job and saved about 10%. As my pay increased, so did my percentage. Now I am saving 30% of my pay. I don't miss it because I live like my pay is 30% less than it actually is.

The fifth point is especially important, many people I know fall into the trap of comparing themselves to their neighbors and often buy stuff they do not need or want just because their neighbors did it, also people need to stop buying brand stuff, luxury cars and all kind of unnecessary stuff, a regular car fulfills 99% of the needs you may have for a fraction of the cost, and the same is true for the majority of luxury goods we can find when compared to their regular counterparts.

I guess everything that is only used for personal interests and desires, end up being useless. You don't have to buy those things if your finance is not feasible enough even if you think that will bring great benefits for you. Focus on your finance growth by creating assets and not on liabilities. Only by then, when you are already doing good in building your assets or investments, your growth will show off naturally.

[Hydrogen]

Some recommend using coupons and sales to cut costs. There are coupon websites on the internet offering coupons that can be printed out (or perhaps copied and pasted onto a smart phone) and redeemed in stores.

Installment buying appears to be another popular option in eras with high inflation.

Food scarcity correlates with lack of production. Everyone who has the space should start with at least 1 plant that produces food and scale upwards until demand is met.

Many issues relating to the economy are ones of dependence. In past history, when a larger proportion of the population resided upon independent farms. They were less dependent. Smaller population sizes also made society in general less dependent upon sole providers.

Stubbornness is typically a more valuable survival trait than intelligence. Most will be stubborn and refuse to change their lifestyles or the way they think about things. Despite overwhelming evidence of changes being vital to their survival. There are some issues stubbornness cannot overcome. And that is where we could run into issues.