Tips to save my finances, to grow personal economy

[milewilda]

Avoid making debt, prioritize paying for goods and services at once, always seeking for discounts and additional benefits from the seller for doing this.

When hiring a service or purchasing a product, don't go only for the cheapest ones, rather go for the most cost-benefit ones. It will save you a lot of money on long run, because cheap things usually break faster and don't last for too long.

Stop saving money in fiat currencies. Swap your money into cryptocurrency or invest in goods and properties. Even bottles of wine can be a good choice to cheat corrosive inflation.

Avoid debts or taking up loans when its not necessary which it is indeed true that this one would really be that putting you on much bigger problems later on.Diversify as much as you could
and speaking with inflation then it would really be just a typical thing but it could really be covered up if you do have other sources of income and not just focusing on your day stable job.
You should be wise when it comes to finances on where you shouldnt waste up on where you do gonna spend and where you should really be prioritizing things.
Loan when its necessary or simply with emergencies and important stuffs but speaking about wants then it would create huge problem.

[GeorgeJohn]

Many good tips here. Making sure that you save and invest your savings in assets is never wrong. What kind of assets could be trickier but preferably in something you have some knowledge in. Could be crypto, stocks or real estate. If you havn't read "Rich dad, poor dad" it could be a great introduction to a mindset to grow your personal economy. Very basic but still potentially helpful.

Wise investing, smart spending, and self-discipline are the keys to pursuing these tips easily. There will surely be hardships in managing our finances since temptations are everywhere but we have to get through all of them to have financial freedom in the future. As much as possible, we must allocate enough funds from our salary for investment. Through that, we'll be able to prepare for a profitable future.

When you said investment, some people knows how to invest money in their own why. The thing we should be emphasising on is the method of investing our money to avoid anything replicate to involve. They are things i need very well that we have to understand concerning all this things we do talk and also emphasis on. From my perspective investment is things of plans and strategies, either it yield positive or negative.

[_BlackStar]

As we can put it, money is just only one of the facets how we survive on this world. But it is not the ultimate reason for living. We have other means to survive and with this in mind, we need to take care of our mental and physical health. There's nothing wrong if our savings or investments is small. As long as we are happy and contented with our own lives, that's much better than worrying too much that we don't have.

But humans are unique creatures, they can force something for their passion where sometimes the risk is ignored. A person can spend 20 hours a day for working just for money, they reduce their rest hours, they continue to work just for the purpose of making money and money but in reality they have unknowingly ruined their 4 hours of sleep just for the sake of money. It is true that having a lot of money and being rich is everyone's dream, but when it interferes with a healthy lifestyle, especially regarding health, it will obviously harm yourself in the future.

As long as you are able to save and invest even in small portion every month I think that would be enough. We dont need to force ourselves in things that are hard for us to do. If you know that your monthly income is just enough for the expenses and you're determine to save then its time to look for other resources to have additional income.

Oh yes, don't forget to be grateful for all the blessings. I also forgot to say that for every sustenance we make today, there are other people's rights there that we may have to share. Believe it or not, giving something of value to people in need will multiply our sustenance, this has really been proven true.

[Vaculin]

Frugality, making savings is literally what most do thinking that they are secure because they have money. But I tell you that there is nothing will happen and grow/multiply your money in this way, investing is the most ideal when it comes to this.
You can have your financial freedom and reach your goal in business or investing but yes, you have to face the risks which is one reason some people afraid. I'm not going to say that you have to unless you are willing to do so. Have to think about it several times before deciding.

Its good to see yourself being frugal as it gives you advantage to earn and save your money. However, the money you keep on saving the whole time will never increase and grow unlike when you take the risk and put them into investments. That way, once your investment works, your money will generate to create more money, that makes you financially secured in the long run. Now if this is your own vision to yourself, start investing now but learn to save first your capital and research so you can come up with a right choice of investment.

[chaser15]

We can't apply these tips to average earners even if they will force themselves to have savings.

That's the reality that most people and families experience not just in third world countries but in developed countries as well. Those savings tips should be quite easy to follow if only the salary is well enough to support all expenses while still having lots of money left which can be spent on miscellaneous things.

To solve that, people should find a way how to earn money by working wisely and smart and not purely working hard. It's difficult to have that kind of working nature that's why I hope those people who are doing their best to earn money every single day will be successful someday.

[Semar Mesem]

I think the most important thing in financial management is to continue to increase income, no matter how smart we are in managing finances while there are so many desires and there is no alternative income, we will have a deficit or stress, it is better to focus on increasing income so that we can easily manage finances.

[LastKiss]

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

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

People made their goals but unfortunately, they didn't put a lot of effort to make their goal achieved, they want to be rich but still wasting their money for a hangout with their friends. If we can live like a year and start saving and also investing I'm pretty sure we can build our second income so we can achieve higher than before.

[Wawa2013]

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

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

People made their goals but unfortunately, they didn't put a lot of effort to make their goal achieved, they want to be rich but still wasting their money for a hangout with their friends. If we can live like a year and start saving and also investing I'm pretty sure we can build our second income so we can achieve higher than before.

Many people want to be rich, but most can only be said without any clear action to achieve it. Because it must be admitted that the process of
becoming rich is not easy, the most important thing is not how we make money. Because no matter how much we earn, without saving or
investing everything will just disappear. We have often seen many celebrities who have big incomes but they forget to plan their future.
In the end, when the celebrity is no longer working, their economy is getting worse. That's the importance of managing our finances well,
even though our income is not large, we can be rich by changing our lifestyle to be more efficient and increase investment.

The more money we invest, the closer we get to being rich. I have a friend whose income as much as 80% he invests in several assets.
And my friend lives a simple life using only 20% of his income to meet his daily needs. But in 10 years my friend finally managed to become
rich, because the assets he owned increased dramatically in 10 years. This means that good money management can make us rich, that's why
we must learn how to manage our finances well.

[Paul Pogba]

All the financial tips that I have followed do not guarantee that financial conditions can improve, now I only focus on finding many sources of income, and the thing I can do is sell property, because the reward from selling property in my opinion is very high.

[BRINIRHA]

Avoid making debt, prioritize paying for goods and services at once, always seeking for discounts and additional benefits from the seller for doing this.

When hiring a service or purchasing a product, don't go only for the cheapest ones, rather go for the most cost-benefit ones. It will save you a lot of money on long run, because cheap things usually break faster and don't last for too long.

Stop saving money in fiat currencies. Swap your money into cryptocurrency or invest in goods and properties. Even bottles of wine can be a good choice to cheat corrosive inflation.

One of the things that can damage financial management in every individual is because they are accustomed to debt. like buying things with a credit card. sometimes it makes us out of control. so that financial plans often become out of control. and indeed it is better to buy something with no debt. ie by paying directly. because debt should not become a habit.

and it's true that saving fiat sometimes makes it easier for us to spend it. so it's wasteful. so it is better to save in investment either by buying property or a plot of land. which has the potential for prices to continue to increase every year.

[iv4n]

All the financial tips that I have followed do not guarantee that financial conditions can improve, now I only focus on finding many sources of income, and the thing I can do is sell property, because the reward from selling property in my opinion is very high.

I respect that focusing on finding many sources of income! That's important, to be active and to earn from more sides... when you are living like that you have higher chances to get lucky, in terms to find something great or starting something great on your own! Sitting at home and crying for more is a bad plan, nothing will come from that.

If you have some properties to sell that is great, it's good to buy some properties if you have money for that! We all know there's a lot of money in that, but it's hard to get in that circle!

[Rockstarguy]

To save money in this present economy is not easy because of how price of things are expensive now,  daily demands is taking all the income. But if one still have an opportunity to receive better income that is enough to solve daily consumption and to also save, one of the easiest way to succeed to save is to have discipline to know what is important to use money for. When spending money on necessary things and knowing savings is important,  it is easy to manage personal economy.

[BRINIRHA]

I think the most important thing in financial management is to continue to increase income, no matter how smart we are in managing finances while there are so many desires and there is no alternative income, we will have a deficit or stress, it is better to focus on increasing income so that we can easily manage finances.

increase revenue certainly must be done. because we certainly want progress in everything. and included in the income. Of course we want an increase every time. so that with income that continues to increase, it is hoped that it will be easier for us to save and the amount that is saved can also be more from time to time. so that we become one step faster to achieve dreams.

[Fredomago]

All the financial tips that I have followed do not guarantee that financial conditions can improve, now I only focus on finding many sources of income, and the thing I can do is sell property, because the reward from selling property in my opinion is very high.

I respect that focusing on finding many sources of income! That's important, to be active and to earn from more sides... when you are living like that you have higher chances to get lucky, in terms to find something great or starting something great on your own! Sitting at home and crying for more is a bad plan, nothing will come from that.

If you have some properties to sell that is great, it's good to buy some properties if you have money for that! We all know there's a lot of money in that, but it's hard to get in that circle!

If you have properties to sell, you can start from that, selling and buying or starting a business using that money to generate passive income, it is a wise decision not to stay at home and do nothing, time is very important so better to realize that you can change your life if you are keen in finding the best way to be compensated, small start can grow if you know what to do with your money.

To save money in this present economy is not easy because of how price of things are expensive now,  daily demands is taking all the income. But if one still have an opportunity to receive better income that is enough to solve daily consumption and to also save, one of the easiest way to succeed to save is to have discipline to know what is important to use money for. When spending money on necessary things and knowing savings is important,  it is easy to manage personal economy.

If you are good at balancing your budget and you are aiming to save for your investment, things are still doable if you are really doing the right thing with your money. Challenges are always there, but once you manage to overcome everything, success will follow and it will be a sweet, fruitful journey for your investment.

[m2017]

I think the most important thing in financial management is to continue to increase income, no matter how smart we are in managing finances while there are so many desires and there is no alternative income, we will have a deficit or stress, it is better to focus on increasing income so that we can easily manage finances.

For a long time I heard the following words, which sound something like this (maybe I already mentioned): think not about how to save money, but about how to earn money. Your post reflects exactly this concept. No matter how hard you try to save money and be frugal, if the monthly salary is $250 (as in OP's example), it is very difficult to allocate this amount to all possible and unforeseen expenses. This money simply won't be enough, even though the habits of frugality are developed. Therefore, instead of looking for ways to save on little things, it is better to focus on finding new directions and earning opportunities. But even high incomes are not a reason for extravagance and squandering. Balancing smart spending with moderate thrift is the key to growth in the personal economy.

[lionheart78]

I think the most important thing in financial management is to continue to increase income, no matter how smart we are in managing finances while there are so many desires and there is no alternative income, we will have a deficit or stress, it is better to focus on increasing income so that we can easily manage finances.

For a long time I heard the following words, which sound something like this (maybe I already mentioned): think not about how to save money, but about how to earn money. Your post reflects exactly this concept. No matter how hard you try to save money and be frugal, if the monthly salary is $250 (as in OP's example), it is very difficult to allocate this amount to all possible and unforeseen expenses. This money simply won't be enough, even though the habits of frugality are developed. Therefore, instead of looking for ways to save on little things, it is better to focus on finding new directions and earning opportunities. But even high incomes are not a reason for extravagance and squandering. Balancing smart spending with moderate thrift is the key to growth in the personal economy.

I do agree if our monthly salary is too low, no matter how hard we try to live a simple life, our little income won't be enough because of the high price of basic needs.  We really need to get a secondary source of income to be able to do both savings and investment in a short span of time.  Of course, we still need to manage our money intelligently so that we can maximize the output of savings and investing.

[Viscore]

simple life but still fun.

maybe you can add tips from your experience all.

Thank You.

Nothing comes in easy
I think most of the time people get the financial freedom after a hard hit on them - they become tough and more rigid with their financial dealing and with the people. Happend with me not sure about other.

There are always hard times first and even sacrifices before they learned it the hard way, that’s when financial freedom follows. However, it’s not only finances that needs to become stable and productive, but we need also to prioritize our health first before anything else. As we always heard from the people that health is wealth, so we should also invest in it and live a healthy lifestyle.

[Silberman]

Avoid making debt, prioritize paying for goods and services at once, always seeking for discounts and additional benefits from the seller for doing this.

When hiring a service or purchasing a product, don't go only for the cheapest ones, rather go for the most cost-benefit ones. It will save you a lot of money on long run, because cheap things usually break faster and don't last for too long.

Stop saving money in fiat currencies. Swap your money into cryptocurrency or invest in goods and properties. Even bottles of wine can be a good choice to cheat corrosive inflation.

This is good advice, however people are so used to be indebted for all their lives they do not know how to function without it, at least on the US most students get student loans, so before they have even worked a single hour on their desired profession they are already indebted, then they buy a car and a house, on credit of course, and now they have sentenced themselves for decades to come, and if we add all of those things they got to have we can easily see how someone which has not even reached 30 years old can get so many debts that he can be indebted for the rest of his life.

[sana54210]

Many people want to be rich, but most can only be said without any clear action to achieve it. Because it must be admitted that the process of becoming rich is not easy, the most important thing is not how we make money. Because no matter how much we earn, without saving or investing everything will just disappear. We have often seen many celebrities who have big incomes but they forget to plan their future.
In the end, when the celebrity is no longer working, their economy is getting worse. That's the importance of managing our finances well, even though our income is not large, we can be rich by changing our lifestyle to be more efficient and increase investment.

They think that getting rich is a sudden thing, that's the problem of many people. Like you wake up one day and you have a million dollars, that's not how it happens. That's why we are seeing so many people invest into "gems" that are small cap, because they think if they throw in 100 bucks into something small, then they could make a huge profit from it when it goes up and suddenly become rich very quickly, within a few months max.

The reality is that people who get rich, end up doing that by investing into solid things that have a good increase over long period of time, such as buying bitcoin every month for 50 years, that makes you rich, not small cap stuff.

[justdimin]

One of the things that can damage financial management in every individual is because they are accustomed to debt. like buying things with a credit card. sometimes it makes us out of control. so that financial plans often become out of control. and indeed it is better to buy something with no debt. ie by paying directly. because debt should not become a habit.

and it's true that saving fiat sometimes makes it easier for us to spend it. so it's wasteful. so it is better to save in investment either by buying property or a plot of land. which has the potential for prices to continue to increase every year.

That’s bad debt, there is also good debt. If you buy something like a chair with debt, that’s not a good debt, if you buy a new blender for making food, that’s bad debt. Do not get debt for things that will not make you money, anything you purchase, if it doesn't profit you, is a bad debt. But let’s say you bought a house, paid upfront a bit, and rest is mortgage, for fairly cheap rate, and you rent that house and get paid for it. That’s a good debt.

I know people who literally survive on credit card, because use all their money to buy things that will profit them instead. That way they pay off that debt with their passive income, and use their salary to keep on building their passive income.