Tips to save my finances, to grow personal economy

[BRINIRHA]

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.

you're right. it all depends on the purpose we owe. if to build a business with great potential with careful planning, as well as a high success rate and minimal risk. and from there we will have a good income or profit and can pay off our debts in installments. then that's a good thing. the problem is that finding good opportunities is very difficult.

[1715192690]

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[boris singer]

you're right. it all depends on the purpose we owe. if to build a business with great potential with careful planning, as well as a high success rate and minimal risk. and from there we will have a good income or profit and can pay off our debts in installments. then that's a good thing. the problem is that finding good opportunities is very difficult.

This may still be a consideration but don't take it lightly when taking a loan for business. It can still be done but the fact is that doing so cannot be said to be directly practiced easily because indeed this is a fairly risky thing and even greater risk when compared to doing business using unused personal money.
We have to think extra because on the one hand the business that we run from the proceeds of this loan cannot fail, on the other hand we also have to think about installment payments so that this will not be easy if there is no intention and basic from the beginning.

[batang_bitcoin]

Living a frugal life is lowkey. People don't realize that when they save and live their lives the way how much they're earning, that's how life goes for the simple folks.
You don't need to be showy to the other people just to impress them. Live within your means and that's what's going to make you happy in life. No need to impress the people that surrounds you because the important thing you need to remember is to make yourself comfortable, happy and contented.

[South Park]

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.

Becoming rich is not an event, it is a process, many people believe that somehow someway they are just going to wake up one day and become rich and that isn't the case, in order to become a millionaire you need to earn one million dollars more than your expenses and this is not something which can be easily done, in my opinion the most important aspect is our patience, because while becoming a millionaire overnight is impossible to do, something like this is possible over a time span of 20 or 30 years, even if you start from zero.

[Shasha80]

Living a frugal life is lowkey. People don't realize that when they save and live their lives the way how much they're earning, that's how life goes for the simple folks.
You don't need to be showy to the other people just to impress them. Live within your means and that's what's going to make you happy in life. No need to impress the people that surrounds you because the important thing you need to remember is to make yourself comfortable, happy and contented.

Our success in life is how to manage our finances well, live a frugal life we must do before we achieve financial freedom. But the sad fact is that
many people lead the wrong lifestyle, they want to show others that their life is happy by showing them the luxury items that they sometimes
buy on an installment basis. Moreover, with the existence of social media as a place to show off to impress others, such a life will only be stressful
in the end and will not provide real happiness. It's true why we waste our money just to impress other people, if in the end we will experience
financial problems due to installments of luxury goods. It's better to live frugally and focus on investing in potential assets, so that our future is
bright and in old age we can live happily.

[sunsilk]

you're right. it all depends on the purpose we owe. if to build a business with great potential with careful planning, as well as a high success rate and minimal risk. and from there we will have a good income or profit and can pay off our debts in installments. then that's a good thing.

The rate of success is hard to measure and to say.

You may have a high success rate based on your idea and thought and with the resources you have. But with the application and strategy you're doing with your business, you may fail.

The risk is there and unmeasurable when you do business and investments but that's the way to do as you try to find your purpose in that business.

the problem is that finding good opportunities is very difficult.

This is on us, we can always find opportunities in good and bad situations.

[Gyfts]

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

One of the most important tips to grow personal wealth. I will note, investing is not a guaranteed way to grow personal wealth; however, long term investments and diversification will give you a high probability in a positive ROI over decades. It's important to invest and it's important to invest early. The longer your investments, the higher yields they return. Instead of spending frivously at a young age, you owe it to your future self to invest early.

[Fredomago]

Living a frugal life is lowkey. People don't realize that when they save and live their lives the way how much they're earning, that's how life goes for the simple folks.
You don't need to be showy to the other people just to impress them. Live within your means and that's what's going to make you happy in life. No need to impress the people that surrounds you because the important thing you need to remember is to make yourself comfortable, happy and contented.

Our success in life is how to manage our finances well, live a frugal life we must do before we achieve financial freedom. But the sad fact is that
many people lead the wrong lifestyle, they want to show others that their life is happy by showing them the luxury items that they sometimes
buy on an installment basis. Moreover, with the existence of social media as a place to show off to impress others, such a life will only be stressful
in the end and will not provide real happiness. It's true why we waste our money just to impress other people, if in the end we will experience
financial problems due to installments of luxury goods. It's better to live frugally and focus on investing in potential assets, so that our future is
bright and in old age we can live happily.

Wrong mindset that most of the time lead them to be broke instead of having good savings in their banks, I see your point and I can agree to that, way back I'm also one of those people who wanted to show that I can buy things that not all can be bought, until I got my own family and realized those wrong ways of life. Now, I'm trying to save for my children's future and I also do some investment and passive business that will allow me to generate extra income aside from my salary.

There is always time to change yourself and realize that the important thing is you are able to provide the needs and not the luxuries. There's time for leisure, but for now, better to save and invest in a much better future ahead.

[yudi09]

Great tips for saving money.
My one message, keep it up.

For some people, it's not that they can't, but they can't do it because of various considerations. Almost everyone wants tips like you mentioned can be applied in everyday life. Maybe because the income earned for one month is not enough to meet needs, let alone to save. However, if there is a will to implement it, there must be a way. From here, one more tip from me, which is to help those in need. It doesn't have to be with money.

[Spontaneous]

  Thanks for the tips and strategy that you've  shared all here, even Sometimes I'm busy to my work and my family's but beside that I'm trying my best to open this site cause I felt inadequate that I can not read and learn something new for every day.

[virasisog]

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

One of the most important tips to grow personal wealth. I will note, investing is not a guaranteed way to grow personal wealth; however, long-term investments and diversification will give you a high probability of a positive ROI over decades. It's important to invest and it's important to invest early. The longer your investments, the higher yields they return. Instead of spending frivolously at a young age, you owe it to your future self to invest early.

It's better to save at an early age than regret it when we get old without enough savings or investment. We can't chase and turn back time so as much as possible, we should embrace the opportunity as early as we can as a preparation for our future. It's fine to enjoy life but we should be responsible at the same time. Better suffer now than regret later.

[rahmad2nd]

~snip~



maybe you can add tips from your experience all.

I just want to add, only buy used goods, avoid using credit cards, maintaining health is more important than point 7.
If someone has a mediocre salary, of course it will be difficult to meet all the necessities of life, often expenses are greater than income.
but maintaining health is very important, especially those who do not have life or health insurance, everyone has a different standard of living.
post-covid everything is difficult, plus there is currently a global economic crisis, a global food crisis, everything is difficult.
we are faced with an unusual phenomenon. however, overall, the points you describe are very useful for the community.

[Wakate]

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.

Getting rich requires investing in the right sources whether quickly or moderate. We all aspire to get rich one day especially the average people and this is the reason why we keep looking for a way we can invest our fund and get triple of it with time. If we learn the habit of invest our little funds in something that worth investing, then we might be surprised one day that those investments might become a path to us becoming financially comfortable. The unwise would rather spend there money on things that does not worth it.
Let's keep investing for a better tomorrow!

[Silberman]

I just want to add, only buy used goods, avoid using credit cards, maintaining health is more important than point 7.
If someone has a mediocre salary, of course it will be difficult to meet all the necessities of life, often expenses are greater than income.
but maintaining health is very important, especially those who do not have life or health insurance, everyone has a different standard of living.
post-covid everything is difficult, plus there is currently a global economic crisis, a global food crisis, everything is difficult.
we are faced with an unusual phenomenon. however, overall, the points you describe are very useful for the community.

Yes it is very difficult to budget money for the few weeks, even though I am working full time with a freelance job still it cannot support my family well, inflation really hits me so hard. It always makes me anxious, I need to manage my money wise, because if not, I will go to debt and cannot pay it instantly, I really hope that my coins will pump soon so that it can help me.

Without a doubt this is a difficult moment to be a freelancer not only because the inflation is very high and this is affecting everyone all around the world, this is also because all businesses are trying to reduce expenses as much as possible and the ones that are the first to resent this are the freelancers, as businesses decide to downscale their operations or to postpone any big expenses until the economy recovers, so hang on as much as you can and try to reduce your expenses until things improve.

[Ahli38]

I just want to add, only buy used goods, avoid using credit cards, maintaining health is more important than point 7.
If someone has a mediocre salary, of course it will be difficult to meet all the necessities of life, often expenses are greater than income.
but maintaining health is very important, especially those who do not have life or health insurance, everyone has a different standard of living.
post-covid everything is difficult, plus there is currently a global economic crisis, a global food crisis, everything is difficult.
we are faced with an unusual phenomenon. however, overall, the points you describe are very useful for the community.

I agree with you.
Health should be the main focus. because our goal of making money is to be able to eat regularly. and pamper our bodies in order to get happiness. and one of those happiness is HEALTH. and the recent pandemic is proof that health-related factors have a huge impact on life. During a pandemic, people get sick from the virus. and that's when the economic crisis began. But from there also people become aware of the importance of maintaining health.
Always prepare savings for reserve funds and emergency funds for our health. Frugality is very good, but not to the point that our bodies become deficient in nutrients and balanced nutrition.

[Mauser]

Saving money became a big objective for many young people over the last few years because living expenses have been growing exponentially compared to wages. In today's time it's almost impossible for a family with 2 kids to live of the salary of only one parent working. One thing is that the a lot of new constructed apartment houses become much smaller to make them affordable. A good alternative is to live in shared apartments when you are younger, or even making money of it. A good friend of mine did this in university for 3 years, he was the one who managed a house with 3 floors of student rooms for an old lady and could live like that for free. I think in total there were 9 rooms and he had to advertise all of them as soon as a student left. And he also took care of small maintenance repairs and the garden around the house for which he got paid separately. In the end he got paid for living for free, but had to spend quite a lot of time managing the whole house. In depends on how much time you are willing to put in and if you can find a landlord that is willing to do it. I don't think it's such a good idea to do this without the consent of the landlord, because when you rent out a whole house alone he might not agree with the large number of occupants there will be. It can also be that many of tenants leave at the same time and you will be stuck paying the full rent for a month or two will not making any profit.

[Cryptmuster]

Without a doubt this is a difficult moment to be a freelancer not only because the inflation is very high and this is affecting everyone all around the world, this is also because all businesses are trying to reduce expenses as much as possible and the ones that are the first to resent this are the freelancers, as businesses decide to downscale their operations or to postpone any big expenses until the economy recovers, so hang on as much as you can and try to reduce your expenses until things improve.

A freelancer can always take on a little more work. I understand that when you get used to a certain order of things, it is difficult to rebuild, but if there is a need for money, and you don’t want to deny yourself the usual things, you can work more than usual. It may not be forever, it is until the situation stabilizes. There may also be such a situation that you will have to retrain for a more paid profession, this is also not easy, but difficult times will make a strong personality grow.

[livingfree]

I think the best tips for managing finances are to continue to invest, with investment, we can get passive income so that when we don't work then we can still make money,

It depends on what investment you're talking in here. There are investments that won't generate passive income but you're only going to profit from it when its value goes up. So, the typical market that we have in crypto that we sell when it's high.

of course we have to divide money in many places so that when a problem occurs we can still hope from others.

This is all about diversification and you need to choose the best that you can have because not all diversifying investments are profitable. When you do it that much, you might regret it but this strategy works to contain and minimize losses.

[$anounimus$]

simple life but still fun.

I think this is How to manage money, how to plan for life, and how to become rich in the future without doing anything complicated to soften the day-to-day strain on your finances. An addition from me regarding the above, one of which is the implementation of time management methods is to set personal rules and develop them. Maybe it's not a rule, but a ban on shopping or buying things that are not important and trying to avoid credit in buying something.

[bestcoins1]

I think this is How to manage money, how to plan for life, and how to become rich in the future without doing anything complicated to soften the day-to-day strain on your finances. An addition from me regarding the above, one of which is the implementation of time management methods is to set personal rules and develop them. Maybe it's not a rule, but a ban on shopping or buying things that are not important and trying to avoid credit in buying something.

If someone wants to manage finances in his life, then what needs to be considered is how he manages his time in making money and also how he spends money when he already knows how much money he can make in each month. Even though what you say is also true in trying to avoid credit or loans of any kind in order to buy something that is generally not very important for him to have