Cracking the Code of Saving Money...

[barisbilgili]

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   Saving is good as it helps in times when there's nowhere else to turn back to for finance or in times where unforseen circumstances arise. It's very much essential to make saving a part of our financial plans. Although some may find it difficult to start it due to their income level and it'll cause them to many times be stranded financially. They have to look for measures possible to broaden their income and acquire more wealth so they'll have the leisure to make savings.
   Now it's one thing to have money, it's one thing to save and it's one thing to keep up with saving. The decision to save means giving up a lot of comfortable living and sacrificing our satisfaction. Every proper financial oriented person will see saving as very much important and they'll be propelled to ensuring that they see through the period of saving diligently. We need to task ourselves to ensuring that we avoid every form of craving and satisfactory lifestyle that may come in our imagination to cause us to deviate from our saving goals. Set good and attainable financial goals, make proper budgets and first on the budget should always be the savings quota before every other expense. Rainy days will definitely come and we'd be so glad when our savings help us in those times.

It is important for everyone to have good financial planning, because if someone does not have good financial planning of course they will spend the income they have and not take the time to save and for those who have little income of course they never think about being able to save because of their income. what they have can only suffice their needs.

Avoiding desires for ourselves in order to have savings, I think this is the right decision because by having savings we will be able to reach the stage of financial freedom. If indeed we cannot have savings because we have little income, it would be better for us to look for additional sources of income so that can have income to save.

[siniminomorocomunisakito]

Here is what I usually suggest:

1. Make a list of things you spend money and your earning last month from all possible sources. This should give you an idea of monthlies and then you can decide which ones you can cut down on.

2. Spending a thousand bucks on food order-in more than 10times per month is a waste as compared to a humble 2times per month with family cooking the rest of the month.

3. Taking the commute in public transport than a Uber surely saves 10x of your money per day.

4. Keeping a single sim card for all sorts of stuff can half your mobile topup spending then double sim card that people commonly use.

5. Cutting down on entertainment costs can lead to a dull life but as a student you might get that to your advantage - this includes paid TV services and all that. You can always use torrents for any show that you might want to watch when trying to wind down.

Remember that spending of money is always by channeling the seven sins of humans. Control them and you can save a lot. Try this yourself and see how much you can work it out.

Yes. It's very interesting what you discussed above and this is a very common occurrence, but I also think it would be very wonderful if we had more money and we could enjoy these five items, but with limited income we inevitably have to do them as you wrote one by one. Yes. good advice from you.

[Freddie Boyer]

... but if we have free time then we can learn some skills that we like so that if we are experts in that field then we will get income from the skills we learn.

The most basic skill for now is manual labor. but is not a member but is the head craftsman. If we are skilled and the results of our work are always good, then lots of orders will come because the need for housing is increasingly high at the moment. You don't always have to be a government or private employee, of course.

[tottong]

We all want to save money, but it's not always easy.
There are so many things that tempt us to spend, unexpected bills that pop up, and it can be hard to make ends meet.
How do you manage to save in a world that encourages spending? Let's talk about it.
Share your ideas, tips, and stories about saving money, and together, we can figure out how to get better at it. (We will also draw valuable lessons from the mistakes and experiences of others.)

To be able to save the money we have, we must try not to get involved in wasteful purchases, now we live in a more instant way and many people prefer to buy things that are ready, which forces people to spend much more money than they processed it themselves. Saving is impossible done when our source of income is unstable because money is no longer valuable nowadays and if we don't have a job that can bring in money regularly it will be very difficult to save.

If I am faced with this problem, saving is not my main choice, but will try to use the money I have in more productive ways. When your ability to make money is good enough, then allocate a percentage of your income for savings because if your income is unstable, saving is an activity that is difficult to do.

[boyptc]

Live frugally mate.

Even if you've got a lot of money ready to be spent. Don't be too hasty with that and always think of the needs instead of your wants. Because when you follow your desires to buy those wants of yours, you're going to spend carelessly.

And if you're going to think of saving, just save it. If you have a salary, get some portion first to save like 5%-10% and less it first before the expenses.

[Betwrong]

other tips are,,
when there is no sudden surprise bill.... PRETEND there is. and put money into an account as if you are paying a surprise bill/debt

then when an emergency comes. dont use a credit card. instead pretend the emergency savings is your credit card. where you got to pay it back +5% extra
every time you take from the account you have to return funds to the account +5%

Yes, that's actually a good advice. I would also suggest when there is a surprise win in your gambling, pretend there was no win and save the money for possible future needs. You can't do it always, for obvious reasons, but sometimes it can help you saving some money although it looks like you never have enough to save. And I agree with the other part too. After all 5% is never that significant, but after some time it can grow to a significant amount.

[YUriy1991]

Live frugally mate.

Even if you've got a lot of money ready to be spent. Don't be too hasty with that and always think of the needs instead of your wants. Because when you follow your desires to buy those wants of yours, you're going to spend carelessly.

And if you're going to think of saving, just save it. If you have a salary, get some portion first to save like 5%-10% and less it first before the expenses.

I think that is very wise because even though we already have a fixed income or monthly salary and we also have side activities that help, what is called a need, if it is important and urgent, cannot be avoided even though our previous intention was to include it in the investment discourse that we planned previously. , at least 5%-10% every month as you said. Yes. in accordance with definite propriety and rationality.

[franky1]

other advice is
look at the last 10 years of your purchases and financial mistakes and write a letter to yourself titled:
"to my 10 year younger self, please dont do..." [fill in the blank]

then put it on a table and go have a cup of coffee..
come back to the table and pretend you just noticed you received a letter from the future. and take its advice going forward.. in short dont repeat mistakes or your future self in 10 years will have twice as many regrets and no progress made in 20 years

how to prepare:
take a month to gather all your spending for a month.(keep receipts, look at bank statements) and actually write it all out in categories on a spreadsheet. actually visualise your spending habits.
then colour code what was a NEED(rents/mortgages/bills/essential groceries) and what were WANTS

look at the totals of needs and totals of wants. then do something about them, make decisions about what to do going forward. what is important to you. what makes you truly long lasting happy vs 5 minutes of temporary release

things like. if you have a drawer full of underwear. its not a need until you only have 7 pairs left and one is about to get nasty/ripped. .. buying the latest big brand of underwear simply because you seen the brand on TV is not a need its a want

dont go without underwear or a hobby or entertainment. but make a proper educated decision about your need vs want

then start to realise you can build up a surplus of unspent money which you can then save

[EluguHcman]

How do you manage to save in a world that encourages spending? Let's talk about it.

There are certain basics to be considered that one can be able to save some money and there are also basics one considers the o spend.
So everyone sees every reasons to spend but not everyone who sees reasons save.

Some would say... Let me earn and spend it because life is inevitable while some would say.... Let's enjoy life for it is not dual.
Some of them basically spends their earnings with the believe and plans for more earnings chances are ahead and they could recklessly spend with the failure of reliable and stable planning til they could run a bankrupt.
The above means of spending is majorly pleasury expenditures.
Every earners are spenders but not all spenders are earners while
Some persons are dependants to families, friends and relatives who doesn't work or trade to earn and these sets of person basically doesn't understand the factors surrounded with making an earn so they just spends woefully over unproductive and unnecessary pleasures.

Talks about how to save whether an employee, an investor or a dependant.
Firstly is the adherence and concurance that tomorrow is uncertain that may not be as usual of income or earning flows.
So you basically have a calculative logic on how to spend and if you feel you don't have value to be tolerated then just forget about fun and pleasures and go forth earnings and saving.
Think about taking responsibility to yourself welfare and of course families welfare. This would keep your spending nature responsibly with the cautiousness of avoiding bankrupt.
Also considering your net worth so you could analyse and figure necessary and essential factors that is worth spending on. Maintaining a responsible spending with no disregarding your analytical spending manners and must avoid sceneros that opts spending beyond your expectations such as pleasury indulgences that is termed to either enticingly make expenses on you lost of control to spending such sceneros likely to be friends and the outdoors.

[Gozie51]

And if you're going to think of saving, just save it. If you have a salary, get some portion first to save like 5%-10% and less it first before the expenses.

Is saving money really the best or to reinvest money saved?

For me I think the latter should be more viable because if you have the habit of just going with the former by only keeping your money in the bank or your personal savings box in your house, it will only get devalued by the rate of inflation as we know the past 5 years preceding COVID-19 have witnessed high rate of inflation globally.

To reinvest the money in a profitable business is surely a good plan for the ever growing needs and by extension wants that human encounter. If you set aside 90% of savings to reinvest and keep 10% in your fiat form either in the bank or personal savings box then you are surely taking a good futuristic plan to increase your income.

[southerngentuk]

Saving is not something that puts us in a difficult situation. There are always unexpected expenses that come when we least expect them. These expenses can include things like car repairs, medical expenses, or other emergency expenses. It causes pressure and we cannot ignore them when they arise.

In addition, saving also depends on how much money you earn. If you earn a reasonable amount of money to save, you should always set aside a budget for miscellaneous expenses. These expenses will always come and they will always be hard to ignore.

[franky1]

And if you're going to think of saving, just save it. If you have a salary, get some portion first to save like 5%-10% and less it first before the expenses.

Is saving money really the best or to reinvest money saved?

best advice.
as soon as you get paid set aside 5%-15%
have it as easy access funds INITIALLY to save for TRUE emergency (where people are tempted to get into debt/sell investments at loss to cover a temporary event). save it in easy access SEPARATE account to avoid that debt temptation
when you have enough to cover a months expenses or several smaller surprise bills.. then put the set aside into a long term investment that you cant/wont touch short term to let the interest/investment profit accrue over time

dont throw everything into a long term hold/lock straight away if you dont have a budget for temporary surprises.
by having enough for temporary surprises you wont be tempted to use credit card debt. nor would you sell investments at the wrong time(dip) when a surprise occurs

[Bloodseekers]

Saving is not something that puts us in a difficult situation. There are always unexpected expenses that come when we least expect them. These expenses can include things like car repairs, medical expenses, or other emergency expenses. It causes pressure and we cannot ignore them when they arise.

In addition, saving also depends on how much money you earn. If you earn a reasonable amount of money to save, you should always set aside a budget for miscellaneous expenses. These expenses will always come and they will always be hard to ignore.

In my opinion, by having savings, we will be able to easily meet needs that we cannot foresee, because it will be very difficult for us if we need funds that we did not expect and we do not have savings to be able to meet these needs, of course it will be very difficult for us. so we have to look for loans to be able to meet our own needs.

If we don't have enough income then it will be very impossible for us to have savings, because the income we get can only meet the needs we need and if we want to have savings then we have to be able to look for other sources of income to be able to have savings so we don't makes things difficult for us when we have unexpected needs.

[CageMabok]

Saving is not something that puts us in a difficult situation. There are always unexpected expenses that come when we least expect them. These expenses can include things like car repairs, medical expenses, or other emergency expenses. It causes pressure and we cannot ignore them when they arise.

Everyone must have experienced pressure like that in their life so that because of unexpected things like that it makes almost everyone save even though not everyone will like saving money. Because saving can be done in various ways as long as what we save is an asset that has value and price so we can easily cash it out at any time. Moreover, saving money can only save you from difficulties for a moment, because the value of money never increases like the value of other assets that are often used by investors as their investment tools.

In addition, saving also depends on how much money you earn. If you earn a reasonable amount of money to save, you should always set aside a budget for miscellaneous expenses. These expenses will always come and they will always be hard to ignore.

If you look at the current conditions or conditions this year as a whole, I think almost everyone has to save in their lives, whether by setting aside money from their work or in other ways that are considered effective enough to save their lives from difficulties. Because every one of us has experienced failure at work, which has made us experience difficulties and this must be overcome so that we can recover from this failure with the amount of savings that we already have or that we have previously saved.

[franky1]

Saving is not something that puts us in a difficult situation. There are always unexpected expenses that come when we least expect them. These expenses can include things like car repairs, medical expenses, or other emergency expenses. It causes pressure and we cannot ignore them when they arise.

In addition, saving also depends on how much money you earn. If you earn a reasonable amount of money to save, you should always set aside a budget for miscellaneous expenses. These expenses will always come and they will always be hard to ignore.

In my opinion, by having savings, we will be able to easily meet needs that we cannot foresee, because it will be very difficult for us if we need funds that we did not expect and we do not have savings to be able to meet these needs, of course it will be very difficult for us. so we have to look for loans to be able to meet our own needs.

If we don't have enough income then it will be very impossible for us to have savings, because the income we get can only meet the needs we need and if we want to have savings then we have to be able to look for other sources of income to be able to have savings so we don't makes things difficult for us when we have unexpected needs.

alot of people go years without any savings at all. alot of other people think they need to have 12 months of expenses but saved up in 3 months..
you dont need to go without or avoid or rush to experience both extremes

you can have small amounts over a time to accrue enough to cover expenses reasonable expenses.

even switching out a couple brands of groceries can save more then a couple £$ a week, add in having one or two less luxuries here and there you can save a small amount every month for a year, and next year able to tell yourself you have enough savings to cover a month or two of expenses

even small steps are still steps moving forward

too many have nothing now for many years, but also want everything now without putting in the effort for a year.. take the middle ground take upto a year to build up savings to then not have to get into monthly debt.. then take bigger steps to secure the future(training, promotions, payrises, better job)

[soramon]

We all want to save money, but it's not always easy.
There are so many things that tempt us to spend, unexpected bills that pop up, and it can be hard to make ends meet.
How do you manage to save in a world that encourages spending? Let's talk about it.
Share your ideas, tips, and stories about saving money, and together, we can figure out how to get better at it. (We will also draw valuable lessons from the mistakes and experiences of others.)

My savings tips: I divide my money into other accounts so I have 2 accounts, one account, money goes in and out every day, the second is a savings account that can't be disturbed, so if I get paid on the 5th, I will transfer my money to a savings account with the remaining money. in the first account, it is for my daily needs. If the money runs out before I get paid, I will not take the money from my savings account. The point is that we have to be consistent in saving, there are many obstacles and trials, remember to be consistent.

[HajiBagi]

We all want to save money, but it's not always easy.
There are so many things that tempt us to spend, unexpected bills that pop up, and it can be hard to make ends meet.
How do you manage to save in a world that encourages spending? Let's talk about it.
Share your ideas, tips, and stories about saving money, and together, we can figure out how to get better at it. (We will also draw valuable lessons from the mistakes and experiences of others.)

It all depends on the kind of country you live in and how the economy is doing. However, regardless of how things are going for you as a worker receiving a salary or for anyone else with money, you have to spend more than you make. For some families, saving money has become difficult because the money they have is constantly going towards what they will eat. The majority of wage earners today are in debt because they never get paid; even after they do, they still have debt that they must pay off.

However, I will make sure to save money no matter how difficult it is for me because I never know what the future holds. After all, who knows what obstacles married people may face? Saving money is crucial for everyone, but it's especially crucial for those who are married because they will likely face difficulties related to raising a family.

[oktana]

I think what we should ask ourselves first is “how disciplined am I?” Because this is what determines what you will do when you start saving. There are people who would never ever spend their savings because they have a mission and they won’t let their hunger for anything get in the way. That mindset is what you need to learn to have. Along with that, you need to learn different saving techniques/strategies. Also, avoid both credit/debit cards because they make payment easy, which means they equally make spending of money easy. Lastly, it doesn’t matter if you’re saving one cent a day, the consistency is one of the magic workers.

[poodle63]

I think what we should ask ourselves first is “how disciplined am I?” Because this is what determines what you will do when you start saving. There are people who would never ever spend their savings because they have a mission and they won’t let their hunger for anything get in the way. That mindset is what you need to learn to have. Along with that, you need to learn different saving techniques/strategies. Also, avoid both credit/debit cards because they make payment easy, which means they equally make spending of money easy. Lastly, it doesn’t matter if you’re saving one cent a day, the consistency is one of the magic workers.

In my opinion increasing income is more viable way than saving money, when you want to save up money that it doesn't matter you might went into hunger spree for few days, thats will be problematic because then you are giving yourself a burden of having disease that might empty your wallet in the future like GERD for example, saving normally while not being in hunger is the more ideal way, even more ideal if increasing income by striving for higher position in your job if you have a career for example then you wouldn't even sweat about saving since you will have so much money left if your living style doesn't change.
I guess like the saying offensive is the best form of defend, increasing income is the best form of saving money I guess but thats just my 2 cents.

[franky1]

i think people should follow the principle of being an "a-rs-eh-o-le"

Audit your income/expense
Reduce Spending on frivolous stuff/Revenue Stimulate more income
Emergency Holdings of 1-3month of needed bills total
Optimise further
Leverage Equity

basically its:
1. get all bank statements, receipts, proof of spending for the last month or so and write it all out in a spreadsheet alongside you income and deductions (like pensions and tax). actually show yourself visually the state of your income vs expenses

2. find out what you are wasting money on, and reduce spending on things you dont need, that dont last, look for ways to stimulate/increase more revenue/income

3.with the savings from reduce spending. start holding a 1-3month of emergency funds to prevent you using credit cards/getting in debt if surprise events/costs/bills pop up.

4. after saving enough for emergencies optimise the monthly excess in the best investments you can find

5. work out your debt:equity and calculate if its better to drawdown on debt by investing less to then have more excess monthly cash to invest more later. or if the interest on savings/investments is higher then debt interest charge. pay down less debts and invest more. look for other ways to moetise your equity to increase savings/investments