Cracking the Code of Saving Money...

[Altryist]

Some people earn even less than that, and it's extremely hard for them to save something. You know what, I was one of those people during some period of time, for years actually. And I can tell this much: if you earn so little,  you never give saving a thought even. You just live. You are happy you can buy a loaf of bread, and if you can "save" to buy a bus ticket to not be walking for two hours to your home, you are super happy.

During student years, few people could save anything, but when work appears, then everything changes. Sometimes we need to go through difficult times in order to appreciate what we have now, more. I tried to save some part of my profit whenever I had such an opportunity, it became some kind of habit for me. In fact, I think that this became some kind of trigger for me, like a desire to exclude something like this in the future.

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[wajik-tempe]

list of tips(some mentioned in topic by others)
1. before anything have 2 accounts. one to receive pay and one which has best interest rates you can find. actually use some time finding best account
2. before spending any income. allocate a sum you want to save. and set up an auto-payment on pay-day to go to the best interest account

to work out an acceptable amount to save, do this
3. open a spreadsheet and write down every bill/expense.
4. work out(from 3) whats a NEED and what is a WANT
5. look at if there is any way to cut down the costs of needs and then what wants you can do without
6. when thinking about wants(from5) think about what is a "5 minute smile" and what is a "5 year memory"
7. only concentrate on keeping some of the wants that keep you happy,solve a problem, serve a promise longer than a "5 minute smile"

alot of people can make coffee at home for $0.50 but want the "5 minute happy" of buying a $5 starbucks
alot of people then do not realise that $5 a day, is $25 during working business days. which is.. wait for it $260 a year

alot of people can make food at home for $2.00 but want the "5 minute happy" of buying a $20 fast food delivery
alot of people then do not realise that $20 a day, is $140 during full week. which is.. wait for it $7280 a year

spending $2.50 on food and coffee a day instead of $22 a day can save you $7520 a year
$22 a day on things that become a toilet flush 6 hours later. turn into $669 a month of toilet flushes
$22 a day($669) was just  2 hours, 30minutes per month of happy moments. (30x5minute "happies")

ask yourself, is that $669 a month example really worth under 3 hours of temporary non lasting moments

if you could put $7520 a year($669 a month) into a 5% savings account
year    deposited   bank balance  interest%   interest$
1   $7,520.00      $7,520.00         5           $376.00
2   $7,520.00      $15,416.00       5           $770.80
3   $7,520.00      $23,706.80       5           $1,185.34
4   $7,520.00      $32,412.14       5           $1,620.61
5   $7,520.00      $41,552.75       5           $2,077.64
6   $7,520.00      $51,150.38       5           $2,557.52
7   $7,520.00      $61,227.90       5           $3,061.40
8   $7,520.00      $71,809.30       5           $3,590.46
9   $7,520.00      $82,919.76       5           $4,145.99
10  $7,520.00      $94,585.75       5           $4,729.29

i know my examples above are economics of UK/US style of living. so everyone else can do their own math and see their own numbers and work things out in their own native currency/cost of living ratios

actually get out a spreadsheet and work it out. it will put the numbers into a reality you can think about properly if you can see it in your face

and thats just an example for changing your coffee/fastfood habit.
now look again at your needs costs. and see if you can save.
EG downsize house.
EG re-arrange rent/mortgage for better rate
EG find better deals for utilities
EG see if you are wasting water/energy in the home to reduce bills

then look how much that saving can accumulate

once you see how much you can accumulate it will energise you more to stick to the plan
dont give up things that make you happy. just think about how much is acceptable happiness. dont think of keeping the 5 minute happies, its not worth it. its better to save up and truly enjoy the "happies" that form long term great memories

EG giving up cafe served coffee/fast food for 6 months means you can go on an all inclusive vacation of many happy memories
remember coffee/fast food just becomes a toilet flush 6 hours after buying it. and the bathroom wont remember it the next day

more tips:
8. look into ways of increasing your income
EG over time/extra hours
EG second job/side hustle
EG promotion via skilling up
EG change job to better paid job with different company
EG just asking for a pay rise due to inflation, your work effort/loyalty to business, lack of sickness, late of lateness, productivity

Your comprehensive list of suggestions offers a sensible and systematic strategy to conserving money, emphasizing the significance of differentiating between requirements and wants. The daily coffee and fast food spending eloquently demonstrate the potential long-term consequences of tiny, consistent expenditures. It is critical to cultivate a mindset of careful spending and discriminating between needs and wants. Reevaluating your budget and financial objectives on a regular basis ensures that your savings strategy stays flexible and aligned with your changing priorities.

[Mahanton]

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.)

One of the effective ways to save up money is to have control and discipline its useless if you want to earn money but you are one of the impulsive buyer that once you see is you want to immediately bought that thing and also one of the major factor is the lifestyle inflation this is one of the top reason why people cant save money because they have now a large amount of money and of course their lifestyle increase too they keep spending a lot of money buying foods, clothes and other wants because they can now "afford" unlike before and they keep thinking that with that large amount of money they can earn again or get paid again. Still ideal to use the system of 50-30-20 or even the 60-20-20 it depends on you how you manage. Its better to save than nothing not all things were in favor in ours there's a time that we will experience the life of chaos.

Being impulsive would really be leading you nowhere because in the end of the day you would really be that spending up tons on something which is useless and there's no way that you cant really be able
to save up. This is why it would really be pointless on trying to be one if you cant really be able to control that spending urge knowing that each person does have their own level when it comes to spending.If you are that someone whose really that minding about future or something that do talks about on things that might happen ahead then you would really be that basically be trying out to prepare on what are the things that you  are dealing with. You wont really be finding yourself to be that impulsive spender.

Cracking up the code? There's no need of cracking if you are really just that sensible on what you are trying to do. If you do want to save then mean it, then
do those things which is according into your plan.  Its hard but its not impossible!

[Nalain420]

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.)

One of the effective ways to save up money is to have control and discipline its useless if you want to earn money but you are one of the impulsive buyer that once you see is you want to immediately bought that thing and also one of the major factor is the lifestyle inflation this is one of the top reason why people cant save money because they have now a large amount of money and of course their lifestyle increase too they keep spending a lot of money buying foods, clothes and other wants because they can now "afford" unlike before and they keep thinking that with that large amount of money they can earn again or get paid again. Still ideal to use the system of 50-30-20 or even the 60-20-20 it depends on you how you manage. Its better to save than nothing not all things were in favor in ours there's a time that we will experience the life of chaos.

In my opinion, saving is very necessary is life if someone wants to enjoy his life and he want to be safe for future. Any disaster can happen at any time,no one knows the future and future can be worse than today better than today. But one should remain  his feet in his cloak . Because there are many people who are very poor than us and there are also many people who are very richer than us. One should see a person who is low than us ,we need only two time food to stay alive in life. One can save his money by select a fixed amount for future. It depends on one's income. If someone is job holder ,he should  separate 25 percent of his income. This money will help him in worst time.

[stomachgrowls]

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.)

One of the effective ways to save up money is to have control and discipline its useless if you want to earn money but you are one of the impulsive buyer that once you see is you want to immediately bought that thing and also one of the major factor is the lifestyle inflation this is one of the top reason why people cant save money because they have now a large amount of money and of course their lifestyle increase too they keep spending a lot of money buying foods, clothes and other wants because they can now "afford" unlike before and they keep thinking that with that large amount of money they can earn again or get paid again. Still ideal to use the system of 50-30-20 or even the 60-20-20 it depends on you how you manage. Its better to save than nothing not all things were in favor in ours there's a time that we will experience the life of chaos.

In my opinion, saving is very necessary is life if someone wants to enjoy his life and he want to be safe for future. Any disaster can happen at any time,no one knows the future and future can be worse than today better than today. But one should remain  his feet in his cloak . Because there are many people who are very poor than us and there are also many people who are very richer than us. One should see a person who is low than us ,we need only two time food to stay alive in life. One can save his money by select a fixed amount for future. It depends on one's income. If someone is job holder ,he should  separate 25 percent of his income. This money will help him in worst time.

You would really be only seeing the relevance of savings on the time that you are on a tough situation but if you arent that experiencing any difficulties then it would really be your least priority on which
its never been that recommendable on doing so. Not in our entire life we wont really be experiencing some emergencies knowing that certain  situations do really happen unexpectedly
specially for emergencies on which it is really needing up that huge amount and it is really that indeed normal that we might be able to fell short with the money that we do have.
This is the time that you would really be trying to see if you have something money left on your bank account or on your own pocket but if you dont see one then this is where you would really be
having those regrets and murmuring that you should have made out some savings.
Life situations do really make out those life lessons on which we might not that all experience this but probabilities are high.So never ever make yourself
neglect out on making some savings because one day it would really be helpful on your part not only on emergencies but also in
investment opportunities too.

[Youngkhngdiddy]

Saving money is very important, even though we have a lot of income, we can save and also invest, because there are still some people who have a small income and only enough for their daily needs and they cannot save some of the income they have, it is important for We need to be able to manage our expenses well so we can have savings, because if we don't have savings then we will have difficulty when we need funds that we can't foresee, of course we need to look for a loan to be able to meet these needs.

   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.

[franky1]

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%

[barisbilgili]

-

   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.