Topic: Cracking the Code of Saving Money... - page 11. (Read 1594 times)

I just avoid spending too much money. Every time I receive my salary, I think of what I need to do like taking note of my expenses, separating the money for my needs, and taking at least 10% for my savings. Always remember that an individual should align their salary to their expenses. It's not a good idea if, for example, you have a $1k salary then your needs and expenses combined are worth $1.5k. Cut out the expenses you don't need, as possible as you can, and think of a way to get a cheap price for everything you need.

And if it's impossible to align your expenses with your salary, it's all about changing careers/jobs or considering having a part-time job. This is the only choice, so you won't be short on your money.

You can't save money if you do it at the end, or use leftover money from your salary. If you want to save do it at the beginning, let's say cut 10% whenever you receive your income to a dedicated saving account. But this is under the assumption that your salary is enough for your basic needs. Otherwise, you'll end up with zero or even borrowing money, even when you already live frugally. Anyway, don't waste your time allocating your already small income (for those who need this advice), rather think more about how you get more money/income.

Its not just about saving money, its the intention of the savings that keeps the hope alive and encourages you to save more. What I mean is this, there should be a target for the savings. You should have something that you want to use the accumulated money for, maybe to invest it in something meaningful when it accumulates to a certain amount, or use it to execute a project at the long run. With the target in mind, you'll be motivated to pay the price to achieve your aim.

Now to your question, you need a lot of discipline to be able to save.
1. Create another account for the savings purpose only. Estimate the cost of the investment you want to embark on and place a rule not to interfere with the money until it reaches the said amount.
2. Only set  aside from your earnings  that little portion that will not put you under unnecessary pressure and keep saving it consistently.
3. In order to save efficiently, you need to find other sources of income, no matter how small, just do something to keep some like extra funds coming in to compensate for the ones that are saved. This will provide little funds for backup in case of emergencies.
4. Cut your coat according to the cloth. Don't live outside your means or else, saving consistently might be hard.
5. Ensure the savings account collects the money automatically from your earnings cos if left for you to do manually, you might change your mind on some occasions. Automatic savings removes from you the power to prevent the normal savings routine.

Kill the spirit of spending your money anyhow, and it will be very easy for you to save any amount of money you want to save in a year that will make you a better investors in the future. We know is not easy to save huge amount of money these days, because of the heavy inflation that is affecting the global economy and is causing the price of commodities to increase daily in the market and is not encouraging citizens to save their money the way they use to saved in the past when the global economy was very good. If you are working in an organization, you can divide your salary into two, and use one part for food items include house rent, children school fees and other things and save the remaining half for future purpose.

1. Pay yourself first by deducting savings from your earned income before spending it on basic necessities and other stuffs.
2. Practice a minimalist lifestyle.
3. Save more by making more - it's hard to beat inflation so having more active income through jobs or passive income through investments is ideal. Go into jobs or trades that actually pays you more based on your performance such as commission based sales.

Yeah, I think a budget and having the mentality to keep consumer spending low is essential. I don't think a code or anything is necessary either, which complicates things too much. The generation of our grandparents was something they practiced by default because there was not the abundance of today (I refer especially to developed countries) and saving for tomorrow was necessary, not a difficult option in the face of so many offers, different means of payment and even of financing, as it is today.

You are right, spending may sound easy, but it's actually hard to execute. I believe in every goal you make it will most certainly always require sacrifices. In this case, you need to sacrifice some of your leisure that lets you spend money and start cutting those unnecessary expenses like alcohol, cigarettes, and dining in a fine restaurant. These will be your first step. It's always gonna be the start that's very hard, once you see the significant result, you'll get encouraged to even save more. This is based on my experience when I was still saving up for almost 7 years to build my home. It's not a big home but at least I don't rent anymore.
Always remember, it's always gonna be the start that's difficult.

The simple thing we do is think simply, don't even think about replacing your mobile phone with the newest type and don't install online shopping applications that make us always tempted to shop, when on holiday stopping internet access is the best solution so that we can always keep it from getting easy. shopping, apart from that we have to make a daily and monthly spending budget.

I guess you are talking about fiat money, right? If yes, You don't need to worry about how to save it. Because it's is very easy like turning the palm of the hand, For example, if you employee, and received salary for each month, Just use that money for your basic needs like bill, electrical cost, gas, water dan food. And the rest, buy bitcoin or crypto you want and save it on wallet where you own the private key. Just simple like that. Because I've experience with that, before I save the rest my salary on bitcoin, I'm very wasteful to use money, I am not controlled and always buy things that I don't need. but, after I saved on Bitcoin, and DCA for each month, I am saving, I also deliberately made it difficult to withdraw Bitcoin from my wallet to exchange by using precise methods (multi-signature with my wife).

if you ready to save money you are ready to abandon consumptive behaviour.
but here's the thing, there's no way you can be really saving money that much nowadays, everything requires you to pay, therefore its just far better if you increase your earning and also have another source of income that way you will not be concerned about living in minimalism and fixated with budgeting, i've never seen personally people that become rich for saving, their saving are already projected and they know how much money they gonna get and usually use it immediately once it saved up to certain amount.
but rich people are getting rich from earning more money.

I'm pretty sure there are already threads that talks about this topic. I'm sure a lot of answers will just revolve about budgeting, keeping a humble lifestyle, saving, investing, meal planning, and being smart about expenses. I'm too lazy to leave all the threads that asked this very question already but I'm sure it wouldn't take you a few scroll to find them.

That's so universal strategy you are following, everyone with some salary would have thought to buy all the goods to be used in the house, in bulk. And sometimes, those calculations go wrong, and you might have to buy more. To this date, I am not able to predict how much groceries I need in my home for the whole month. And If I buy all of them at once, I end up buying more even before the end of the month.

And when I compare the amount of groceries bought all at once and on a daily basis, I come to realize that I spend less on a daily basis. Maybe, when I bought in huge amounts, the hearts of our family members also became big and then they started to waste more. Yeah, I will call it a waste because they use more than they need.

I have only a few words for it in our local country which are: When the blanket gets bigger, people start to spread their legs wider. This means, that when the income of a person increases, he starts to spend more. But when a person spends money on household things and ends up realizing that he needs more money then these expenses work as a motivation factor for us and help us to work more and earn more.

Of course earning money is very difficult.So you should spend the money you earn wisely.For example if you are married and if you have sons and daughters then you have to spend money for their maintenance and family but you have to save money according to that percentage.Because for example you earned 100 dollars, from this 100 dollars you spent 60 dollars for your family work, you are left with 40 dollars, this is just an example.Again, from this 40 dollars, you left 20 dollars for your family's treatment, leaving another 20 dollars.You can convert these 20 dollars into the country's own currency and keep it in a family private bank, then maybe you will save some money at the end of the year.

I will not call myself a good saver (of money) but still, I think I have a more saving mind than my family members. If I planned to buy one thing with a fixed salary then it is not a problem for me, but still, expenses don't go exactly as we have thought to spend them. And that's the universal rule that we cannot break.

But we can reduce the spending on unnecessary things and can save money on them. Like the following tips will help you to reduce your expenses and increase your savings.

• Try to buy groceries of the house in bulk, instead of buying daily in small amounts because by buying in bulk, we can also get discounts
• If you have a space to grow some vegetables, then grow them, it will save you some amount
• If you have 10$ in your pockets and you are not hungry but you are passing by a shop and start to get a thought of buying something, then suppress that thought, because you are not hungry.
• Buy clothes on sale, not only clothes instead all of the basic wearables.
• Don't buy things that you need to show off like the iPhone 15, because those who don't need it, are also buying it. You can save a huge amount if you would be able to follow this.
• I don't know the Electricity cost in your place, but I try to save a lot here, and it saves me some money too.

At first what I did was to write down all the expenses for the month, and make a budget based on them, looking at where I could cut back to save. Then, you have an income that you spend per month, and when you analyze it, you can surely save from somewhere. Although I also tell you that after a few years of doing this, what I managed to do was to increase my income, which makes everything much easier.

To save more money, you should either increase your income your cut your expenses. If you can do both, that’s x2 better. There is not other way. If you can find a better paying job, do it. Leave your current job and move to a better job. If you own a business, find a way of attracting more customers. Sometimes paying for ads at fb/inst is a good idea. If you somehow can’t increase increase your income then you should cut your unnecessary expenses. Cancel the subscriptions which you don’t really need. Get a smaller car etc… You should also be smart with your savings. Invest in stuff which creates passive income. Saving usd isn’t enough. If you are a risk taker you may try investing in low cap alts but don’t overdo it.

It all begins with cutting down your expenses, like making sure your needs come before your wants. That's the only way you'll have some extra cash to save. However, don't rely solely on saving, because it won't be enough to secure your retirement, especially as inflation can erode the value of your savings. My suggestion is to learn how to make your money grow. So, if you're currently working, consider finding ways to earn extra income, especially through business ventures. Yes, business is the key to financial freedom in the future, allowing your money to work for you.

I know it's not an easy process; we're only human, and temptation is always around the corner. It takes a lot of discipline and sacrifice to save, but as you learn that, you're also preparing yourself to become more mature and capable of taking calculated risks when starting a business.

Just ponder on this: who are the richest people in the world? Aren't they involved in business or entrepreneurs themselves? If your answer is 'yes,' then you should follow in their footsteps. It's not about copying their exact business but pursuing what you're passionate about, where you can channel your energy and enthusiasm.

Saving is not to become someone who is rich, but savings are intended so that we are able to answer the problem of unexpected needs.
When we want to have savings, it doesn't mean we have to be frugal. especially if we have to reduce our intake of adequate food and nutrition for our bodies. Saving is okay but don't ignore your health..!
What we need to do to be able to have "savings" is to reorganize our spending management and avoid buying useless items that provide no benefit at all and only fill up space. And what we need to do to be able to meet saving is by continuing to expand your business and increasing your income, not by thrifty.

Actually, you can't escape in expenses and responsibility once you become an adult many people think that once you have a job you can now freely do whatever you want with your money but the reality is you need to pay for your food, and financial help to your family, rent, clothes and etc. to survive to your daily basis, you cant achieve financial freedom if you have just single job reason why you need to seek more extra income or deal with business. The major problem of the people who have money now is lifestyle inflation which they increases their expenses too so it is better to make a plan with your money like the 50-30-20 rule. Doesnt mean you have money you can now spend those freely.

The difficulty of meeting a person's needs depends on the individual's way of managing their money. Have you thought it through when buying something?. Indeed, many people are tempted to shop at shopping centers such as plazas or malls. If you follow the trends of people around you, you will be trapped by your own finances.

Tips for managing your finances
- Buy only what you need
- Not following someone's lifestyle or trends
- Avoid taking on debt that is not important or has no benefit
- Be careful in managing or spending money