Topic: Cracking the Code of Saving Money... - page 11. (Read 1704 times)

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

I agree, that saving money in today's world can be quite challenging, but it's also incredibly rewarding. I have a few strategies and lessons learned like budgeting which I think is the foundation of any successful savings plan, I have already begun at the same time I started my small business. I'm cutting unnecessary expenses, I used to review my spending regularly where I can cut back. I also avoid debt, for me high-interest debts can eat away my ability to save.

I think I need to consider practicing setting up automatic transfers to my savings account on payday, this way, I can save before I can spend. One more thing is the emergency fund that provides for unexpected expenses / happens.

It's true, it's not easy to save money when our source of income is small and if the expenses required are large then in that condition there is no way to make a savings portion.

Different cases must be handled differently. I mean the condition you are talking about is more about the level of waste where you are not able to spend money according to your needs. The solution depends on how someone can be responsible with their finances and if they don't have good management in managing them, it will be difficult for anyone to get away with wasting money when they spend something they don't need. Usually I will give a portion so that I can determine the amount of savings for the child's future and give my wife full rights to monthly money to solve the kitchen problem for food. I will use the remaining 25% for investments and the remaining 25% for unexpected cash preparations if something is needed.

It is difficult for men to manage finances so it is a good idea for the wife to be involved in this situation, even though we do not give her full access as the holder of financial mandates. Learning to live frugally must definitely involve women and if we do it ourselves I'm sure it won't work. The level of financial waste of men and women is very different and women are much more frugal while being able to maintain a level of stability in dealing with financial problems, that's why I think their involvement is quite important in the household.

Actually the first question popped in my mind is, why people want to spend money to buy anything that they see on the street or their cell phone? I'm not a regular/high spender, so I can't relate why people did that.

My friends sometime ask like this "if you have a lot money, which stuff you want to buy? like branded cloth, lambo, or big house", I answer "nothing, I don't have a dream to buy an expensive stuff". It's not mean I can't afford it, I just never want it.

Stop buying unnecessary things. How to find out what is unnecessary? Buy it, try it, and you'll know. Of course you can't buy a Lamborghini and try it. I'm talking about food mostly. I'm talking about the things you can afford to buy. Thus most things will stop being tempting for you. They are tempting now because you've never tried them before. That's how I manage this problem. Most things don't look attractive to me, I don't want to buy them. If you follow my advice, it will not solve all your problems, but at least you'll feel better in the food department.

The bills in life will not appear by themselves to anyone (including yourself), unless you yourself make the bills appear in your life. Examples include TV, electricity, water and trash bills, if you don't use TV, electricity, water and there is no trash in your house. Then the bills for all those things will not appear in your life or in the life of anyone who doesn't use them, so all the bills that appear are due to ourselves, not other people.

Everyone can look for many ways to do this, because now all of these things are also widely available on the internet and you can also ask several people who have successfully saved in their lives. Actually, the very simple tip for saving is quite simple, you or anyone else just try to use less money than the amount of money you can earn each month or each week. Because the rest is for your own savings and you can try to do this through your level of consumption of money which is usually only used for daily needs, not lavishly on unimportant things.

The one thing that worked for me, was to avoid walking around in Malls (large shopping complex).. where there are a high concentration of merchants in close proximity. (The temptation is just too much, when you have shops all around you... with large signs that a showing massive discounts)   

Also avoid buying the latest cellphones or competing with the Jones's ... because you over spend, when you try to compete with friends. I also reduced the money that I pend on takeaways ... by making my own "cheaper" food. 

This is interesting. So I want to ask the OP, have you ever felt when you get easy sustenance from work? For example, now you get $100. Well, I'm sure there will be urgent needs that will arise in the next day or two. However, with $100 dollars this can be covered, although not all of it and if you remember you can use at least 10% as a precaution.

That is life. So, just relax and enjoy and be grateful and regarding these tips for management, I think @TheUltraElite is very close to being implemented.