Topic: Cracking the Code of Saving Money... - page 12. (Read 1594 times)

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.
      

It is not always easy to save money, especially when you are around things that tempt you to spend. Sometimes, our environment contributes to our level of saving and spending, so if we feel that our environment is not conducive to saving, then we can change the environment.

Furthermore, inflation contributes to our limit savings since we can only save a percentage of our earnings after removing our money for daily expenses and needs, but due to inflation, the cost of leaving is now high and mostly our earnings are still the same. If that is possible, then we cannot save because the money might not even be enough to take care of our basic needs.

But saving in Bitcoin has now become easier since if you want to save in Bitcoin with some percentage of your salary or earnings, you can use the DCA method to keep saving.

 To save can be really difficult especially when earning little or you don't have control but you can make it work when you try these things;
 
 1- create a budget and try to live by it else it becomes pointless.
 2- Ensure not to focus more on your wants(buying things that are not needed), more or less being an impulsive spender.
 3-  you can employ opportunity cost; you forego some things so you can achieve another..I'd take @TheUltraElite's #3 advice to heart on this.

First things first, stop looking at others that is what influences you to spend on items that you don't need but are manipulated to have one for example Iphone is a great example that you are manipulated if you don't have Iphone then you are poor. Iphone is not necessary a similar device can be bought for $200 Android too so that $800 can be saved.

Make a monthly budget according to your income and only allocate 70% of it for spending no matter what, the remaining 30% should be going for your savings and once there is enough amount in that then it should be invested, and that investment will give you passive income and that is how you can increase your standard of life step by step.

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.

Mate this topics have been treated so many times in this forum especially in this board. I can't drop links to related topics but make use of search button and when see em, drop your comment learn from previous comments..

Surely it will be discussed here in this thread cuz there are people willing to contribute but maybe next time before you create you check..

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.)