Topic: Cracking the Code of Saving Money... - page 4. (Read 1704 times)

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.

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.

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.

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.

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.

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.

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%

   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.

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.

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.

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!

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.

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.

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.

It always depends in the state of a person's life, not everyone has a capability to save while having investments because As a person who's living pay check to pay check. their generated income is enough for them to sustain their daily and monthly necessities. If you're a person who's having a good and comfortable life, it is applicable for you to have savings and investment at the same time without worrying about where you'll get the money you're going to use on them. I advice to everyone that even if you're experiencing difficulties in your finances, try your best to consistently save money even for a small amount.

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 money in cash is not a wise long-term financial strategy due to the effects of inflation. Inflation is the gradual erosion of the purchasing power of money, meaning that the same amount of money can buy less goods and services over time. As inflation increases, the purchasing power of cash decreases, and the value of your savings erodes.

It is important to remember that there is no guarantee of investment returns. However, by investing your money in a diversified portfolio of assets, you can increase your chances of beating inflation and achieving your long-term financial goals. While investments carry inherent risks, diversifying your portfolio across various asset classes can help mitigate these risks and increase your chances of outpacing inflation and achieving long-term financial objectives.

Although it may seem difficult, saving money is achievable with the right plan. Assume you are receiving $1k every month from your employment.is just to plan for it. As soon as you receive your money, the first thing you should do if you receive the money is to remove amount you are capable of saving and transfer it into your savings account. You will then be left with balance still set away little amount for emergencies is a smart idea.The distinction between needs and wants must now be understood. Consumables such as food are necessities. wants are something you'd want to have but can live without. Reducing wants is crucial for financial conservation. Prior to spending the emergency you set aside for emergencies, even in case of an emergency, make sure it's totally essential.

Being well prepared is essential to tackling life's especially in term of having savings.someone ability to save money will increase if you make thoughtful plans and decisions about what you truly need. In light of this, always remember to budget, set aside funds for emergencies and savings, and carefully consider what you actually need. In this manner, managing your money sensibly will come naturally to you!

Good for you! Be careful with your investments, though. Sometimes a bit of saving is enough to feel secure financially and enjoy your life. Will you be able to enjoy your life having invested a big amount in something is a big question. After all, for what do we need money if not for enjoying our life?


That's right, if they can. If you feel that after saving you will have less money to spend on food than you need, than you can't save.

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