Topic: Cracking the Code of Saving Money... - page 6. (Read 1679 times)

I say you look into saving money first before going for your expenses. Especially if you're a middle-class income earner. If you're finding it hard to save money, cut the middleman and save money before it becomes hard by automatically allocating some of your salary and then working on what was left for your expenses. I've done this and it's not so hard on my spending habits either, I was even able to allocate some of my money to reinvest into crypto, so it's possible by all degrees if you're going to have the discipline to follow through with it.

Most banks nowadays have these autosave feature that automatically takes from your bank account a certain amount each month. Use that, use autopay as well for your bills so you pay them on time, and then, don't go on dates every month if you have a partner.

 Spending on family should be considered a waste after all we are all striving and working hard just to make sure our family is okay, personally I am more of the family person, I can go any length to put a smile on their face, when I’m in the position to help and I can help, I won’t hesitate to help. What is the essence of saving if not for emergency and maybe a plan you’re yet to set in motion. Will you tell me if a member in your family is in need of help urgently and you’re in the position to help. Will you decline is request just because you’re saving and keeping to budget ? Unless you’re not the family type or you just  lack empathy and being inconsiderate.
 I think I cracked the code of saving money in my own way, my methods are simple, I have different accounts for different purpose, my spending account for my daily expenses, I also have a savings account which I rarely go to because I make sure I don’t go zero on my spending account. I also make sure money goes into the saving accounts on a daily basis no matter the amount that goes in it’s something. Another way is by having multiple streams of income, with multiple streams of income coming you will have more than enough to save. I prefer ti save in dollars instead rather than saving in bank, saving in dollars has a huge advantage than saving in bank.

Whether you would really be taking up risks or not then its up to you and its true that taking up risks doesnt guarantee of success on which it would really be just that giving whether positive or negative.
If we do talk about saving money then it should really be that standard since we do know that there are situations in life on which we know that it cant be expected on which you would be needing up that kind of allocated funds when emergency do happen. This is why management of funds is really that crucial then you should really be that wise whether you should be going all in with investment or would really be having that split up on which i could say that this would be the wisest decision to be made.

There's no need on cracking codes or whatsoever which considering that saving is really that something in default. On doing that then you should not be that too careless on spending on things
because if you do then you would really be that falling short and the worst you would really be that experiencing unfortunate conditions which we dont really like
for it to happen into us. This is why better be mindful of the risks and outcomes later on and with this then you could reassess on whatever decisions that you might be making
and trying to look back if its worth or not.

If you already know how to budget, unnecessary spending will now be gone or will be minimized. I think unnecessary spending if done with our family is not wrong and I don't even think that it can be called as that because I'm sure this can make them to feel happy. It's better than if we do this in our friends.

Yeah, budgeting or saving prevents us to be stressed not only in terms of financial because most of our problem which cause us a stress starts with money or related to it. Planning for a vacation is I think still part of unnecessary spending but again if it's done with our family I think it's fine. I guess it's not bad to treat our selves and our love once even for rare occasions.

Yes that may be true, if we look at the many cases that occur about those who are wrong in terms of allocating money for investment then there will definitely be cases that occur or befall them, but I don't think it will always be like that, maybe this is just a matter of their lack of knowledge in the field and also of course following by not paying too much attention to the level of risk that can befall them. So maybe I think that's one of the reasons why they invest but in the end it's like a waste of time and money, and I would say maybe that's part of the process that they have to go through in the beginning, if they give up then yes I agree to the statement of wasting time and money, because they're already munder before the returns happen.

Honestly, I also wouldn't encourage anyone to invest or save, because yes I think it will come back to their belief and trust in terms of managing their money, if they want to get an increase in their money then yes they can invest but also by agreeing to the risks that are there, it will not always be profitable because obviously investment is always related to the level of risk. Losing millions of dollars? Yes I think it's one of the experiences of the rich that makes them even richer when they can get through such conditions, learning from mistakes is always the best thing, and maybe that's what successful billionaires apply.

Saving money is very difficult as it is for all people whenever you plan to save money, you have many important tasks that need money to complete. And if you want to save money for the future, you must keep your mind strong so that you can save the money. In this era it has become very difficult to raise money because all the fields require money which costs more than what is earned. A family has many needs and doesn't have enough money to save, but has to borrow more to meet those needs. That's why I think that if you want to save money, maybe you can save it in a bank or cryptocurrency, maybe in the future. I tried a lot to save money, but I couldn't, but it was spent on my various activities that's why I made my money into bitcoins for the future which will give me profit. That is why in order to eliminate this kind of problem one must keep the money in an active place from where you never transfer the money but keep it there and save it for future, but this cost of money will be reduced.

But in many cases investing is wasting. Especially investing in something that seemingly will provide you with high yield. I wouldn't encourage people to invest instead of just saving. Those billionaires you've mentioned in the beginning they usually lose millions on the wrong investments before finding something profitable. Regular people can't afford that.

Of course it is very difficult, and also maybe a little impossible if we have to save money in the midst of a difficult economy in the sense that their income is far from enough, there is no other way but they look for other part-time jobs to increase their income and also to balance with their basic needs. It seems like you are making assumptions by looking at only one side of the equation, and I conclude that you are allocating this statement to those in the middle class. I think you should divide your assumptions evenly by providing a comprehensive solution. But it's okay if you only provide solutions for those in the middle class.

Basically we have to look from various sides about the difficulties experienced by the community of course also from some of the middle to lower classes, look at those whose income is far from enough, in my opinion they will not at all think of going to buy coffee to Starbucks and brewing coffee at home for one of the solutions to save, but what if the reality is that they absolutely cannot buy coffee to enjoy at home? And also what if they never eat out at restaurants but still their income is still not enough to make ends meet? for people who are really in a difficult position will not think about things like that and it is a matter of survival in difficult conditions. And I think the solution is quite even for them besides saving by not buying something that is not needed on the other hand they should also be able to utilize something they have, for example if they have a large enough yard behind the house then they can start to grow vegetables for later consumption themselves, and also in addition they also need to find some other additional jobs to increase income.

If they have been able to get through such conditions by applying all means to stay frugal and also to survive then next if their finances have improved a little by getting some part-time jobs for example then yes there they can at least allocate a little money to enjoy a delicious meal with a cup of Starbucks coffee.

For me, it has always been putting some part of your money aside and consider that as not part of your salary. Lets say you are making 1200 dollars a month, saving 100 dollars of it aside, and consider yourself getting paid 1100 dollars a month is the way to go. In that situation, you would be able to say "I do not have anymore money to spend" whereas you actually do, that extra 100 dollars, but you have to consider that gone as well. Put that in bitcoin, keep doing that every month, you get 1200 dollars a year, sure it is not a lot but you just made one more salary, and with bitcoin rising time to time, you are making a good income. In ten years that's 12k dollars with even just 10x, and that's something bitcoin could easily do, that's 120k, and you could potentially buy 2 houses with it, sure maybe some debt, but you could do it.

Houses here go for about 80k to 100k, so if you get 120k, you could spend 60k on each of the houses, and have about maybe like 50k-60k debt left, and you could finance that for 20 years, and pay it easily. You just bought 2 houses in 10 years, see how easy it is? Just saved 100 dollars a month.

It is not easy to save money in a very harsh economic situation. However it is very possible that you can still save some money no matter how little which is. I tell people who care to listen that if they take stock of their expenses their things that they can cut down on and save money from them. Home made food my be cheaper than eating out. Therefore you can cut down on it and save money from eating out. At least when you cook your own food, you do not tip anyone. You can also brew your own coffee as opposed to buying from Starbucks. You could do a garage sale and sell off some old items that you no longer need that occupies space in your apartment. You could also try flipping stuff too. These are some ways get money to save that I have tried and they worked for me.

As long as we can manage our finances well and have a steady income from the work we do every month, things like this will not be too difficult, especially if the income is at the standard that is set to support our needs.

The problem in this case is that often we always expect something more so that we will continue to feel less when we get a fixed income every month which in the end this backfires on ourselves because we cannot save.
What I always feel is that when we have a fixed income every month and when it is above average then our lifestyle changes because indirectly we become someone who is hedonistic (although not all like this but on average it always happens) which makes no matter how much income we have sometimes always smaller than the expenses we do.

Totally really hard to apply specially if you are just only the breadwinner on such family, or shall we say its even on extended family on which there are lots of responsibilities that you would really be needing to patch up on which there's no way that you could really be making yourself that in good situation yet you wont really be able to make savings or doesnt have the chance on doing so due to those expenses on which it would really be just that a normal approach. It is really just that there are really things in life on which giving out some advises would really be that easy or simply but actually it is really hard to be done due to some circumstances on which you cant really just easily leave out or neglect or getting ignored. You arent that blind on not to see on what are the imposed risks if you have just simply followed on what you do have in mind or for the sake of savings.

Family comes first and this is the most important thing in the world but there are really times or moments on which you would really be having those realizations that you should really be giving out
some priority for yourself and with your family and not putting up that much concern in other people but since we dont really have no choice then we do really
ending up on having plans but not really being materialized.

This is very interesting, I might have done the 7 things you said, but not long after that I made the mistake of not consistently applying these things in my life so that my financial management was messed up again, but all of that happened because I had a lot of dependents so I felt very sad. I have a lot of urgent needs that I have to take care of (actually this is a bit of an excuse to defend myself)

Honestly, I really like this discussion because there is a great desire to be able to save money because it is very important for the future, but for some reason, there are a lot of things in theory, but it is quite difficult to carry out.

What is known as temptation knows no place and time, especially when we are holding relatively large amounts of money and that's where our patience is tested and we often become careless and shop not in accordance with what was previously planned and often also what happens. needs are missed.
But here I don't quite understand what you are saying, namely about "unexpected bills that pop up" and how is it possible that we don't remember all the bills or installments that we have and do we forget to record them...? and perhaps this is where recording or bookkeeping is needed for all forms of personal expenses and income, as well as bills or installments that we have so that everything becomes more manageable and expenses become clearer.

In terms of saving, we don't need to save large amounts and all we have to do is be consistent and consistently save 10% of our income every week, so that you are ready to dedicate that amount of money. because it's useless if we save large amounts, but after only a few months of saving, you take back those savings because there is something you want to buy.

I agree, saving is not too difficult if we are determined to do it. Saving means avoiding spending on unnecessary things, avoiding waste, and depending on our spending needs each month, we save flexibly and not too stereotypically, things will never be too hard. Only people who lack determination think that saving is a space science. But to have a better life, we need to focus on increasing our income and not just focus too much on saving, that will not help us get better.

There are several tips I can give you...
1. You can record income & expenses. Why ? By recording income and expenses, we can more easily track our monthly finances. We can see what expenses exceed the target and it can be a reminder for us to spend money.
2. Pay attention to expenses that you think are small. Why ? It could be that if combined in one month, the amount spent on small items could be worth more than expensive items. Because usually we may not realize these small expenses and think they are easy, even though if we calculate them over a period of 1 month it could be the same as spending on one expensive item.
3. Don't shop for prestige. Why ? It would be better if we could use it to increase our savings and buy things we really need. Not because it's trendy, let alone because of prestige. We need to realize that developments in trends and prestige will never stop if we continue to follow them.
4. Make a priority list of needs. Starting from those that are very urgent to those that can still be postponed to be fulfilled. By creating a priority scale we can more easily manage expenses. Apart from that, we can also learn to be more frugal and organized.
5. Set future targets. One effective way to manage finances is to set targets for the future. For example, when you are 30 years old you want to have your own vehicle, when you are 35 years old you have your own house, and so on. By setting a target, it means we are ready to start and carry it out. Don't let the target just become a discourse. By having a target we are also required to be able to make a plan so that the target can be achieved.
6. Save. If you want the money in your savings to grow quickly, make a savings target and immediately set aside the money at the beginning of the month. If necessary, create your own savings account that is different from the account you usually use every day.
7. Try investing. Investing does have a lot of risks. However, from this big risk there is also the potential for big profits if done correctly. In order to invest well, we also have to learn and practice to be able to make the right strategy in investing. The first thing you can do is find out what type of investment is suitable. Next, look for as much information as possible about the investment you choose according to your financial situation. The important thing is not to interfere with other expenses.

Saving is indeed easy for those who have a fixed income and manage their monthly expenses well. If we can manage our expenses well then whatever income we have, it certainly won't be difficult for us to be able to save because we have managed well the needs we need and If we have a lot of income and we can't save, of course there is something wrong in managing the money we have, so it needs to be corrected to be able to manage the expenses we have so that we can save the money we have for emergency needs.

Saving money is not a complex thing that needs cracking to get a code to save money.  It is not a space science after all.  What it needs is discipline and the attitude of being thrifty.  If one really wants to save money, he can always set aside some percentage of his income and start budgeting after he set aside the money for saving.  People are flexible, they can adjust their means of spending according to the available funds in hand.  So saving money is really easy if one only desires it.

It's actually not difficult to save some money for those who earn a reasonable amount of money every month because their expenses would generally be lower than how much they earn which allows them to actually have some money left at the end of the month unless they deliberately spend it all on things that aren't really necessary. Such people don't face problems with savings or their personal expenses and they can easily save some money for emergency situations.

However, when we talk about someone who barely earns a minimum wage, such a person would barely be able to save anything because they hardly manage to fulfill their monthly expenses with the money they earn. No matter how much they try to reduce their expenses, they won't have anything left at the end of the month.

I have tried saving money many times and I failed. I am still struggling with it but recently I have come up with the plan that is working pretty well for me. You see, I have a girlfriend and whatever I earn I have a fixed amount of money that I put into an account that she has. Only I have access to that account so only I can withdraw or use that money. But that account could only be open with the help of my girlfriend. (I know many will say that she's not your wife yet so why would you give her the access? I have all the needed documents to recover that account at any time and that will not require her presence.) All that aside, I trust her and she keeps my money safe. I have told her to never let me use that money that I am using as a saving.
So she does exactly what I told her.

If you are a person who are unable to control their spending, then involve someone that can help you achieve that. Could be your family could be your loved ones or could be your friend. Whoever it is make sure they help you in this case. I know I can't do it alone so it's not a bad thing to take help from others.