Topic: Cracking the Code of Saving Money... - page 7. (Read 1704 times)

Part of saving money is setting a budget and separating everything. There will be times in your life where you have to spend some unnecessary money on friends and family. The best way to stick to your goals is to avoid such situations understanding these types of expenses will increase your savings. So control unnecessary expenses with frugal attitude saving is an important habit for many reasons as it helps you manage financial stress to cover future expenses and plan for vacations. Understanding the different qualities of savings can motivate you to save more. Can help keep you on track by avoiding unnecessary spending achieving financial goals and increasing your savings.

Very normal behavior of most people on which on  the time that we are seeing that we do still have money left in our pocket or bank then we would really be definitely be finding ways on spending it out even if it means on splurging it out on something useless things and on the time that emergency comes then this is the only time you would really be making out some realizations that savings is really that relevant or something that would really be important. You wont really be that able to make such thing until unfortunate things do happen. You would really be that needing to experience it first before you would be careful in next time.Tons of situations on which you might be able to save up but due to not focused into things just because you arent experiencing difficulties then it would really be just that normal that we would really be forgetting on things on what must be done.

There's no need to crack some code or critical thinking because you would really be just simply needing that common sense that you would really be needing some back up funds or savings
when emergency things do happen then you are prepared and not really ending up on having that getting some loan just because you dont have money.
This is the main problem that you would encounter if you dont have savings.

Yes, and that's why it's very important to really save for the rainy days, as the saying goes. And from the books that I read, at least 6 months of buffer, but I don't think that anyone can save that big though if you are in a tight end. So for me, there should be no numbers, as long as you can save enough then that is good enough. Otherwise, if you target some numbers and missed them, then it could have a effect on you mentally. So just stick to what you can.

And I don't think their is like or code to crack, we've been taught to save and invest and that what we should do specially if we are still very young or just started your life like having your first job. So just put aside some money after the paycheck that you can afford. So it's going to be hard grind for you, but if you master it, then you have crack the code already. And then later on you might invest or have a business and then money is going to flow.

The biggest challenge for most people with saving money is firstly, having enough spare money (that isn't being wasted on frivolous items) left over from your salary and then getting in to the mindset that you do not need to spend all of your available spare money that sits in your bank account. Some people, at least when they're younger have the wrong mentality when it comes to money, but it's not really their fault as society will often condition you into this spending culture. It's like anything in life, having the discipline and willpower is often the hardest thing to achieve early on when you choose to follow a new method. The results don't always become apparently until months or even years later, so breaking that barrier can be hard.

Every human will want to get even things they don't need immediately but will be useful in the future, so try to buy what you need at the moment and anything that you buy that is not in immediately use is as if you have wasted the money because such money would have been used to get the needful. Therefore avoiding wasteful spending is one way to be prudent.

Another way to save is to invest. This is magical in the way it works because when you don't only keep you money redundant but you make it work for more money then it means you are growing your savings rate to come from different angles. Investment increases your savings level because you generate money to be saved from different directions.

Savings isn’t something that should put us in very tight corners but what really matters is that we have a way to always sustain and make ends meet. There are always unexpected expenses that comes when we least expected and most times these expenses are always pressing and We can’t ignore them when they arise and your savings culture also depends on how much we earn and for those who earn something reasonable enough for savings, should always set aside a budget for miscellaneous expenses as they will always come and are always difficult to ignore.

 It’s also important to splurge on yourself from time to time, give yourself that special treat too, buy that nice wrist watch or take that vacation you always wanted so bad. Splurging yourself doesn’t mean your spending money irresponsible but it gives  this sign of satisfaction and the feeling of wanting more. Having savings is important as well for without savings how do we intend to survive the rainy days. But in other to have a proper savings plan, you need to have a multiple streams of income to achieve that and even when you don’t have that streams of income coming yet, this is when scale of preference becomes important.
  In this life one just need to be wise with his dealing, know when to spend and when to stay quite. You can’t start  spending lavishly when you’re on a monthly salary that’s is below the average minimum wage that’s is unwise. We have people who don’t know how to manage money, they have no budget or savings plan and this is a problem if  not properly looked into. Saving money has a lot of benefits and advantages as we all know, especially when time of emergency comes one can know how to tackle them.

Rule number 1: Resist the urge to buy stuff!

Only buy things that are absolutely necessary, and also live below your means (because if you don't do that, then it means you're not saving anything for a rainy day).

No program, no routine, no book can help you do this better, it must come from within yourself.

Rule number 2: There is no rule number 2.

I would prefer the latter though, and only if everyone's mindset will be different, we should all look for a side hustle or even a business if we have save enough money and take that big risk. And as we mature, we understand that working a regular 9-5 desk job is not the way to make our selves rich. We really need to be the boss and that we could only accomplished that if we become entrepreneur.

For saving money there's a lot of ways, but what we will do on those money that we have save? We can't just put in in banks and expects that it will earn passively. That's why business could be the way for us, or simply investing here, in crypto. But then again, we should really learn to diversify as well to really grow our portfolio and learn how we can make more money.

There are two ways to save money, either cut down your expenses so you don't spend all your salary each month, or increase your income by finding a side business. It's hard to give general advice without knowing more about the situation someone is in. For example, maybe you are helping your family out because a family member is sick or your wife is pregnant and will have to look after the kids. There are many situations where even if we really want to it's going hard to save any additional money. The best approach here for me is to write down any expenses I have each month and try to find unnecessary items that I can reduce. It's a bit difficult to write even the smallest purchase during the middle of the day, but with an excel sheet on my phone I can make small entries all the time and put in a better order during the weekend. The other approach when we can't save money by reducing our expenses is to get additional income, like a part time job on the weekends or starting a new hobby that brings in some money like trading and investing. One good side hustle that helped me earn some money is to sell old things on eBay. I managed to clean out the basement for my parents, my grandmother and my own basement to find a lot of things that nobody is using anymore and that still have value. It's quite time consuming to take photos, put it online and pack&ship the things around. But once you accumulate some profits and start investing them, they will start to grow quickly.

If you know where you are spending your money, you can check those items if they are indeed necessary or not.
You need to remind yourself why you are saving money and that will give you motivation to keep track your savings.
That is true, no matter how much you can save, when those savings accumulate, would be significant already.
What I am doing is list all the basic necessities/bills first, and see where I can save some, and when it comes to food expenses, you need to weigh your choices if you will be frugal about your menu choices or not.

Sounds like a lack of discipline to me because how can you be tempted to spend your money on things that aren't that important to you? We all have dreams and desires but to make living easier we cut down our expectations and buy things we can only affords, depending on the situation of the person.

I don't find it hard to save money because I do calculation on how much I am spending per week and whatever is left is where I take some savings and investment percentages from.

You don't have to save a lot of money at once, you should do it gradually, just like how you invest in Bitcoin using DCA.

Another tip that can help you when you are strolling on the mall, is to not go there hungry that's going to cut your spending in there because even if the food is attracting, you're not going to give in because you have a full belly. Your 2nd advice has been my thing ever since I was in highschool, don't get caught in the race towards having all the stuff in the world because the things that you own and plan to own is going to end up owning you eventually.

truly rich people just gonna start out another company that gonna generates them billions, investing money isn't as easy as it might seem and investing with low amount of money more likely to give small results which also means you are wasting your time compared with investing with hundred of millions.
this is why sometime investing is not really suitable for those that only have small capital because lets be frank small money only good if there's many investors, basically retail investors, investing all at once.
it only matters when the money gathered become millions.
meanwhile the big investors people like the big investment company and venture capital will definitely invest about millions or more.

In my opinion, there are two things that make us wasteful and like to waste money, the first is because of an excessive lifestyle and the second is because of our appetite. I once received advice that we should not increase our appetite excessively because it will make us feel that ordinary food is no longer delicious and as a result we will often eat at restaurants. Then when we have adopted a hedonistic lifestyle, especially if we feel jealous because other people have luxury, it will make us willing to do anything for the sake of luxury by living a hedonistic life, that is not a good choice, especially if we are not financially capable of doing so.

It's better for us to live simply and not worry if our neighbors or other people are lucky in terms of money. Being grateful for what we have is the best way I know

Here's the only surefire way you can save money in this day and age:

Allocate money for saving beforehand!

If you're going to save money, don't do the old-fashioned tactic of "saving what's left of my pay", trust me when I say that there won't be anything left of your pay, and the best way you can save money really is through preparing the money before it even reaches your hand. You also have to be prudent and disciplined, create a bank account with a time lock so you couldn't open the money no matter what. And set up a monthly schedule of when you'll be depositing the money. Do all of this accordingly and I'd bet you my bottom dollar that you'd always be able to save money no matter what.

In a society that encourages spending money, it is quite simple to solve this issue. First and foremost, you must have decided to try to restrict how much money you spend; this should be the beginning point. Second, make a list of what you want and when you want it, and then prioritise them. The second step is to take some money from where you earn it, either weekly or monthly, and buy the ones you need the most in such a way that it does not interfere with your regular daily expenses when their need comes. If you keep doing this, you'll be able to accomplish a lot more on your list over time. Now, take your mind off spending anyhow you like, because anytime you get attracted to that, you’ll go back to your normal ways again.

We should save according to the level of our income, what we should try to avoid is the way we behave when we are having enough opportunities to make savings and yet but utilizing it for nothing, there are times we will be in best position of making money and having earnings enough to have savings, yet some may not do that because they feels it's something they can always get as ever before with the way to the flow of their income, but things aren't like that, there are smooth times and challenging times as well from the flow of income.

Did you follow that advice and are you rich? That's pretty good advice, but don't apply it rigidly. Instead, you should have strategies and plans that suit your economic conditions. Investing is a way for us to make more money, but don't forget the risks it can bring you. Not to mention that life is full of surprises, so you need to have savings and a job with a stable income before thinking about investing. What will happen to you if your investments lose money, you don't have a stable job, and you have no savings? Think about that before investing.

Billionaires have said poor people save money while rich people invest their money. Well, from that point of view we can clearly see differences and it's possible outcome. Saving money is much better than wasting it but investing it to something that will gave us more than the amount we save is the best and wisest choice.