Topic: How to save money. - page 152. (Read 345783 times)

Keeping track of finances and also keeping track of expenses will help you out to summarise the entire scenario. Preparing a budget and action plan would be helpful which can give you the clear picture of your expenses.

There's a way to temporally lock a wallet for a given amount of time. So what you could do is use that method, put a countdown of 10 years, and have your bitcoin wallet frozen where you can only put more bitcoin in but not extract any, until 10 years passes. That's hardcore saving for you. No way to miss the boat doing that.

Keeping track of your finances will allow you to enjoy some of the finer things in life, even if you are not rolling in cash.

But if you have a discipline, all the problems about financially you can handled it because you have a discipline that make you a better person and also a great help to your savings.

Lock your money up so you won't change your mind and try to spend it all

Saving money is about discipline, hard work, and self education.  Easy way to save money is think of something you buy regularly either every day, or week and don't need and cut that out.  One thing that comes to mind is cigarettes, and alcohol. 
Some other off the top of my head thoughts:

• Pay off all debts first!  I see student loans mentioned a bunch, and it is unfortunate that that cost hinders people, but with a college education you should earn enough to pay these off in a reasonable time frame.
• Bargain shop for groceries, and buy things in bulk like canned foods, and food from markets.
• Drink tap water rather than buying expensive drinks.
• Don't eat out as often, and make sandwiches etc.
• Figure out your monthly budget, and allocate 20% devoted to savings, or some form of savings.  Like OP says divide this into 10% emergency fund, and 10% for investments IRA, or just some Mutual Fund/ETF you can let compound.
• It may take stepping out of your comfort zone temporarily, and working two jobs if your situation is bad. But, it could also speed up paying off debts, and be worth it in the long run.
• Last one I thought of is don't reproduce if you are having trouble providing for yourself alone.  Kids are expensive!

I am not a professional financial adviser, but I do think some of saving money is common sense.  Also there are plenty of tips available online, and if you can visit a Bitcoin forum i'm sure you can find those too! Best of luck to those trying to save more.

 

The problem is no amount of discipline will help you if your housing costs are say over 50% of your income.  This is becoming the case for a lot of people.

The same goes for student loans, which are becoming the #1 bill for a lot of 20 somethign graduates.  Its a huge holdup for gaining financial freedom when these loans follow you til your 40.

Also, no discipline can help upon job loss.  Yes planning can HELP, but if you deplete all savings in the process of finding a new job you are right back at square one.

But if you save money with a proper planning than there situation would not arise to ask money from others. And that is what we are discussing here. No doubt richer are getting richest and poor are getting more poor that is the situation in my country. So saving money requires a great level of discipline.

That is true.  The way people need to see it is that the bankers and the governments of the world are like the house in a casino...and the house ALWAYS wins.  No matter what the scenario, the bankers ALWAYS win, and ALWAYS maintain their wealth.  They get bailed out, they are protected.  They are the "shadow government" that controls most everything, and they ALWAYS win...

Like one of the rothschilds once famously said: "Permit me to issue and control the money of a nation, and I care not who makes its laws!"

Not entirely true. The richest 1% in the world are just greedy banksters and swallow up everything for themselves by explotiing the poor and those who lend money from them. Many people live in poverty throughout the world without any hope of changing their life and that's not always their fault.

the many diffrence that they use Leasing (long time location) ... instead of buying.
that why, this owner change car every ... year instead of keeping a car like 8-10 years.

so, the rich people have new "plates" ... in my country. 
poor people have a old car with ... old plates.

Another interesting note is that most wealthy people learn to live below their means, and CONTINUE to do that even after becoming rich (say a millionaire).  They will continue to drive say a Honda when they could easily buy a mercedes.  They know basic money principals and know that the price drop on a new mercedes makes it a HEAVILY depreciating asset.  They arent interested in those.  A depreciating asset that loses 30k in value in 3-4 years is a bad idea for anyone, wealthy or not.  They instead continue to drive a cheaper car, and use the savings to invest and make more.

Couldn't agree more. Most people aren't really responsible with their spending habits; they tend to follow their "wants" more instead of their "needs." If you look on the biography on most of the rich people, you will see that most of them came from nothing but thrived hard and struggled until they reached their riches and wealth. If only people will be responsible on how they spend their money and where would they spend it, I think there would be many rich people than there are poor.

Most people will never be responsible with money. They don't understand it, and certainly don't respect it. That is why wealth flows from the irresponsible many to the responsible few. And that is how it should be.

Saving money in Bitcoins is only adviceble if you can save tax with it. In countries like Germany, for example, if you hold Bitcoins for at least one year all gains you made by the Bitcoin investment are totally tax free.

Okay first of all calm down . In order to save money  in the way you have explained takes a huge amount of commitment . Secondly, it is not that secure for xyz person to save it in that way. 'Dont touch that money'  I thinkk you're suggesting keeping the saved portion at your home till the amount is huge? I don't think it is a good idea. And the OP said the exact same line you said.

Its a great idea of an author of the books that i have read, but i can't remember what he is name? but that article was steal my sympathy because its so very helpful to the people.

Regardless of what your country is, a lot of people use this technique worldwide. There are a lot of people who have invested in real estate and crowded countries like India and China have resulted in good results as people will always need a good place to live and they pay high rent for that. Easy money comes in, no worries at all. That's how the rich keeps getting richer, man.

good idea mate. in our country too people follow the same kind of saving techniques. They keep there money in form of provident fund, insurance, and what now. its like a culture here to buy or build houses and then give it on rent.  they want to save from everything they can. but then it really does helps in emergency. 

Here is a savings plan for life:

Use sound money; gold or bitcoin. It they lose value, you can be sure that it is not the man behind the curtain who does it.

Start by setting aside money for one day's food. Expand to a month if you can. Add the value needed for other consumption for a month, rent, clothes, small things. Then increase to two months if you can. Remember, the value you save for one month's consumption, when you save in sound money, will always be good for one month's consumption, even after 40 years. Then a year, then 2 years, then 10 years.At some point you are worn out and unable to work productively, but you still have 20, 30 or more years you need to cover.

For the near end of life aspect, you can associate with some others, for instance 10 or 30 others, and make a mutual deal that when you die, the remaining people in the association get a predifined number of bitcoins or gold coins as inheritance from you. A life insurance like that could reduce the amount you need to save for old age.

If you are competent, you could allocate a fraction of your savings for investing. If you are good at it, you could reach your life savings goal quicker.

If you could save up 50 years of expenses,.of course you could retire early or just spend more later, or just stop saving and spend all you earn as you go.

Always remember to keep quiet about your savings, especially towards agents of the state. They want all of it. They want your money, and promise you a pension, but they have no plan to actually make that possible. All they do, economically, is to push problems far in front, into the distant future - exactly that future that is your old age. (Of course, if you get something back, by all means; take it).

I am old, and I wish I knew about gold when I was young. Happily, I discovered bitcoin.