How to save money. - page 156. | Bitcointalksearch.org

MF Doom

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Quote from: greBit on June 22, 2015, 02:39:58 PM

Quote from: Hazir on April 02, 2015, 05:25:18 PM

Quote from: MF Doom on March 30, 2015, 01:59:57 PM

-dont eat crap like fast food. its not cheap and you get no nutrition. eat more fresh fruits/vegitables
-cut out smoking/drinking
-make your own coffee
-rethink your expensive phone/data plan
-get rid of car payment (pay cash for used car)
-DONT USE CREDIT CARDS. If you cant afford something today, you probably dont NEED it today

just a few ways I can think of

Unfortunately fast foods and other crap foods tend to be quite cheap from the other hand fruits and vegetables are not exactly cheap and more of a luxury food for many.
Smoking is just bad I agree, but when I quit smoking, drinking, coffee and some other stuff what for I will live? I did not get that car part, because you can't get rid of car insurance and other taxes really.
Credit cards are cancer - I fully agree. Stop living your life for credit!

About the fast food part, junk food may be cheaper than fresh fruits and vegetables but in the long run, the medical bills that a person who survives on fast food (since it is generally unhealthy) daily might have to pay is something that one should consider, right?

In my experience eating fresh food vs junk food is cheaper, short term and long term.

You have more energy, feel better and less other costs such as doctor and dentist visits, less getting sick and needing otc meds, etc.

Find a local farmers market, you would be surprised how well you can eat fresh foods for little cost.

Erdogan

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Quote from: AtheistAKASaneBrain on June 22, 2015, 10:14:36 AM

If you keep spending, you'll obviously end up with an empty wallet, no mater what rates of interest, deflation or inflation and so on variables are at that moment in time. The only way to avoid this is having a steady source of income, which unfortunately in most cases it means being a wage slave.

To be exact, you only have to spend less than you earn. A steady income in not required.

greBit

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Quote from: Hazir on April 02, 2015, 05:25:18 PM

Quote from: MF Doom on March 30, 2015, 01:59:57 PM

-dont eat crap like fast food. its not cheap and you get no nutrition. eat more fresh fruits/vegitables
-cut out smoking/drinking
-make your own coffee
-rethink your expensive phone/data plan
-get rid of car payment (pay cash for used car)
-DONT USE CREDIT CARDS. If you cant afford something today, you probably dont NEED it today

just a few ways I can think of

Unfortunately fast foods and other crap foods tend to be quite cheap from the other hand fruits and vegetables are not exactly cheap and more of a luxury food for many.
Smoking is just bad I agree, but when I quit smoking, drinking, coffee and some other stuff what for I will live? I did not get that car part, because you can't get rid of car insurance and other taxes really.
Credit cards are cancer - I fully agree. Stop living your life for credit!

About the fast food part, junk food may be cheaper than fresh fruits and vegetables but in the long run, the medical bills that a person who survives on fast food (since it is generally unhealthy) daily might have to pay is something that one should consider, right?

HarHarHar9965

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Quote from: mayflor2 on June 21, 2015, 04:12:30 AM

Quote from: Dotakels on March 27, 2015, 01:33:37 PM

This is my first post. Please do respect

My post intention is to help readers to save their money.

Some of the employee are not saving their money. They spend it on things that they dont need. For example gadgets,buying a concert ticket, accesories, etc.Buying things that not they need is also like a wasting money. Because this thing give a happiness not a good life. Saving money is just like securing your future because your savings can help you in emergencies. These are the way to save money .
If you are empolyee. You must save atleast 20% of your salary. The 20% of your salary divides into two .

The 1st way : cash reserves- medical insurance, retirement, life insurance and if you not have salary yet. And emergency. But dont spend all of you 10% in this emergency. You must know if the injury is serious o not before you spend the 10%.
The cash reserves must equal of your 6 months salary this will help you and ensure you becauas of you loss your job you have extra money .

The 2nd way : investment, business- you can invest in some company so that you have a extra income. And you can also built a small business that will always have an income like apartment.

Example. My wage is $ 7.5 per hour and i work for 8 hours and i work for 20 days. So thar my salary is $1,160 . The 20% of $1,160 is $232 .
So that my cash reserves is $ 116 i can spend this money in emergencies and medical insurance.
If my 6 month salary is $6,960 i can stop my saving money in cash reserves.

Thank you .

The simplest way to save is to make distinction between things which we want and which are necessary.
In the want column if some of the items can be scratched off then why not?
Simple!

Want vs need? Yes, that is goos but very unrealistic too. Ofcourse, the need section covers house, food, etc but then what about insurance? That is a need too, but if a person provides all his money to the following, how would that person suffice with no extra snacks, no special nights and having a good time? Happiness is equally important. Moral: Planning is the key.

adzino

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The best way to save is to spend less and save more. Choose a bank account with more advantage of perks along with more interest. Don’t spend huge money for entertaining yourself. Spend less money on beverages drink and cigs if you smoke. Cutting down on holiday vacations also helps a lot.
If you have a habit of getting into trouble with credit cards its a better choice to quit using a credit card except for emergencies.
Last thing i would suggest is to always look ahead

GreenStox

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Quote from: AtheistAKASaneBrain on June 22, 2015, 10:14:36 AM

If you keep spending, you'll obviously end up with an empty wallet, no mater what rates of interest, deflation or inflation and so on variables are at that moment in time. The only way to avoid this is having a steady source of income, which unfortunately in most cases it means being a wage slave.

Not if you get juicy credit cards. I just get all sorts of SMS on my phone banks telling me to go and order a credit card, it's insane.

And now you can buy all sorts of house appliances with credit too. It seems like people have less money in their wallet and rely more on others to loan them Cheesy

AtheistAKASaneBrain

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If you keep spending, you'll obviously end up with an empty wallet, no mater what rates of interest, deflation or inflation and so on variables are at that moment in time. The only way to avoid this is having a steady source of income, which unfortunately in most cases it means being a wage slave.

Dotakels

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Quote from: GreenStox on June 22, 2015, 09:13:55 AM

Quote from: Don007 on June 22, 2015, 08:11:19 AM

Quote from: Dotakels on June 22, 2015, 07:16:00 AM

Quote from: dollarneed on June 21, 2015, 08:28:16 PM

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion Cheesy

It won't lose if you keep it until it can earn an interest because your money lose if you only save in bank just in a few years. Its takes a lot of time to earn a profit from interest. But its better to save in bitcoin because your coins or money are excepted to inflation.

While the current inflation is higher than the interest, in fact you will "loose some money"; in the sense that the profit from the interest is actually less than the loss of spendable income is (due to inflation).

However, that does not make saving money on a bank useless: be sure you always have some money as a back-up when something goes wrong; like unexpected costs.

Well its like draining money from your bank account with a draining machine. It is slow but eventually your account will be left empty...

Yes, only the owner of the bank can earn from the money of their customers by saving in their bank. and they just actually get high their interest so that they can attract more customers.

Don007

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Quote from: GreenStox on June 22, 2015, 09:13:55 AM

Well its like draining money from your bank account with a draining machine. It is slow but eventually your account will be left empty...

That is not true. In fact, due to interest, your amount of dollars / euros will actually increase yearly. It won't empty; it will only increase.

However, yes, you can buy less and less yearly with your dollars / euros as the inflation is higher than the interest.

GreenStox

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Quote from: Don007 on June 22, 2015, 08:11:19 AM

Quote from: Dotakels on June 22, 2015, 07:16:00 AM

Quote from: dollarneed on June 21, 2015, 08:28:16 PM

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion Cheesy

It won't lose if you keep it until it can earn an interest because your money lose if you only save in bank just in a few years. Its takes a lot of time to earn a profit from interest. But its better to save in bitcoin because your coins or money are excepted to inflation.

While the current inflation is higher than the interest, in fact you will "loose some money"; in the sense that the profit from the interest is actually less than the loss of spendable income is (due to inflation).

However, that does not make saving money on a bank useless: be sure you always have some money as a back-up when something goes wrong; like unexpected costs.

Well its like draining money from your bank account with a draining machine. It is slow but eventually your account will be left empty...

Don007

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Live like there is no tomorrow!

Quote from: Dotakels on June 22, 2015, 07:16:00 AM

Quote from: dollarneed on June 21, 2015, 08:28:16 PM

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion Cheesy

It won't lose if you keep it until it can earn an interest because your money lose if you only save in bank just in a few years. Its takes a lot of time to earn a profit from interest. But its better to save in bitcoin because your coins or money are excepted to inflation.

While the current inflation is higher than the interest, in fact you will "loose some money"; in the sense that the profit from the interest is actually less than the loss of spendable income is (due to inflation).

However, that does not make saving money on a bank useless: be sure you always have some money as a back-up when something goes wrong; like unexpected costs.

Dotakels

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Quote from: dollarneed on June 21, 2015, 08:28:16 PM

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion Cheesy

It won't lose if you keep it until it can earn an interest because your money lose if you only save in bank just in a few years. Its takes a lot of time to earn a profit from interest. But its better to save in bitcoin because your coins or money are excepted to inflation.

Bitcoininspace

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Quote from: BillyBobZorton on March 27, 2015, 02:41:22 PM

Good advice, even tho saying "you don't need this" is relative tho. Sure thing, the only things we legitimately NEED is basic needs, the rest is relative and depends on the POV. For example for me, I needed to upgrade my computer recently, maybe other person could have said "you don't really need a better graphic card" but in my POV i really needed it so fuck it, I bought a new one.

It's not money wasted if you buy something you truly need, same thing goes for time. If you enjoy time you spend doing something (like playing games, etc) it's not wasted even though it would feel like it a week later or so.

deisik

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Quote from: Light on June 22, 2015, 02:15:00 AM

Quote from: bryant.coleman on June 21, 2015, 09:56:12 PM

Storing your money in the form of fiat banknotes can be complicated. Every 10 or 20 years, the government withdraws the old banknotes, and print newer bills. The older banknotes will become worthless after a certain date. It will be much better, to store the wealth in the form of bullion (gold, platinum, silver.etc) or in the form of United States treasury bonds.

AFAIK, there should be a period during which you should be able to go to your local bank and simply convert your older banknotes to the newer ones without issue

You may be unfamiliar with the confiscatory monetary reform in the Soviet Union as of January 22, 1991, when it was declared late in the evening on that day that the old 50 and 100 ruble banknotes should be exchanged with the new ones. The exchange was restricted by severe limitations. It lasted only for 3 days, and no more than 1,000 rubles per person could be exchanged. Besides that, the amount of cash available for withdrawal at the Savings Bank of the USSR was also limited, and no more than 500 rubles was allowed to withdraw per depositor monthly, with the clerks of the Savings Bank branches making records of the amounts withdrawn from the deposit on the last pages of the depositor's passport...

In this manner many people simply lost their long-term savings

bryant.coleman

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Quote from: Light on June 22, 2015, 02:15:00 AM

AFAIK, there should be a period during which you should be able to go to your local bank and simply convert your older banknotes to the newer ones without issue.

Yes. But converting huge amounts of old banknotes to the new ones can attract attention from unwanted sources, especially from the tax authority. Also, what happens if someone stashes away his wealth in fiat banknotes, and dies shortly afterwards? By the time his heirs find the stash, it might be worthless.

Light

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Quote from: bryant.coleman on June 21, 2015, 09:56:12 PM

Storing your money in the form of fiat banknotes can be complicated. Every 10 or 20 years, the government withdraws the old banknotes, and print newer bills. The older banknotes will become worthless after a certain date. It will be much better, to store the wealth in the form of bullion (gold, platinum, silver.etc) or in the form of United States treasury bonds.

AFAIK, there should be a period during which you should be able to go to your local bank and simply convert your older banknotes to the newer ones without issue. Also, storing your wealth in gold isn't exactly storage - it is technically an investment as it does suffer from price fluctuations compared to your local currency. Which means it may increase/decrease your overall wealth if you're not careful. Bonds on the other hand are quite a viable option - as long as you trust that the government can repay (the US government for example should be fine, but things like Greece would be a definite no-no).

Quote from: arallmuus on June 21, 2015, 02:38:52 AM

Unless you are not aware, you are losing your money each year even without putting them in a bank. The yearly inflation rate is so small that perhaps common people wont even realized it until few years, with that being said in few years ahead we wont see any use of $1 notes anymore

That's not exactly how it works. The inflation rate is generally of major importance in regards to monetary policy - so much so that they'll tend to try and keep it around 2-3% per annum. All that means is that your money has decreased value in real terms - i.e. your money buys you less. It doesn't necessarily mean $1 is going to be irrelevant anytime soon.

Amph

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Quote from: dollarneed on June 21, 2015, 08:28:16 PM

just dont save your mone on banks as we now that you gonna losing you money bexause inflataion Cheesy

you will lose them too if you save them under your pillow, there is no difference

if you don't want to lose money you need to invest in something that you think it will gain a considerable value in the future, and the only thing that has a chance right now, to achieve this, is bitcoin

bryant.coleman

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Quote from: GreenStox on June 21, 2015, 03:25:57 PM

Do what the good old greeks do, put the money below the mattress, dig it in the backyard, or just put it on a treasure island with a map!

Storing your money in the form of fiat banknotes can be complicated. Every 10 or 20 years, the government withdraws the old banknotes, and print newer bills. The older banknotes will become worthless after a certain date. It will be much better, to store the wealth in the form of bullion (gold, platinum, silver.etc) or in the form of United States treasury bonds.

ajareselde

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Quote from: Mehek on June 21, 2015, 01:24:20 PM

The smartest way to save money is to not spend it. However, easier said than done. My personal plans include investment in real estate and bitcoin. Starting a business on the down low with my own money then, a little business. Simple life.

I second that, spending money in a smart way, by investing it , is way better alternative. If you don't use your money, you are limited by your previous money income sources, and
when you invest it you are creating additional source of income, while keeping older ones. It's like a game of monopoly, hoarding w/o investing gets you nowhere.

cheers

dollarneed

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just dont save your mone on banks as we now that you gonna losing you money bexause inflataion Cheesy

Topic: How to save money. - page 156. (Read 345824 times)