Topic: How to save money. - page 177. (Read 345783 times)

Yeah, most people don't realize they can easily city out 10-20% by getting rid of additional expenses/impulse buys. Skip the $4 cup of coffee every day. Don't grab a bag of chips, smokes and a soda every time you get gas, drink water when you go out to eat, change you cable/phone plan (do you even need cable these days???), etc. Cutting your expenses should be your first goal .

When consumption comprises 70% of the US economy, economists and the government view savings as extremely negative. They actively try to get every American to spend every dollar they have. It's one of the great moral bankruptcies of economists and the US government. They encourage people to be in a situation where "retirement" means a cardboard box and dog food.

My current salary right about $ 192 / month (it's quite high on Asia)

$ 77 used it to pay my life insurance
$ 46 used it for daily eat
$ 20 ~ 40 used it for school things & fun

I'm glad that I can save my money about $ 29 ~ 49 every month  

When consumption comprises 70% of the US economy, economists and the government view savings as extremely negative. They actively try to get every American to spend every dollar they have. It's one of the great moral bankruptcies of economists and the US government. They encourage people to be in a situation where "retirement" means a cardboard box and dog food.

Ya, true. I might have missed that point. But could you please explain, what kind of new business we can start for second income other than the full time job, one is occupied with? Even I want to do something like this other than my full time job. Thanks.

Yeah that is my point in my thread. I said that there are 2 types of how you spend your savings. Your example that you have must second income is my second type how you spend . If you read the thread and understand you must invest or make a business so that your savings will be worth it and also you can have another income.

This is good for my future, I'll think about it

My current salary right about $ 192 / month (it's quite high on Asia)

$ 77 used it to pay my life insurance
$ 46 used it for daily eat
$ 20 ~ 40 used it for school things & fun

I'm glad that I can save my money about $ 29 ~ 49 every month  

I totally agree with the original poster. But there is one more important thing which is well said by the famous business tycoon Warren Buffett that as soon as possible try to create a second source of income. Now let's try to understand what this second source of income can be: it can be an investment in the form of property through which you can have a rental income, or it can be buying of shares of some good dividend paying company, etc. But the sooner you created this source the better would be for yourself.

Every one should learn to save partial income for the future. But it doesn't means we are against spending. I support to buy the requisite not the luxurious things. I will give an example to elaborate my idea. If I need a car for the transportation, but my pocket only has $20k available for the purchase. A Volkswagen car costing $10k is suitable for all my requirement. But I like the Porsche costing me $30k, which means I have to borrow $10k. So do you see my points now?   

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 .

Don't be the person that saves every single penny, it's not worth it. You have to keep a balance between spending and saving. I knew many people who wouldn't eat some days just to save $10 for cigs and alcohol or other useless stuff. Money is meant to be spent and enjoyed so once in a while go and buy something for you. You can get old and save as much money as you can but what's the point ? You will probably be old and to tired to do anything with it.

Don't be the person that saves every single penny, it's not worth it. You have to keep a balance between spending and saving. I knew many people who wouldn't eat some days just to save $10 for cigs and alcohol or other useless stuff. Money is meant to be spent and enjoyed so once in a while go and buy something for you. You can get old and save as much money as you can but what's the point ? You will probably be old and to tired to do anything with it.