Topic: Tips to save my finances, to grow personal economy - page 7. (Read 1025 times)

Also, if you have extra, try to invest it like in real-estate, jewelry, and or stocks. Find a way how to increase your money. Because if you will just let it sit for example in banks, the interest is very small. Unless, you are putting it in a time deposit or other investment options. You may not own a business, but you can invest in stocks. But before going into this, of course you should have prior knowledge before investing in any of the companies.

They'd have to go through a lot of difficulties in life before learning. Finance can be harder to manage when they already have few options and sometimes the job itself is making it more difficult. Its why some people prefer to just manage a small business like selling streetfood because its way easier and the money that comes with it is not fixed.

Best to so is to not spend more than what you have.

This is the first mistakes that I did, started with just 1 credit card and then they grow, and obviously I pile up most of them, max out and didn't pay. Now, it's a hard lessons for me, and it's  very hard to get out of credit card debt. Luckily I took a turn, prioritized them, and never used it again except for extremes situations.

I also learn to save 10% of my monthly earning as well, put them aside and then all my bills and what's left is the money that I spend and everything. It's kinda boring routine, but hey if it is effective then you can't complain.

Nothing comes in easy
I think most of the time people get the financial freedom after a hard hit on them - they become tough and more rigid with their financial dealing and with the people. Happend with me not sure about other.

As a very frugal person, here are my tips.

• 1. Decide on how much you are willing to save and then automatically deduct that from your pay, or at least immediately move it to your savings. If you never see the money, you will never feel like you have to spend it.
• 2. If you don't have enough left over to pay bills, then you are living above your means, and you must cut back. That includes where you live and what you drive.
• 3. Pay off your credit cards every month. If you can't pay off your credits cards every month, then you are spending more than you make.
• 4. There are many people that get by with less money than you. If they can do it, so can you.
• 5. Stop showing off. Nobody is actually impressed or intimidated by your expensive shit.

I started at a low-paying job and saved about 10%. As my pay increased, so did my percentage. Now I am saving 30% of my pay. I don't miss it because I live like my pay is 30% less than it actually is.

For some people frugality is very difficult. because everyone's needs are different. and sometimes the cause is a balance between income and expenses. so for example when we receive a salary of $ 250 USD per month and it turns out that our expenses are $ 250 USD per month. then of course the money we receive from the salary will run out and only enough for a month.

maybe these tips only apply to some people and not to some people. because I know everyone's income is different and everyone's needs are different.

The following are tips that I usually do in saving my finances so that they are more effective and can be set aside for saving or investing.

1. Must take note and calculate our income and expenses regularly and consistently every month or week.

this is necessary in order to start saving by looking at our financial condition. and evaluate whether our spending has been done effectively or not. and measure how much we can save later.

2. Buy only what is needed, and put aside the things that are only wanted but not needed.

 so after seeing our financial income and expenditure records every month. so from here we can start analyzing what things we have bought so far that are only based on desires and the things we buy based on needs.
and from here because we want to save money then make our priority only to buy what is needed. and we reduce the things we want but don't really need.
well the result of doing the first step will be useful here.

sometimes people spend more money to buy the things they want regardless of whether they are really needed or not. and sometimes people prioritize wants over needs.

So from here we change the concept of making needs a priority. so we can reduce expenses by not buying things we don't need.
sometimes this step is the most difficult. because it requires a high level of commitment.

3. make the allocation of funds
because we already know which things are needed each month. from here it is necessary to make an allocation of funds so that the effectiveness of the money spent is more allocated.

4. Stay away from excessive lifestyle (excessive luxury) and try to live with a minimalist lifestyle. as usual you usually order fast food. well from here you try to make more of your own cooking. (this is only done by people who are not busy). because sometimes when we pay $5 dollars for a serving of ready-to-eat food for one meal. so when we spend it on fresh ingredients that we cook it can be enough for several meals. (optional)

5. Make a goal (dream to be achieved) to make yourself more motivated.

6. Start saving and investing the money earned from frugality.

7. Pamper yourself with the specified time portion.
sometimes we need entertainment and fun. so if we usually do it often, for example every week. then make it once a month. because too much frugality can also make us stressed. then entertainment is needed here. provided that the entertainment is not excessive. because if we overdo it even our money can run out overnight.

simple life but still fun.

maybe you can add tips from your experience all.

Thank You.