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How to save money?

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    Question: How to save money?

    I really have difficult time in saving money. I don't know what is the right way to save up. Any ideas?

    #2
    Many savings experts espouse the theory of paying yourself first. Any money you come into you should immediately try to put aside 10 percent. If you take that off the top you will make a habit of it and you will assure yourself of having savings in the future. It is not always the easiest thing to do, but it can pay dividends in the long run and is beneficial.

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      #3
      Saving is not a difficult task especially when you considered it a priority. There are several methods of saving depending on your working conditions and the level of your disposable income (income after tax) at the moment you want to save.
      If you earn your own income based on daily petty cash, I suggest you engage your savings based on daily contribution.
      when it was the case of weekly or monthly salary, I suggest you make use of bank saving, this will help and reduce your unnecessary expenditure with the week or the month.
      what you must definitely consider is that any saving channel has its own cost. It therefore left for you to decide whether to risk your money holding it with you or handing it over to the appropriate authority that was established for that particular purpose.

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        #4
        Originally posted by chelley17 View Post
        I really have difficult time in saving money. I don't know what is the right way to save up. Any ideas?
        If you want to save money, you have to change your lifestyle. Don't buy things that are not important. If you have vices better cut it out, instead save it from a bank or any investments. Changes are not that easy but if you're determined you can do it. All things are possible if you have the right attitude.

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          #5
          Hi chelley17. I see you are having a problem with money saving. Saving money is an arduous task for some people. I am not an expert on money saving or anything, but I do have a few steps that I hope will help you.

          The first step, and probably the most important one, is to record your spending. Keep track of all the expenses the last month. You should have a general knowledge of what items or services you have purchased, and how much you spent on each of those things. You should make it into a list, as it will be useful later on.

          The next step is to decide which expenses are avoidable and which are not. Divide those items and services you have listed earlier in these two categories. You should do it for your own comfort. Don't make it too harsh for yourself.

          Once you have decided all the things that you can avoid paying for, it is time to limit your spending. For example, if you spend 40% of your monthly income on your wants (vacations, sports, video games, etc.), try to make do with 35%. This will significantly prevent you from overspending.

          That's all the steps I usually follow. Besides, you can also opt for something that you like to save for.

          I hope that helps.

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