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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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            #6
            Well the absolute biggest mistake that people make when it comes to saving money is that they actually spend a lot on unnecessary stuff. I know it sounds simple and dumb but just think about it. You go out, get yourself a beer, coffee, and of course an expensive one, you want new shoes, this and that... It's so easy to get rid of money that a lot of times you don't even notice it dripping out of your pocket. Try to spend money only on the things that are ABSOLUTELY necessary. No wasted money, not for food, not for fun, not for anything. Keep doing that until you save enough money so that you can actually "afford" to stop doing that. Give it a shot for a few months and see how it goes. I have saved a lot more than i ever thought that way.

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              #7
              Saving money is a habit that ones trains himself or herself to get used to. If you never started early to learn how to save when you are still a kid and teenager, it's going to be very difficult for you to master the habit when you become an adult. Chances are high that you will will have uncontrollable impulse with spending unnecessarily and before you realize what's happening, you are already out of cash.

              I started learning how to save with a small box save in my home when I was still in primary school. Any little money some gave me is going straight into the box save. I was surprised at the amount I was able to save up after 2 years that I broke the box. Now working as an adult, I made plans to always save 20% of my income on monthly basis, this way I'm never going to lavish all my money.

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                #8
                There isn't much big deal in saving money in my opinion and experience. If you are working, it's going to be even more convenient for you to save money the moment you monthly salary drops into your bank account. Set a percentage of the salary you want to save and have it transferred to another account that you don't make any withdrawal from and don't have any debit card to that specific bank account. Try as much as you can to resist the temptation of getting a bank debit card for that your savings slush account because if you permit yourself to get the card, there is every possibility of using it to spend the money in the account and once this happens once, the money in the account is no longer safe.

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                  #9
                  I believe that kind of question is a cliche. I mean, we do also ask ourselves the same kind of question. Though even if its being heard and asked everywhere, lots of people are having a rough time to figure things out on how to save money. For me, saving money is not just getting a portion of your income and placing it in a savings account, vault, or piggy bank for example. It's actually more than that. We save money for so many reasons. We save so that in case of emergency, we have something to dig out and pay for the bills. We save because we want to buy something. We save for the matter of tuition fees, projects, allowances and other stuffs. We save to invest in our future. The common point is we save money to use it in our expenses.

                  Now, how do we save money? First, all I could say is that it's all about in your mindset. Everything starts in the brain so if you're not eager to save, then probably you'll be spending most of your hard earned money into buying commodities which most of it are just wants and not needs. Consumerism says it all! Second, make a monthly budget plan with regards to your expenses. List down the cost of some of your monthly expenses that you've regarded as fixed (allowance, food, rent) and as well as your estimated amount of your bills (light and water). Then sum it up. Third, divide your income into: monthly expenses, emergency fund, and savings. Lastly, place your savings into the right basket. I highly advise that you should not put your free money into bank accounts because you don't want your money to just sit there and wait for a very little amount of interest. Instead, invest it! You can invest it in the stock market by simply using the peso cost averaging. If not, you can just try saving your money in a cooperative because their rate of interest is higher compared to the banks. All in all, just don't let money control you. You're the earner so be the boss of your own money.

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                    #10
                    Saving is hard specially when you have little amount on your hand. The best way to manage and save is by identifying items on your purchases and segregate them. Separate items which are needs and wants then try to mange them. Second is allowing a percentage of your income to be banked or saved. Lastly invest what you have saved, and try not to spend the amount until you reached a set goal.

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