Saving Money Can you cut down personal expenses to save money?

[Shaf]

Saving money is not really easy for most people. There are many factors responsible for this, but a deeper look shows that ever increasing expenses is one factor that deters people from saving.

I've noticed though that no matter how much your income increases, unless you make a conscious and deliberate effort to save, you won't do it. There's always a new gadget or car, or the desire to travel more or some other thing.

This means that one sometimes has to cut back on some expenses in order to save, especially if they are unnecessary, but it's easier said than done. It can be done though as I've done it multiple times.

Do you think you can go that far, by cutting down your expenses so you have extra money to save?

 

[Rachael]

Of course, cutting down expenses is one of the best way to enhance our savings culture. This is where discipline and management of available finances comes to play. There are some people who do not have the attribute of being self-disciplined when it comes to managing of funds. When once they set their eyes on money, they tend to squander it immediately. I know of an individual who would lament of not having a dime due to excessive and misappropriation of funds yet when another money enters, she spends it recklessly, suddenly forgetting how bad it was when she had no money but she keeps on with the same habit and has the culture of begging or borrowing of money from different people.


Such people do not care to refund your money when they lend it until you pester them frequently or threaten to report to the authority, before they will borrow from another person to refund. Working on a scale of preference and using the concept of opportunity cost is a feasible way of saving money while still reducing costs. At times, it is good to also improvise. For example, if you are used to eating cow leg in your food, you can change to using fish instead or chicken meat.

 

[Kendy]

Definitely, I have been in different situations where I had to slash down my budget to the lowest minimum in order to have money to save. I see the art of saving as a very important or vital requirement that will assist in achieving my target. No matter how little the money is, I find saving as a needed culture and I try as much as possible to do as much as I can.


I normally adopt using the scale of preference which I would budget for my top most needs and forgo my wants and also in some cases, I may have to improvise or cut down the quantity of some items just so I would have money to save. Saving money has really helped me in trying times and this is why I normally force myself to cultivate this habit, not minding the harsh economic situation where we find ourselves. Most people have the urge to save but when looking at their take-home packages or salaries, it is not even enough for their feeding and transportation so they do not have a choice but to just spend it and to onlookers, it may look as if they are squandering money but in reality the money is not enough because of the prices of goods and services.

 

[TOZZIBLINKZ]

Only a few people in the world today are blessed with high paying jobs with attractive salaries that pays them a huge amount of income and salaries , and these people under this category have enough of money to spend , and consume enough of money to invest , and enough money to save . People under these categories are considered to be rich and wealthy and they do not have to cut down their spending for anything because the money is there to save , invest , and spend . But undoubtably they are majority of people outside there in the world , who earn minimal and low income . Majority of individuals under this category actually have the mindset that the act of saving is only for individuals that are rich and wealthy who own and control hi prestigious jobs with attractive salaries .

Absolutely not , the act of saving is absolutely for everyone and no one is guaranteed to stay in his or her job forever whether you are rich or poor , so you must endeavour to save even if it means for you to cut out unnecessary spending to save . The act of saving is absolutely worth the stress you encounter just to save .

 

[MakeitWork]

I agree, the needs are getting more costly than ever and a guaranteed income is the key.
I have a 9-5 job at a call center, however, it is not enough to support my family's needs at the same time having an investment in the future, Just one quick tip. Be successful in U.S stock Trading in a short period of time, use 20MinTrader.

 

[eldavis]

The reason why most persons are unable to save these days is simply cause they are not willing to cut down how they spend. Saving has to do with sacrifice, I read a post where someone said when saving, it's ideal to remove what you plan on saving before you start spending. It is wrong to spend first before saving. If you really want to save, there are so many things you would have to cut down

 

[Shigobad2020]

It takes me a whole year before I could adapt to a new lifestyle and learn how to cut my expenses , sometimes you might be a flambouyant spender that can spend any amount of money because you are making enough money.

I have seen a manager of an organisation making four times the amount his subordinates are making and he's yet to have a house while some of his junior at work earning are already a house owner because they cut their spending and started saving.
And the reason that got me to start saving and cut my spending is because I have been striving hard to start a business but the money is not coming .
I decided to cut my spending by reducing the way I normally go out clubbing and started saving the money I could have been squandering in the club.
And I also cut down my flamboyant life expenses and i was abke to achieve my goal.