What Is Your Favorite Saving Strategy

[Jasmine]

In general, there are two main ways people save money.

The first method involves saving whatever is left over at the end of the month after you pay your entire bills and spend on necessities. For example, if you earn $100 you have $10 left after paying all bills, you save that $10. The next month, maybe you only have $5 left to save, and the third month, there's nothing left to save.

The second method is more proactive. You set aside a fixed amount from your paycheck every month, like $10, before spending anything else. So, if you earn $100, you save $10 and then manage the rest of your expenses with the remaining $90. Next month, you save another $10, and if you overspent last month, you try to cut back this month.

The second method is considered better because you are consistently saving money every month regardless of how much you spend.

 

[Leah Kelvin]

A method that is both popular and effective is the 50/30/20 rule which I can recommend. It means dividing your income into three groups as follows:

1. 50% for essentials: You should direct fifty percent of your monthly earnings to meet basic needs like food, rent, bills and transport.

2. 30% for wants: Set aside thirty percent of your money to be used in entertainment and other things you may want to have or do.

3. 20% for savings: Another twenty percent has to be saved for future financial objectives, contingencies or investments. This division lays the financial edifice and gets one prepared for any unexpected expenses.

Nonetheless, this is just one approach among many; depending on various factors such as individual circumstances, goals and lifestyles, different saving methods will be more appropriate than others. Thus it’s always advisable that you consult a professional financial advisor or conduct a thorough research in order to find an investment mode most suitable to your own needs.

 

[Mika]

I am a freelance, which means I do not make a fixed income every month. When everything is good, I earn well and I manage to save even 30-40 percent of my monthly income, however, sometimes I fail to secure enough jobs and I am not even able to pay bills through my monthly income. In a situation like this I end up using my savings to maintain my life. Budgeting can help you save on a regular basis but you still need to earn enough.

 

[Augusta]

I have always loved the econd method and that's what I'm practicing. I do set aside a fixed amount from my paycheck every month before spending anything else. I try to always keep m8ney for savings thennmanage the rest of money on other demands or on expenses. I like this method as you would not spend money anyhow. you wouldn't even see the money to spend as you have saved a bigger part of it. This is for future events