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Do you have habit to save money?





Cliffer
Do you have habit to save money? and How to save money in daily life?
pampoon
Saving money...well, I like to collect change I find around the house in a cup. Does that count? Smile

I never have been too much of a saver. I like to spend, spend, spend (unfortunately). I do have some investments in gold and my father's oil company, but other than that I just go with the flow and hope for the best. Can't say it's the best method, but it seems to be working so far.
Cliffer
pampoon wrote:
Saving money...well, I like to collect change I find around the house in a cup. Does that count? Smile

I never have been too much of a saver. I like to spend, spend, spend (unfortunately). I do have some investments in gold and my father's oil company, but other than that I just go with the flow and hope for the best. Can't say it's the best method, but it seems to be working so far.


yeah,good investment is also a kind of way to save money,and it can save more money i think .Very Happy

you invest gold and oil ?wow! it must be big investment! hope you can save big money from them! and hope you invest me to make animation film some day!
ocalhoun
Just spend less money than you make, and saving happens by default. I had around $8000, but bought a truck, so I'm a little out until I sell my old one.
Bluedoll
I am not sure but maybe saving money in life is going out of style? True making smart investments seem to be a good way but most people today have only enough to get by on and that is about it.

I once tried using only bills when dealing with cash and kept the change I got for my piggy bank. What about that elderly lady in the news? Her children bought her a new bed and tossed out the old one into the dump but then they found out she had put a million in it?

Sometimes if you give it away to those in need it comes back to you. Don't know how that works just that it does.
deanhills
Bluedoll wrote:
I am not sure but maybe saving money in life is going out of style? True making smart investments seem to be a good way but most people today have only enough to get by on and that is about it.

I once tried using only bills when dealing with cash and kept the change I got for my piggy bank. What about that elderly lady in the news? Her children bought her a new bed and tossed out the old one into the dump but then they found out she had put a million in it?

Sometimes if you give it away to those in need it comes back to you. Don't know how that works just that it does.
I agree with that. Succesful business people do the same. Generosity has to have some law of attraction written in it especially in a networking environment. You're also right that "saving money" is going out of style. To simply put money in the bank to accumulate does not work anymore. Investing has become much more complicated. It has become a form of art to go into debt and to make all available income work for you in a business/home/stocks and shares. Problem is quite the majority do it without a fixed plan and it is quite easy for debts to get out of hand in that way.
microkosm
To me, money is a resource. If you mindlessly squander resources you end up depriving yourself and potentially harm others. Much of the reason of the world economic crisis is due to flagrant squandering of money as a resource.

Quote:
I am not sure but maybe saving money in life is going out of style?

That gave me a chuckle. What's that proverb? A fool and his money soon part ways. Spending money is all good as long as you rake in a boatload. Once all the bills start catching up to your spending and you dont have savings then what? But yeah it does seem to be going out of style. The sad part is the irresponsibility is spread all across the economic ladder.

Quote:
Just spend less money than you make, and saving happens by default.

Well put.
standready
ocalhoun wrote:
Just spend less money than you make, and saving happens by default.

There you go!
littleladyluck
There are different ways to save; buy shares, put money away in a bank account and let interest grow. I think it is very important to have money put aside; for your future projects, for unforeseen events.
tchaunt
I bought a laptop recently, and my savings account is down to two digits. I AM going to get a summer job soon, though. Also, I invest money in sales on items in games (like Furcadia, Neopets, etc.) and turn around and sale them for hardly any money using Paypal or invest the in-game currency in even better deals to get more money.
chiragpatnaik
deanhills wrote:
Bluedoll wrote:
I am not sure but maybe saving money in life is going out of style? True making smart investments seem to be a good way but most people today have only enough to get by on and that is about it.

I once tried using only bills when dealing with cash and kept the change I got for my piggy bank. What about that elderly lady in the news? Her children bought her a new bed and tossed out the old one into the dump but then they found out she had put a million in it?

Sometimes if you give it away to those in need it comes back to you. Don't know how that works just that it does.
I agree with that. Succesful business people do the same. Generosity has to have some law of attraction written in it especially in a networking environment. You're also right that "saving money" is going out of style. To simply put money in the bank to accumulate does not work anymore. Investing has become much more complicated. It has become a form of art to go into debt and to make all available income work for you in a business/home/stocks and shares. Problem is quite the majority do it without a fixed plan and it is quite easy for debts to get out of hand in that way.

true. requires a lot of discipline. sometimes saying no that vacation is very very hard. but if you don't then financial ruin is around the corner.
fullmetalalki
saving money is just a necessity, especially in these tough economic times. As unemployment reaches double digits and unemplyment checks are only about $400 / week so you really have to find a way to make that last.

i believe that after this recession is over, the american people will be able to manage their money much better than they were once able.
Jupis
Only buy what you need don't go for things that look cool but you won't want in a few weeks time or won't use.
iyepes
Yes, I have that habit. How do I do it? simple, the day I receive my payment, I transfer a fixed amount to a second account, used only for savings. This money will be used only for specific purposes, not for my dayly needs.

I think everybody can save, even if they are only $5, you can afford that. The key is stablishing the right fixed amount for you and respect it.
Libby
I get my paycheck deposited straight into my savings account, and I just transfer whatever I think I'll need weekly into my checking account. I live with my parents, so my room and board is really low, plus I buy all my clothes used. The only other things I really spend a significant amount of money on are music and donations. So with all that I can save about 80% of my income. Unfortunately I don't make much money in the first place, so my goal of owning some real estate is still pretty long way off.
Dean_The_Great
Best way to save money is to cut expenses on things you really don't need.

Another tactic I find helpful for the impulse buyer is to lock most of your money in an account that takes a little hassle to get at (phone/internet transfer before accessed by your ATM card or something like that) to give you time to reconsider your impulse by, thereby cutting costs and saving more.
Alaskacameradude
I'm a good saver. Mostly, because when I want something, it is something big, like a computer, so I
have to save money to get it.....cause I don't use credit. So I usually have a bit of money in the
bank......I do NOT spend money on little things like eating out or going to the movies. I had a job
making 20 thousand a year and was able to save over half that every year....and this was in Alaska
one of the most expensive states (along with Hawaii) to live in in the US.....and this was when I
was 25, at an age when lots of guys are blowing money going out partying. I didn't do any of
that either.
Triple_7
I used to save. At one point even had a little over $5000 in the bank. But then I became unemployed in February. Couldn't draw unemployment benefits because of the job I had. Indiana considers all farm/agriculture labor to be seasonal...even though I had been working there full time for a year and it was NOT seasonal. So that $5000 that was in the bank is gone. Been resorting to selling off everything I don't need, cashing in pop cans, anything to make a quick buck. Still going in the hole.

Once I find a job, and get things caught up I plan to start saving again. I like to have that fallback fund, just for an occasion like this. Confused

But with any rainy day fund, when things are going good, I tend to splurge a little bit from time to time. But who doesn't Rolling Eyes I probably would have had double the amount in the bank, but wheres the fun in life if you save every single penny and never enjoy a little something extra now and then. Shocked
azoundria
Hide your money...

I mean, literally hide it.

Pretend it never even existed.

You probably wont miss 10% of it honestly, and you can always find it again when times get tough...
nigam
yes, i do have a habit of saving money.....i save a little but i mostly invest my money to new business...
yagnyavalkya
I am reminded of the old story called the ant and the grasshopper
Of course we have to save money! It could help us in future
crimson_aria
It's so so hard to save money. Especially when I see food. I love trying out new food so I end up always buying even though I really shouldn't. need to do something with my food cravings.
pll
When I began to work I wasn't saving anything!
But now I've changed my mind, I keep a little of what I earn.


It's always nice to know that you have a little something which can help you whenever the need comes!
Crinoid
Quote:
Best way to save money is to cut expenses on things you really don't need.

My point is exactly the same. No dining out, no coffee shops, no movies, games or concerts, do not party, no car with all costs involved, no hired labour for anything, lower house temperature, use less water (in the green way, not by becoming filthy), and so on.

Add "Earn enough to cover costs of necessities, medical expenses and insurance" and this is the way to go.
If this part fails, there always is a way to cut cost on necessary things, finding replacements on other places.

Who needs such life, may ask someone.
Well, some have not much of choice, and then it is the way to go.
Baka_Desu
I was raised by stingy parents so i have a habit to save every cent that falls into my hands.
Flakky
I barely save any money. Although I have enough money to buy something to keep me satisfied. I am young and a good game or new keyboard can keep me happy for a long time.
liljp617
Well I don't make much, but I feel like a save a good portion of it overall. Probably 50-60% each month of my income goes into a savings account and stays there for a while.
slashnburn99
In a word "no"

Outgoings = Incomings + Unexpected event +paying back money you borrowed last month Embarassed
Flakky
I'm still at high school and I have trouble to save money. I had to buy new shoes last week because they got old so that was an expense I had to make
app893
in the present world,price of education and daily living is so expense,so I want to save money for the future.want to learn your good ways here.
mtorregiani
I have some savings, I try not to use them... The problem is that sometimes I have to grab some bucks from there...
nigam
i still have this big size wood bank in my drawer...i think it is more than 7 years now...and still i haven't tempted to open it yet...though i am still putting more coins once i have lots of it in my hands...and also, i have a small size wood bank too for my small coins...if i have lots of it also, i put it there...i separate the big ones and small coins..i have it with me for more than 3 yrs i guess. hope it will be with me 'til my son grew adult and i will gave it to him Smile for his basic personal needs.
Plaintiff
I save some of my money too, mostly on the bank,

Always have max 50 dollar/euro in your pocket so you can't spend all of the moeny and try to use it in 1 week its not that hard.
zeda
It is interesting that a topic about saving money is opened. Someoney once said that saving is the best thing somebody can do. On television and in magazines are a lot of advertisements to loan money and to make debts. It seems advisors in banks like to advice people to make big debts to buy a house. And for other stuff loans seems to be offered very easily by banks and financial companies. It seems that there is not much information and not much promotion to save money. The emphasis seems to be on making debts and spending money.
PGe-tips
Indeed every month I save a bit of my income .. guess I'm quite average here . Thinking ahead is probably coded in our DNA , of course the more you earn the more you can save. For those on the weaker side of the society savings will smaller but I'm sure they also save, even if it jujst that last can for a few seconds later ...
joostvane
I'm saving for college. Those will be some seriously expensive years.

I basicly get everything from my parents that I desire. If I go out, I just ask them for some money. I do some holiday jobs, and have a small webhosting company that gives me some money to save.

Basicly I save everything I make :p
deanhills
I save too, but have not invested any of my savings in a number of years. I am also not saving with a focus, i.e. an objective in mind, which is probably not good either. I am not thrifty as I do like to travel, but I also am not a big spender, and hate debt. My finances are extremely simple, and I have always lived well within my means.
standready
A penny embezzled, is a penny saved. (saved from it's rightful owner use). laugh

To be serious: I save when I can. Given the current economy that is not easy.
pll
A tip if you want to save a lot :
You take a % of your income and you ask your employer to send in another bank account than your chequing one, and then you only take the money in the chequinq account.

You can even get the savings account ''frozen'' so you can't withdraw from it before X years from now.
Radar
Saving is the ideal. How much to save and how much to spend though? It's a weird balance, and falls in different places for different people.

What you're saving for also makes the difference.

Saving, but not being afraid to spend either.
sketteksalfa
yeah... i save money for my better future..
pll
Just try something:

Take your next paycheck, try to spend less than you earned by saving on little things you buy but you don't appreciate so much.

I tried this and it worked well so far, it's not like a stable saving but you can save enough money without privating yourself from things you really like.
friho
i once try to save money ,you know there are always have some accident that you have to spend money. when we are sick,old,marry,have a baby etc. but it's hard to save money with the little salaries and daily consumption is becoming up.
asnani04
Money can be saved in every economic activity that we carry out throughout the day. In every purchase, every bargain, we can save money. There are endless way,s and it's useful too...
shivaghimire
Saving is a good habit but if all people starts to save then the inflation will be created. Investment helps to earn and save more amounts. But I don't focus only in earning and saving I prefer on investment and some amounts will be investment on entertainment, luxury too. But my bad habit is to spend on those things which doesn't have benefit but that makes me relax. I save few money thinking if there comes some urgent needs.
shivaghimire
I don't save much money without fulfilling the needs of my present. If I need nothing at present then I would like to save money. I don't waste money in useless things and topics. So I save money first fulfilling the present needs and then save for future.
iiinvest
I save about 60% of my income after paying for my student loan each month. I would be easily putting away 80% without the loan.

Saving is a lifestyle that I believe a lot of people have attached a stigma too, sort of like exercising. It's hard, boring and people want the quick fix so they find every excuse not to do it. No, it's a lifestyle.
Also, I find most of the work I've ever done in my life is not personally satisfying and the quicker I can get out of the "rat race" the better.

This mindset will give me the ability to buy a house next year in cash with money left over for my other investments and an emergency fund. As long as I keep this lifestyle up, I'll have really low monthly expenses and FREEDOM to do whatever I want.
boinsterman
Cliffer wrote:
Do you have habit to save money? and How to save money in daily life?


The Tightwad Gazette's author and editor has apparently retired. This newsletter inspired a whole frugality movement in the 1990s. I understand compilations of all issues can be obtained used.

The book "Your Money or Your Life" (at http://www.frugalmint.com)was famous around the same time. I read it about ten years ago. Although I'm not sure I learned the "secret laws of money" the authors seem to espouse, I think I already understood them in another way. What I did do after I read it, as they recommend, was keep a record of all my resources (though only for about two months): money expenditures, money income, and how I spent my time. (Time is a valuable resource and the only one we really control. For example, I could spend the next hour sleeping, watching TV or reading, working on my website, or doing something that would definitely earn money for me such as manufacturing something for sale. In other words, time can be converted into money, depending on how we use it.) More than anything else, recording my purchases made me very conscious of what I was spending my money on--and of how much of it I did not really need.

I don't have much money anyway. I never really wanted it.
RichardM55
It's always to save money if you have something to save.
crystalkey
To save money, buy, don't shop. When shopping, you ALWAYS wind up with something that you did not intend to buy when you entered the store. Merchandisers are experts at getting you to buy stuff in the checkout aisles, etc.
mk12327
I do save money, but not as extreme as before. I used to be almost to the extent of stingy by some people's definition. Saving is very important but always seek a balance. If you only cared about saving money, you will lose the networking chances (and business opportunities) and distant your loved ones (when you become too calculative).

One nice little trick to saving is to make it difficult to obtain your savings / money. For example, lock up the cash in a multi-lock and hide it somewhere; not use credit / debit cards. By making it difficult to access, most people who are lazy by default will simply choose not to use the money.
mengshi200
Saving is very good habit.Because the resources of all globe is very limit,if we did not saving our expanding,then life and econmy is not last with resource exhausted .
Saving is wise action and economy and consumer model need to be modified .
hitose
Sometimes not always, but lately has to be a necessity to a habit, just depends on the approach.
pll
mk12327 wrote:
Saving is very important but always seek a balance.


You said it. Whether you work at the minimum wage, or you have an enormous salary, if you spend more than you earn, you will end up with tons of debt.


You always need to keep balance, do not private yourself from good things, but stop buying things you don't like / need.
kaysch
I was lucky to have a very well-paid job between 2002 and 2009. Instead of spending everything on a house, a big car and other non-essential stuff (which is what most people would probably have done) I managed to save most of it and invested it in public bonds. Unfortunately part of those savings vaporized when Greece went bust 2 years ago, but as bond rates are recovering now I have been able to minimise my losses.

Over the last 3 years I had some bad luck with my jobs, so I am pretty happy to have my savings which allow me to survive during these bad times.

So I can say that my cautious attitude not to spend anything on superfluous things in good times paid off. Smile

Anyway, I have never spent much money on things I don't find are essential and I have neither taken up any loan in my life. And I can sleep very calmly at night...
farhanshoukat
I want to save.. but its a hard task... in the current inflationary scenarios.. if one can even keep up to the expenses of a reasonable lifstyle.. that is more than enough.. moreover... each time i try to implement a saving plan.. cutting down some expense... my household diplomacies get disturbed and end up in an argument with the wife Smile
kmr_mukund
money saving is very good.if you spent your money in good work or you spent money as minimum as your required then its ok.but if you are miserable then i think it is very bad.if you didnot spend money as your basic requirement then no meaning of earn money.so be a good money manager.
darthrevan
I try to save money when I can, but lately it is harder to save any money. Though maybe I will get to save some money soon.
mtx
Sometimes I'm like: yaeh! not a penny! but then I find something I like and... I buy it Wink but generally I try to save rather than spend...
Peterssidan
I have a habit of not wasting money. I don't buy candy or anything that I will only use for a short time. I don't have regular income and I don't feel like getting a job so saving money feels like the right thing to do.
marioulis7
I am trying to save some money every month so i could have them in case of emergency.Even if those are few, i try to save them.
Stay_Classy
I save money by not buying things I don't need. That simple.

Most of the things I want, I can get for free (legally, I am not a pirate.)

I mean, I'll buy the occasional game, etc., but I've never been a big spender. Besides this $800 computer, that is... Razz
testsoc
Yea, good saving habits are essential. Not being an impulse buyer. Separating bank accounts and making your savings hard to access are good techniques to achieve this.
codegeek
I used to save money regularly when I was a kid. I used to stow away a lot of money into a piggybank, and finally spend it all on some big toy that I always wanted, but my parents wouldn't get for me.

Unfortunately, the habit has stuck around. I had a lot of money saved in my bank account just until a few months ago, then I saw this awesome new mobile phone. I just had to have it. So, I was broke. Then, I collected some more cash, and that's when the itch to spend it began.

I found this really speedy internet service, which was quite a lot expensive as compared to the other ISPs. Well, I bought it. So, right now I'm broke again. And the cycle continues!
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