Saving money

Daw

Chocobo Breeder
Joined
Apr 25, 2007
Messages
17
Location
One of the countries in Asia
Gil
0
Hi guys, i wonder how would a person save money, and stick to plans? Is there really a sure fire way to save them? Would you mind sharing your experiences and challenges of saving money? Personally I struggle, and would sometimes be tempted to spend them unnecessarily. Will tight budgets cause yourself to be left out from a group of friends who spends money more than you do?
 
will power is the only way to do it really. it doesn't matter if you say 'i'm only going to spend this much this month, and save the rest' because at the back of your mind, you still know that you have that money available to you.
 
The best way to save is to read a book about financial planning.

Most bank accounts offer less than 1% APY. Inflation grows on average 3% a year(in capitalist america, anyway).

Putting your cash in a bank means you're losing close to 3% value on a yearly basis.

In some cases, its better to have an IRA account or something else that pays higher interest (sans taxes).

A good DRIP (Dividend ReInvestment Plan) is something that has worked well for some people though it does carry risks.

.
 
HOLY MOLEY, i suck at saving money, i think to myself "Riiiight, i gotta save up" but then when i get money coming in there always seems to be something i really want, and then i think to myself "can i live without it" and inevitably the answer is no. I spend far to much money on Alcohol and cigarettes, and the occasional pre-paid game card for WOW, but alas i cannot save money to save my life, i run from saving money like a cat from water.
 
i find saving pretty easy, it helps if you have something to save for though, I just let a load of money rack up in my account, but thought id better stick it in savings eventually, I check my account once a month now, and il just transfer a realistic amount of money over, theres no pioint skinting yourself, that defeats the object, I dont really need much these days, so i find saving up quite easy and am now aiming for a few obscenly priced household items

ReaLLy the best thing to do is open a savings account and set up a standing order putting a small amount in every month, see how you get on, then just gradually up it if you feel like you can afford it. Granted, you wont actually save much, but it's a start
 
Saving is a lot easier when you have something in mind you need to save money for. I have had no problem saving for my car insurance and car tax and have even set a little extra aside in case the price increases (due to the recession) between now and when it's renewed. Any spare money will be set aside for fuel, as I stop working in July and start a PGCE (teacher's training course) in September.

Saving for the sake of saving is a lot harder. However, it's not impossible. I feel guilty if I spend more than a certain amount per month. Furthermore, I feel guilty spending money on things I don't really really want/can wait for. I would quite like a 3DS and a PSVita, for example, but neither have games I MUST play - yet. I would rather wait until I want to buy 5 or more games for each system. Currently, I only want Zelda (a remake of a game I already have) and Mario Kart on the 3DS. If I wait until there are 5 games available, the price of the system will no doubt drop. :wacky:

In the long term, I would rather spend wisely and spend money in order to set myself up for an easier life later on. When I become a teacher, I am willing to move anywhere (with a good school) and plan to rent somewhere small, that's as cheap as possible (and clean) so that I can save up for a house. I will also spend as little money as possible on books and things and will eat wisely - I will always eat healthily, but I am sure I could use deals on food to bring the total cost down.

I don't want to rent forever and I have seen others spend all of their money on rent; renting a nice, large flat/house can create a vicious cycle which prevents people from owning their own home. :sad3:
 
I agree with most of what everyone has said. I think I am a pretty good saver (though I occasionally slip up). But every time I have saved money it was because I had something in mind to save for. A house, a holiday, a car etc.

So set yourself a goal, maybe save for a new car or a holiday and put away a reasonable amount into a savings account. You can get saving accounts these days that are locked. You can put money in but you can't take it out unless you visit the bank. So if you're someone who will put money in savings only to take it out again to use it, perhaps a locked savings account is for you.

But yeah, have something to save for.
 
I find it difficult to save. Most of my money ends up going to clothes, shoes or other girly stuff I have more than enough of. :hmph: Ditto on what everyone else has said. Usually, to encourage myself, I'd print or cut out a picture of that something that I'm saving for. Before, I cut out a photo of the DSLR I wanted and stuck it to my cork-board. It helps motivate.

Also, whenever I'm saving up, I try to avoid malls. That helped a lot as well, since I wasn't tempted to spend on things I didn't need.
 
As much as most people hate this word it really works the best: a budget.

You don't budget yourself into insanity. You just take a general idea of what you have for income and what your expenses are. Don't leave anything out on either side. You want a good idea of what you're dealing with. Set aside some money for savings (treat it like an expense) and a little for unexpected stuff (like your toaster breaks). After that see what you have left. If you're in the black, good; if you're not, restructure your budget or find a way to save more money or make more money. I also find that automatic payments for things like expenses you have regularly that are always around the same amount (like rent, telephone, etc.) to be a godsend--even if you forget about the bill it still gets paid.

I also highly recommend watching Debt Do Us Part by Gail Vaz-Oxale. She's amazing in showing how you should (and can) save money.
 
It's all about self-control. You really need to set some priorities for yourself and figure out what you value and what you want and what you need and why you're saving. It's not difficult.
 
Back
Top