Saving Money is nothing but earning money

Now the economy is really down. Our family also effected by this reession. I also can not find jobs until now. So we have to reduction our expenses too. There are lots of problems we should facing and it is tough.But I think reduction expenses can just relieve but can not solve the problems. We need to seek ways to increase our salary.

My partner and I have been on a strict budget for years now and we work stricty within the limits we set. We have 2 budgets actually, one for our small organic farm and the other for our personal expenses. All of our farm income goes to pay the farm accounts, so as we sell our produce, the income goes straight into the farm bank account. As we still have a mortgage, I work off the farm. When I am paid, a certain amount is transferred into the farm account to cover our mortgage so we know the money is always there for that. Then we transfer another amount to a special account we have for family events, i.e. wedding for our children. A nominal amount into the trust bank acconts we have set up for our grandchildren when they reach 25. We withdraw a certain amount of money for the little things that we might need during the fortnight and the rest stays in the bank. We pay the accounts as they come in, whether farm or personal ones. We do a big grocery shop every couple of months and when the time comes for that, we withdraw a certain amount out of the bank. That is all the money we spend and if we don't have enough money, then we do not buy some of the things on our list. Generally that does not happen though as we buy things that are on special and seldom pay full price for anything. Some stores have coupons and if you use them, the product is a little bit cheaper so we utilise them if we need what is on offer. During the winter months we use the wood stove and it also has a hot water unit attached to it so it costs us nothing to heat the water. We close off as many rooms as we can and heat the others with the warmth of the wood stove, so we do not have too many heating bills. We also have heavy curtains on all the windows to keep the heat inside the home and not losing it through the window glass. We also rug up in warm clothes before we even consider turning any other heater on. In the summer, if there is a breeze blowing then we will open the doors and windows to let it come in the house. We use the fans, closing off rooms again so we are only cooling the rooms that we are using. If it gets really hot, then we will put the air conditioner on but it is a last resort. When we cook meals, we cook enough for several meals. The extra are divided up into meal portions and then frozen so that I can either take them with me when I am away from home or it is a simple process to reheat the meal and not have to cook from scratch every day. We walk or ride our bicycles if we are doing anything locally. That is healthier for us and we get exercise at the same time plus we are not using fuel to drive the car a short distance. There are many ways that people can save money and it takes just a little bit of thought and of couse practice as well till you get used to it.

Funny that I'm not working during this recession period. Although my hubby is not affected, job-wise and salary-wise, but I feel that we need to save more money for the future or for emergencies. At the moment, I try to budget our expenses as much as possible and highlight to my hubby when money is short, so not to spend too much, that sort of thing. I'm also embarking seriously on making money from freelance writing. So far, I have received two jobs and completed one. I think there are opportunities out there for me, if I continue to look out for them and act on them. So two ways for me - reduce expenses and increase income.

I agree that saving money is earning money.I work in school which is supported by government,so my salary is not challenged yet.Usually, I save money by staying at home and no on_line shopping.Its win_win to enjoy mylotting here while earing money at the same time.lol

hi k4karthik..i also belong to the second category and I too have reduced smoking, caffeine intake and buying fancy items. I also make a committed effort to save atleast 30% of my monthly salary these days since the future economy is unpredictable.I also try to work harder to keep my job secured ....Lets hope for a better economy in 2010. ..

hi i have a little girl who is 8 months and i no longer can afford fancy things. this has been hard on everyones salary my husband got a pay cut which has made this a little more harder but i tip is pay the minumim payment on bills and make sure u have enough shopping to last till ur next pay. If u have money left then u can treat urself but i normal put it away incase i need it the following month which normaly i do lol take care caroline x

Similar to up and down in every business, so also now is the time of economic recession. No doubt, it is unfavorable for every person. But I must say one thing that this affects least to the mlm business, because in mlm business, man power is the money power. Regardind saving and cut down of expenses, we all must do this every time to make a good saving habit and stable financial position! Thanks for this nice topic Karthik and have a nice day!

it is true. In this market of recession, there is remote possibility of any increment. It is same in my case. we have saved some like we do not go out much for dining out.May be we should buy less of fancy items.

Just to clarify, when you save money you DONT earn money. there's a big difference. When you save, you don't lose anything. But when you earn, you GAIN. Anyway, I have been watching my expenses closely this time around. I have given up on all starbucks drinks for this year. Not only is it my resolution to be healthier, it's also to save money. Plus I really think twice before spending. And I'll be working for real in a few months so I'll be earning money instead of just bumming around the house all the time.

Man you got so much responsibility.If i were you i would put a towel on my head and go to sleep till i got another job.Your topic title is perrrfect.Your the man all the best for your future.

well...we also tired to reduce the expenses already. and the saving amount is not as what we respected to ...aha.we need to seek some good way to earn more while not saving daily cost, whis all can exceed this recession time and gain their property soon. struggle!

I am an Engineering student. But my cousin is working in an MNC. I called him last week and asked about recession.He said he was not given the salary for the past two months and when asked about his expenses,he said that he even reduced his night food too during weekends. He is really in a painful situation.Since he is from a poor background his parents also cannot help him. [i]I really appreciate these kind of discussions which gives a chance to share the current views. [/i] Happy mylotting

quit smoking quit drinking quit eating out so much buy cheaper stuff

Yeah k4karthik you said correct.In now a days getting jobs are difficult and if we get a jab but it is not constant.And the salary hike is not there.They are even decreasing the decreasing.And the fall of stock market and real estate.It is a big disaster.So we have to save the money.I even cut off many things,Previously i wish to go to restaurent daily but at now i am going weekely twice.I am saving the money for the future.And then i am saving the petrol,current.Because we dont know that our job is constant.So we want to save the money. happy mylotting..

I quit renting movies, buying things that I can do without. I've tried cutting back on smoking but somedays it's hard.

Since,my father is doing own business,which had no effect of the recession we dont have much problem here.But it looks so sad to hear it from you...But one thing I got shocked from your discussion is you was smoking for 25% of your earnings..I think this is very harmful to your haelth and also your current economic status...so try to quit smoking.. Dont worry things will turn up soon...