What is the most effective way to save money?
By shotgun647
@shotgun647 (144)
United States
June 19, 2010 3:59pm CST
People throughout time have came up with different ways to save money. Some will tell you save up the cents you find on the floor/in couch, to put away $5 away at the end of the week, or tell you that at the end of the month you HAVE to put away a specific percentage of your total income. What do you think is the best way to save? Which do you prefer and why??
4 responses
@getbiswa2000 (5544)
• India
20 Jun 10
Hi,
The best way to save money is still the traditional one, put your money in bank. But there are plenty other ways you can actually save it. You may buy some article that has no depreciation, or, the price of which will increase steadily over years. For example, you may buy jewelry, especially diamonds. Then you may put them either in your personal vault or you may rent a locker in a bank and then put them in there. You may also invest in real estates. But after the recent recession none will probably say for certain that the price will be steady. The demands of real estate very much depends on the economic factors of the country. Thanks.
God bless you
@vandana7 (100667)
• India
22 Jun 10
I have a different way to discipline myself. I borrow and invest in government securities. I make up the deficit in interest. Rest of the loan is paid in installments. Effectively, I save. Had I had that money in my hand, I would have spent it away. :)
@TexLadyPj (1328)
• United States
19 Jun 10
Herro shotgun647
What a wonderful discussion. The most important part of saving money is discipline. I'm assuming that there isn't a financial crisis in the household, e.g. unemployment, large medical bills.
I find the easiest way is to put money into a savings account that I don't have easy access to. Of course I also want to look for the best interest, although any interest is good, as long as it is consistent.
You can use the methods you mention, they work, however do you remember to put it in an account.
Prosperous mylotting
@shotgun647 (144)
• United States
19 Jun 10
Thank you for liking the discussion! And I agree, discipline is the most important part. The only way for me to actually save my money is to either give it to my mom so she can deposit it in the savings bank account (haven't been able to open one up for myself yet), or to put it in a place that I know where it is but I still don't see it.
Prosperous mylotting to you as well.
@TexLadyPj (1328)
• United States
20 Jun 10
Herro shotgun647
Right on, see you have a plan already.
Prosperous mylotting
@denzlangga (744)
• Philippines
21 Jun 10
I would choose the latter because it really works, Income - Savings = Expenses. This formula is really helpful because I was able to budget the remaining. But right now, I have another formula Income = Expenses, Internet Income = Savings. Hope it helps, happy mylotting!
@shotgun647 (144)
• United States
21 Jun 10
That sounds pretty good! Well, if you make a lot of money over the internet at least.
@puccagirl (7294)
• Israel
20 Jun 10
Well, I do two things: first of all, I have a certain amount withdrawn from my regular account to a savings account the moment I get my salary. This way, I do not even see the money that I put away, and will not be tempted to use it. I also put away my coins in a special coin jar at the end of each day. It sounds silly, but those coins really add up! (and it is not like I miss them anyway)
