How to save?

hi! eversince i was a kid, i had my coin bank. so saving is a habit from a young age. i would put loose change or any left over cash from my meager allowance and keep it in the coin bank until it becomes sizable enough. and this savings habit is something i've kept up over the years, until present. the only difference is that when the coins add up to hundreds or thousands of pesos (local currency), i can then put it in the bank. there are many ways we can save. and it is also on how we manage our resources... not spending beyond our means can help save too. buying wisely when shopping, weighing quality and quantity as well as needs vs wants... can help us save unnecessary costs and dents in our budgets. staying healthy can improve our financial position also. why? because we save on medicine costs, doctors' fees and hospital bills if we avoid getting sick. paying bills on time, sometimes rewards us with rebates. this is much better than postponing/delaying bills payment and accruing penalties. around the home, managing proper utilization of water and electricity can help reduce our monthly household consumption. cooking just enough avoids left-overs... which is a savings in itself. in a seminar i have attended that talked about money management and money magnetment, one of the ideas there is to appropriate a certain percentage of our monthly income for savings and make investments that could earn us passive income or recurring income. and we must have the discipline not to withdraw the principal amount, only the profit made can be withdrawn. that way... money grows. and yes... make savings a good habit. it pays off in the long run.

I once saw an excellent idea for saving money but I can't seem to find it online any more. Basically it was an idea where you had a number of imaginary jars. Each one has a label like rent, groceries, car, etc. You work out your basic budget and assign percentages to each jar (i.e. 25% rent, 10% groceries, etc.) then every time you get any money you divide it up. That way you only use the money in each 'jar' for a particular purpose. You could do it with bank accounts, with actual jars or just virtually on a spreadsheet. The old adages "A penny saved is a penny earned" and "Look after the pennies and the pounds will look after themselves" are also very true: even if you just put a small amount in a savings account every month, you'll be surprised how quickly it adds up. Personally, I rarely have any money to save, anyway!

This is what I was taught by my elders. If you earn X amount you should think that you have actually earned (X-Y) amount where Y is your savings. Try this method and I am sure you will be able to save something. Now that Y amount could be invested in whatever instruments that are available to you that will earn you good. But you should take care of your income tax problems. There are instruments that take care of such issues as well. Another method is to cut down on non essentials. It is this place has a lot of scope to save money. Do away with your credit card. Don't touch your capital but take loans that are available on low interest for any heavy essential purchases. These are some thoughts.

I keep all my change in a big container. (A huge water jug) I probably have hundreds of dollars in there already. When the time comes I will roll it all up and bring it into the bank. The reason I save change is because I know it will take a long time to roll, so that stops me from making a large spur of the moment purchase.

All of them have mentioned fantastic money saving tricks. Personally I find putting all your loose change in a coin bank is great. That left over change adds up a lot faster than you think. Also I am very money cautious when I shop. Always make sure you get the best deal for your mOney. Just the small every day things that can save you a dollar here or a dollar there tends to be very helpful and add up to saving quite a bit in the long run.

hello friend, I myself is not good at saving. But there's something that works for me lately. I have this ATM account where my husband's salary from extra work is wired into, and I'm the one keeping it. I decided not to get the money in it as long as I can since my husband entrusts me some cash for our household needs. So, it's like saving up for emergency use. I hope that you get to multiply your earnings. How about starting up a small business?

If you are from the Philippines (which I think you probably are), I suggest you read the book "Pera Mo Palaguin Mo" by Francisco Colayco. It has a basic principle of Earnings minus Savings equals expenses. Most people save what's left of their earnings after taking out the expenses. According to Colayco, it should be the other way around. Let's say you are earning 10,000 pesos a month, you have to set a certain amount for savings, if it's 2,000 pesos, then you save that and just spend the remaining 8,000. Sounds simple right? But it has to be coupled with a lot of discipline. Also, I read somewhere that you have to save 6 months worth of salary as an emergency fund. It should be there in case you lose your job. Personally, I don't think that just saving money will make you rich. You also have to invest it to make it grow. Colayco also talks about investing in his book. I hope thsi helps.

Welcome to mylot! Your last question made me smile! Would we be here if we were filthy rich? Would a guru really share the way to get rich? On the other hand, I feel that unless you are very young (I have not seen your profile yet) wanting to be a billionaire sounds a very poor wish for life. I can tell you that you won´t find riches in this site, but knowledge, friends and caring people. I love those kinds of riches. Take care!

Well first of all my friend lets make your mind that there is no an easy road to get your through richness, now when it comes to saving as a student of financial planner iam glad that i can give you some suggestion on saving your money and also you will be able to spend some of your money on your interest provided you should have a strong desire to save within you. OK now talking about saving your money whenever you earn your income from any sort of sources say internet or working some where also take the consideration of pocket money if these are your income, you can save 20% of your money from income lets take an example if you are earning $30 a month from internet if you at least save $5 or $10 dollars you will have a worth amount towards the end, now there whatever you save you should not touch that money many a times you may use it when you are over tempted and that's the most way of loosing your money. Make up a fix date say two months three months you will save and then you may withdraw then iam sure you will be glad with your saving, i hope this may work for you thank you.

"DISCIPLINE" is the key my friend. Being disciplined on handling your money could be a great way to control your budget. Have a daily checklist of your earnings and of your expenses, if not weekly or monthly, so that you could balance what to save and what to spend. By setting goals for your desired savings, i believe that you could achieve by applying discipline. Work hard, invest on business, apply on part time jobs. Start now and earn easily! Good Luck!

What I do when it comes to saving money is change my money to coins and low-valued bills. Then just get what you think you will be spending through the day. Do you get what I mean? For example when I have a 500 peso bill I perceive it in such a way that "I can buy anything I want as long as it is below 500." Then I'm doomed after 2 days because I've spent all my money. But when I change my bill to let's say 50 peso bills and just get 50 per day then I can go as 10 days.

Well you could try investing your money periodically, like per month the same sum into an investing fund like Merril Lynch. They are #1 in the world. Here's their site www.ml.com Hope it will help you. :D

The tip to become financially successful is simple. First you have to be financially literate. Second you have to be patient. I suggest you start investing on business/financial books. Or if your budget is tight at the moment you can subscribe to online newsletter like http://akosiallan.com/ - he provides tips and insights on how to take care of your money Hope that helps! :) - kat