how to save money?
@kaileshturkar (38)
India
January 22, 2012 4:02pm CST
Hi to all,
I am working in one IT company since last 5 years. But i don't have a good savings in my bank account. I want to save money but i don't know how?
However, I am trying to control my expenses, I am confused where should do cost-cutting?
Somebody should help me for that.
1 person likes this
9 responses
@SinfulRose (3527)
• Davao, Philippines
23 Jan 12
Instead of putting your money in a bank, why don't you buy assets to help you gain income?
@SinfulRose (3527)
• Davao, Philippines
10 Jul 12
I don't believe that savings will really help me out in my goals in the future that's why I suggested this thought. Though savings is a necessity in order to be prepared for emergencies, savings have the tendency to disappear along the way. One day you'll just say, "What? I have no savings anymore?!"
Since if one does not have savings, the person can just buy himself assets first--if the person has a source of income--then later, save for retirement or something. By then, the money would be coming from one's assets, not his salary. Active income (salary) should buy oneself assets, then, passive income (from assets) should buy you your expenses. At least that's what I've learned from people who go from rags to riches.
@ringdove (53)
• China
25 Jan 12
First of all, you should know where you spend your money. I suggest you could mark down how much you spend every day, on which item. Then after one month, you could know where your money spend. The second step is to review the information in first step, and decide which item you could save for some money. And you could also open a new bank account, when you receive you salary, save part of money in that new account, and will never withdraw money from that account.
1 person likes this
@Graceekwenx (3160)
• Philippines
23 Jan 12
Welcome to Mylot Kailesh... i am not a financial guru here but this is what i do. You know here in our country, we have a bank named Bank of the Philippine Islands. They have this online service that would automatically save a portion of your salaries every paydays. It is actually your call on how much you want to save. I was told that it would be nice to save at least 30% of your income. So, what happens is that, you can only withdraw the 70% because the 30% already gets trapped in your forced saving system. you might want to explore this functionality on any of your banks from where you're from.
1 person likes this
@ritzz07 (788)
• India
22 Jan 12
hi kailesh
first of all welcome here on mylot. and i am glad that you realise that you need to save money for future......i agree to both msh and talesh what they suggested is correct in that manner only you can control your expenses.
anyhow after long time, how r you?
thank you
have a great day ahead!!!!!!!
1 person likes this
@randomarts09 (1405)
• Indonesia
10 Oct 12
To save money there's more to it than spending less money. How much money will you save, where will you put it, and how can you make sure it stays there? Set savings goals. Establish a time-frame, set a particular date for accomplishing shorter-term goals, and make sure the goal is attainable within that time period. figure out how much you’ll have to save per week, per month, or per paycheck to attain each of your savings goals. Take each thing you want to save for and figure out how much you need to start saving now. For most savings goals, it’s best to save the same amount each period.
@ravisivan (14078)
• India
8 Oct 12
kailesh
IT Companies pay well say Rs.30000 per month. it is possible to live comfortably within that. Plan expenses. Give some amount to family. Balance retain in SB account. open RD account for 20% of your net income.
@telmesh (1793)
•
22 Jan 12
First of all welcome to mylot. Now you need to know what your spending your money on. Start a table in excel with living expenses against months be as accurate as possible. Now you know how much you need to live on and also how much surplus you have. The choice on what you want to spend that on is up to you. Classify what you want and what you need, if you only buy what you need you can save the rest.
