How do you save money?

Philippines
August 24, 2012 1:36pm CST
People have different ways of saving money. There are those who save 10% of their earnings from work while others save a bigger or lesser percentage than that. Others save their money in the bank while some ( like my brother ) would rather save it in his home. Others would place their money in dollar savings while others in time savings. How do you save your money and what do you think are some wise ways of saving?
1 person likes this
13 responses
• Philippines
25 Aug 12
I really don't have the conscious effort to save money. I don't calculate my earnings and I don't make a budget. It seems that being thrifty and living below my means is already part of my attitude. I don't have to force myself to save. What I do is get a small sum of money in my account when I need cash. I do put some in my other investment endeavors. But they are not according to some calculated budget or anything. It seems natural for me to be carefree with money while saving it. Good thing I never got broke. I just have some times when I didn't realize that I don't have money in my wallet anymore. But atm machines are very accessible. Maybe I just don't like spending much making my finances really not that of an issue for me.
• Philippines
25 Aug 12
It's interesting people have different styles in saving money. I guess one way works for one and a different way for another. Yours are natural instincts which works well with you. I guess some others have this natural gift you have, and I have a feeling the other bigger population have some type of plan which fits their lifestyle.
• Philippines
26 Aug 12
Yes, it all depends on the individual. The personality, culture and environment really influences the ability of an individual in saving money. I was raised by my parents valuing money so naturally, I turned out to be a thrifty one. Some were raised splurging money, so they ended up splurging too.
• Philippines
27 Aug 12
I believe being thrifty is a positive trait when managing one's money as I see that word many times in several books about money management I read in the past. Now, if I could only apply it more in my own money because that is some skill I lack.
@ryanong (9665)
• Vietnam
25 Aug 12
I put money in one bank account and i don't bring ATM card of that account when i go out. I don't keep money at home because i may spend it later.... I have a big bank at home also but money saving in there will be spend in the end of month...
• Philippines
25 Aug 12
I admire your discipline, ryanong. I guess you have been doing this for a long time so you know exactly how to manage your money and your savings...
• Philippines
29 Aug 12
Yes, nothing is ever late. I myself is still learning a lot of new things especially about investing online and the more I learn, the more confident I become of my future. I believe continuous learning is one key to financial freedom or at least better financial state.
@ryanong (9665)
• Vietnam
28 Aug 12
No, i just do saving since being active on mylot only. I didnt know to save and had no plan for saving before. So sad...but do late is still better than never do it.
@cher913 (25782)
• Canada
24 Aug 12
i have a jar here at home for loose change plus a retirement savings account at a credit union. i think most banking institutions are a fine way to save money.
@Raine38 (12250)
• United States
24 Aug 12
I also do that here in our house, we have a jar for loose change. It's such a surprise how much loose change you can get by doing laundry a couple of times, lol! We also have savings account in a bank. Usually, every payday I already take out a portion of savings that I committed to put away. The rest shall be budgeted for our expenses.
• Philippines
25 Aug 12
I am beginning to think having a jar is a great idea, because my tendency when I see coins is to spend them in the small store inside our neighborhood to buy snacks. I think the jar would be made in such a way that it is easy to put the coins in but almost impossible to take out, so if it's full already then you need to break it :) Yes, I think saving in the bank is very good and also commitment in saving a part of your earnings is also an advice I want to follow too.
@visavis (5934)
• Philippines
25 Aug 12
If we can formulate savings it look like this, savings = gross income - savings (percentage as you wish),then less expenses. Because others formulate it like this = gross income - expenses = savings which sometimes nothing left after deducting the expenses... No problem where we put the amount of savings the rule here whatever happened don't even touch the savings until due date you specified.
• Philippines
25 Aug 12
I would agree that many people's tendency after getting their salary is to try to spend first then they save what is left. I think the first formula you gave is the ideal one. After getting one's salary, the first thing we do is save a part of it, and only then can we have something to spend from what's left. If it's possible not to touch your savings, that would be best, I guess. Some people adviced to have at least two banks, one bank is where you could save and get some money to take out whenever there is a need and a second bank where you will never touch your savings as they grow more and more for your future benefit.
• Philippines
29 Aug 12
Yes, I think learning a lot of good financial skills would really make someone prosperous or at least improve his financial state. I read about what you have suggested now from a new book I just bought a few months ago, and I find it very good.
@visavis (5934)
• Philippines
27 Aug 12
Actually that is the reality of real savings but in our world now specially in our family the second formula is always the ideal for them. Sad to say that mostly the rich people are always doing the first formula that's why they are still on top of the game. We should learn and wise spending our hard work income not for now but for our family future. If we are not changing our attitude we are still failure in this situation even we told we are hard working....
@else22 (4317)
• India
25 Aug 12
Now it has become difficult for me to save money.Prices have been souring high and,as the head of my family of seven members,I have to spend for each and everything necessary for household.Consequently all the money I earn is spent.I have also to spend for paying fees for my kids' education.That makes the situation even more critical.So I try to save money only by buying things that are extremely necessary and without which we can't do.
• Philippines
25 Aug 12
I understand your situation, else22. I guess there would come a time when your children will be able to help in the family expenses when they have their own jobs.
• Singapore
25 Aug 12
I think the wisest way of saving money is to spend it in the stock market, buying the stocks of corporations like Apple and just leave it there for years. After a few years, you will find that you can actually earn quite a lot.
• Philippines
29 Aug 12
I can imagine that is similar to having time savings. These types of investments I feel are very good but if one is in a budget I guess stock market is not for them. I probably want to try out stocks in the future when I have a lot more money. Forex I think is similar to stocks but a lot more risky. I wouldn't think about trying it at all.
@cutepenguin (6431)
• Canada
24 Aug 12
We are trying hard to save, but each month, it seems like our money flies away. Right now, we are saving by having money automatically deducted from our pay and invested in savings bonds.
• Philippines
25 Aug 12
I don't know much about savings bonds. Can you explain a little what it's all about?
@airasheila (5454)
• Philippines
25 Aug 12
A pleasant day BetterDays4Me, Different people has different styles in saving their money. And ask for me here, I am trying to dwell now a days on the thought of investing it. Since, I have worked that much to earn that money, so now, I am trying to diverse into the other side, which is, let my money work for me. If I will just let my money sits on the bank, it will just earn a normal interest. But if I will going to invest it, a much higher interest will be gain. The only thing is, you must look it closely and monitor its movement.
• Philippines
25 Aug 12
A pleasant day to you, airasheila, Yes, we are exactly doing the same thing now as I have invested a large part of my money on two investments now. I plan to grow my money then I could save more. You're right, what type you invest to is very important as we want to get the best benefits from our investments and we don't want to end up being scammed.
@chum24 (569)
• Philippines
25 Aug 12
hi!! how do i save my money well i have two different accounts in bank. every weekends i transfet my money to bank so that i will save a lot of my money, my mom and dad usually gave me allowance every weekends.i have also small jar in my room in case of emergency i need urgent money i have already money at my room.
• Philippines
25 Aug 12
You're lucky you are able to learn the saving habit at an early age...keep it up! Can I borrow money? :D :D
@nupur123 (392)
• Hyderabad, India
24 Aug 12
I save money in many ways such as i wash my cloths by myself , i cook my own food despite of eating out everyday, i press my clothes by myself , i try to walk as much i can , i switch of the lights when there is no use to save electricity bill , i shop on stores with big discounts
• Philippines
25 Aug 12
I guess those things add up in your savings. Yes, I think it is a good idea to do many things like what you suggested that would help us save money by reducing expenses.
@Oktavist (396)
• Romania
24 Aug 12
Well,energy cost is getting bigger these days,so you can change the light bulbs(most of them being incandescent) to LED type light bulb.Although the price is bigger,they last way more than any other type of light bulb,saving money. Also,I suggest you to close all the lights when sleeping. I would also suggest you should keep a box where you can put there 10% of your income(or your profit). I hope it was helpful.Have a great day.
• Philippines
25 Aug 12
Yes, I also buy LED type of light bulb and I agree that they really last for a very long time. You reminded me, only today I accidentally busted one of my LED bulb to my dismay..haha :D Yep, I close the lights when I sleep and besides saving energy I also feel more comfortable when they are turned off. The box you suggested are similar to the jar that was suggested by our mylot friends above. I guess it doesn't matter if it's a jar, a box or even a piggy bank as long as that object could help us save our coins. Have a great day and an enjoyable weekend.
@freedang (320)
• China
25 Aug 12
hi, i always trying to save money as i am a student and i dont have much time for parttime jobs.when possible i would walk or ride a bike to my destination intead going by car.and if time permitt i always by bus instead of taxi.and i used to buy some old books since they are much cheaper. there is a better day for you ahead,good luck
• Philippines
25 Aug 12
By riding your bike, you save your money as well as stay healthy. Your advice to save in many ways possible like buying cheaper books which holds true in anything you wanted to buy is good advice, I feel. Thanks for sharing.
• China
25 Aug 12
I always put the salary into several parts ,in which 50% of the money will be saved in the bank and the remainder is for consuming on every-livehood . However ,the poor market propects may bring economic crisis ,following which the money in the bank will devalued .Considering all the above ,the best way to keep your money is to invest the money on business or on yourself ,which mean spending on enriching yourself ,and you will be the biggest fortune youself .
• Philippines
25 Aug 12
Wow, 50% is a big chunk of savings! I have read a book in the past which encourages the reader to at least save 20% of his savings and every month to raise those ratings until you reach the level of about 50% savings a month...so in your case, you are already in the ideal position :)