What are the best way to save money?
By romel_ece
@romel_ece (1290)
Philippines
March 22, 2007 8:02pm CST
I am working for about 5 years already and I have my family of my own with 2 kids.I have figured it out lately that our savings account in the bank is now stagnant.Meaning we haven't deposited any amount almost 2 years and half right now and for those years we haven't save any money at all.Can you help me figured out the best way how to save money?
2 people like this
7 responses
@trinidadvelasco (11401)
• Philippines
26 Mar 07
To cut on expenses, grow your own garden. The plants can be hanging or placed in pots and old pans other than the regular gardens we are accustomed of having. Use ipa ng palay (rice husks) and coconut husks together with soil for your medium in order to have healthier and more productive plants. You will find out that aside from having fresh vegetables, your savings will be up greatly, too.
2 people like this
@romel_ece (1290)
• Philippines
27 Mar 07
Yes maybe we should plants some hanging gardens in our place since we have not enough place for backyard garden.I will definitely try this one in the coming weekends.Thanks my friend.
1 person likes this
@mbizmom (237)
• United States
23 Mar 07
Try having an amount automatically taken out your check and direct deposited into your savings every week, that way you don't have a chance to spend it before it's deposited. You may also try saving all your change and then taking it to the bank once a month, that would be a good thing for your kids to get involved in to teach them the importance of saving.
@romel_ece (1290)
• Philippines
23 Mar 07
I'll take your advise my friend that saving our extra coins would help us in saving money once a month.Thanks.
@toonatoons (3737)
• Philippines
23 Mar 07
the first thing to do is to force yourself to save. when you get your salary, immediately keep at least 10% of it. also, make a list of the things you need to buy when you're out doing your groceries or you may ask somebody to do it for you --- this way, you won't be tempted to buy things that aren't on your list.
1 person likes this
@romel_ece (1290)
• Philippines
23 Mar 07
Thanks my friend.10 % is quite big maybe for the start I would keep at least 5%.At least I am saving some money.
@god_spear (498)
• Philippines
25 Mar 07
You must follow the 20 - 80 rule, you must save 20 % of your income the remaining 80 % should be spend in your daily living or put your money in a good investment. After saving enough money, look for a investment wherein you can put it, never put it in one investment you must spread it so that the risk is minimal even you did not make profit to the one investment, you have still another where you can recover it.For the mentime that all i can advise you. If you believe in retirement plan or pension plan maybe i can help you if you like. I approved your request for being my friend thank you. I just send you a message.
@romel_ece (1290)
• Philippines
26 Mar 07
Thanks for accepting me as one of your friend.I would really like to have an investment where I can make more profit.But for the meantime I will save first.
1 person likes this
@hcromer (2710)
• United States
27 Mar 07
You have to force yourself to save money. I try to treat the amount that I'm going to save out of each paycheck as if it were a bill. You should put away at least an hours worth of income away for each day that you work. I just joined up with Emigrantdirect.com which is an online bank. Their interest rates are much higher and it takes a few days for you to withdrawal your money so you can't just impulsively take out money and spend it whenever you want.
1 person likes this
@romel_ece (1290)
• Philippines
27 Mar 07
That's a good idea.May I know the origin of the online bank you've mentioned?
@cefaz_21 (2596)
• Philippines
26 Mar 07
I'm also into savings, I try to save for the future,we just started a family and we don't have kids yet but of course I wanted to start saving now.
here are some things me and my husband are doing for us to have some savings.
We do sidelines-we deliver YEMA (sweet candies)to a friend's canteen,this one is doing good and sometimes we can't cater enough to thier needs as we have to do this only on our spare time..besides that, we do silkscreen printing of shirts also. The money we're getting from these sidelines were being used for our daily expenses,much of our regular salaries goes into savings and for big purchases..
1 person likes this
@romel_ece (1290)
• Philippines
27 Mar 07
Thanks for the inputs.Actually we do sidelines also through e-load.But a lot of e-load dealers in our place that's why we're not having a good income from this one.Better you ave a nice income compare to us.
1 person likes this
@cutepenguin (6431)
• Canada
23 Mar 07
I do the rolling coins thing - we put all of our change in a piggy bank and roll it once in awhile, putting the coins into our savings account.
@romel_ece (1290)
• Philippines
23 Mar 07
Thanks for the rollin' coins advise my friend. I would see it very effective.