Best ways to save money

[virtuzone2jamal]

Why save money? if you can buy things or goods which are valuable to you...for me that's an investment.

[Fergal]

Why save money?...

For a rainy day, e.g. if you were to suddenly lose your main source of income you would be delighted to have some savings to keep you going until you could replace it. Or perhaps to buy something larger in the future, e.g. a holiday you always dreamed of, a new car or a house.

[td2011]

Have self control. Lol, I was always the kid that looked at all the other kids with their cool new video games and toys dreaming that someday I would have them. But that never happened and so I'm used to not getting everything or not being spoiled. I look at things and ask my self, do I really NEED (Notice I said need, not WANT) this. It's all about self control. Just practice it. Don't spoil yourself and get addicted to shopping.

I know people who spend on total rubbish because they have no idea what to do with their money. I find myself getting excited by spending (no idea why) and have to also tell myself that I really don't need any of this.

[GekiDan]

I know people who spend on total rubbish because they have no idea what to do with their money. I find myself getting excited by spending (no idea why) and have to also tell myself that I really don't need any of this.

Yeah, there are people who's like that.
But come to think of it, why not reward yourself a few times each month or year for all the hard work you've made?

[Clint Cora]

I attended T Harv Eker's Millionaire Mindset Intensive seminar last year and one of the things they stressed was to put away 10% of everything that you make in a savings fund that you will never withdraw from, unless you use it to buy income producing assets.

[GekiDan]

I attended T Harv Eker's Millionaire Mindset Intensive seminar last year and one of the things they stressed was to put away 10% of everything that you make in a savings fund that you will never withdraw from, unless you use it to buy income producing assets.

Or maybe for emergency purposes.

[sigma]

I attended T Harv Eker's Millionaire Mindset Intensive seminar last year and one of the things they stressed was to put away 10% of everything that you make in a savings fund that you will never withdraw from, unless you use it to buy income producing assets.

did he mentioned that why set it as 10%, but not 5% or 20%? or he do show some standard formula on calculating the saving percentage to perform the best balancing on spending and saving?

[Fergal]

I attended T Harv Eker's Millionaire Mindset Intensive seminar last year and one of the things they stressed was to put away 10% of everything that you make in a savings fund....

I've recently started re-reading Jack Canfield's "The Success Principles". Canfield quotes T Harv Eker early on in the book and I believe that's the only time I ever heard of him until I read your mention of him here on BAF. I haven't read his books but have connected with his social networking profiles and may do so in the future.

Saving 10% of your income is something that a few writers in this area recommend, books that come to mind are "Rich Dad, Poor Dad" and "The Richest Man in Babylon". These writings often talk about "paying yourself first".

It's excellent advice in my opinion and I really wish I'd followed it earlier in life. My income has fallen dramatically in the last couple of years, but thankfully it's starting to go in the right direction again. Even though my income is small at the moment I've started saving 3% of everything I receive. I do this with great discipline and plan to increase that percentage in the near future.

Obviously 3% is smaller than the recommended ten, but I felt that the important thing was to start and to make this kind of disciplined saving a habit and an automatic part of my behaviour. Once I've done that I can start increasing the percentage.

...a savings fund that you will never withdraw from, unless you use it to buy income producing assets.

I do sometimes wonder how those savings should be spent. For example I would like to invest in home improvements, something that would motivate me and improve my immediate environment. It's not something that would yield a direct financial return, however it's also not something I could spend money on unless I saved for it and I feel that spending money in this way would motivate me to earn more in the future. Would spending savings on something like this, defeat the whole purpose of it? Or perhaps I should have two savings funds, one for spending on things like home improvements and one for longer term investments?

Or maybe for emergency purposes.

Yes, it is good to have savings for emergencies. However, care and discipline is needed in this area, there are always emergencies and it is important that we discipline ourselves to only use savings for real emergencies and not for "emergencies" such as running low on cash towards the end of the month.

[GekiDan]

did he mentioned that why set it as 10%, but not 5% or 20%? or he do show some standard formula on calculating the saving percentage to perform the best balancing on spending and saving?

If I remember correctly, we were taught the same back in our economics class in high school. It's more or less the basics.

[sigma]

If I remember correctly, we were taught the same back in our economics class in high school. It's more or less the basics.

Too bad, never go for economic class when i was in high school
can you re-call back or give give some referral link?

[GekiDan]

Too bad, never go for economic class when i was in high school
can you re-call back or give give some referral link?

Well, it's been like 6-7 years since I graduated high school. ^^a

[td2011]

Yeah, there are people who's like that.
But come to think of it, why not reward yourself a few times each month or year for all the hard work you've made?

Yes I completely understand your point. People work so hard it's nice to treat yourself occasionally.

[victor rock]

Near to me fix deposit in bank is super best way to save money

[JBMedia]

It's personally very hard for me to save money. The one way I do it is buying doing extra ventures online, keeping that money in my PayPal (Savings) and using my normal work money to pay for bills and living expenses. Only way I've found myself able to control some sort of savings, other than my 401k plan of course built in from my work. I feel that does not count though.

[sigma]

It's personally very hard for me to save money. The one way I do it is buying doing extra ventures online, keeping that money in my PayPal (Savings) and using my normal work money to pay for bills and living expenses. Only way I've found myself able to control some sort of savings, other than my 401k plan of course built in from my work. I feel that does not count though.

I agreed that many people have some problem. Anyway, at least you have some saving on your paypal account