Best ways to save money

Discussion in 'Growing and Managing a Business' started by KeithM., Jun 12, 2010.

  1. An Alien

    An Alien
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    lol, tell someone to hide your money.
     
  2. ladydeluxehotel

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    Well, to tell the truth its hard to save money when you are a "one-day-millionaire person". Once you have the money on your palm, its like you want to go shopping and eat to your favorite restaurant. As for me, i am trying to save money by putting it to the bank or changing my money to newer so i will not be able to spend it. Oh, and i close my eyes when im in malls. :)
     
  3. youngkia1

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    I think the best way to save money is open an account in bank,at same time your money is increasing.
     
  4. Fergal

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    Unfortunately I have never been a great saver. However, I've changed in recent times and have disciplined myself to put aside and save a set percentage of all money I receive. It's a great discipline to get into and it is surprising to see who your savings can grow, even when you save a small amount regularly over a period of time. I wish I had started this practice years ago.
     
  5. bretttina

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    I have found that cutting back on the essentials such as going out once a week as opposed to twice a week, it really is a dear game going out the average night costs around £70.00 so over 4 weeks that's £280.00, i'm also trying to stop smoking :( at £6.50 - £7.00 per pack that would be a huge saving each week for me
     
  6. Fergal

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    Nights out can be expensive Brett, I've also been cutting back on that front and it really does make a big difference. Thankfully I never smoked so that hasn't been an issue.
     
  7. Stephen Ryan

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    Saving money is about going backwards or standing still.
    The best psychology is "making money".
    You have to make money, in order to consider to save it.
    Whilst you are considering saving money, someone else is out there making money.
    Britain is looking for ways to save money, at the same time real terms growth is in decline
    We are trying to save the treasure before it is stolen away from us
    Speculate, accumalate, speculate, accumalate - its the only way to financial success
     
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  8. GekiDan

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    To be honest, I'm not good at saving money.
    Most of my earnings went to my toy collections and I can't resist "Sales" and "Discounts" especially 50% and above.
    Look what I got in the past 2 weeks:

    [​IMG]
     
  9. Fergal

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    Stephen, I agree with you that it is very important to know how to make money and that obviously if people who don't know how to make money will never have any money to save. However, I also believe that money in the hands of someone who doesn't know how to look after it can be dangerous and can get them into serious trouble. For that reason I feel that it is very important to get into the habit of saving a percentage of our income and learning how to use those savings to our best advantage. It is all related to the principle of paying yourself first.

    GekiDan, you will soon need your own warehouse to store your collection :)
     
  10. GekiDan

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    Definitely. That's why I always try my best to move a good amount of Paypal funds to my account before I could spend it,.

    Kinda true.
     
  11. virtuzone2jamal

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

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    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.
     
  13. td2011

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    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.
     
  14. GekiDan

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    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?
     
  15. Clint Cora

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    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.
     
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  16. GekiDan

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    Or maybe for emergency purposes.
     
  17. sigma

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    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?
     
  18. Fergal

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    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.

    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?

    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.
     
  19. GekiDan

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

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

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