How doyou save money?

@shamsta19 (3224)
United States
June 10, 2008 4:26am CST
I don't mean how you are saving a few cents at the pump or using those coupons, I'm talking about saving for your future. How do you put it away? Do you have a savings plan? Do you have a stash under the pillow? Do you have some knowledge we need to hear? I'd like to know what are some of your ways of saving money?
12 responses
• India
10 Jun 08
Saving money is not so difficult. you can cut down on expenses and still njoy life to the fullest. just try to avoid unnecessary shopping and spending. You can then invest the money you save either in mutual funds or stocks or you can just keep them in bank.. or if you Want your money to grow you can even invest in oil shares; even gold is a good option. And if you are a connoisseur of art and interested in it, then buy art. it gives the most profitable returns.
1 person likes this
@shamsta19 (3224)
• United States
10 Jun 08
You're the second person in a minute to mention oil shares to me. Might just look into that...
1 person likes this
@shamsta19 (3224)
• United States
12 Jun 08
Thanks for the advice!
1 person likes this
• India
10 Jun 08
Yep, looking at the way prices of oil are increaing day by day, it currently seems the best available option right now and after that i think gold will be the next best. Art if you are interested is an evergreen option.
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@ayessa (1583)
• Philippines
1 Aug 08
What I do to save was I cut my expenses like before I spend I think 10 times before buying. I need to ask myself is it necessary or not? I also save a little amount from my salary and when I have coins on my purse I keep them like a piggy bank then when it was plenty I directly deposited those to my saving account. I also have some trust fund and time deposits. Just recently I got a pre-need plan for myself so that when I got old I have something for myself.
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@shamsta19 (3224)
• United States
1 Aug 08
Always a good idea. I have always wanted to do this for myself and my daughter and just have never done it. I think if I had done this ten years ago I would have a nice lump sum of cash right now! What type of trust funds are you investing in? What are time deposits? Please elaborate.
@shamsta19 (3224)
• United States
2 Aug 08
Ok I got you now..
@ayessa (1583)
• Philippines
2 Aug 08
Time deposits are just like savings account but this one is different in terms of interest and you can't just withdraw the money without waiting for its maturity.
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@sdas86 (6076)
• Malaysia
10 Jun 08
Hi, I will take 20% of my income as my saving and investment. If I earn $1000.00 per month, then $200 will go for saving and investment. I will invest in mutual funds and stock for long term to get appreciation of prices over time. Then, I can get the dividends and I think it will be a great way to leverage my saving for future.
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@sdas86 (6076)
• Malaysia
13 Jun 08
Hi, You are right. 20% is a lot, reducing to 10% is better.
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@shamsta19 (3224)
• United States
12 Jun 08
20% is better than the ten most recommend if you can get by on that income!
@xJonox (222)
10 Jun 08
Basically I get paid every week, with that money I just put a certain amount away and spend the rest (usually) then any change etc. that i have left when I don't really need it, i put that away too... so far by doing that i've saved about £500 over about 6 months... small amount but it's still £500 i didn't have =).. Oh and i've got a few Icer bank accounts so I can't get any money out of those high interest accounts for a few years... put stuff in though... pretty good!
@shamsta19 (3224)
• United States
10 Jun 08
Those accounts pay off in the future. You will be happy to have invested that money when you get older. I used to put away 300 dollars (US) away a week with that I had all my bills covered and what ever was left over after the months end usually a few hundred, I save. After awhile that money adds up.
@xJonox (222)
10 Jun 08
Exactly =) Plus some weeks and times you can afford to put a bit extra away which is more than you usually would... Just have to think your life is there for a long time so you've got a long way to save up as much money as you want (depending on how much you wanna put away each time)... never the less - money is evil lol.
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@shamsta19 (3224)
• United States
10 Jun 08
Yes it is my friend.
• Malaysia
10 Jun 08
Financial experts will advise you to save 10% of your income. Pay yourself first. You can arrange for a standing order form the bank to send a certain amount of your momey to your savings account or mutual fund/investment account.
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@shamsta19 (3224)
• United States
10 Jun 08
Good advice. And you never miss this money if it never touches your hands. Imagine doing this for ten years? Twenty?
@shamsta19 (3224)
• United States
10 Jun 08
Seems like a long time but how much have you saved in the last ten years?
@Wizzywig (7847)
3 Jul 08
We used to save regularly in various types of account. I'm glad we did as we are now using those savings to supplement our income.
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@shamsta19 (3224)
• United States
3 Jul 08
And I wish I had done that years ago. Seeing as I am still young I know I have time, but it's like now I have so many things I want to accomplish and need the money right now. Saving is just so hard for me now but I do ok.
@Wizzywig (7847)
3 Jul 08
saving is a good thing to do but not if it means you dont do stuff that you want to do whilst you're young enough to. Enjoy the NOW!
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@shamsta19 (3224)
• United States
3 Jul 08
You are right about this too. You have to enjoy life while you have it.
@subha12 (18441)
• India
18 Jun 08
i am saving very little. i know i should save more and more. otherwise what will happen in my future? I always end up spending more actually.
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@shamsta19 (3224)
• United States
19 Jun 08
you aren't the only one. I keep having this guy bill call me for money. Light bill, gas bill, food bill, rent bill. Wish he'd leave me alone already!!
• United States
10 Jun 08
We put together a fairly strict budget. We are following the budget and putting the rest of the money in savings. Then we are topping it off with saving everything I make online. All in all, about $750 or more a month is going in savings and we are hoping to increase that a lot over the next few months. We are planning on using everything we can save in December to make a down payment on a house.
1 person likes this
@shamsta19 (3224)
• United States
12 Jun 08
Good luck with that! Wow! 750 a month thats pretty good. With my method where I saved 300 hundred a week at months end after bills were paid I'd have about 300-350 left over to save every month! I'd love tom be able to save twice as much!!!
• Malaysia
4 Jul 08
saving money is one of my big problem. From 3 years ago i'll try to make a saving but still can't reach the target point. i'm just a loser went talking about money.
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@shamsta19 (3224)
• United States
4 Jul 08
At least you're making the attempt. Some of us haven't done that much!
3 Jul 08
I just got a book about 101 ways to stop your money leaking and save your money in this hard time. Interest I will sent free to you. Add me then.
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@shamsta19 (3224)
• United States
3 Jul 08
Added.
@dropofrain (1167)
• India
2 Aug 08
I think you can put in some fixed deposits according to your savings which could be used for further use. Apart from that you can open a regular saving account which can be done on monthly basis. It fetches a good interest amount and is easier to be done. It fetches to a good amount at the end.
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@shamsta19 (3224)
• United States
3 Aug 08
Maybe I should get a bank account. Not much of a bank guy but I was thinking of opening some high interest bearing accounts.
@wendy1980 (131)
• China
5 Jul 08
Every month i got the salary,the first thing i have to do is put a certain in my deposit account,i know if i don't do so,i will have no money.this in the way i save money.
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@shamsta19 (3224)
• United States
5 Jul 08
I try this method and I find if I put at least $300 a week away, I do good. I have another secret stash where I used to put 20 dollars a day and I'd buy things I wanted with that like gifts, shoes, clothes, etc.