what is the best way to save money?

Philippines
December 8, 2008 7:04pm CST
i am working now, but my problem is... i can not save my pay.yes, i do not have a single centavo saved in my account. and imagine? i am working for almost 2 years now. an i badly needed to save now, for my future needs. i pay for food and for my transportation ONLY (because i still stay with my parents and everything is provided, hehehe) but wait, do not judge as so dependent, i am paying for my postgraduate study now, and i find it hard to save. HELP!!!!
1 person likes this
7 responses
@chiaeugene (2226)
• China
9 Dec 08
try to find a bank which automatically deduct your money on your payday into a saving account. in this way, through forced saving, you will see your money grows and you cannot touch them. you will also learn to survive on the balance of your salary and in this way you will also adapt and learn to cut down on your saving. this will work cos you have no choice but to live on the money available but you must have discipline and not borrow from your friends or family esp if u think u have a saving and can pay them later. you must also not touch the bank account and it would be best if you can pass the bank card or book to your parents for them to keep for you
1 person likes this
@tron20 (28)
• Canada
9 Dec 08
i like the way you think. i take it you have an intrest in money and/or investig as well? Also anothe add to thisit sounds like a lot of money $100 - 200 a paycheque. But to be honest you will not even miss itcause it won't be there in the first place using forced savings
@chenaiyh (228)
• China
9 Dec 08
well,i have heared about this question so many times.the one suggest is to record all your spend,after a month,you can check the list,look if there have some spend actually not needful. other way,you can plan you spend first,and when you want to spend money on sth,you check you plan,to decide wither buy it or no
@tron20 (28)
• Canada
9 Dec 08
those are also good tips. might i add cut up any and all credit cards. except fo maybe 1 emergency one that is only used for "emercencies"
@tron20 (28)
• Canada
9 Dec 08
I can offer you a little advice on how to save, yes it won't sound like much, but you sound like you're around your early 20's ?? heres the basics, d you go out for drinks with your friends? do you go for coffee every morning before scool at *bucks or something like that? how often do you go out for lunches or dinners? yes those are all $5 here $5 there, but those are the ones that get you in the end. Look I'm not saying the answer to this is to never do anything, I'm saying start with the simple things have one or 2 less drinks and save that money, make your coffee at home fo pennies instead of $5 a cup. Pack a lunch, etc. Thats the real trick to saving money. now if you want to get more advanced then this invest it into a mutualfund at a 5% rate of return and do it concistenly an watch the magic of compound intrest take over. I would be glad to discuss more with you if you would like to hear more just let me know Thanks
• Philippines
9 Dec 08
mutual fund? i think i like that....
@suruchi86 (1873)
• India
27 May 09
I'm so sorry for coming in so late. I think, you might have got your answers by now. However, I think, to save something, one should prepare budget for the month in advance, with allocating some portion for savings also and strictly sticking to it.
@celticeagle (111529)
• Boise, Idaho
12 Dec 08
Saving has to be a commitment like anything you want to take seriously. I think having a saving account somewhere where you do not have direct and quick acess is a good thing. I utilize Paypal and such as that. You really need to situate yourself and your money so that you don't spend it all. Also,you have to play tricks on yourself. Like if you get a check for $257.77 put ATLEAST the $7.77 in your savings. Keep a cash log and keep a budget. List all your bills, what you have left and what you have to spend and save. Give yourself a certain amount to spend and stand by it.
@suruchi86 (1873)
• India
10 Dec 08
I think to save few bucks, it is better to make weekly or monthly budget and a list of payments to be made during week or month. Try to optimize your budget and payments vis-a-vis your earnings and always keep few bucks in your budget for saving in a separate account. Never try to deviate from your planned budget and avoid splurging.
• Malaysia
10 Dec 08
The best way to save money is PAY YOURSELF FIRST.You've been paying everybody you owe every month.You pay the bills , bank loan, mechanics and you actually get nothing. There's just another person that you forget to pay - that's you. So, after you receive your salary you must set aside amount of your money for you first. Then you pay others.You deserve more than bill collector. Believe me, this is very good advice and recommended in many bestseller financial books. You will realize the true power of pay your self when you see your saving improve month by month. Then you can start invest in mutual fund or stock. You can do it as long you willing to learn. Increase your financial intelligence and you will be successful.