How good are you in saving part of your income or salary?

@manong05 (5027)
Philippines
September 30, 2009 5:32am CST
I'd been trying for a long time to at least save but I really find it difficult. Everytime my savings accumulates to a certain point, a need arises that I have to spend it and again back to zero. The only consolation I have is I am not in debt at the moment and I have a little something in mylot. LOL I think it really needs discipline to maintain your savings and spend it only if necessary and if it can be avoided, well and good. To you who are successful in saving, any tips?
5 responses
stephon8
@stephon8 (300)
• Philippines
30 Sep 09
They said that savings comes first before spending, sometimes we do it the other way. Everytime you earn from your income or salary atleast 20% of it should go to savings then the rest for daily spendings like food, transportation, utilities etc. I do it the other way i spend first then i save what's left. An advice i get is always differentiate things from what is need and what is want. Which until now im still figuring it out...LOL
manong05
@manong05 (5027)
• Philippines
30 Sep 09
saving first then spend is a good guideline but that is ideal when the income makes the end meets like all the bills and the basic ones. The problem is when what we receive barely meet all the bills it makes it difficult to save and the balance is always zero. LOL Cheers!
turones
@turones (206)
• Philippines
30 Sep 09
i also have the same problem. but recently, i started committing myself in saving a part of my income and luckily, i have managed to save a considerable amount. but i have to admit that there are times when my mind starts thinking about the things that i could get with that amount ;)
manong05
@manong05 (5027)
• Philippines
30 Sep 09
Remind yourself of the little phrase... That money talks, I can't deny I heard it once It said goodbye...lol If you are not careful, that savings will be gone. Money has its own way of jumping out of our pockets. Happy mylotting.
Angel
@nanayangel (7879)
• Philippines
30 Sep 09
Hi there Manong! Same here. I can say that I am good in saving money only if there is any to save. These days, it's really tough since all the prizes of commodities rises and the salary of employees don't and our business isn't doing well at all so it's really hard to have any money to save.
manong05
@manong05 (5027)
• Philippines
30 Sep 09
So most of us just have to live with the fact that we are always in zero balance and be used to it. As long as we are healthy and not in debt, I guess, I can take that. LOL happy saving if there is something to save, cheers!
ibuemma
@ibuemma (2953)
• United States
30 Sep 09
It is hard. Luckily, in here the company has what they call pension plan. little part of our salary going to that fund, and you can't really do anything with that unless you want to hit with penalty by withdrawing the money in it. And it just keep growing and growing until I reach my pension age.
manong05
@manong05 (5027)
• Philippines
30 Sep 09
hard it is, indeed. Fortunately, there is something you look forward to. It may be a little far off at least there is something. Cheers!
jugsjugs
@jugsjugs (12967)
•
30 Sep 09
I have no money left over at all once i have paid all the bills so i have no chance in saving any money.I think that if i had anymoney left over then i would get ahead of all the bills by one month first then get into a routine of trying to save money ready for that rainy day when i will need it.
manong05
@manong05 (5027)
• Philippines
30 Sep 09
at least the money you receive is sufficient to pay for all the bills. I must confess that I know of some people whose income are not even sufficient to make ends meet and some bills are left unpaid or they have to go in debt just to pay for the bill. Yes, we are in a very difficult time financially, and having a job and a sufficient income is one reason we can be thankful for. Happy mylotting.