what's the best way to save?

Philippines
January 21, 2010 7:52pm CST
hello mylotters.. I have a hard time thinking of ways to save some money from my monthly income. Yesterday a group of bank representatives were here to explain a bank program where you can keep an amount from your payroll to another virtual savings account. they call it save-up account. If in case you want to withdraw your saved money, you have to transfer the amount in your save-up account to your regular account and withdraw it. I think it's okay but still you have your own control over it. Me and my friends and other co-workers also started putting up a fund where we contribute an amount every pay-day and the collection can be loaned by others and it will earn us some interest. At the end of the period we can get our money which we contributed plus a share of the total interests collected from loans. I think it is better thatn saving in the bank because the bank gives a very low interest on savings and high interest on loans. I also am trying to review some investment sites but I am not so sure about them. There are a lot of scams going on in the internet and it's very hard to decide if those investment sites is worth trying. The money I am aiming to save might be wasted. Do you have any other idea on how to save and also to earn interest the best way?
12 responses
@sulsisels (1685)
• United States
22 Jan 10
Hi sharlionse I would be very leary of those sites on the net that boast these unbelievable interest rates. I personally would never put money anywhere that isnt FDIC. Things happen to quickly and I dont know about you, but if I were to loose 100.00 I would be upset. The interest rate on savings accounts is almost a joke. Even CD's are not anything like they used to be. The best interest I've seen is 5.4% here in a local Florida bank but you have to tie it up for a min of 5 years. I've even seen offers as low as .6%. I think I would put my money under a matress before I let the banks use it for .6% I too am having trouble with day to day savings. I try to food shop taking advantage of every sale they have providing I need the item. If its something I'm going to use and the savings is significant, I'll buy ahead. I go without a lot of things I used to buy as they were more for my convenience or luxury than necessity and eating out is a thing of the past for us. Its a tough struggle and I don't see it getting better anytime soon. What I try to do when in a store, before I put something in my basket I ask myself, "Do I really need this?" if the answer is no, I put it back. I have always been guilty of impulse shopping and I just can't do that anymore. I certainly dont have the answers and all we can really do is our best and pray like heck that the economy improves. Good luck
1 person likes this
@varron (453)
• Philippines
22 Jan 10
The best way to save is to know your spending limitations. You must have to cross cut and eliminate those unwanted and unnecessary spending. You must spend only for the things that are important and you are badly needed. You could also saved by buying wisely, you must select the proper products in the market that fits for your budget but does not sacrifice quality. Saving money in the bank is also a big advantage. If you have extra money, then it is rightful to save it in the bank so that you cannot spend it off immediately. Still you can guarantee that your money is safe and will gain interest. There's a lot of way to save, all you have to do is to think wisely and spend your money in a proper way.
• Philippines
22 Jan 10
I understand that it's good to cut on not so necessary things but it really is painful sometimes if you reject things for yourself, I always remember myself saying that it's good to give a reward for yourself once in a while (though it's not really so important or necessary).
• Germany
22 Jan 10
I agree with you very much. It offen happens on me.
@Charl23 (41)
• United States
22 Jan 10
When I was collecting a pay check, I always liked to have some money deposited directly into savings. That way I never saw it (or spent it!) and I never had to remember to transfer it to savings. It built up fast that way!
@kiran8 (15354)
• Mangalore, India
22 Jan 10
I did that and still do it. I put all my online earning into a diffrent savings account and when it becomes a substantial sum, I open a fixed deposit with it. It may not seem much, but over a period of tiume it does become a considerable sum ...All the best
• India
22 Jan 10
I save my money in a different way in my local bank. It a scheme known as fixed deposit scheme. The money you want to save will remain there for one year or two year or more. This depend upon your wish as to how many years you want to keep your money as fixed deposit. Accordingly, interest per year will increase if money is deposited for more number of years. For example if you are interested to fix deposit for one year then you will get an interest 4.5 percent per year. For two year fixed deposit,you'll get 5 % interest per year. But i can't withdraw money before the term expires. If i did so before term then i willnot be given any interest. If such facility is there in your local bank,then this can be the best way to save money with a good interest.
@pengbubu (1015)
• China
22 Jan 10
I am still being in debt, so I don't have money to deposit. But I think we can do it by ourselves. If I have money, I will separate my money into three pieces. One piece is for my daily expense, one piece is for saving, one piece is for my future. I will use the last piece of my money to take a training or attend in a advanced studies.
@drakesuyat (1063)
• Philippines
22 Jan 10
its good to save money so we can have something to use especially during emergencies. but other than saving, i would always advice to use the money to earn more instead of relying on the banks interest alone coz it will earn very low. and if you need it during emergencies, believe me it will pop out like a bubble. you'll end up starting to save again.
• Philippines
22 Jan 10
In simple mathematics, you can save by not spending more than what you earn. Going into business may give some extra money but always be careful when you invest because you might instead end of wasting your money. What you are doing right now is a good way to save money.
• Philippines
22 Jan 10
save it in a piggy bank for coins and when it becomes bigger save it in a bank that the best things to do to save.
@jilshi (271)
• Malaysia
22 Jan 10
To me, i think the best way for me to save money is do not go out of the house oftenly. This will reduce my rate of spending for travelling, entertainment and shopping. I am shopholic and could not control myself when shopping. Too much temptation to buy beautiful clothes, handbags, shoes, accesories and etc. I owe credit card too much because of shopping.
@advokatku (4037)
• Indonesia
22 Jan 10
saving is a smart way to manage finances .. for your initial 10% could spare from your income. Try you have more than one account, the aim is to separate the savings fund with funds intended for everyday use ... investment is always have a risk ... if you have excess funds, and dare to speculate, you can make an investment in the stock. Investing in the stock more profitable, but also many risks ... but if you do not dare to speculate, it should invest your funds in the form of gold, land and or buildings ... This is the kind of investment is relatively no risk
@KMaroon (269)
• India
22 Jan 10
Hi Sharlionse I can suggest you that try to lessen you expenditure by spending on which you think is very important. You can save money in short term deposits in which you have to pay a very little amount monthly and you can take the money only after a minimum period of 3 years, or you can put your money in fixed deposits I know but you get very less interest on that. Another option is to increase your income by doing some part time jobs or any other work by which you can earn through internet jobs and save more. Have a nice day.
@online_jon (1478)
• Philippines
22 Jan 10
hello sharlionse! Good day to you. I guess investment plan was a good idea to save money and the good thing about it is you can able to increase your money while saving it. But be sure that you will be away from scam. Then my last tip for you would be this: manage your payment first, where the money go so in this case you will know where does the money go. Then try to have a piggy bank so as long as you have some coin? You can able to save it.