my two piggy bank

@iwrite (5041)
Singapore
July 31, 2010 10:18pm CST
The step about create wealth and getting rich, is to keep the money you earned. And the advice from more wealth expert, is to pay yourself first. That is something I fail to do for the most of my working days. So today I started a saving and investment piggy bank, I would place ten dollar inside each of the piggy bank and then end of the month placed the investment piggy bank into a investment.
6 people like this
37 responses
@bystander (2299)
• Philippines
2 Aug 10
that's a good share... thank you...
1 person likes this
@iwrite (5041)
• Singapore
3 Aug 10
you are most welcome, I hope you are able to achieve your dreams too.
@bystander (2299)
• Philippines
5 Aug 10
if you do, i surely would... thanks a lot...
1 person likes this
@bystander (2299)
• Philippines
10 Aug 10
1 person likes this
@carmelanirel (20979)
• United States
1 Aug 10
I actually teach my son to use 3 banks. 1. 10% goes to savings. 2. 10% goes to tithe or charity. 3. The rest is for spending. And he is consistent in this, I am very proud of him.:)
@iwrite (5041)
• Singapore
2 Aug 10
carmelanirel, Well that is what Robert T Kiyosaki does too, however I need to get out of my debt before I think of the charity. I think he would do well. cheers.
1 person likes this
• United States
2 Aug 10
I am also in debt too, pretty bad, but you can reap what you sow..If you give, it will be given back to you, and I have had many things given to me and I believe it is because I give with a cheerful heart to people who are in worse shape than I am..
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
carmelanirel, Point taken, I would then put aside a portion for charity or for people in worst condition than me. I too believe in good karma. In the end it would come back.
1 person likes this
@hotsummer (10449)
• Philippines
1 Aug 10
i am saving money again. not that much but it is good to save whatever amount i have and until it adds to a very good amount and i will not the touch the money. it feels great to have some sort of savings.
1 person likes this
@iwrite (5041)
• Singapore
3 Aug 10
hotsummer I think that is the idea, it feels good at the end of the day to find that you have accumulated so much cash at the end of the day. and you would be able to do so much more with the money than when you do not save. Have a good time saving.
@hotsummer (10449)
• Philippines
3 Aug 10
yes that is really true. i am planning to save for a few months. but i am planning to buy like a laptop maybe . i think that it is good investment. i am planning to buy hp mini. but i will just make sure that i have more than enough money so that i will have some money left in my savings after buying that laptop. i don't want to have only enough to buy for a laptop and nothing left at my saving. i feel so excited to be able to save and to see that i am doing this for myself. that i am really know how to manage my money and how to manage my life most specially.
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
hotsummer I was also thinking of getting a new laptop, however, I putting it off as I want to do my investment first before I but some other things.
@Shar19 (8236)
• United States
1 Aug 10
That makes sense but for some people though they don't have any extra money to save for that piggy bank. I have learned to save some money since I was a little girl. I think this is something that needs to be taught to children at an early age. It's never too late to start saving though but it does get harder the older you get.
1 person likes this
@iwrite (5041)
• Singapore
2 Aug 10
Well the point is shar19, no one would ever be able to have extra money, the way I see it, the more we earn the more we spend. I know this because when I can a student I spend less than $50, now I spend more then $2000. You would want to buy they better things. This is even more important for the poor, if they want to break out of the cycle, they have to start somewhere.
@puccagirl (7316)
• Israel
9 Aug 10
You are completely right, Shar19! I do think it is very important to start saving when you are as young as possible too.
1 person likes this
@iwrite (5041)
• Singapore
23 Aug 10
puccagirl, The habit is the easiest to form when young, so the younger the less pain. is that not right?
• Pamplona, Spain
1 Aug 10
Hiya iwrite, Now that is a nice idea hope you keep it going too as it´s hard not to be tempted to open those piggy banks when you most need money. I would need something like a thousand Euros which is about 1,200 dollars to start an investment. Also they give you no assurance what the outcome of your investment would be so for the time being I will keep to saving but smaller amounts. Good luck both ways.
@iwrite (5041)
• Singapore
2 Aug 10
lovinangelsinstead21 , you know the minimum amount is 1200, so now it is up to you to decide when you want to start investing, i.e. one year there is 365 days so you want to wait four years then you save a dollar a day, now if you like to do it in two years then you save 2 dollars a day. but if you want to start this year then you can save 4 dollars a day. So it is up to you to decide.
• Pamplona, Spain
3 Aug 10
Hiya iwrite, So much of this money that is put in investment get´s diverted to other places. So it is really hard to trust these People. So I prefer to invest very small in myself. Lot´s of people here have trusted them and lost all their Money.
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
lovinangelsinstead21 I can understand where you are coming from, however there is not point putting the blame on others we need to do our due diligence to ensure we are not cheated in anyway. I hope you would not be cheated.
@Angelgirl16 (2177)
• United States
1 Aug 10
Hi iwrite, Pay yourself first is the advice of the financial advisors, but sometimes that is difficult to do, especially if your financial obligations out number the dollars you earn. I you have it in your hands, most times you're not disciplined enough to save it. Since this is a problem for most of us who are struggling to pay the bills, I have set up an automatic withdrawal from my checking account into a mutual fund account. The money is withdrawn without me missing it. I don't even remember most times until I receive the statement. The money continues to purchase shares in many different companies held within the mutual fund. This keeps me from buying single share from these companies. That is my biggest way to pay myself first. I do have a piggy bank, but I use it to store all the loose change from shopping trips. I never keep the change in my purse. I did cash it in once, when I need a little help. It turned out that I had over $400 worth of change. So, I will keep saving the change. Every little bit helps.
@iwrite (5041)
• Singapore
2 Aug 10
Angelgirl16, I think it is a good example, If you pay yourself first, end the it becomes easier in a way you cannot remember. I think spending on mutual fund is much better, then buying a new shoe or bag as the mutual fund could make you more money, however the bag or shoe would lose you money. I think you are smart girl.
• United States
2 Aug 10
Hi iwrite, The earlier you started the better portfolio you will have when you need it or when you retire. I start very early and am looking pretty good, of course they are all in IRA for retirement so I can't touch them without a huge penalty.
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
Angelgirl16 I could not agree with you more, I wish I had started it ten years ago, however I didn't and there is no point to cry over spilled milk and come up with a plan to start today. Actually I started on 1 August 2010.
@paula27661 (15899)
• Australia
1 Aug 10
I like your idea. I have decided to save all my earnings from now on and see how I go. My husband is the bread winner although sometimes his salary runs out and we rely on my earnings. We decided to try not to touch whatever I earn and save it instead. Will we make it? Time will tell...Paying yourself first is a great concept if you’re serious about saving or investing.
1 person likes this
@iwrite (5041)
• Singapore
2 Aug 10
paula27661 good for you, you should also ask you hubby to save a little of his pay, it might just be a few dollars, however it would make a very good habit. Let's say you save about 1 dollar a day, you would find that you can do with 1 dollar less each day, then you would be thinking perhaps I could do a little more and then a little more and you would find it easier.
1 person likes this
@puccagirl (7316)
• Israel
9 Aug 10
Yes, paying yourself is indeed a great idea! I recently started doing this, and while it is extremely difficult, it really works! So I can highly recommend this method to anyone as well!
2 people like this
@iwrite (5041)
• Singapore
23 Aug 10
puccagirl, Indeed it is not easy to start and harder to maintain. However when you build it into a habit it would become second nature. Then things would start to get easy. I hope we can all achieve financial freedom soon.
1 person likes this
@bjcyrix (6910)
• Philippines
1 Aug 10
Im starting to do that too.^_^ Ive been doing that since childhood then Id spend my savings on a big purchase that I really wanted. During college days, all of my savings were spent on expenses needed for school life. So I graduated with no real savings. Now, with the little earnings that I get from online things to small incentive from random errands for people. As of date, I have a good start and Im trying to keep it accumulating. Im restraining myself from withdrawing from my savings account(where Im safekeeping my savings). While Im also looking for part time jobs that I could apply to. I would like to know though is how and where I could invest the little that I have. At least when its still sitting there, its earning something. Where do you invest your savings?^_^
@iwrite (5041)
• Singapore
2 Aug 10
bjcyrix great for you my friend. Today is the day to start as tomorrow is too late. as for investment, I am currently with unit trust. The returns at the moment is not too bad. I hope it can continue.
1 person likes this
@bjcyrix (6910)
• Philippines
2 Aug 10
Oh okay, Ill try to look into it. Thanks and goodluck with your savings and investment!
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
Sure thing, I hope you are able to achieve too.
@tomitomi (5441)
• Singapore
1 Aug 10
Hi iwrite! Our commitments make us see beyond ourselves. I have to agree with what you said. That's a sound advice which I start too. And thanks!
1 person likes this
@iwrite (5041)
• Singapore
1 Aug 10
tomitomi good for you, I am afraid motivational level would drop after two months, so perhaps you and me can motivate each other to continue with this wonderful habit of savings.
@tomitomi (5441)
• Singapore
1 Aug 10
That's a Good idea.
1 person likes this
@iwrite (5041)
• Singapore
23 Aug 10
Well tomitomi, I have been doing this for 3 weeks, I wonder how are you coming along, I hope you have been doing it too. I hope by this time next year we would have more to report.
@puccagirl (7316)
• Israel
9 Aug 10
I think piggy banks are a great way to save. I use one myself, I put all my small change away at the end of each day, and put them into a piggy bank. You would be surprised at how much I manage to save this way, so I definitely think it is a good idea for you too! Good luck, I hope you manage to reach your savings goal!
1 person likes this
@lkbooi (16101)
• Malaysia
9 Aug 10
Hi puccagirl, really glad to read the comment you have left in my response box. Yeah, it's really a good habit for parents to cultivate the kids to adopt the good habit to save part of their pocket money or expenses in the piggy bank in their childhood. what's more placing a lovely well designed piggy bank in the bedroom would make the environment lovely and decent
1 person likes this
@iwrite (5041)
• Singapore
23 Aug 10
puccagirl yes it might just a small amount, however it could add up to quite a bit over time. I hope to be pleasantly surprised. lkbooi I guess you are right, I think I would be getting something better looking so it would make saving a little more pleasant and decorate my place better.
@Savvynlady (3686)
• United States
2 Aug 10
I think it is a great idea; and if the piggy bank's not available, the mattress or whatever safe place is and that is that.
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
Savvynlady Well do not just keep and forget, if possible invest and make your money work for you. your money to earn more money so you do not have to work as hard.
• United States
4 Aug 10
You're right and I like that.
1 person likes this
• Philippines
2 Aug 10
That's a good idea. I wish I have earnings to save, but I don't because I'm still studying. Keep it up, friend!
1 person likes this
• Singapore
2 Aug 10
This could be a guide for how you manage your finances after you graduate. Good luck!
1 person likes this
@iwrite (5041)
• Singapore
5 Aug 10
princesslawyer0515, Start small, something you can afford, I think at the end of the day you would be surprise how much you can actually save through the course of the month. bluemoonpavilion And with friend like you to give moral support, I think the success rate is so much higher.
• Philippines
21 Aug 10
read The Richest man in Babylon and you'll get inspired. I always read it and apply it in my life. It's one of the greatest book in financial literacy. There is a free ebook of that. I admire you for initiating a change in your life.
@iwrite (5041)
• Singapore
24 Aug 10
dudsdoojaxi1 I am too lazy so I have use the audio version, I think is is a good audio book too, I guess they teach the basics and you have to use it to apply to your life.
@Bebs08 (10689)
• United States
11 Aug 10
Very good idea. I want to do that too. Anyway, I started now to set aside little amount every time I have money just to see how much I will come up at the end of the year. The problem is when I will go to the store I am tempted to use my savings to buy something. I don't know how to overcome that.
@iwrite (5041)
• Singapore
24 Aug 10
I am sure you are able to achieve it too as long as set your mind to it. even it was a small amount, you would be surprise at the amount you set aside at the end of the year. Then it would encourage you to greater things.
@dorannmwin (36698)
• United States
3 Aug 10
What a great idea that is. For me, I get paid on a weekly basis for babysitting my two nieces. I use the money that I have from that as my running money during the course of the week and then when they pay me the following week, I empty out my money that is left from the prior week and I will save everything that is left over for later use. Right now my goal is to be working on birthday and Christmas presents. If I don't have enough money in my baggie, I can't buy something on that given week.
1 person likes this
@iwrite (5041)
• Singapore
23 Aug 10
dorannmwin Hey just put aside a small sum each time, however over time it would be would be a neat and tidy sum. from them on you would be able to use it to build your dreams.
• Philippines
3 Aug 10
you're right iwrite! no wonder people who work almost all the days of their lives still end up broke because they did not bother saving something for themselves. Anyway, thank you for sharing this!
1 person likes this
@iwrite (5041)
• Singapore
6 Aug 10
beautifulpages Well it is a good habit to acquire, if you do not want to be broke all the time, you should start savings.
@walijo2008 (4647)
• United States
2 Aug 10
That sounds like a good idea, but I know myself, and I'd probably rob my piggy banks before the end of the month and I wouldn't have anything in it..lol. It would always be in the back of my mind, "I've got some extra money in my piggy banks."..haha.
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
walijo2008 that is why the discipline is important, do not rob your bank, it is your bank. understand that the way to of getting rich is not how much you make but how much you keep.
@arahvma23 (269)
• Philippines
2 Aug 10
good for you! Unlike me, I really have a difficulty saving. I know that I have to save for the future, but what we have right now is just enough for our daily expenses. I just hope I could get a salary increase for the next fiscal year so I could save too! Continue your deed, and if you can, invest on some business... :)
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
arahvma23 well you can start with maybe just a dollar and slowly see how much more you can save in the future. And then you would find that actually you can actually managed your finances better.
• Singapore
2 Aug 10
Hi iwrite, That is a very good idea. The key point here is actually consistency and discipline, so maybe it's good to give your bank a standing order, transfer your $10 to a savings account and the other $10 to another account for investments on a regular basis. That way, we do not have to worry about forgetting it or spending it on temptation.
1 person likes this
@iwrite (5041)
• Singapore
4 Aug 10
bluemoonpavilion, you are right, consistency discipline is required for this plan to succeed. I hope people here would help motivate me.
@Crog81 (9)
• United States
2 Aug 10
Invest
1 person likes this
@iwrite (5041)
• Singapore
3 Aug 10
Yes I would like to invest the money to make more money, make the money work for me rather than working harder for money.