Saving is a virtue
February 4, 2012 2:54pm CST
I had learned that most people wants to spend, but not many of them ever think about saving. A good of friend who loves to buy brand name stuff, but I just would think would brand name necessities provide the same function as lower level of brand would provide? Can we really have to think about how much we can afford and how much we should save? Mostly, he would told me, he would spend more than what he made, and rest of it rely on the credit card. That is not a healthy budget according to me. Why not lower your expectation, and start saving right now. $1 to $5 per week, and do it in a baby step. Going further more if you have the financial ability in the near future to save more.
4 Feb 12
I had over £3000 personal savings, which had taken me 20 years to save, but within 3 months of my partner losing his job, it was gone. We had to use it for basic living expenses. Using credit cards or any other kind of credit is a bad idea, I am in debt because I used catalogue credit accounts for things my kids needed that I couldn't afford - clothes, beds when they outgrew their cots, etc. I am trying to get out of debt, its going to take some time especially as my partner and I are both looking for work (and have been for 10 months) but when the debts are cleared I plan to start saving again.
4 Feb 12
I think many people have that problem of no savings anymore. In my country people always saved, now most of them live from that. Buying on credit is not a great idea but there was a time it saved my and my kids life. I never bought extra or luxury stuff. I don't think you did. It's a fact that if you have kids they grow and need stuff. You can only safe money if you know plenty of people who will give you what you need. If this is not the fact you have to survive. It did help me to make a plan. When to pay what, so no more sleepless nights and I knew in ... I would have payed it all off. The rest is just: easy does it, step by step, live by the day and don't forget to enjoy (eachother).
• Beaconsfield, Quebec
16 Feb 12
I really do think that savings is virtue. It's always good to have some savings, as they can help you out a lot for the future. You never know when they can come in handy. Plus, savings are supposed to help you for a goal you're trying to reach, whether a vacation, house, retirement, and so on. They're there for the future, or for an emergency that may arise.
• United States
8 Feb 12
Saving is always a good thing to do. But when it comes to buying something, some name brand things are worth the money. But I think they are few and far between. Meaning, most name brand items are no better then no name brands. Everyone should always put away a certain percentage of their paycheck every week and in time it will build up to a nice amount of money.
5 Feb 12
I have friends like this too...they say they want to save and then they spend money on toys for their kids (even though they say that their kids have too many toys and they don't have enough space for all of the toys). Or they get a bit of extra money and they say it's extra so they get to splurge or have a treat. The main problem is that they only have enough money to pay their bills so whenever they get extra they want a treat.
5 Feb 12
It sure is not easy to save for those who live paycheck to paycheck. Still, it's not impossible, either. In fact, this year I've started to do it, as you suggested, in a baby step. I try to save at least $1 a day and do it consistently each day. I figure by the end of year I'll have at least $350 without too much effort needed. I can just put whatever small coin change I've got every day. I'm sure if we just put in the effort, no matter how small it seems, it'll eventually be fruitful.
5 Feb 12
hi kingparker! tips in saving money for who cannot really save because of spending too much. try to save a fix amount a day. for example if you will gonna save 33pesos a day and try to compute it for 7 days you will have 231 pesos a week. and try to compute 33pesos a day for 1 year which is 365 days, you will have 12,045 pesos. 33 pesos a day is like you buy 1 packed of junkfood which not so necessity to buy it. the point is you did not notice you save 12,045 pesos by saving small amount a day, which is big savings already :)
5 Feb 12
Yes, saving is difficult especially with all the spending temptations nowadays. But really, living well below your means should be implemented to avoid debts and other accountability that may spur disaster in the near future. Your friend will have a rough time patching that habit of spending and using his credit card without control. As early as now, I am trying to save a part of what I earn. Even how measly you earn, if you have the discipline and the right set of goals to save, you will be able to save. It is just about the willpower and discipline. I have set my financial goals high so that it can motivate me to work harder and save harder too. The social cost of investing should not be worried about as the rewards in the future will surely out perform the joys of spending now.
5 Feb 12
I love buying nice stuffs as long as I have a lot of money. This doesn't mean that I will spend all. When I get the money I usually know how much goes to shopping, how much to pay regular bills, and most importantly how much is to be asided for future needs.
4 Feb 12
I live in a country where people find it normal to save. We pay bills first, we save for later, we forget to live and find out that later already started or at the time we do need the money it lost it's value or we are too sick to enjoy it. I read here a discussion about why 90% of the people is not rich. The answer is because they pay their bills/others first. If you want to get rich you have to pay yourself first. Is your friend rich?