How do you make savings for the future?

@jearl02 (211)
Philippines
February 28, 2013 11:04pm CST
Hi to all mylotters! We all know the importance of saving money for the future. In fact, some of us faithfully save a part of their income. To increase savings means to minimize our expenditures. Experts would say that the formula for expenses should be INCOME - SAVINGS = EXPENSES. Considering the financial issues today and with the increasing prices of commodities, do you still save money for the future? How do you make your savings?
8 responses
@gabzreal (136)
• Philippines
1 Mar 13
that was the formula before 80's sorry but it will not work anymore in this generation..as financial teachers says. "savers are losers"...why?..as you can see..the money now is called currency? why? because as we all know current flows..it means the value of money is changing..its either high or low value..example.. the 1 dollar is 43 peso..have you notice before you can buy 500 dollars per gram and now the price is 1600 per gram...so why save?...the thing is.. dont save but let your money flow like a water current..invest your money..buy gold or oil,or things that prices will go up!..the value of money will not go up..its is the prices of goods that goes up..so save goods like gold silver oil,make business,let money grow, instead of saving it. you have now an idea if you will save money or not.
@jearl02 (211)
• Philippines
1 Mar 13
Wow, that's great gabzreal! I definitely agree with you and I believe THAT IS REALLY A MUST! In the first place, we really need to invest our money so it's value will grow. Land is also another kind of investment whose value will never appreciate.
@choconut (298)
• Philippines
1 Mar 13
i'd like to try that after i graduate from school definitely will save up for an investment (",) thanks a lot gabzreal
@gabzreal (136)
• Philippines
2 Mar 13
you're welcome to both of you, and yes Land is also a great investment but its good to build something that gives you income..
@choconut (298)
• Philippines
1 Mar 13
i heard this from a seminar/talk by a couple who've experience how to lose everything. This is how to spend and save at the same time. Your earnings should be divided 10-20-70 10% goes to your tithes, 20% goes to savings and 70% goes to expenditure. Why must tithes be part of the equation, because it is written in the Bible, seek ye first the kingdom of God and all these things shall be added unto you. Seeking God first is the channel to blessing, and also because God ask us to trust Him and this is by giving back the 10%. 20% should be saved so you have future expenses like for emergencies, for your child's future and so on... 70% should be the limit of your expenditure, limit that 70% in your day to day expenses, cut down the budget if you have to. And also remember before you save up, you should have a right motivation and ask God to lead and help you in the way. God bless (",)
@jearl02 (211)
• Philippines
1 Mar 13
Thank you for that choconut..I agree with you in that distribution of income..And yes, it requires a right motivation to faithfully follow the budget.
@choconut (298)
• Philippines
1 Mar 13
i read a book last month i think... its around P100 as far as i remember, try reading it its good and its about saving in a faithful manner. Title is "Sisik, Liglig at Umaapaw" by "Ed Lapiz"
@jearl02 (211)
• Philippines
1 Mar 13
tHANKS CHOCONUT....I'll try to find it if I have to go to a bookstore.
• Philippines
2 Mar 13
my way of saving money is this..this is the formula most of us think of the expenses first then if theres money left thats going to be our savings but a friend told me to do it vice versa savings first then expenses in that way we would be able to discpline ourselves from overspending.
@jearl02 (211)
• Philippines
4 Mar 13
That is also what I am presently doing. Thanks for sharing sheillaG0623...
@cutepenguin (6457)
• Canada
2 Mar 13
Right now, we are living off of my husband's income and using my income to pay for groceries and to save. So we do manage to save some each year now. This is only the second year we've been able to do this because we spent a lot of time paying off debt.
@jearl02 (211)
• Philippines
4 Mar 13
Thank you cutepenguin. It is really difficult to save when you have been in debt unless you are earning from the money you borrowed.
@murarig (21)
• India
1 Mar 13
Savings means just lead a simple life. Just make yourself how you want to live and earn by your passion to live. Its all by one's own life leading. Example 10 members family with 1 or 2 people earning means now a day's nothing to save. Part of anybody's earning should be divided into number of parts example: Emergency fund, health fund, family expenses fund, small savings in bank fixed deposits.... etc.. goes on...
@jearl02 (211)
• Philippines
4 Mar 13
Thank you murarig...
@eagletrek2 (5177)
• Kingston, New York
1 Mar 13
Hi what I do I Pay my self first then I pay my bills.I Look at my gross income Take 5% out treat lt Like a tax money goes in Bank and does not get touch I cut down on shopping To cut the cable out Get free dvd at the libary.
@jearl02 (211)
• Philippines
4 Mar 13
Thank you eagletrek2.
@justyou (68)
• China
1 Mar 13
i'm a student now,so i haven't to worry about those stuff.the only thing confused me is the job! god,something like i will graduted tomorrow....
@jearl02 (211)
• Philippines
1 Mar 13
Well, if you are able to find a job that compensates you with much money, you don't need to worry about those stuff,hehe
@MrGhost (550)
7 Mar 13
I chalk out a budget for every month. If I cannot firmly stick to it that is if my expenditure for any particular month exceeds the planned one, I try to compensate it in the next month so that at the end of each year, I can fulfill my target of saving.