I am one of those people who cannot keep money / myLot

Singapore

October 6, 2015 6:03am CST

If I have money, I will spend. I am one of those people who cannot keep money. My bank account always has less than one month salary in it. When I was younger, I used to buy insurance plans so that every month a large portion of my salary would go to the payment of premium. I still pay those insurance, and on top of that, I buy shares. That is the way to lock up my money so that I do not spend it all.

6 people like this

6 responses

Karen Waterson

@rosekiss (30380)

• Eugene, Oregon

6 Oct 15

i have a hard time saving too, as the economy is so bad, it just costs so much more to survive. I used to be a lot like you where if I saw something and wanted it I would buy it and worry about paying for it later. I have come to realize that i need to think differently, so now, I don't just buy impulsively anymore. If I want something, and can't afford it, then I don't buy it. It has taken me awhile to change my mindset, and now that I have, I end up with more money each month now, going into the next month, which means I can pay a little extra on my credit cards, should I choose to do so.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

7 Oct 15

I am quite fortunate that I know my weak point from young. I have a few insurance policies that I still paying every month, and all of the policies are worth more than my premium. I am quite fortunate that I had several years where I lost money in the stock market, and the loss made me learnt about investment seriously.

1 person likes this

Karen Waterson

@rosekiss (30380)

• Eugene, Oregon

7 Oct 15

@scheng1 The stock market can really drain your money. Fortunately I never got involved in that, as I certainly would be worse off than I am. I am doing my best now, though, not to spend money if I don't have to, as i like to build my bank account up each month, instead of draining it down. At least I have money now, so when I get the rent from my tenants, I will more to do things with, like maybe pay more on my credit cards, It sounds like a plan anyway.

wiLLmaH

@wiLLmaH (8801)

• Singapore, Singapore

7 Oct 15

Hey it is a good thing! Me too! My account is not that big because of buying stocks and investing on businesses.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

7 Oct 15

Sooner or later you will get rich. It is a very slow process, especially in the starting. I think you just have to work to acquire more money and more investment knowledge. It takes a long time before you can see how the capital grow.

1 person likes this

Munhozmib

@munhozmib (3837)

• Sao Paulo, Brazil

6 Oct 15

Greetings, scheng1! It's a shame. But it's quite a hard task, saving money. We usually cannot save as much as we would like to. It gets so hard, specially if we do not have a high enough payment. There are bills to pay, you want to have some fun, go to the movies, or something like that. And if you have children, then, I guess it's a goodbye to money, hahahaha. I also do as you say. Also, when I get money, I try to send it already to some sort of savings. This way I won't be able to spend it. Respectfully.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

6 Oct 15

Nearly all of us will spend all our money if we do not think of best way to spend it. That is why I prefer to buy shares and insurance than to buy luxury goods. When we have more clothes, more bags, more material things, it will not increase our happiness, and once the money is spent, it is gone. It is better to invest and let the money grows.

1 person likes this

celticeagle

@celticeagle (158876)

• Boise, Idaho

6 Oct 15

I think that is smart. You know your shortcomings and you make your choices accordingly.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

7 Oct 15

There is a Chinese saying about knowing self and knowing enemy. There is a great unknown factor in our lives. It is our lifespan. As long as we do not know when we will die, we have to make our money lasts much longer than the official retirement age.

Val

@valmnz (17099)

• New Zealand

6 Oct 15

Well, you've obviously found a way of keeping your money now.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

7 Oct 15

I think locking up the money in investment is the best way to keep money. I think many lottery winners have the same problem of not being able to keep money. They see the money in their bank accounts, and they cannot resist the desire to keep spending. If they buy life annuity, they would have income for life.

1 person likes this

John Loberiza

@jrlcentral (2601)

• Roxas, Philippines

7 Oct 15

It's a good thing you are buying shares (of stocks I presume). That's a great way to make your money grow. On a personal note, I follow the 100-30=70 principle. Meaning, Each time I get my salary the first thing I do is get the 30% and invest it. 70% is all I spend for my monthly expenses.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

7 Oct 15

There are many ways of investing in the stock market. I prefer REITs and buisness trusts that pay dividend regularly, and I want to find those that pay regardless of economic situation. I find that investing in utility trust is one of the best ways to keep my money. After all, everyone needs to drink water, and pays government to provide electricity, clean water, and waste collection.