How do you save money? / myLot

Singapore

January 1, 2016 7:39am CST

I do not mean grocery shopping or whatever. I mean the method that you keep the money, as in using coins to feed the piggy bank, or open a saving account or using endowment insurance or just keep cash hidden in some special places. When I was young, I kept piggy banks. In fact, saving coins in piggy banks were my method for nearly 20 years. I just love to shake the piggy bank, and listened to the sound of coins. I have a saving account for emergency fund, and I have endowment insurance with yearly cash back. As it is, I do not keep coins anymore.

19 people like this

20 responses

jaishankar

@else34 (13517)

• New Delhi, India

1 Jan 16

@scheng1,When I get my salary,I keep aside a small part of it for expenses and save the rest.It helps me save a lot.

2 people like this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

That is a very good habit. It is the concept of pay yourself first. If you can do this throughout your working life, you will have a very good retirement later on.

2 people like this

jaishankar

@else34 (13517)

• New Delhi, India

2 Jan 16

@scheng1 I too have found it very effective for saving money.I will continue doing it through out.

1 person likes this

Bella

@Bella128 (2471)

• United States

1 Jan 16

I save money by not withdrawing it. Once it's in a certain account I don't touch it unless for emergencies.

2 people like this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

Yes, I keep the emergency fund in a credit union saving account. It is tough to withdraw money from there, because they do not have ATM or check book, and withdrawal is only at the branch during official hours.

Lee Ka

@kaka135 (14916)

• Malaysia

1 Jan 16

I used to save money in piggy banks when I was young, then every year my parents helped us to put the money in our bank accounts. I do not remember since when I started to buy a share when I have saved some money, instead of putting the money in saving account. I still keep some money in the saving account for emergency.

1 person likes this

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Lee Ka

@kaka135 (14916)

• Malaysia

3 Jan 16

@scheng1 I did save in fixed deposits when I was young, when the amount of the money in saving account grow bigger, as my parents said the interest for FD was higher. After my parents learned to buy shares in stock market, they also encouraged us to do the same, as the interest in FD was really low at that time, and I also thought it's time for me to learn and invest as well. I do have insurance, but no yearly cash back.

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

My progress is a bit different from yours. I started the coins saving in piggy banks, then upgrade to fixed deposit, then upgrade to insurance endowments, and finally to stock market. I still have emergency saving, as you have.

2 people like this

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Karen Waterson

@rosekiss (30380)

• Eugene, Oregon

1 Jan 16

My way of saving is to just let it build up in paypal, until I need it for something like paying bills, or necessities that I might need. It does take awhile to get anything in it at all, but I am getting there. The economy is so bad, that saving just isn't possible sometimes, especially when I have to sue money that I never planned on using as it was an emergency that I needed it. Emergencies can happen anytime, and I am not exactly prepared for them, but when they happen, I do get them taken care of even if I don't have a lot of money to do so.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

That is a good idea. I have to let the money sits in Paypal until it reaches $200. If I transfer the money before it reaches $200, I have to pay for the withdrawal. If I transfer the money after it reaches $200, then the transfer is free.

1 person likes this

Karen Waterson

@rosekiss (30380)

• Eugene, Oregon

3 Jan 16

@scheng1 It does't cost me anything to transfer the amount no matter what it is. It would take me awhile to reach that amount. I do have over $50 in it right now though, and I will just let it add up as long as I can.

Carmela

@Carmelanirel2 (8084)

• United States

1 Jan 16

I don't make enough money to save, unfortunately.

But if I did, I probably would save it in a safe place, like people would have a jar labeled "rainy day" money saved for emergencies.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

In this case, just start with saving a dollar a week. i am sure that is achievable. It is the habit that counts. Once you have started, it is easier to build up into a bigger and bigger sum of money.

1 person likes this

Carmela

@Carmelanirel2 (8084)

• United States

3 Jan 16

@scheng1 Um, when my husband is using our last $3 for milk, where is this extra dollar supposed to come from?

righttotheheart

@righttotheheart (226)

• Delhi, India

2 Jan 16

i save money by keeping it in the secret place and by assuming that they are not mine!

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

Wow, you use the traditional method. My mum and grandma used to do that. Sometimes they forgotten all about it until years later when we started to spring clean the house, then we found the money.

1 person likes this

righttotheheart

@righttotheheart (226)

• Delhi, India

2 Jan 16

@scheng1 yes this happens with me very often and that feeling when you find your long lost money is very nice i cannot even define

winterose

@winterose (39887)

• Canada

2 Jan 16

I don't really have a way of saving. If I want something I just keep the money in the house until I have enough to pay for it.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

I think you can start a piggy bank. The saving will be small, but it is still money. I think you will find the spare cash handy when you need to buy small items urgently.

youless

@youless (112108)

• Guangzhou, China

1 Jan 16

I don't save money to piggy banks since I will not get interest from it. I invest some to the stock market, some to the foreign exchange. I also deposit some to Zhifubao (like a saving account in Taobao but it offers higher interest than the banks). Then I deposit the rest to the banks.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

Yes, that is the reason I stop using piggy banks too. It is good to have a few dollars of spare cash at home for buying bread or something, but the lack of interest is a big turnoff. I do not have much in saving account too. The bulk of my money is in the stock market. I invest for income, and I collect dividends from my investment.

Shellyann36

@Shellyann36 (11385)

• United States

2 Jan 16

We save our coins. We keep them in one of those big water bottles. When we are low on funds and need to purchase gas or something, we raid the jar. It has saved us plenty of times. In the past I have had a savings account but the last several years have been slim and I have spent my savings on bills and emergencies.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

That is a good idea. I think saving account does not always work unless it is an account that does not allow ATM or link to checking account. I wonder what the gas station guy says when he sees you pay with all the spare cash!

mommaj

@mommaj (23112)

• United States

1 Jan 16

Scheng are you growing money trees or robbing banks? I use to have a savings account. Mutual funds can also come in handy when you are looking for safe returns. I also find coins and put them in a jar to bury in my cave. Mostly silver but some gold. I think I found the pirate lottery.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

Wow, you must have spent all your time digging in your cave! I hope that you find more gold coins, then you can sell them away, and buy a few more ghosts to help you keep the cave clean.

1 person likes this

mommaj

@mommaj (23112)

• United States

2 Jan 16

@scheng1 How do you fire ghosts? The dirt floors are always dirty and I can't seem to get them to sweep it clean.

Jennifer

@LovingMyBabies (85127)

• Valdosta, Georgia

1 Jan 16

I am going to use my online earnings as my saving tool. As long as it's in paypal it cannot be touched.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

That is true. If you have $20 every month from online activities, that makes it a saving of $240 in a year. It is not a lot, but will come in handy when you need money urgently.

ingrid

@ridingbet (66857)

• Philippines

2 Jan 16

I save my coins in a plastic container that was given as a token by my students. But for bills, I spend them for my needs at home, and I just save some for my meals at the hospital.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

That is nice of your students. I think you can buy an endowment insurance policy as a form of forced saving too. At least you know that you have money saved up for a better retirement.

Bhaskar jyoti Hawborah

@Bhaskarjhborah (735)

• India

1 Jan 16

I could not fullfill the small piggybank I have from the last year.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

1 Jan 16

haha, then you can take 2 years to feed the piggy! It is hard if you do not use spare cash much.

1 person likes this

Bhaskar jyoti Hawborah

@Bhaskarjhborah (735)

• India

1 Jan 16

@scheng1 practically I don't have a income source, So it is very hard to

Sandralu

@Sandralu (14)

• Ningbo, China

2 Jan 16

I divide my salary into 4 parts, 1/4 saved in deposite account for emergency, 2/4 for daily cost like food and clothes, and the rest is for gifts, learning or travel. I started to do it at the beginning of 2015, but just quit after 3 months, There are so many uncertainties and I am poorly paid.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

3 Jan 16

If you cannot continue this saving plan, that means you have not kept the money in a place that you cannot touch. If you have kept the money in places where it is hard to spend, you would have a lot of money by now. Perhaps you can start by keeping a piggy bank, and keep all the coins.

Morning Girl

@salonga (27775)

• Philippines

2 Jan 16

I did have a piggy bank when I was a child but now I keep my money in the bank.

Marlina

@marlina (154166)

• Canada

1 Jan 16

I am very careful with my money and always pay myself first.

Gudheart

@gudheart (12659)

•

2 Jan 16

I have savings account.

M.-L.

@MALUSE (69413)

• Germany

1 Jan 16

I've just written four posts on the topic. Yet, they're not about saving money which can then be put into a piggy bank but about spending less money from the beginning.

1 person likes this

scheng1

@scheng1 (24650)

• Singapore

2 Jan 16

After saving from the daily expenses, the money must be locked up somewhere. If the money is just sitting there, and visible to us, the temptation to spend is great.

Seema kushwaha

@seemads21 (87)

• Jabalpur, India

9 Jan 16

I have strictly set my savings.I always use to save 30%-50% of my gross salary.It always helps to control my expenses..!!!

Habiba Iqbal

@Habiba78629 (1)

•

1 Jan 16

Get someone you trust to save your money and give them a date that you would like to take it out and also tell them not to let you take it before the date.