0

votes

123 views

How to save money?

You know that saving money is very important to face our rainy days.If spend all of our money randomly now,we will be in danger in future as we will be failed to meet the challenge because of not having money in timenbsp; that we may encounter .Saving money is a crying need.Please share your advice about this vital issue?

asked 8 months ago

monsur

81 points



4 answers



0

votes

(Sorry that I posted it again for gramatical mistake in the first version)

"You know that saving money is very important to face our rainy days.If we spend all of our money randomly now,we will be in danger in future as we will be failed to meet the challenge because of not having money in timenbsp; that we may encounter .Saving money is a crying need.Please share your advice about this vital issue?"

added 8 months ago

monsur

81 points

0

votes

Basically, you have to minimize your expense. There are many ways, I tell you. It depends on how you live, your status in life. Turn of the lights, the television when you are not using them. Instead of buying expensive cars, you can commute or rent cars if you are not usually using them. You should also budget everything. Save at least 50% of your salary. If you have a salary increase, spend like you didn't have it. Save your bonuses instead of using it immediately. Save it for the future. Invest your money in time deposits, mutual funds, or in businesses to earn more money. There are many ways, I tell you.

added 7 months ago

stephen.sy2008

15 points

0

votes

there are really many ways of saving your money. if you have a family, talk to them that you are going to spend "only" what is needed and cut all your unnecessary expenses. like what stephen said, dont buy "unnecessary" things like expensive car, appliances  and others. try to budget your expenses...

added 7 months ago

ledracjun

30 points

0

votes

In order to start saving, you first need a different look on money than most people do. Many people see money as nothing more than a sort of intermediate medium to exchange their work and time for goods and services. The same problem exists in every class: Money comes in and money goes out, often more is spent than earned, leading to increasing debt and interest to pay off. If this is you, then it doesn't matter how much money you earn, because at the end of the month you still have nothing left, same as the person earning one tenth of your salary but who is also spending it all!

What you need is a long term vision (or at least a goal to start off with). We all want to be rich, we envy the truly wealthy. But how did they amass such fortunes? Surely they did not inherit it all and if so, their ancestors must have created it somehow? The truly wealthy understand the true "value of money", the "time value" of money (money invested grows over time) and the difference between active (time = money) and passive (time != money) income. People often frown upon (in their eyes) rich people when they use their money sparingly, trying to find the best deal for everything or negotiate over minimal price differences. Yet it is exactly this very behavior that got them there in the first place. They minimize their expenses and invest what remains of their income. The more they invest and the longer that money is invested, the more it will grow.

But even without aspirations to be wealthy, you should save at least to have an emergency fund to cover unexpected costs (Murphy's Law). Remember it is much easier to stay in the green/black than to get out of the red numbers again...

added 7 months ago

phase

20 points



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