How Do You Save?

Discussion in Savings & Investments Plans started by Jessika • Jan 10, 2017.

  1. Jessika

    JessikaActive Member

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    Do you save into a locked account where you can't get to it, buy assets or shares, or just let the money build up in your current account because there is never that much of it anyway?

    I've found that if I can get to my funds I tend to spend them, so I set up a monthly standing order into a savings account with a 90 day notice period. It stops me blowing money on impulse purchases. How do you manage it?
     
  2. kamai

    kamaiActive Member

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    I currently don't have a bank account besides I don't make enough money to be saving. I do keep some extra cash on the side incase there is an emergency with my daughter, it's not too much but enough to get her to a doctor incase she needs it. So I can say that I save money in one of my drawers.
     
  3. tonyb

    tonybActive Member

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    Nowadays I have not been saving literally. I am seeing investment in real estates a better choice. It's wiser to invest in properties that have the tendency to appreciate hugely with time. I am just trying to pursue savings in this direction first before considering making actual financial savings in the bank.
     
  4. Alexandoy

    AlexandoyWell-Known Member

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    My way of saving money sounds peculiar to my friends. I keep coins and small bills but sometimes, when money is abundant, I keep some big bills as well. My piggy bank is any place where I can keep money, be it coins or bills. My computer table has drawers which I use for that purpose, there are empty biscuit cans. In my dresser, I have small jars that can hold the coins. I collate and count my savings at the end of the year. I can use it for buying gifts when my budget is not sufficient or I can deposit it to my bank account.

    I don’t like to save in a locked deposit because for me, money is currency which should be used when the need arises. That would be a problem if you have money in a locked account that you need but you cannot withdraw.
     
  5. Nakitakona

    NakitakonaActive Member

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    I am a spendthrift person. I am trying to get rid of this kind of attitude. Lately I have come across from particular social media. It is about the various ways of saving money in an infographics. Usually we save the extra money after spending it. That is the number point presented. The second is setting aside a certain money for savings and the rest is to be spent for essential needs at home. And the third one is to invest money which it is according to that info is a form of saving. Well, I would go for the second and the 3rd one. It is a sound financial advice as far as saving money is concerned.
     
  6. Vinicius Souza

    Vinicius SouzaMember

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    I have saved my all my money in PayPal from freelance jobs. I confess, it is hard because I am used to buy something in websites like Ebay and Aliexpress, but I have overcome it. So, I have increased my earnings with following method: I have waited the foreing currency(Euro or Dollar) gets high values under my currency and I sent for my saving bank account. However, it is necessary to study the financial market because you can minimize your earnings.
     
  7. moondebi

    moondebiActive Member

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    The money which I could keep aside after fulfilling the month's requirement, I keep them in the saving bank account. However, if the amount grows then I make fixed deposits as the interest rate is more. I generally do not invest in any risk involved financial policies. Whatever amount I could save, I want to keep it safe.
     
  8. Jasmin Cottontail

    Jasmin CottontailActive Member

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    I learn how to manage our finances since I don't want to run out of cash. I have bank accounts before but they are all closed since I don't put money in there. Recently, I've thought of saving by cutting out a certain percentage on our income and divided them into categories, including savings. So before we spend, our savings and emergency funds are already separated so we can prevent ourselves from overspending and buying the things that we don't need :)
     
  9. anupamas2

    anupamas2Active Member

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    I just let it accumulate it in my savings account. However, nine months back I did start an investment in SIP and that is the only investment I have. That is the only savings that I have also. The money in the savings account finishes up in no time.
     
  10. luckycharm

    luckycharmActive Member

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    For me saving money is a very hard thing to do. I am kind of a spendthrift and really suffer at the end of the month as my expense always exceeds income. Then I decided to opt for something that will force me to save money. So I opened a R?Recurring Deposit with my bank. Now I have to deposit a fixed amount in RD every month and that is mandatory. Otherwise there will be a penalty and no interest will be given.

    I am really happy to see my money growing month by month. I am also planning to open another account with the bank so that I can save more.
     
  11. Decentlady

    DecentladyActive Member

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    I save cash in bank. When I have lumpsome I fixed deposit it. I always keep some cash for energency use at hand. Most cash I spend goes on eatables and bills otherwise I don't much spend.
     
  12. Belovedad

    BelovedadActive Member

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    I really don't save like in any account or anything or should I say I don't do that frequently. I just tend to have my extra money accumulate then never really check it until I need to purchase something outside of my normal routine. I budget myself for the week and anything that is left over can be considered as my savings.
     
  13. Ray1

    Ray1Well-Known Member

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    @Alexandoy@Alexandoy I think you are saving in recurring account without getting any interest on your saving. How about opening a regular recurring account or couple of small amount accounts in the bank and deposit what you keep in different drawers and cans? I think you will soon become more interested when you see that your money which was lying unnoticed or unproductive has suddenly become productive!
     
    #13Feb 23, 2017
    Last edited by a moderator: Feb 23, 2017
  14. Alexandoy

    AlexandoyWell-Known Member

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    @Ray1@Ray1 I appreciate your concern on the lost interest if I had placed my savings in the bank. My wife is also doing the same, saving extra money in the cabinet. Last year, she gathered her savings in the dresser closet that amounted to 70,000 pesos (more than $1,000). I think it took her 3 years for that amount. Ironically, she works in a bank but saving money in a bank account is much different because in the way we save using the drawer or the closet, we are not aware of how much we have. That is one good thing in giving ourselves a sort of surprise.
     
    #14Feb 24, 2017
    Last edited by a moderator: Feb 24, 2017
  15. Ray1

    Ray1Well-Known Member

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    @Alexandoy@Alexandoy I agree your kind of savings always give you extra pleasure when you find them hidden somewhere. I can imagine that is something similar to finding hidden treasure mentioned in our childhood books :) however, I felt the real thrill 3 months before when wife reluctantly dug out more than INR 20,000 hidden in his different secret wallets and drawers when we went through demonetization in November and it was hard to withdraw from ATM or bank.
     
    #15Feb 24, 2017
    Last edited by a moderator: Feb 24, 2017
  16. littlewitch66

    littlewitch66Active Member

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    I have a high interest savings account. Every month I will get a small amount added to my account depending on the interest rate. If the account stops making money for me the bank will call me in for a chat to discuss moving it somewhere with a higher rate of interest. I don't touch it unless there is an emergency so it keeps increasing.
     
  17. luri

    luriActive Member

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    I save money on my saving account in the bank. However, I am not very fond of saving currency, instead I believe ion investing. For example, I prefer to buy gold instead putting money in my bank account. I have money in my bank until it accumulates to substantial amount that I can use to buy something. I also invest in shares.
     
  18. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    I wish I had more money to save, but when I do have some extra money I bank it in my savings account. I like always to have savings for it keeps me feeling secure. I save too by being as frugal as I can be. Keeping tract of my money, is good so you always know what you have and don't spend if you don't need to spend. I use those Taco Bell Sunday ad in the newspaper if I need to grab a bite to eat, saves me money in the long run to that I can bank later.
     
  19. Ray1

    Ray1Well-Known Member

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    @littlewitch66@littlewitch66 We have a different way of saving when it comes to saving in bank. We go for FDR (Fixed Deposit) which gives almost double the interest of what saving account provide. It used to be almost 10% per annum until 2014 but now it has come down to 7.5-8% range but it's still higher than 4% which a normal saving account offers back in India. It's different here in my current location so I am finding ways to increase my savings.
     
    #19May 15, 2017
    Last edited by a moderator: May 15, 2017
  20. Rosyrain

    RosyrainActive Member

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    Saving money is difficult right now because I am working super hard to pay off a couple remaining bills. It is hard to justify putting money in savings when I am spending money on interest each month I do not have my bills paid in full. I am keeping some cash off to the side so I do not have access to it through the bank when I am out and about. I plan to have $2000 in savings by the end of the year though. It is a struggle when you want to get debt out of your life for good.