Hello all, With the start of a new month, I have decided to save money regularly. With the money saved, I am also planning to invest it smartly which will be effective and helpful for me. I have no clear idea in this. So can you guys help me?
How much you can save depends on how much you earn and how much you spend. The best way to save is save on a piggy bank. Every day make sure to drop something inside the piggy bank, and the end of the month you can open it. You will have at least $30 on your piggy bank.Alternatively, you can also deposit saving on your bank account every day.
@luri Thank you very much for the suggestion. This looks like a good idea and also pretty comfortable to me. I will make sure I start it soon and deposit at the end of the month.
Regardless of the source or frequency of your earnings, you should be able to save a portion immediately after receiving the money. It will be very hard to save money at the end of the month, week, or day because there will always be something to buy or spend on and you'll likely end with nothing. Pay yourself first and let the expenses adjust to whatever is left. Most beginners will find it easier to start with a fixed percentage of their income, say 10%. The amount may not be that much but if you do it consistently, your funds will grow eventually.
Thanks @Jamille I will have this in mind and 10 percent of my income for savings will be an affordable one. I will start it now itself like you said as at the end of the month I will be wanting to meet other and some unexpected expenses. Thanks for the tip.
The easiest way for me to save money is to collect my change in a jar and not spend it. It is not much but it can add up quickly. Sometimes, I would save my dollar bills and keep them stashed away. This helped me to save a little quicker but there were a few times that an emergency popped up and I had to use some or all of what I had saved. I hope you find a method that works for you and are able to reach your savings goals.
I agree with @Jamille , I was having a hard time saving a few months back because there are so many things to buy but then I figure out that I should do something in order for us to save money. That's why what we do is we cut a certain percentage on our monthly earnings and save it then the rest will be allocated for our monthly food, utilities etc. At first it's hard but we need to find a way in order for us to save money, and I realize that it isn't that hard after all
I have started to put some parts of my income in the savings account which I don't take it and decided to take it on when there is a emergency and I don't have any other means. It's hard in the beginning but now I am able to cope up with it. Thank you everyone for your suggestions.
It is rightly said the money won’t grow if you keep it with you. You need to deposit it somewhere else to grow at a rate more than the inflation level. So investing in an account with a low interest will ultimately decrease its value as cost of goods and services always keep on increasing. I think opening a Recurring Deposit is a good idea to have a good appreciation over your saving. But you need to save a specified amount each month. If you are a risk taker you can also invest on SIP (Systematic Investment Plan) which is related to stock market, but you need to do it for a long term.
Thanks for this tip. I was thinking about investing in stock market. I have only vague knowledge about it now but would learn more about it. Thank you
I think you're going through the right steps. I have my share of struggle saving regularly. But I am investing with very aggressive mode right now. So hoping that it will help me manage the money. I have decided to save atleast 20$ to 100$ per month. And hoping that it eventually helps me with savings money. And it looks like a good system for saving money.
The best thing for you would be to invest in mutual funds. They are reliable as compared to stocks giving good returns. Investing in stocks and crypto-currencies would be risky for you. You can invest a small amount of your money in Bitcoin as the price keeps on rising. The Bitcoin price may soon cross the $10,000 mark as suggested by many economists. But you never know
There are a number of ways to save, whatever spare change you have in your pocket or you simply find hanging around the house, keep it in a jar at home. Another way to help save money is maybe to not eat expensively and only buy what you really need, not what you really want for a while.
