What's Your Formula For Savings?

Discussion in Shopping Discussion started by remnant • Feb 24, 2016.

  1. remnant

    remnantActive Member

    Joined:
    Feb 23, 2016
    Threads:
    237
    Messages:
    929
    Likes Received:
    208
    I have experimented with many strategies for saving cash. Like saving a certain percentage, say 20% of any income that I get. I have also tried the strategy of saving any coin given as change when shopping in a piggy bank. But a dry financial spell or an emergency always ended up decimating the savings. In the end, I decided that money is better converted into am appreciating asset no matter how small or better, make it work for you not tucked away somewhere.
     
  2. Corzhens

    CorzhensWell-Known Member

    Joined:
    May 27, 2015
    Threads:
    151
    Messages:
    1,855
    Likes Received:
    459
    I have a substantial savings in one of my bank accounts. However, I cannot say that there is a formula for saving money. I just realized that I started saving when my income was greater than the expenses. When times were hard, I also have my piggy bank and some money stashed in secret places. But when expenses come in, I had to get all those savings to pay what I need to pay. In effect, saving money when you have no excess income is futile.
     
  3. Vinaya

    VinayaActive Member

    Joined:
    Jun 22, 2016
    Threads:
    20
    Messages:
    401
    Likes Received:
    64
    Here are some of the things I do in order to save money.
    Never buy any product that you don't use much.
    Don't buy two things when one will suffice.
    Don't spend too much on carbonated drinks.
    Don't spend too much on junk food.
    Don't eat outdoors, always eat in your home.
     
  4. mo avveroes

    mo avveroesNew Member

    Joined:
    Jul 18, 2016
    Threads:
    0
    Messages:
    2
    Likes Received:
    0
    some tips i found usefull

    Troll exclusive deals sites
    Get your hair done for free
    Take short showers
    Give up expensive habits
     
  5. rz3300

    rz3300Active Member

    Joined:
    Jan 16, 2016
    Threads:
    5
    Messages:
    467
    Likes Received:
    77
    Well I cannot say that I have an exact formula, but if there is one variable that is the most important, I would say that it is putting money aside every paycheck. That on top of being frugal in general lead to a lot of savings, and the little things certainly add up over time. Things like following a budget also help, and even cooking at home helps curb food spending. Being smart I would say is my formula.
     
  6. Denis Hard

    Denis HardWell-Known Member

    Joined:
    Sep 22, 2013
    Threads:
    991
    Messages:
    4,335
    Likes Received:
    790
    Spend less than I earn. That's my savings formula.

    But in addition to that, before buying something I find out what I can save if I can buy used or get myself a cheaper alternative that's just as good.

    I also don't buy much food because I do some gardening and get most of my vegetables from [the garden].
     
  7. gracer

    gracerActive Member

    Joined:
    Jan 10, 2016
    Threads:
    87
    Messages:
    459
    Likes Received:
    170
    Same as what @rz3300@rz3300, I make it a point to put away a certain amount every paycheck to make sure that I have saved something before I even spend. I also try to live within the means of my income as much as I can. Another thing I found to be really effective is to avoid using a credit card or not have a credit card at all if you can.
     
Loading...
Similar Threads - What's Formula SavingsForumDate
What's Your Opinion On Hoarding?Shopping DiscussionMay 16, 2017
What's The Best Deal You've Gotten Lately?Shopping DiscussionMar 2, 2016
Ever Felt The Need To Protect Your Savings From Yourself?Shopping DiscussionFeb 5, 2016
Walmart Savings CatcherShopping DiscussionJun 17, 2015