Can your savings pay you your current salary each month and for how long? Do you have a plan for the money you save or do you have a saving plan at all?
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1,111,111 TRP = 11,111 USD
1,111,111 TRP = 11,111 USD
1,111,111 TRP = 11,111 USD
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Can your savings pay you your current salary each month and for how long? Do you have a plan for the money you save or do you have a saving plan at all?
So, i have been away and in between this time, i experienced something that i would like to share with you: i moved 8 months ago, to a new country. was expecting to get a job in the first 3 months as usual, but Covid 19 halted those plans and my savings, my 5 years job savings and all my goods back at home, started to quickly faint. However, in the middle of so much uncertainty i found a job that i allowed me to work from home. What a blessing, i tough! the catch, they said i had to attend a 3-5 days training in the office. i said yes. i have 2 daughters and i am married, but just the fact that i managed to land a new job in the middle of the impossible, i trusted that it was a sign from God and that nothing would happen to me, after all, it was just 5 days! i took all the precautions (actually i was tripping, but then again who wasn’t or better who isn’t?). i was received my this nice guy who wanted to great me with cheek kisses, that i nicely turned down for a HI. but how could i escape from the exposure as he was training me on my computer sitting next to me lice 5cm away. everyday was a struggle a stress me fighting me…but the confidence i had that it was almost about to finish as i completed my 5 days training…kept me going.
Yes. I am saving and my saving tips are paying off. Here are some of the tips that have saved me from my savings!!!!
1. Change to a bank account that does not charge account-keeping fees or requires a minimum balance in their accounts. Some banks also refrain from charging low-income people additional fees like overdraft charges.
2. Look for ways to save on transport expenses like walking instead of driving, when possible, or using public transportation instead of driving yourself.
3. See if a couple of co-workers are willing to carpool, so everyone can save on transport costs.
4. Eliminate your Pay TV services and use Free-to-Air TV instead.
5. Instead of stopping at the coffee shop for coffee on your way to work, make your coffee at home and take it with you or wait until you get to work.
6. Instead of heading out to the movie theater where tickets are fairly expenses rent a movie or watch a free movie at home.
7. Never run the washing machine or dishwater unless you have a full load to help reduce your water bill.
8. If you have a cell phone plan already, you may be able to eliminate your home phone, or consider running your phone through your internet service at a reduced rate.
9. Shop for sales items at the grocery store and purchase items in bulk, to get the cheaper per unit price.
10. Rent books and movies at your local library instead of purchasing them at the store. They usually have a wide selection to choose from.
11. Limit the number of times you eat out each month and choose to eat at home instead. When you do eat out, be sure to ask for water instead of more expensive drinks, and skip dessert at the end of your meal.
12. Consider making homemade gifts or offer to provide a service, such as dog walking, instead of going out and purchasing a gift.
13. Lower your energy bills, by turning down your thermostat when you are not home, turning off your air conditioner when you go to work, turning off your lights and TV when you are not in the room, and unplugging your appliances at the outlet when not in use.
14. See if you can group all of your insurances into one package to get a reduced rate on all of them.
15. Sell and buy items at a local consignment shop or thrift store when buying clothes, household furnishings, and miscellaneous goods.
Combined these twenty money savings tips can help you spend less on the everyday items you purchase, so you have more money available. While not all of the tips may be applicable to you, just doing five or ten of them on a regular basis can help you save a lot of money over the course of just a few weeks. You should always be on the lookout for ways to save money, no matter how much you earn.
Also http://bit.ly/2TjgfK7
Those tips are perfect for crises times right? Seems like too hard for a every day habit. Like being a slave of your own money
Hello Arfe,
To answer your question, Yes I do save, and it is enough to pay my salary for over a year.
As a financial Planner, I would advise you to do the following 3 methods:
1. Make a Budget before Saving
Budgeting is the simple exercise of reconciling your income with your expenses, and should be your first step. Note down your monthly spending as per your ease of usage: Excel sheet, simple diary, mobile app, or desktop. The aim is to know how much you spend under various heads. Personally, I use Excel sheet to keep track of my spending and know what percentage of my salary goes where.After you have budgeted for 3-4 months, you will realize that your expenses can be sorted into three categories: essential, discretionary and entertainment. Tracking of budget is important not only to identify mandatory and discretionary spends, but also ensure that you don’t overspend.Even as you start saving, another first is to start educating yourself about every aspect of personal finance. I would advice you to read articles and books to understand concepts like saving, investing, protection, debt, inflation, compounding, etc, and how these are intertwined.
2. Frame your Financial Goals
You have started saving, but will you have enough to buy a house 10 years down the line, or even a car five years hence? People tend to save aggressively and invest with extreme vigor, but do so blindly, jeopardizing their goals. This is a mistake common to most investors, irrespective of the age group. The next step then is to frame your goals.Don’t just make a mental note of the things you want to finance, but write these down in detail. Split your goals into three categories: short-, medium- and long-term goals. Then list each one clearly, along with the number of years to achieve each, and the exact amount you will need. Once you have penned down your goals, you will be able to determine how much and for how long you will need to invest.
3. Avoid Debt Traps
You are probably the most vulnerable when it comes to debt traps as you start working. With few responsibilities and the new-found power of money and credit card, it’s difficult to curb the consumerist urges. Most importantly, you should understand the difference between needs, wants and greed.
Cheer!
To answer your question: Yes. I save.
When I was younger, I was not a saver. I would spend most of what I earned and often more. I eventually started to save when I worked for a wealthy guy. I didn’t make any more money than I had but he was a saver and one day we got to talking about saving. He said that he was not in the habit of spending money he didn’t have. We also talked about the advantages of being a saver. In an effort to keep this short, Here is what I have adopted.
Why would you want to pay more for a product or service than you could? If you borrow the money, you will in fact pay loads more! Lenders love these kind of people.
Once you start saving you not only pay the actual price for a product or service you may pay a lot less. Back in the 80’s (started saving) I realized that I had saved up $10k in my savings account . Because bank interest rates were high then, that ten k in savings generated enough money in interest that it would pay for my car insurance! Free insurance! What a great feeling to a young guy! Once you start saving it is hard to stop 🙂
I am not saving yet but I have plans to safe money for my future transaction
Yes am saving and the money am saving has used, it can pay my salary, saving is the best transition for future used
Yes, I am saving but I started late, do I haven’t really gather enough money.