Begin by saving

Discussion in 'Financial Planning' started by cluckeyo, May 31, 2016.

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  1. cluckeyo

    cluckeyo Well-Known Member
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    Over the last few months, we have been undergoing a self-imposed financial re-organization. I keep thinking we are going to get through with this phase, but we keep finding more ways to save. Saving money is as good as making money. It will help you achieve your goals. We just took things apart, mentally, and did our research. If there was a way to do it cheaper, and if it was feasible, then we implemented the change. One of the most important things we did, is eliminted our dependence on credit cards. We paid them off and are now saving up an emergency fund to cover all expenses that used to require a credit card. It is going really well. We have a lot of ambitious goals, and we will get to them in correct order. The emergency fund comes first.
     
  2. ukpreppergurl

    ukpreppergurl Member
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    I save money each month into a different account to my current account; it's actually with a completely different bank - a local credit union in fact - and I don't dip into it unless it's something important like car issues or the like. It gives me peace of mind and some security to have that emergency fund socked away. Of course, If I felt that any kind of financial instability was imminent, I would take my money out and keep it at home, but a local credit union is by far the safest institution IMHO for my money as it's not beholden to institutional shareholders, and is run by its members for its members.
     
  3. John Snort

    John Snort Well-Known Member
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    Another good reason to start saving is because you adapt to "living within your means." The money you save can be used to buy stuff you will need in case of an emergency. And another good thing is saving might compel one to learn skills which will enable them to save even more money, skills which might prove to be useful when SHTF.
     
  4. Tom Williams

    Tom Williams Moderator Staff Member
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    Im old i want cash no checks no money order no cerdit i dont have bank account or cerdit card everything i have is mine paid for with cash mrs is same way i didnt have phone till 01 when moms health went bad it was a trac phone after mom passed i did without again till 08 this new one does things i dont know how to do i poke and hope my way around lol get deals sales when buying. Buy the best you can afford and care for it right someday the cash you have will be best used for fire starter or toliet paper as it will otherwise be useless
     
  5. lonewolf

    lonewolf Legendary Survivalist Staff Member
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    I only use a credit card for stuff I buy online, and its paid in full at the end of each month, I have no debts of any kind.
    everything else is either paid for in cash or using a debit card.
     
  6. Tom Williams

    Tom Williams Moderator Staff Member
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    Buy online without being able to feel handle try on check over i pass im weird that way i got to check it out before i buy
     
  7. lonewolf

    lonewolf Legendary Survivalist Staff Member
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    only buy stuff you can return if not happy with it, although I have only had to do that once or twice.
     
  8. filmjunkie08

    filmjunkie08 Active Member
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    I use to have a number of credit cards and used them readily. For several years now, I have been credit card free (even though I occasionally miss them). If I don't have cash on hand on hand or in my checking account, I don't get the item or I save up and purchase it later.

    What most people forget is that credit cards did not exist prior to the 1960's. Our grandparents bought items by placing the on layaway or saved money until they could afford the purchase. Having a credit card is a relatively new idea.
     
  9. Endure

    Endure Expert Member
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    I have just one credit card and only use it so far for online purchases. Using a Credit card to pay for every expense is eventually more pricey than save the money and buy later. Also it makes you reliant of loans to afford your lifestyle and
    therefore the convenience to frequently use it is only suitable for people that cash lots of money every month.
     
  10. Arkane

    Arkane Master Survivalist
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    Be carefull of the money trap! it can be an evil thing if you let it!

    Many people get consumed by money.
    You get one life spend it well, it is not about working, working and working some more, it needs to be balanced.
    No point dieing early because you were too lazy to get up and work, and no point in working yourself into an early grave as a millionaire!

    I know one guy who worked and saved real good but between finishing school and turning fourty did little other than work
    He is now fifty and judges everyone almost solely on there wealth! has become a real tosser about it and needs therapy!
    His gun is better because it cost more yet I am the one with nearly a hundred trophies for shooting!
    His $300 skinning knife is better than mine but it has skinned only three animals in its life where mine cost $12 but has skinned hundreds!
    blah blah!

    Control your money do not let it control you and your life!:)
     
    cluckeyo likes this.
  11. cluckeyo

    cluckeyo Well-Known Member
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    “Money often costs too much.” Ralph Waldo Emerson

    I know people who have spent their whole lives just trying to wring as much money out of it as they can. I like money. But a million dollars is a poor replacement for a life, well lived.
     
  12. Christavia

    Christavia New Member
      3/23

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    I have always had a problem to save and it has brought me to many dead ends. Spending too much on unnecessary things but I have now decided to make a change, just hoping it is not too late at all. I now have major priorities and I need to stay focused on them.
     
  13. remnant

    remnant Expert Member
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    Strangely for me, I have graduated from the school of thought that believes in saving money as the primary foundation of financial security. I believe in money working for me. I would rather invest it in a mutual fund or similar venture. I can also buy an item that would increase in value over time and then dispose it at a tidy sum. I endeavour to save smart and continually look for new money making opportunities.
     
  14. chelsknits

    chelsknits New Member
      8/23

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    I completely agree that saving money is as good as making it. Every time I make money, I put some away. I hate the feeling of being broke and it's great to know that if I need something, I have the money to cover it without having to stress over it.
     
  15. DecMikashimota

    DecMikashimota New Member
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    This post is the truth. My problem was always trying to live beyond my means. Because of this, I have had to get an extra job in the past and that was one of the most grueling times of my life. When i just couldn't do it anymore and had to quit, I started to cut back on so many things that I just recently realized, I never needed in the first place. Now I can pay off whatever is necessary and not have to break my neck come bill time. My advice is that you learn to appreciate the smaller things. When you want too much of what is outside your jurisdiction or current lifestyle. You create more problems for yourself financially and mentally.
     
  16. Rere

    Rere New Member
      8/25

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    I have always had a problem to save and it has brought me to many dead ends. Spending too much on unnecessary things but I have now decided to make a change, just hoping it is not too late at all. I now have major priorities and I need to stay focused on them.
     
  17. Claude Jester

    Claude Jester New Member
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    You need to not only save your money, but ask what will this money be invested in and how will this benefit my life as a whole in the long run? By asking yourself this, this will prevent you from going out and seeing something that catches your eye for sell and you remember you have been saving up and you spend some of that money. No buying things for yourself is not bad, but making this a habit, you'll find yourself spending the next day and then next week and blowing all your money. So instead of looking at saving just as it is, call it investments for self-improvement and see your situation as the whole and a bigger picture will become more clear.
     
  18. texsun54

    texsun54 Member
      23/29

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    I look at saving as a budgeted item. I make my monthly payments and that includes paying my savings account. I also stash away cash and coins, and I buy silver each pay day as a hedge against bank failure or temporary bank closure due to any number of situations.

    Pioneer, investing in digital currencies is very risky for a number of reasons, and I would approach like I would gambling in that I would only invest what I am willing to lose 100% of. Digital currency has no tangible value, and is going to be worthless in a situation where there is a failure of technology. Whereas hard goods, and precious metals will have real value regardless of any crisis you can imagine.
     
  19. Scarlet

    Scarlet Member
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    I realized how saving is important when I looked back and haven't had any big savings for working for almost 15 years. It's true that you will have financial freedom later in life when you have savings. I'm on the process of saving now while paying my loans and hopefully I can achieve my goals in the years to come. All it takes is discipline and handling the money well by choosing the important needs to buy.
     
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