Best ways to save money

Discussion in 'Financial Planning' started by Arboreal, Jun 17, 2016.

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  1. Arboreal

    Arboreal Active Member
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    What are the methods and tricks you would recomment to other people to cut their spending? Apart from the basics, i.e. planning your budget and being aware of how much you spend and when, which probably everyone here does already ;)

    My trick from since I was a student is always taking a vacuum flask with me when I leave the home, filled with tea or coffe, especially in the summer, so I don't need or feel the urge to buy bottled water or any other drinks. It saves only a dime daily, but in the long run it still makes financial sense for me, even now when I have a full-time job. Also, I own a bike and take full advantage of it, not only it saves money I would spend if was communitng by a bus, but regular cycling helps you stay fit and is good for your health in general. Of course, cycling to job is not an option for everyone, but if you don't live far from yourworkplace, you should definitely consider it.
    Final tip: if you really want to go abroad for holidays, try to book your trip in advance, at best in winter/early spring. When you book out of the season, less offers are available, but the costs are much lower.
     
  2. jonthai

    jonthai New Member
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    I usually just save allot. That's my method. Each time I get some extra money, I save it and since i forget it, some days later when I REALLY need it I use it. It's kind of a nice strategy, although probably won't work for everyone.
     
  3. Vinaya

    Vinaya Expert Member
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    The best saving advice I have ever been given is: stop spending money.

    I try to save money by cutting my expenses. I have stopped drinking carbonated drinks a long time ago, I drink water instead. Drinking water not only saves me money but also makes me healthy. I have also stopped eating junk food. I prepare my own food and eat at home. When you stop dining out, you save a lot of money. Another way to save money is by recycling and upcycling. I never throw away stuff, I try to reuse it. If I cannot reuse, I sale to the scrap collector.
     
  4. Karen Martin

    Karen Martin New Member
      8/23

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    Good day, Team, what interesting ways of saving money; I learned some new tips and ideas! I save money by cooking at home and trying to grow most of my fruits and vegetables in my home garden and I buy my meat at the farmers market in bulk to save on meat and we drink majority water and we use lemons to make lemonade and we have a big coca cola bottle that everyone deposit pennies, dimes, nickels and quarters to when we get change back from the grocery store or any other purchase made to see how much we can save in a year for a small family vacation or any other emergency!
     
  5. Tom Williams

    Tom Williams Moderator Staff Member
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    To save money buy used good quailty products buy only thinggs you need dont get into the lasted got to have phone game system new car or truck live within your income 70 percent of your income for a month should pay all bills leaveing 30 to put away incase if not your liveing to high and fancy of a life mrs and i both worked and now retired we are not rich but 1/3 of our income pays our bills each month
     
  6. cluckeyo

    cluckeyo Well-Known Member
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    Ask yourself: Can this purchse be postponed? I run everything through that filter. Usually it can be. And interestingly, with the help of time, I often discover that it never does get to the point that it can't be postponed. And eventually it falls off my list. I save A LOT of money this way!
     
  7. Vash

    Vash Member
      18/23

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    I still think the best way to "save money" is to make more. :D You simply can't store up tons of money by simply saving. Then again, saving is still needed, only for those totally unnecessary spending. I for one would not save on the food items. I try to eat as healthy as possible, so my expense on food is quite high. I'd rather use money to trade for better health. For other things, I don't spend a lot on clothing. As long as my outfit do not look terrible, I am fine with it lol.

    If you want to save big without impact your health, I believe the best part should come from housing or rent. After all, it is only a place for sleeping. You spend a lot of time at work and elsewhere away from home. No need to spend tons of money especially if you rent. You are basically paying the mortgage for the landlord or landlady. Sometimes move back into parents' place would save you a ton, but I guess it is not for everyone.
     
  8. Valerie

    Valerie Active Member
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    For me, the best way of saving has been divvying up my income into smaller amounts and saving about 10% of it each month. Sometimes, depending on the circumstances, I might end up putting aside $0 (like with this month). However, it helps me realize how much I am spending in certain places--grocery stores, travel expenses, school, etc. I also look for the best deals throughout the week, make sure of discount coupons/point cards (big thing here in Japan), and try to live as sustainably as possible to cut down on utilities and whatnot.
     
  9. Vash

    Vash Member
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    I hardly look through the best deals. Only on rare occasions I buy on sale stuff which I did not intend to buy just because I thought the deal was too good to pass. Otherwise, I only look for the items I originally planned to buy. I believe all the on sale ideals are to get people to spend more money than if there was not anything on sale. I am not falling for it unless I always wanted the exactly products before there is even this on sale event. :p

    I also rarely calculate my spending. In the past a few years, I have only calculated a single month's expense just for the sake of getting an idea of my monthly living expense.
     
  10. henryb3rd

    henryb3rd New Member
      1/23

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    Honestly, ONE of the best ways to save money, is to make more of it. If you're young and able, take on an extra job or don't stop pursuing better paying ones. You have to learn to pick your decades.

    Everyone wants to have time in their life to look forward to. But for the most of us, it'll be our teens and college years, then working for the rest of our lives. If your young, and work really (higher paying job or multiple jobs) you'll have a good retirement and won't have to work as hard in your 40s and on by putting a little to the side here and there. Just don't wait too long to decide or life will decide for you.
     
  11. ally79

    ally79 Member
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    Making a budget and tracking expenditures has been the one thing that seems to have helped us the most. Having money come in from multiple sources helps too.
     
  12. katjamas

    katjamas New Member
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    Well the best way to start is to track your expenses, because most of the time we don't even know how much money we waste. When you start writing down each thing you spend money on and look at the amount of money you spent at the end of the month you can be very shocked at first, because you will notice that in some places you just waste too much money completely pointlessly and most of it goes on comfort and going out. You can cut the expenses at least in half if you really want to.
     
  13. neoKit

    neoKit New Member
      8/23

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    We should avoid spending a lot of money on leisure activities. If we have to go for a vacation then we must plan first to avoid overspending. We should also avoid buying new gadgets that may cost us a lot of money. We should learn to keep our money in the bank and not at home. If we are unable to avoid overspending then we should look for advice from experts.
     
  14. Corzhens

    Corzhens Master Survivalist
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    There are many ways of cutting down on expenses. For me, the utilities are my first target - electricity and water. Watching tv for certain hours only and being frugal in water when washing clothes and dishes. Next are the medicines. We now have those generic medicines that cost nearly half of the branded. With food, there are lots you can save if you know how to cook vegetables that are more tasty than meat. We have vegetable dishes here with only a small amount of meat so it is cheaper in effect. With bread, the sliced bread is cheaper than the bagel type. There are still so much that can be saved but those I mentioned are what's on top of my head for now.
     
  15. FuZyOn

    FuZyOn Expert Member
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    Now that it's summer time you're more inclined to buy a bottle of water or soda from the streets because you're thirsty, but that can be expensive and you don't need to spend money on that. Make sure to always have a bottle of water filled up with you at all times. There are many ways of saving money and it would take me a while to list them all, but in general don't buy things impulsively and always make a list of things you need before going to the grocery store, otherwise you end up overspending.
     
  16. remnant

    remnant Expert Member
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    One of the most effective strategies of saving is not to change your lifestyle even as your income increases. You may adjust and tweak some things here and there but don,t make drastic increases, thats the trap many fall into. Where I come from, women participate in merry go sounds which is a form of saving but for some reason, men are not wiped into it.
     
  17. Xilkozuf

    Xilkozuf Active Member
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    There are a few ways to save some money, but I'd like to suggest the most obvious: don't spend too much!
    Yes, of course, you might say, but it's not as easy as it seems. You should only buy what you really need, and if there is a cheaper version of that thing, buy that one instead. In case you want to make a serious purchase... don't do it immediately. Give yourself at least 30 days. If after that time you still need it, go ahead. If not, money saved.
     
  18. Arkane

    Arkane Master Survivalist
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    I used to save big time! by living cheap!
    My first serious relationship cost me my first pot of gold when she left!
    My first wife cost me my second pot of gold when she left!
    And my ill health cost me my third pot of gold!

    I do not save any more, I spend all I earn now so no other can take it from me!

    I do not get this mad scramble to accumulate wealth? it appears to be some sort of DISEASE many suffer from!
     
  19. WildSpirit

    WildSpirit Active Member
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    Saving money is definitely not a very easy task to do for the vast majority of people worlwide (sometimes it can be harder than we can imagine). However, with a little effort and determination it's completely possible.

    Particularly, it has never been so difficult for me to save money because I have never liked (and still don't like) spending my money on things that I don't want / need. Besides that, I don't use credit cards (and I think that helps a lot).
     
  20. CivilDefense

    CivilDefense Expert Member
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    I can think of a few guidelines that has helped us do well with savings and investing:

    • Live well below your means.
    • Create a savings plan and stick to it each month. This can be automated with most banks and brokerages.
    • Build short term reserves for emergency expenses.
    • Invest the rest in mutual funds that focus on what you want to do (e.g., growth, dividend income, etc.). I've found Vanguard Group the best in this regard.
    • Start building your retirement accounts the first time you land a job. With time, you'll be amazed at how much can be put away in an IRA, 401K, 403b, etc.
    • Track all of your finances religiously. Software programs like Quicken make it simple.
    • Never leave a balance on your credit card. Ever.
    • Avoid other debt like the plague.
    • Don't make stupid purchases on things you don't really need. I find it astounding at some the junk people buy.
    • If you want to buy something, give it at least 48 hours thought before doing so. Odds are by then it doesn't seem nearly as important.
    • Don't fall for conspicuous consumption, to "keep up with the Jones," etc. Financial freedom is worth more than any silly social status nonsense.
    • When buying a vehicle, pay cash if you can to avoid interest expense. Buy low-mileage used, maintain it meticulously and run it until it is dead.
    • Take care of your health. Medical costs are insanely high in our society.
    Cheers.
     
  21. JimLE

    JimLE Expert Member
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    i save money by going to yard,garage,estate sales. i've bought things for a dime on the dollar that way.like a collapsible cot for $15 in stead of full price.oil lamps for $5 or less. i buy certain foods in bulk.also use coupons,when i go grocerie shopping..i started home canning.in which it looks like im saving money on that.on account i some times eat a jar of what i canned..as for eating out.i either get the $1 dollar burgers from where ever,or dont eat out at all..i get the $1 crackers at dollar tree.in which i keep some in the car.1 or 2 packages of them,keeps me from spending money at eating out.
     
  22. lonewolf

    lonewolf Legendary Survivalist Staff Member
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    best ways to save money is by not spending it in the first place, most of us don't need half the stuff we buy, especially those "keeping up with the Joneses" purchases.
     
  23. amelia88

    amelia88 Well-Known Member
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    I am also of the opinion that the best way to save is to not spend in the first place! I used to be the kind of person that would go to a mall and walk around for entertainment - and then of course you see things that you "absolutely must have" (which in actual fact are not things you MUST have at all!)

    These days I spend my free time out in nature - better for me, better for my wallet!
     
  24. Anniee

    Anniee New Member
      8/25

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    I watched an interview with the richest black man on earth. He was asked what advice does he have for young upcoming entrepreneurs. He said learn the art of delayed gratification. Whatever it is you want, that new samsung s8, that new bugatti chiron, that casio leather, that bahamas vacation, should wait till you have a strong portfolio. There you have it op. You can't be rich by saving money. The best way to save your money is to invest it. Invest and diversify your portfolio. Utilising the principle of compound interest, you'll be surprise at your own progress within the span of some few years.
     
  25. Robin Roberts Jungle

    Robin Roberts Jungle Member
      18/29

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    I agree with all of these tips. I take a waterbottle with me to all of my lectures, and I have never bought anything to drink once. Why do that when you have all the water you want at your disposal? Booking flights early is a must, especially if you are traveling abroad. Airlines love it when you book early. That's why they offer cheaper rates. Commuting by bus is preferable for me since it's dangerous to own a bike in the city since they usually get stolen. I would say you should put half of your money in your savings and keep the other half for stuff you think you will need now. Savings are so necessary. Weed out the extra expenses. Do you need that artist's new song? Take advantage of events where they offer free refreshments. That saved me a lot of money too, especially on nights when I was broke.
     
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