The Saving Habit

Discussion in 'Financial Planning' started by iamawriter, May 20, 2017.

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  1. iamawriter

    iamawriter Well-Known Member
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    Those who have credit cards are the worst sufferers when it comes to saving They depend on that over drawing facility and land themselves in trouble

    Saving right from day one is the secret to accumulating funds. It is said that if one earns say 100 dollars they should assume they have earned just 90 and the ten is saved.

    This method works and the savings mount.
     
  2. CivilDefense

    CivilDefense Expert Member
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    Anyone carries a balance on a credit card simply does not have their financial life in order. The interest rates are positively insane. They are a convenience, not a lifestyle.

    As to saving, indeed, this is one of the most fundamental steps one must take to ensure financial survival. Live well below your means, save all you can, and invest all you can invest. It may not be glamourous, and you'll have to forgo stupid toys, but your wealth will abound.
     
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  3. iamawriter

    iamawriter Well-Known Member
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    You sure have your head on your shoulders. Living within one's means is to ensure peace of mind. Investing is yet another way to ensure that there is something for a rainy day :)
     
  4. CivilDefense

    CivilDefense Expert Member
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    Thank you for the kind words, iamawriter. Goodness know the rainy days come, it is as guaranteed as death and taxes. The last few months at our homestead, for example, have been hellacious and "featured" many expensive repairs. Having the bucks ready to roll made it slightly less annoying. But I digress. ;)
     
  5. iamawriter

    iamawriter Well-Known Member
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    I like those who know the secrets of sober living. If you had not saved you would not have had enough to take care of contingencies:)
     
  6. remnant

    remnant Expert Member
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    I should suggest that one should not only save on cash, but also invest it. This can be in the stock exchange, treasury bills and mutual funds. Making your money work for you is the purest step to financial survival in the modern world. Investing in small appreciating assets is a good place to start.
     
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  7. iamawriter

    iamawriter Well-Known Member
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    Saving and investing goes hand in hand. I was only trying to show how one can save. There are many who spend more than they earn. Rather than wait for the big day, saving should start from day one when earnings begin. A percentage should automatically first be saved and then spending should start.
    As far as investments are concerned you are right. There are several ways in which that can be done.
     
  8. iamawriter

    iamawriter Well-Known Member
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    In India the company takes away a bit for Provident Fund and Gratuity. Individuals also save and invest in instruments such as shares and mutual funds. But those with bad habits will somehow become paupers and go about with begging bowl. Banks should stop the credit card system but only have debit cards.
     
  9. lonewolf

    lonewolf Legendary Survivalist Staff Member
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    the average personal debt in the UK(not including mortgages) is £10,000 for every man, woman and child.
    I wonder who has got our £20,000 because we owe nothing!!:p
     
  10. amelia88

    amelia88 Well-Known Member
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    I've often wondered about those rates too. Most of my inner circle of family and friends don't carry debt either (thankfully I have a lot of people in my life that think the same way as me about reducing/minimizing debt, waste, and so forth) so I'm imagining some people's personal debt is downright astronomical. I wouldn't be able to sleep at night if that was me!
     
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