Yup, through creative thrift. We don't go to fast food, we don't go out to eat without major occasion, we garden, can, freeze, and do crafts. We learned to stop and ask "Do we really need this?" If no, the second question is "Do we really want this?" If yes, "Can we get it cheaper?"
It took a while to learn the whole thought process, but it cut down on impulse spending wonderfully.
In addition, we've found that we don't require cable tv, multiple cars, etc. I and my husband have hobbies that either don't cost much or actually serve to make us money, like sewing, gardening, and gourmet cooking. I'm a member of the International Costumer's Guild, so some of my sewing is the really fun and elaborate variety, but I can whip out a pair of summer shorts in about two hours. Our garden provides a year's worth of fruits and vegetables at a time, cutting down on our grocery bill. As a family of five, we eat wonderfully well for about 240 per month, and that includes non-food items like household cleaners etc. Contrary to popular belief, gourmet cooking is about attention to detail, not exotic ingredients. I can't afford exotic ingredients, but I can afford to spend a bit more time making a puff pastry chicken and mushroom friand.
The biggest point about saving money is to change one's attitude. I've worked very hard for a few years to change from feeling deprived to proud when I don't get impulse purchases. Instead of "Oh, I can't afford that" it's changed to "I'm taking charge of my own life." That attitude plus creativity are essential to living a life of reasonable thrift instead of deprivation.
Very nice, that must have took some time to work out to get such a good system Yeah, I have to say myself i'm not ready to give up luxuries like tv =\ Sigh...all the things do add up rather quickly indeed now I think of it.
Oh well, I have my own look on it, the more things costs and the more wants the more money one must make, making and spending money is limitless-its just more work to make it ^_^
It did take time, and it certainly didn't happen overnight. However, the big thing for us is "what provides value for the money?" If TV were valuable to us (like if Babylon 5 were still on the air) then we would pay for it. Gardening doesn't save us THAT much money, but it's a hobby I like doing.
While yes, the more things cost and the more wants one has the more money one must make. My goal wasn't to stop wanting things, it was to quit buying things I didn't really want. Many people waste a hideous amount of income on impulse buys that don't serve them in the long run. How many clothes, toys, video games, tools, etc have I bought in my lifetime that I got absolutely no use from? More than I care to admit.
Yes, you just have to pay yourself first. Even people who make lots of money have a hard time saving the appropriate amount because most people spend what they make. Have money taken out of your check and sent directly to a ROTH IRA and never charge what you cannot afford. If you can't afford to save, you can't afford to make interest payments on your credit card either.
It may not be easy, but it's just something that we have to do. All of the money people right now pay as interest on their credit cards could be going to their retirement if they just didn't charge for items.
I save money, but my lifestyle might be boring to some. Instead of going out and spending money, I stay home to read, draw, go for walks after work, and hang out on hubpages.
yes, I find it best to save through my Cafeteria Plan for things that need to be paid for, Christmas, Bill Expenses.
Also, 'keep the change' through Bank of America is a great way to utilize savings, just don't touch it!
I sometimes find it hard to save money when I get an increase in pay. It seems something is always coming up that drains my income. Baby showers, Birthday parties, I believe after my son's 5th birthday I will be back on top.
It's not boring, just practical. I do the same thing and find it very satisfying; who cares what other people think. ha!
Yes, this is what Robert suggests in Rich dad poor dad.
Just u have to change ur habits. People think India a poor or developing nation but Indians save more than 23 percent they earn where as rich Americans' saving rate tends to 0.
yeah well if they took all your credit cards away Ill bet all of you who said you were saving money wouldnt be saving anymore so are you really saving money
I don't understand, removing credit cards it the best thing one can do. It's money you must pay to use, and then the money amount has a tax called interest on it. If you overspend with a credit card and can't catch up with the payments it will reach a point you will never catch it. A good rule of being stable is to not have a credit card at all. If you need a credit card, it isn't advised to have one at all, but you should use a pay as you go one.
If you had to pull out of your poket cash to pay for your high price of gas or pull cash out of your pocket to buy high price food or high price for all that you need pull that cash out of your poket everytime you wont be saving money for long now you get what ever you need when ever you need it because you pay with a credit card awww I pay later and have now
well I would like to bring this in a different angle when your a family of 5 or 7 and your pulling out of your pocket anytime you need gas for two cars,food for that size family,anytime the kids scream I want,anytime the school screams i want,all these things that a credit card pays for I even seen people pay for there wendys or Mcdonalds lunch with a credit card 5.00 dollars omg just to run on for a week for a family of 7by the time you get done its 500.00 a week just to make it thats not including monthly bills if we all hadto pay out of the pocket we would see what kinda finacial mess the world is in
Yeah, I know the world is in a mess. But the basic fact is that if you spend that much with a credit card it piles on top of that and how the heck do you pay for the credit card bill if you can't even pay the $500 cash for what you need a week? Delaying it only adds more money to have to pay back. So no amount of work with normal jobs will ever catch that amount if you let it go so high. Now if you pay for the gas food school and stuff with cash you know your not in debt. It means you need to cut back on what you do. Credit cards are the worst thing invented for people, business it is different because they need to have time to sell things to make a profit and to repay the extra fee to use it. I'm not saying people don't live on credit cards, really personally I know, but getting rid of them is the first step to being financially stable. So really, if you think you need to spend $500 a week, go to the bank, get $500 out and use that. Because that $500 if you use it on a credit card and don't pay it back by the end of the month, say you had an 8% interest fee, that would mean you need to pay back $540. Also, don't forget with some cards even if you pay full every time you still need to pay an annual fee. Thats why credit cards are bad, say you spend that $500 a week for a month, thats $2000. Now if you can only pay $500 of that this month then next month you have $1500 left to pay+ an interest fee of $120 to pay. So that 2nd month you must put down $1620.
you are not gonna let me win this lol allright I see your point and I guess that statement I made before isnt gonna hold water I take it back! I guess I dont have anything too add to this forum except NO IM NOT SAVING ANY MONEY!
Unfortunately, I never learned to pay myself first, would spend and the more I made, the more I spent, but finally (better late than never) I have learned to save.
I save money, but it's a lot harder lately. The cost of all the most basic items is going up so rapidly, it's daunting. I have 20% of my paycheck put in my 401K, and then I have a regular savings account that I build up, then something goes wrong and it gets wiped out, then I build it up again, and so on and so forth. I feel more and more like I'm treading water.
34% of people have that carved on their tombstones, you know ...
ya i have save money for future purpose, all would have saving, it's beneficial for our future.
It never ceases to amaze me how the most useless posts can develop a life of their own.
Take this one.
It started off as a meaningless question by someone as his first post, to which I gave an equally vacuous reply.
And it's developed into quite a good discussion.
Shame that Mr. "first million" hasn't even bothered even to check out the results of his lobbed hand grenade, and come back to post again.
It is true that saving money is easy if u have an attitude towards it. It is really difficult if you have a philosophy "Eat drink and be mary".
So attitude is everything. If one does not have it , one should learn and practice.
I have read the threads posted here. All the threads are different and good. I have been linked with forex since 5 years. And started trading from2004. But due to some family reasons i had stopped trading and willing to start it again. I mainly trade in currencies and commodities. When i started trading i first used the demo accounts of all the trades and improved my trading skills.
In the mean time i also searched for a suitable forex broker so that i am satisfied with him for trading. I mainly prefer for online trading at home. And that i got from AVAFX. Six months back i searched and i saw that my previous broker has developed a lot with its trading platforms, its deposit, leverage, commissions, fees etc...... Providing some nice news and tips. I developed my trading strategies with this broker.
One should have a habit to save money. As money earning is to hard then spending. For spending your money you can spend it is few hour but to earn that money it might take yers.
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What questions would you like to see answered about credit card debt?
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