TIPS in Saving comes in two approaches for me..... either save nga without any utang, or saving with an existing utang....
general rule for both approaches..... avoid liabilities and hoard all assets.... liabilities for me are those things which takes out money from my pocket, assets puts money to my pocket. i'm saying avoid liabilities rather than don't have liabilities, because we have basic needs. If you have problem how to distinguish then ask, do I really need this? or do I really want this? Need is something which you can't literally live without it, want is just an enhancement of what you currently have, which means you can live with or without that want.
all of these are my opinions only ha....
for the first approach,
1. set aside 10% of your payroll for church right away. Some say starting with divine guidance, you'll have divine reaps.
2. get your fixed expenses (fixed liabilities) in tabular form so you will know how much do you need to spend on monthly or bi-monthly basis. make sure that your existing liabilities do not exceed your current payslip (so that you can have some savings for #3), if this is not the case (more utang than payslip), then you are on the wrong approach, you should be in the 2nd approach.
3. save the remaining as your emergency and/or retirement pay. You can actually do #3 first then do #2 if you know how much is #2.
4. invest what you have in #3 (to make your savings an asset), the simplest would be a passbook deposit account. I know daghan ang mo ingon nga gamay ang interest, but I am just presenting here an example. Maybe do it for six months and you can use your six months worth of savings on a higher yielding investment because high yield requires bigger initial deposit.
for the second approach:
1. break down your total debt, place on top those with the highest interest rate (kung gi hurot jud ninyo tanang pwedeng ma utangan apil ang turko ug uban pa) down to the smallest. make sure to pay-off those with the highest interest rate otherwise mangutang nalang pud ka para maka bayad ug part sa imong utang.
2. with credit card balances, talk to your credit card company. ask for any option that you can pay on a monthly basis nga mas smaller ang interest rate. pero you must give them the assurance that you are willing to pay them faithfully otherwise, bundakan ka ana nila sa yawyaw. if you think that customers are always right, it won't work anymore now because you are at the bank's mercy.
3. The second approach is the hardest to implement and will really give you headaches with regards to management of money. So this really requires a lot of patience, but once you have paid off your debts, then you know already how to save because you know what are those nga pinaka basic nimo nga needs and naka survive ka sa imong "in debt" stage.
4. Sa mga dagko jud kaau ug utang nga dili na jud ma igo ang ilang payslip, then you need to look for a close friend or relative nga didto ka mo hulam sa iyaha and just ask for a lower interest, pero make sure that you have the commitment to pay.
5. The 2nd approach pud nuon is beneficial like kung daghan ka ug loans nga na hulaman and nabayaran pud, you can easily apply for a re-loan on a much higher amount. BUt for me personally, this is just a consolation after that grueling pay-off period, better to have a savings program and then spend rather than mangutang una ayha mobayad.
Re: Your TIPS in Saving Money?
Originally Posted by ethzneuron
U are very ryt my frend... :mrgreen:
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