Your TIPS in Saving Money?

[darkcrux]

Yes savings.. something the normal people are having trouble and the abnormal people are really good at. Most of us don't know how to save. So here's the key to savings. DISCIPLINE.

The formula (Income - Tithe - Savings - Expense = Lifestyle) is really easy if you have discipline. It's really simple. As you receive your income (work, business, etc), pay God first (tithe or maybe help people.. totally up to you. you may choose to omit this) then pay yourself (Save). Whatever remains determines your expense and lifestyle. If you want better lifestyle, increase your income rather than decrease your savings.

Basic Savings Concept:

Tithe 10% (there is a biblical reference for this)
Savings 20% (there is also a biblical reference to this)
Expenses and lifestyle: 80%

Once you know the discipline of saving. The next thing you need to know is how to save the right way. Discipline and knowing where to put and invest your money. That's all there is to secure your future.

If you want to know more, including sources as to where I get these information, just PM me. I'll gladly share what I know with you. I'll infect you with the sickness of saving.

[bachelle1130]

open an account nalng... bawal ang credit cards para di malubong sa utang!.. hehe...

[darkcrux]

totally agree with bachelle1130... credit cards.. mao ni mo patay nimo sa utang.. credit cards mo interest ug 3.5% per month.. meaning in one year.. 42%. Plus naa pa jd late payment fee na 7.5%.... Imagine that!!

E compare ang interest sa savings account sa bank og credit cards..
Savings account: 1% per year
Credit cards: 42% per year

Point is:
Eliminate Debt: No Credit Cards. No Loans. No Utangs. (Mao ni maka hurot sa imo savings)
Emergency Funds: Money in the bank. (Pang emergency)
Investments: Money working for you (Mao ni ang best savings.. mga business, investments, mutual funds.. etc)

[simply_wife]

This may be hard to swallow.

Income - savings = expenses.

not our usual

Income - expenses = savings

i do agree with these and trying to apply this now...

we really need to live within our means..

[moz_k2]

2 Rules.
1. Don't spend more than what you earn.
2. Don't forget rule # 1.

[sellpccebu]

deposit sa bank

[sellpccebu]

up lang karon

[triphopsterman]

Not spend on unnecessary items at nagcocontrol magsplurge ng pera (although minsan di talaga maiwasan haha). Nag-invest ako sa insurance and savings para may long-term savings ako. Sa Pioneer Sparxx Max napupunta yung savings ko. Actually accident insurance siya na may kasamang savings. Binili ko siya ng P550 at may P100,000 accident insurance at P50,000 cash burial assistance na valid for one year. Tapos may P300 start-up savings pa siya so dinadagdagan ko siya whenever may sobra akong money sa sweldo

If you guys want long-term savings din like me na may kasama pang accident insurance, check niyo na lang yung official Facebook page ng Sparxx Max. Eto yung link: Pioneer Sparxx - Product/Service | Facebook

[benjiqui]

Not spend on unnecessary items at nagcocontrol magsplurge ng pera (although minsan di talaga maiwasan haha). Nag-invest ako sa insurance and savings para may long-term savings ako. Sa Pioneer Sparxx Max napupunta yung savings ko. Actually accident insurance siya na may kasamang savings. Binili ko siya ng P550 at may P100,000 accident insurance at P50,000 cash burial assistance na valid for one year. Tapos may P300 start-up savings pa siya so dinadagdagan ko siya whenever may sobra akong money sa sweldo

If you guys want long-term savings din like me na may kasama pang accident insurance, check niyo na lang yung official Facebook page ng Sparxx Max. Eto yung link: Pioneer Sparxx - Product/Service | Facebook

....... take advantage of your employers matching program if there is any, your savings is a payroll deduction (forced savings) and whatever
percentage or fixed amount that your employers will match is already
a gain on the first day, just like the 401K in the U.S.

[Metz]

....... take advantage of your employers matching program if there is any, your savings is a payroll deduction (forced savings) and whatever
percentage or fixed amount that your employers will match is already
a gain on the first day, just like the 401K in the U.S.

Unfortunately it's not common here in the Philippines. You have to do it yourself.

Although there are mutual fund companies willing to do it. The question though, is your company willing to work with them?

as for saving try to follow these steps


1. save up to 3 months worth of income
2. get life insurance and long term healthcare
3. increase savings to 6 months
4. invest in high yield vehicles like mutual funds not time deposit.