Are you managing your savings well?

For as little as you can or as much as you do. Do you save money for your future? - To the older fellas here, please share your advice. You may have pretty good hints for the younger ones here. *I encourage everyone to do it. The earlier one starts the better it is. Get information on how to do. :) Are you managing your savings well?
  • yes I do
    Vote A
  • interested in starting soon
    Vote B
  • will never do that for whatever reason
    Vote C
Select age and gender to cast your vote:
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Most Helpful Guy

  • Retirement planning is very important. According to he "2013 Retirement Confidence Survey" , 40% of all American workers think that they need to accumulate at least $ 5,00,000 by the time they retire. But the investment scenario is not good across America. Only 24% Americans have saved more than $ 1,00,000 for retirement. More than 50% of Americans have saved less than $ 25,000 for retirement. So the situation is so grave that people will get nightmares in their dreams. if they start to think logically and seriously enough. I am not here to recommend how they should save and invest. But the best way to achieve this target is to set aside 20-20% of your earnings per year for investment purposes. any investment vehicle that multiplies the money by 5-10% per year or more can be considered to be reasonable in American context.

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    • Thanks! This is the kind of talk I was looking for.

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    • @frozenhorizon There are private investor groups and facilitators who can help locate such companies for you.---Start ups at early stages. You can go to oxfordclub. com and subscribe their news letter. Or you can go to moneyandmarkets. com or teapartybullitin. com . Or go to equitymaster. com if you are in India.

Most Helpful Girl

  • it's not rocket science, I'm a single mother paying for rent, bills, childcare etc without any help from anyone and I still put money into savings every month without fail

    you need to view that money that you put into your savings as though you're paying a bill maybe? ie it's not optional, no matter how little money you bring in you can still save, for example switch all your branded products to supermarket value versions 1 week per month and put the difference in cost straight into savings

    Or decline that invite to the cinema and put the money you would have spent on that straight into savings

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What Guys Said 20

  • Step 1: Find a Rich mark.
    Step 2: Something exciting happens.
    Step 3: Profit!

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  • Step 1: Find out how much you make per month.
    Step 2: Find out how much you need to spend per month (subscriptions, bills, etc.)
    Step 3: Find out how much you want spend on yourself (food, clothes, hobbies, etc.)
    Step 4: Find a bank that suits your needs. I prefer online banks as they have higher interest rates. Open a checking and savings account.
    Step 5: Give yourself an allowance. I usually give myself $100-150 a week for personal expenses like coffee, eating out, going to the beach, etc. Whatever you don't use that week, put it into savings at the end of the week. The rest of my paycheck goes into my savings account, where I earn more interest.
    Step 6: Look into getting a secured credit card to build up credit history. Secured means that you will make a deposit for your credit line, so do this once you have some money on hand.
    Step 7: Never spend money you don't have. Do not use your secured credit card - ever - for anything you can't pay off that same day.
    Step 8: Use your savings account to save for things you want. Want to go on vacation? Set aside half of what you put into savings for that. Never empty out your savings account for a purchase - always have something left over.
    Step 9: Be smart and invest into stocks. Preferably companies that align with your hobbies. If you like cars, chances are you'll be able to predict whether or not a certain company has promise in the future. Don't buy Facebook or Disney cause its safe, buy because you're sure.

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  • I can't. In the 3. th world countries my average monthly paycheck suffices to pay for rent while sharing the room with someone and for food (and monthly internet). For more stuff like new clothes I have to save a few paychecks in order to afford new clothes. :/

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  • Yeah I save as much as I can to afford things I want. But I'll be the guy in the lunchroom who's brought their sammich to work, drinks coffee at work, and cooks at home most of the time. Eating out gets expensive fast, and I found it's the quickest way to save.

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  • yes.

    the most basic and helpful advice, spend on necessity, save the rest. When you have money you can afford to lose, invest.

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    • @jacquesvol this made sense to me. what do you think?

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    • Thanks.

      Quick primer on pre-decimal currency in Britain: Pounds, shillings and pence (obviously abbreviated as L (£), s and d, respectively), 12 pence to the shilling, 20 shillings to the pound. nineteen pounds nineteen and six is 6d under £20, twenty pounds nought and six is 6d over.

    • @up_here @BertMacklinFBI
      About the same but I don't consider savings money I can afford to lose. That's for young people who can gain/save back any losses before retiring. Older people HAVE to be more prudent.

  • I try to but volatile stock markets frighten me and interests are held down artificially by governments. Not easy thus.

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    • check other options. there are! ask an accountant or go to a small credit union or cooperative. they can help.

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    • @capturemyheartnow whether a business model is failed or a genial one off can only be known with hindsight. If it's a genial exception, it will look like a way to bankruptcy to outsiders and bankers until it's well capitalized and high yield.

    • Hindsight is usually genial.

  • Yes I do. But that's my life I'm an accountant I find joy in saving money. I am a nerd with it lol. Coupons are my most useful tool lol.

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  • I do a poor job of managing my income. I'm almost 30. I have debt up to my eyeballs. an auto loan, credit card, and student loans. I know how to save money, but I love to spend money. it's a problem.

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  • Yea, I manage it then spend it all to either benefit myself financially or for personal use. Invest to make more.

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  • I was really bad at saving before last year, my net worth is about 15k now and I have no debts. So I don't have that much but I guess it's alright for being 26. It's hard to save still, it seems like there's always some new expense coming into my life and I constantly have to make an effort to reduce how much I'm spending by cutting things every month, even though I make a lot of money.

    I've started investing... the most optimal path for investing seems to diversify a lot. Although you won't have as much opportunity to make huge gains, it's lower risk and you'll still make some gains which is better than nothing.

    I have no idea about retirement, I'm not really planning on retiring honestly. I'll work until I physically can't work anymore. Unless I somehow become very rich at a relatively young age.

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    • I'd really like to be able to buy a house with cash eventually but it's extremely hard to save enough especially since there's inflation

      The main advice I would give people is to always remember inflation... if your money is sitting in a bank account, you are losing money every year due to inflation. Same if you don't get a raise every year.

  • I'm offended by the implication that I have savings which I might be managing in some way. Don't you know that money is debt?

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  • i have about 11k in the bank but i just quit my job so i suspect that will be going down significantly.

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    • so no im not managing money well at all.

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    • I've already spend 2k in the last three weeks on just being bored lol. im going to stop leaving the house and just play video games. I need a new job ASAP

    • oh man be careful.

  • sorta, I'm currently collecting all the transformers the last knight figures so I'm kinda broke

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  • I focus on earnings , savings are important but earnings is more important

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  • God no. I am married.

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    • But what about you guys retirement plan?

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    • There is none. When she works, she might put something into a 401(k) and then live off of my money because she always spends more and the idea of saving is insane to her. So, I will work until I am dead.

    • 😂😂 good luck man! thanks for the advice. At least I'm not a crazy spender. Lile my savings very mich and encorage my partner to do the same.

  • Savings? What's that?

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  • No. .

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  • Yes.

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  • hell no its all up in flames

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  • Well I'll put it this way the only reason my savings account has any money in it is because I make far more than I can spend

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    • Good for you men! ✌

    • There is no reason you couldn't have started 4 business

What Girls Said 13

  • I try to save. I have 5 figure numbers in both my savings and checking accounts and a 4 figure number in my retirement account. I'm 23. It's a work in progress.

    One of the most important things to me is financial security.

    I keep a set amount in my checking account and then, every time I get paid, I replace whatever I spent up to that amount and put the rest of my check into savings.

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  • my parents saved so well that I don't need to pay loans for my college and I can peruse even higher education... they want me to because you save to earn more

    they also spent thier savings on two flats n put it for rent... it gives then monthly income when they decide to retire. (dad will retire in 2 years)

    only savings is not crucial
    saving on something that gives you more value is more important because you never know the value of money in the future.

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  • Yes i do. I believe in living debt free. No credit cards and pay cash for everything possible - save up for something if its expensive - otherwise I do without. If you have questions, you should check out Dave Ramsey... he's brilliant when it comes to living debt free.

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  • I'm doing okay with saving money, but there is always room for improvement. I'm thinking of making a bank account for my kid and putting some money in there and not touch it at all until he gets older.

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  • I try my best, I have a good amount saved up right now for my wedding and honeymoon in August, but after that it will pretty much be nothing. but I keep on saving

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  • yes i need a new job to make some guaranteed money, but i have enough saved up just sitting in an account, thinking about investing or starting a side business making the money make money instead of just spending it.

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  • When I have something to save, haha, yes. I'm very frugal and save well, and I enjoy using coupons.

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  • trying to

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  • Absolutely.
    However, I never Go... Wthout. xx

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  • I have none if that answers your question lol.

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  • I'm the worst at it, I'm broke and I have debts so

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  • I do ok.

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  • Yes l save for 12 years

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