They will surely understand it in the future. I guess you cannot really tell what will happen especially now that the economy is going crazy. Just make sure that you save and save all the excess. Always be practical. I guess that is the only way to go through financial dilemmas.
I should check what I write sometimes lol. I said they'd be able to both like I'd invest in them doing well AND taking care of me haha. That's not what I meant.
Usually I don't, but a few months ago I've found a part-time job and I am putting that money aside, about 100€ ($150) per month, not much but it is something for a rainy day or simply when the rest of the money disappears.
Putting aside months every money is one of the hardest quest that one can set, but also one of the most rewarded when the goal is achieved. Besides reviewing your monthly budget to cut down cost, an cancel items that you don't need (or modify them) then you can can also change of habits to save a steady amount of money every month. Start by asking yourself if you really need over 500 cable channels. I doubt you can see more than 10 in a single day, so try to get a cheaper subscription plan instead. Then, remember that cash is still money with a value, so cash out your paycheck and avoid using your credit card to pay at restaurants or buy at the convenience store. Visa tries to lure people about using either your credit card or debit card, but while the first generates interests, the second is money that you have in your savings account and that using a debit card makes easy that you pay for things that you were not planning to get. With cash, one that the money is gone, there is no way to accept a last minute suggestion to spend more.
Putting away money every month or even every pay period is a very smart thing to do. In my case, I put away 7% into my savings, and 5% into my stock account, each time I get paid, but I get paid every other day sometimes. I own a Wheat Grass & Micro Greens company, that being said, I make perpetual deliveries and have multiple demo's at the local Farmer's Market or Wholefoods, so I am fortunate to have a lot of pay period's. Opposed to, your average, 9-5 o'clock job which only has two pay period's a month, making it more difficult to diversify your income to any savings, CD's, or stocks due to bill's piling up overtime and nothing to pay them in between those pay periods.
It depends on what situations I run into. I usually put about 5% of my earning aside each month, which I consider it's not a lot since I try to save as much money as possible. I try to put 50% of my earning into saving as an emergency fund.
I have found it a great way to save and it really works…I mean the money I earn online remains as an aside account and I merely use it unless I there is no way I can be able to go on with life. Though not quite much like $400 each month is definitely a great amount I put into consideration.
I use to do something like this. I was working at a gas station and I got paid weekly so every pay day I would put as much as I could sometimes 5 10 or 20 bucks next thing I knew I had a 100 bucks in no time i stopped putting money aside but am wanting to start again.
I actually haven't thought of saving 10% of my income, but that's one thing that I will try to do in the future. There are just so many temptations in the mall like new gadgets coming out or cute clothes, so that it's quite hard for me to save. I usually save by not spending my money on entertainment related activities like going to the movies.
My question is what do you do with that money? When you hit the $10,000 mark do you invest it in something to continue accruing or make a majour purchase? I really have no idea. Sometimes having more money is as stressful as having little to none. You feel like you are wasting it having it sit in a bank but are also weary of losing it in stocks. Then if you decide to put your money into stocks you have to pay some other person or company for the pleasure of investing. All nonsense. I feel like bonds might be the way to go.
It really does vary from month to month, I don't think its realistic to set a certain % of your earnings to save each month as stuff pops up. That said I live somewhat frugally and would definitely save a decent amount, I think I'm going okay!
No matter how hard I try, I can never put aside money. I had an idea with my girlfriend where we would put 1€ each day from March, and go on a nice vacation this summer. However, we didn't do that. The problem is, if I put aside any money, I know I still have that money, so whenever I want to buy something, I always know that I have that money as well. Example if I put aside 10€, and spend all my other money, I'm still gonna have those 10€ and I'm still going to use them. I'd like to start saving and saving 10% of all income sounds like a good idea if your income is high enough. Imagine how much I would save per year, it's crazy. I have to give this a real shot.
Yeah, I put aside every month but it's never set for me. If I really do need the money, I budget myself. If I don't need it at the moment, I might just toss the whole paycheck into the savings. It might sound a little extreme but if I really don't need the money at the moment that what use is it sitting in a checking account where I could easily access and spend it? So if I still have enough money to get me through, then I usually just save the entire amount. Or if I do plan on spending some I normally leave 50% or 75% in the checking for whatever I'm purchasing or paying.
I used to. I have freelance gigs that allow me to earn a few extra hundred dollars each month. Nowadays, though, I've become a bit too complacent and easy-going. I have completely neglected my online gigs to the point of barely receiving anything. But you see news about growing inflation rates and the need to save for the future so somehow, as an onlooker, you get affected and start worrying about your own future too. I will try to pick up the habit again. I guess that's what's really at stake when you set aside money every month: your future.
