Most people spend the money along the month and at the end of the month they see what's left for savings. I think that it would be most effective to cut 10% out for savings as soon as we receive, so that we can manage for the rest of the month with the other 90%. Are you doing this? Do you think it's doable in your case?
I've never tried something like that. I admit it's guarantees some savings each month but if emergencies arise you'd still have to get the money from your savings account [which beats the purpose]. To avoid that, when I get paid, I let the money sit in my account and spend it as the month progresses and the next payday, when I receive my cash, whatever was left over from the previous month gets transferred to my savings account. It's more convenient.
I'm horrible at saving. I would like to start saving 10 percent immediately from my checks, but that's hard to do right now. Times are kind of hard and I have a lot of bills.
I know what you mean and I think most people do like that, we just spend the money as wisely as we can and as we see the month coming to an end we might cut even more if we see there's nothing left to spend. If we had cut 10% first we possibly could cut the expenses sooner though.
Saving money is a great way to secure yourself financially, although its hard not buy things you want when you have the money to spare, being able to restrain yourself form doing so can help you in the long term and can improve your self discipline. You'll never know how much help that 10% savings can do when you're in desperate need.
I am hoping to start saving money soon and will be depositing it in a number of ISA accounts and peer2peer loan sites. I did the second option recently with £10.00 and made a total of £19.12 back (that includes the initial £10.00 I initially invested), I just need to persuade the girlfriend to lower her spending of my money first.
OK, now I am interested to know more about that deansaliba. What's that of ISA accounts and peer2peer loan sites and how did you manage to double your money??
