Saving Money

[makd]

Re: Saving Money

so guys tell me if this BC works? I mean what if you get your turn at initial months and you get the bunch of money. Now what?? save it in bank and not use the money? :S

[makd]

Re: Saving Money

my little bro does this coin saving strategy and he ends up saving a decent amount by the end of a month or two!

[SaeedinPakistan]

Re: Saving Money

@Lilly

I used to be so fazool kharch compared to now, I have stopped visiting the shopping malls,lol.
I only go to the bank when I need to put some cash in or take out some cash. Thanks for the idea,the other day my younger sis asked me to transfer money into her account, I transferred and the money was there with in five minutes,it was quicker than PayPal. I would be doing the same with my saving account from now on. :k:

No worries, you 'll see more replies here.

You see for girls ,all the money goes on fashion, dressing, shoes n make up.
I am planning to get a car soon , need some savings for that but keeping a car is expensive for a student.
For you,** it won’t be that expensive** , just get a car and go.Here we have to pay road tax,car insurance,MOT.

No, you have to pay zakat on it,no?

It’s pretty expensive. That’s because fuel is priced according to the crude rates in international markets, whereas my salary is way below what someone would make in the first world.
So I’d spend 20-30 % of my paycheck just paying for fuel, if I used my car to commute to work everyday. Then there’s the maintenance. I’d be buying something used so I’d be spending lot of money on repairs.
See keeping a car isn’t all that cheap over here either.

[makd]

Re: Saving Money

^It is just not cheap! I totally agree! :(. 20% of the income goes for fuel refill :(

[Lilly]

Re: Saving Money

@Eastern_Dresses

From what I have learned from my teachers, you have to pay zakat on any and every saving you have for over a year after you have cleared your debts. For example if you have a PKR 10,000 worth of money saved for over a year and after one year you also have a debt of say 5000 then the amount you are supposed to pay zakat on is 5000. Same is the case with any other type of saving as well (like jewelry). I don’t have any references for all this information though, since this is what i studied back in school (its been ages now). So may be consult some scholar or check existing forums regarding zakat.

Thanks for the information. :k:

@Eastern_Dresses

Btw another suggestion - didn’t try myself but have heard people save this way.

Committee - have you heard the term?

Yeah, I know the idea of Committee but my saving account works the same way as I don’t know the PIN.

@akmoti

i have fixed amount of money to save i never kharch it chaahay kuch b hojaye…i dont go for shopping
so after six months i have plenty of money to shop for coming season yayy n i even manage to save from tht saved amount too…thori sakhti to karni parti hai:cb:

I am so bad at saving money. May be because my uni is closer to the city center, whenever I go there ,I end up buying some thing.
I follow the same when it comes to Christmas sales,I keep saving the money or delay my shopping because I like to hit my entry on Boxing day.
Last year, I spent £300 on Boxing day, bought so many things.

@Decent_6Chora

S.A.V.I.N.G
I cant even pronounce it
with the state of things (read: saving accounts), I guess begum will soon take over everyday spending in her own hand
and on serious note, we have found that its always easy to save if you have a goal. We have executed that strategy successfully many time for small items and on big ticket items (like house, car etc).

Another successful way to save is to take part in BC (what the hell that stands for???). Begum take part in 400$-600$ monthly BC so that amount is always taken out of the pay-check almost unnoticed.

Setting yourself a goal is an excellent way of saving money for sure. :k:

@Khalil KhaaN FaaKhta

the most insignificant way to save money is saving ALL the change during the day…i never use change to buy anything…whenever i pay i pay with a bill so i end up saving Loonies $1], twonies $2], quarters, dimes and nickles. i don’t save pennies *…last time i cashed in all my change was in the amout of $2300 that i saved in just over a year.

Interesting idea.

@Desii_Fly_Chick

im.a.spender.not a saver

Same here.

@makd

my little bro does this coin saving strategy and he ends up saving a decent amount by the end of a month or two!

I do the same , I keep saving £1 coins and few penny’s but still I end up spending them,never made a decent money out of coins ever,lol.

@SaeedinPakistan

It’s pretty expensive. That’s because fuel is priced according to the crude rates in international markets, whereas my salary is way below what someone would make in the first world.
So I’d spend 20-30 % of my paycheck just paying for fuel, if I used my car to commute to work everyday. Then there’s the maintenance. I’d be buying something used so I’d be spending lot of money on repairs.
See keeping a car isn’t all that cheap over here either.

That’s why I dislike the idea of keeping a car but I have to get it soon. *

[meilock]

Re: Saving Money

Saving money is very important, I’ve learned lesson in not spending my money wisely. In times of emergency, you’ll be like a crazy dog looking for food. Nothing is permanent in this world, but anticipation in financial matter is a wise choice.

[arshad5]

Re: Saving Money

This is a simple but profound statement, that without savings progress is not possible.

[X2]

Re: Saving Money

best saving strategy for me has been that money is taken out of my paycheck and goes directly into savings, i dont see it, i dont miss it, i dont use it. i will tweak the amount up or down to see what works best. The thing is that u dont think u can put it away but when u dont see it you adjust.

similarly in less salary then i have now, we managed kids day care and 2 car payments, now the daycare is an after school program so cheaper, and cars are paid off, but the money gets spent somehow, unless its just stashed away to start with.

[Lilly]

Re: Saving Money

best saving strategy for me has been that money is taken out of my paycheck and goes directly into savings, i dont see it, i dont miss it, i dont use it. i will tweak the amount up or down to see what works best. The thing is that u dont think u can put it away but when u dont see it you adjust.

similarly in less salary then i have now, we managed kids day care and 2 car payments, now the daycare is an after school program so cheaper, and cars are paid off, but the money gets spent somehow, unless its just stashed away to start with.

Do you know how much money they transfer into your saving account? Have you fixed the the amount yourself?

[TS]

Re: Saving Money

No. I told him how much.

[X2]

^ uncle is right. He told me how much to save.

[TS]

Re: Saving Money

^ Bohut hi farmaan-bardaar bachchaa hai.

Haan to barkhoordaar, zara paanch hazaar daalar to bhijwa dena.

Tumhaari aantee ko kuch shaaping karwaani hai, Itwaar baazaar say.

Aur bakraa bhi lainaa hai. Ahem.

[Southie]

Re: Saving Money

@Khalil KhaaN FaaKhta

nope! say i buy something for $1.50 and i pay with a $5 bill, i get $3.50 savings in change with just one purchase...next purchase again for $1.99 and i pay with another $5 bill, now i save another $3.1...this ALL add up fast! :) you must try that too :)

So your return on investment is 3.50/1.50*100 = north of 230%. Har Har Mahadev!

Of course them Canadian dollars...

[Southie]

Re: Saving Money

Income statement has two parts

Revenue
Expense

If Revenue > expense savings > o
if revenue is constant by decreasing expense increases savings
if revenue increases by keeping expenses constant increases savings
If revenue decreases by decreasing expenses even further increases savings
Of course by increasing revenues AND decreasing savings increases savings even more.

Our office provides advice tuned to personal needs for a very reasonable percent of assets.

[TS]

Re: Saving Money

Southie, Southie & Southie Limited Liability Corporation.

[Fine Print - Consult at your own risk.]

[SaeedinPakistan]

Re: Saving Money

I haven't earned a single dime yet and I'm already getting ideas. Ideas of how to blow it all.

[TS]

Re: Saving Money

What are some of the things you want to spend on ?

[SaeedinPakistan]

Re: Saving Money

On a car. Someone told me about a sweet engine that can fit in my car's engine bay. The problem is I'd have to spend a lot of money, $1000 or upward.

And then I'd have to put in time I don't have. Car projects aren't easy business. I should quit this job and start apprenticing at a car repair shop.

Hai