Money Saving Techniques

[AhChua80]

heh ahchua80 just posted long crap and bull, folks here are smarter than you think, newbie advisor from prudential.

I can't believe it, you are going to all my previous post and add on some bull story of yours in.
Infact you waste your time doing all this tiny retarded things than on addressing all the criticism i have commented on you on "Prucash + Prusave Together" thread.

All this stupid things done by you makes me wonder, are you an adult yet, or maybe your body makes you looked like you do but your brain isin't well developed yet and thats why you actually do such childish things.

You really looked pathetic from the way you have done on addressing my critics in the "Prucash + Prusave Together" thread.
I really encourage people here to consider when looking into your advice.

Firstly you behave like a kid. Secondly you are embarassing yourself.

 

[ttays_2000]

omg.. AhChua80 really cmi lol. Thumbs up for Jask hehe.

Anyway, A summary on savings, we can adopt 2 different methods, and it is up to you to choose. The formula is "E-S=S"

1) Earn - Spend = Save
2) Earn - Save = Spend

I believe a clever you knows which is the better method, although most of the time we actually unknowingly stick to method 1.

I personally feel that method 2 allows us to enjoy yet able to save. Lets say we earn $2000 take home, expenses wise would take up half or more, then we can save a portion like maybe 10-15% of the total, then the rest we can reward ourself by engaging in sports or eating out at a decent restaurant. The key idea is to gauge what we can enjoy with the money left after saving. and not finish spending then the balance then save.

In order to do this efficiently, we would need more than one bank account and to clearly know which is for what purpose.

Everyone HUAT AH!

 

[gt2008]

dont go high end restaurant
dont go movie
dont club
dont drive
invest in bonds.

 

[Agent_X]

A book in hand, is worth more than many PSP UMD disc in bag.

this i agree~!!!

 

[Yorixz]

Cook instant noodles for dinner every day.

 

[MBoI1986]

Cook instant noodles for dinner every day.

Might as well eat air, saves more money

 

[KopRulez]

I do not know anyone mention this. For those who keep going overseas often, please try to plug out not utilized electrical appliances out of the power supply box. There's current flow even
if you didn't not switch on the device. This can saves you more than $30 a year!!!

Boil your water if in need, and don't buy those 1000W electric airpot. They consume more electricity than air-con in long run.

 

[KopRulez]

Cook instant noodles for dinner every day.

May get you bald in on time.

 

[askxyz]

i quite like OCBC's MSA (monthly savings account), forces me to save every money. Interest rate higher than POSB's.

$10-$790: 1.68% pa
$800-$5000: 2% pa

1.08% p.a. or 1.28% p.a dude -_-
http://www.ocbc.com/personal-banking/banking/Bnk_Dep_MSP.shtm

 

[askxyz]

how much did you all manage to save per month?

 

[yellow_pen]

i save 36% of my take home pay per month.

 

[yellow_pen]

just curious to know:

many financial advisers and books recommend to have an emergency fund that can last for about 3 to 6 months.

Does it mean that after you have managed to accumulate this amount of money, you do not need to save anymore and all the money can be used to invest?

Only when financial priorities change then you add on to the sum of emergency fund again?

 

[C-130_SPOOKY]

Well, I'm also thinking about ocbc msa but the i/r is so low now. somemore must lock in for 24mths. god noes what interest will be like next time rite? better off to giro off to ur high savings account..

Any opinions on this?

~cheers

 

[Janice88]

Unbiased financial advice

Does anyone knows where i can get unbiased financial advice from ex bankers, fund managers..etc?

I have been losing money on those so called investments and i am absolutely tired of these commissions agents

 

[panzergrenadier]

Janice 88

You should read books on investment and learn about how investments work in order to not to buy products that may not be suitable for your risk appetite.

You can start with the "The Richest Man in Babylon" and move on to any of the investment books such as Peter Lynch's "One Up on Wall Street" or "Random Walk Down Wall Street" by Burton G Malkiel.

Be well and prosper.

 

[ahwei86]

take drinks from others when playing sports

 

[qwerty72]

Janice 88

You should read books on investment and learn about how investments work in order to not to buy products that may not be suitable for your risk appetite.

You can start with the "The Richest Man in Babylon" and move on to any of the investment books such as Peter Lynch's "One Up on Wall Street" or "Random Walk Down Wall Street" by Burton G Malkiel.

Be well and prosper.

can anyone help explain "Pay Yourself First" concept to me? Thanks.

Does it means set aside X amt, then treat the remainder as your salary???

 

[ah_cheng1882]

something like tat. by forcing yourself to save a certain amount, u are treating yourself as a customer. which is actually true...bcos in the long term, its actually a form of investment

 

[panzergrenadier]

can anyone help explain "Pay Yourself First" concept to me? Thanks.

Does it means set aside X amt, then treat the remainder as your salary???

Basically, pay yourself first means to set aside money, say 10% of your monthly income before you pay your bills and spend.

This forces you to set aside UP FRONT 10% (or whichever % you wish) to save and invest and let the power of compound interest grow it steadily bit by bit.

It is part of living within your means.

 

[rihhana]

haha the challenge is sometimes what is one man's penny is another man's pound. For me i never ever spend anything on cars, but i spend alot of food. But my friends would rather scrimp on food just to save money for his new car upgrades. So it really individual preferecence.

One important rule of saving money is never to be "pound foolish, penny wise".

I have associates who scrimp and save on petrol by making weekly trips to JB (and enduring jams in the process) just to save $20 to $30 per month and then splurge $600 on brand-new handphones which have essentially the same functions as what they were using (and which they had changed merely six months ago).

The key to meaningful wealth accumulation is to be generous and thrifty at appropriate times.