Saving Money Effectively

[Mika]

​

What kind of strategies do you have for saving money effectively? My favourite way is by deducting certain percentage from the income I have and save it in a regular savings account. I do this regularly for many months and after some time my savings grows. I then move the money to high-yield saving accounts like fixed deposits, certificate of deposits, or even bonds, and treasury bills. When I save in banks I choose banks that offer the highest interest rates and prefer longer deposit tenures to maximize the returns return. I use different kinds of saving products to minimize risks, if any.

 

[Spencer]

The best way to save money is to have a goal, let's say I want to start a business and I have already itemized what I need and arrived at a figure, I'll be super motivated to save money because I have an end goal.

Or if you want to save for emergencies etc you can try set up an automatic savings and send a stipulated amount when you get your paycheck, it'll help you to save instead of keeping the money yourself.

 

[Monster Masterpiece]

The best way to save money is to have a goal, let's say I want to start a business and I have already itemized what I need and arrived at a figure, I'll be super motivated to save money because I have an end goal.

Sometimes things goes out of control means even this goal could not be realized as per subsequence it needs to delay the goal or postpone it because it could not be realized in the new params or have new tactic.