What Is Your "Savings Strategy"? - Investment - Nairaland
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| What Is Your "Savings Strategy"? by Dungren(m): 5:26pm On Apr 10, 2009 |
In these days of economic crunch, one needs to cut down on expenses. So, I would like you to share wit me the strategies you use in setting aside some money for future use or starting up an extra business. Your contributions would be highly appreciated. |
| Re: What Is Your "Savings Strategy"? by carlos222(m): 8:06pm On Apr 10, 2009 |
we should spend more in other for more to come that the rule of money for this credit crunch wahala |
| Re: What Is Your "Savings Strategy"? by LadyT(f): 8:23pm On Apr 10, 2009 |
Spend less on entertainment e.g. eating out. Take lunch to work. Spend wisely do you really need 3 new pairs of shoes? Put some money in a fixed deposit (although most banks offer rubbish interest rates at the moment) but its better than nothing. All in all lets not panic |
| Re: What Is Your "Savings Strategy"? by Dungren(m): 9:45pm On Apr 10, 2009 |
carlos222: The issue is that a lot of pple don't even have enough to spend anymore wit the cut in pay packages and loss of jobs. LadyT: Nice strategies. To think of interest rates given by banks could be pretty annoying, but like u said its better than nothing. |
| Re: What Is Your "Savings Strategy"? by lagoslag: 5:29am On Apr 11, 2009 |
i stopped saving with banks and started saving with our traditional clay save. I'll gather some Nairalanders at zuma rock abuja to witness the smashing of my lil clay save. |
| Re: What Is Your "Savings Strategy"? by sunnym(m): 7:42am On Apr 11, 2009 |
Give much to the poor, thats only way to recieve cos if you will recieve you will learn how to give. |
| Re: What Is Your "Savings Strategy"? by ijleke(f): 1:23pm On Apr 11, 2009 |
@ poster For every month make plans on wat u need ie write it down Monday to sunday for a whole month, if you are a christian package all your offering for the month too. ( also include extra expenses) anything that is not included in ur list for the month u dont need it, you can move it to next month it helped me alot. try it, 1 Like |
| Re: What Is Your "Savings Strategy"? by Nobody: 6:22pm On Apr 11, 2009 |
I'm also interested in this thread. I earn what could be said to be OK but my saving habit is not good enough!!! |
| Re: What Is Your "Savings Strategy"? by deekseen(m): 8:26pm On Apr 11, 2009 |
I've got a very very poor saving habit. I hope to learn more on this thread. |
| Re: What Is Your "Savings Strategy"? by BonHomme(m): 11:47pm On Apr 11, 2009 |
The truth is no matter how much u earn, ur expenses would always rise to meet ur income. So u need to force urself to save. The best way is to take out a percentage of ur monthly income (maybe 10% evry month) & putting it in a seperate account dt u wld forget about until u meet ur target savings. Give urself a target an when u meet dt target, set a higher target etc  |
| Re: What Is Your "Savings Strategy"? by GTay(m): 6:36am On Apr 12, 2009 |
'Budget' is the secret word make an estimate of your monthly income (use the guaranteed minimum) create a budget (u could use excel) 1st item, tithe(if u're a christian) 2nd item, fixed savings amount (this must be untouchable n must be set aside once ur salary/earnins are received) 3rd item, (stuff like feedin+transport) . . . Last Item, separate amount for alms giving (to the needy/poor) This works for me! 1 Like |
| Re: What Is Your "Savings Strategy"? by toosoon(m): 12:13pm On Apr 12, 2009 |
go to wedding ceremonies every weekends, also makeup a list of well wisher friends and plan on visiting week in week out, by so during you will save a lot of money.  for real If you are a salary earner, most banks have target savings scheme, you can apply for a standing order of 20% deduction from your salary monthly for a period of one year or as the case maybe. |
| Re: What Is Your "Savings Strategy"? by chuxy12(m): 1:30pm On Apr 12, 2009 |
a lot of people are suggesting fixed deposit but i think it is not a very intelligent thing to do Likewise saving. these are my suggestion although some people have mentioned it too: 1. draw up a practicable budget 2. stick tenaciously to the budget------very important 3 think. task your brain. think of investment you can learn and earn from and take calculated towards it. dont close ur mind to all investment there is no sin like the sin of a closed mind no matter how incredulous they sound . check it out and risk a little amount towards actualising it. it is risky not to take risk 4. take CALCULATABLE risk only. RASH and UNPLANNED risk should be avoided. dont take any silly plunge without investigation. chiyostar@yahoo.com |
| Re: What Is Your "Savings Strategy"? by Nobody: 3:31am On Apr 13, 2009 |
1. I don't save my money in the bank anymore. I know I know, it's dangerous to be carrying money around, but the bank ain't anywhere safer. 2. Think for a sec and buy what you think is NECESSARY, not what you DESIRE. 3. Start using those coupons, but dnt be wasting our time on the line. Use it when less ppl are shopping  4.Less eating less grocery shopping  I know how naija men like to eat 6 times a day, plz learn to make it at most 4 times a day   5. Save money on gas. . . .it's increasing AGAIN!! ETC ETC ETC |
| Re: What Is Your "Savings Strategy"? by 4Play(m): 3:34am On Apr 13, 2009 |
*Toyinrayo: So you are carrying money around in your little piggy bank. . . . . armed robbers will soon be knocking on your door. |
| Re: What Is Your "Savings Strategy"? by Nobody: 3:36am On Apr 13, 2009 |
4 Play:rotfl. . . .piggy bank? yea right. . . .just say you want to rob me |
| Re: What Is Your "Savings Strategy"? by 4Play(m): 3:41am On Apr 13, 2009 |
Now that you have told me where your savings are, I'm going to find where you live. Seriously, unless you have money above a certain threshold, you are better off keeping your money in the bank. Inflation is gnawing away at your money if you keep at home. That is if your husband,David, hasn't chopped all the money yet. |
| Re: What Is Your "Savings Strategy"? by Nobody: 3:45am On Apr 13, 2009 |
LOL, you can always try Well, ofcourse, when it comes to school money, it stays in the bank. That, I dare not carry around. But money for me to use whenever stays with me. At the rate of people going to the bank to loan more than they can payback, nowadays, I'd rather my money stay with me. No no, am not being stingy, I'm being cautious. Leave David alone jare. He's not like you, money chopper  |
| Re: What Is Your "Savings Strategy"? by Phony200(m): 3:18pm On Apr 13, 2009 |
I also believe in fixed deposits, helps keep hands away from free money. Also, one thing I am really trying to curtail is recharge card purchases. It's a frigging pit! Worst part is you don't even know it's there. |
| Re: What Is Your "Savings Strategy"? by blacksta(m): 5:24pm On Apr 13, 2009 |
*Toyinrayo: which coupons- is this one applicable to Nigeria |
| Re: What Is Your "Savings Strategy"? by Lady2(f): 6:30pm On Apr 13, 2009 |
1st thing is to not panic. You mental state affects you a lot, so DO NOT PANIC!!! 2nd create a budget and be truthful with yourself, there are a lot of things you do not need 3rd map out your whereabouts you can save on gas money if you get things that are in the same area done at the same time 4th make sure you pay yourself first, set up a CD or savings account, and train yourself not to touch that money. I recommend a CD because you cannot touch the money anyway until the time period is up for the CD. 5th if you have a good job, with a 401K roll it into an IRA 6th Purchase life insurance, this is not to say anything about your death, but if you have a family you'll want them to be ok, so if anything happens to you they will be set. But when you purchase life insurance make sure that you also invest in it. I'll give you a personal experience. My mum purchased life insurance, it covers all expenses including our mortgage if anything should happen to her. So the house will be paid for, all debts will be paid for. Also we invested in the insurance, and when we hit hard times, we were able to get money out of it to get by, and then after hard times, we refused to touch the money and let it accumulate. So my family is pretty confident even right now. But we still budget EVERYTHING. 7th Did I mention, DO NOT PANIC?? YEAH DO NOT PANIC!!! I'll be back with some more. 1 Like |
| Re: What Is Your "Savings Strategy"? by platinumnk(f): 6:45pm On Apr 13, 2009 |
1st I budget, budget , budget everything!!! 2nd Pay Bills on time! 3rd Whats left I split into my 2 banking accts (1 for checking, the other is purely saving and I never touch) 4th Look for new investments 5th Bargain for EVERTHING 6th Have a Second Business/ Job (if you can, I have an online store) 7th Research on investments 8th Budget, Budget, Budget Again 9th Limit my Shopping for unnessary things? Do I really need a Tv in my car lol  10th Stay Healthy!!!! Medical Bills are XPENSIVE even with insurance!! How much is Gas where u are Toyin? Rite now its $1.83, which is ok for me, I drive a Honda  |
| Re: What Is Your "Savings Strategy"? by LadyT(f): 6:47pm On Apr 13, 2009 |
In the UK if the bank collapses people with I think the amount is £50,000 and under will get it paid back to them by the government. Im not sure if American banks have the same policy. As for Nigerian banks hisssssssssss who knows. Start small £10 a week or save monthly |
| Re: What Is Your "Savings Strategy"? by platinumnk(f): 6:54pm On Apr 13, 2009 |
~Lady~: Uh I think the US is the only one that does the 401K thing, I have one, I just havent fiddled with it. LadyT: Yes We have it here, if a bank fails the federal reserve covers up to $150, 000 dollars. Some banks cover up to $250,000. I work for a bank and they are trying to raise their reserve from 150 to 250,000 which would bring in more customers. |
| Re: What Is Your "Savings Strategy"? by kyrian1985(m): 6:59pm On Apr 13, 2009 |
lady T,nice talk;does dat include not takin ur fiance out 4 dinner or 2 see sum nice movie |
| Re: What Is Your "Savings Strategy"? by LadyT(f): 7:19pm On Apr 13, 2009 |
kyrian1985: Do it but not as often as before why not rent a movie and cook dinner at home? |
| Re: What Is Your "Savings Strategy"? by carloshome(m): 8:07pm On Apr 13, 2009 |
WE DONT SAVE NOW COS OF THE CREDIT CRUNCH PROBLEM. WHAT I DO IS MAINLY PRAYING TO GOD. |
| Re: What Is Your "Savings Strategy"? by LadyT(f): 8:08pm On Apr 13, 2009 |
LOL Ok but what things to you buy that you dont really need? carloshome: |
| Re: What Is Your "Savings Strategy"? by MrCrackles(m): 8:11pm On Apr 13, 2009 |
I have a license to print money so i dont need to watch the pennies and the cowries! |
| Re: What Is Your "Savings Strategy"? by LadyT(f): 8:26pm On Apr 13, 2009 |
MrCrackles: Help everyone out then! |
| Re: What Is Your "Savings Strategy"? by MrCrackles(m): 8:27pm On Apr 13, 2009 |
LadyT: No one has asked me! Do you need help? |
| Re: What Is Your "Savings Strategy"? by platinumnk(f): 8:37pm On Apr 13, 2009 |
MrCrackles: ~Waves~ Help me !!! |
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