I have experimented with many strategies for saving cash. Like saving a certain percentage, say 20% of any income that I get. I have also tried the strategy of saving any coin given as change when shopping in a piggy bank. But a dry financial spell or an emergency always ended up decimating the savings. In the end, I decided that money is better converted into am appreciating asset no matter how small or better, make it work for you not tucked away somewhere.
I have a substantial savings in one of my bank accounts. However, I cannot say that there is a formula for saving money. I just realized that I started saving when my income was greater than the expenses. When times were hard, I also have my piggy bank and some money stashed in secret places. But when expenses come in, I had to get all those savings to pay what I need to pay. In effect, saving money when you have no excess income is futile.
Here are some of the things I do in order to save money. Never buy any product that you don't use much. Don't buy two things when one will suffice. Don't spend too much on carbonated drinks. Don't spend too much on junk food. Don't eat outdoors, always eat in your home.
some tips i found usefull Troll exclusive deals sites Get your hair done for free Take short showers Give up expensive habits
Well I cannot say that I have an exact formula, but if there is one variable that is the most important, I would say that it is putting money aside every paycheck. That on top of being frugal in general lead to a lot of savings, and the little things certainly add up over time. Things like following a budget also help, and even cooking at home helps curb food spending. Being smart I would say is my formula.
Spend less than I earn. That's my savings formula. But in addition to that, before buying something I find out what I can save if I can buy used or get myself a cheaper alternative that's just as good. I also don't buy much food because I do some gardening and get most of my vegetables from [the garden].
Same as what @rz3300, I make it a point to put away a certain amount every paycheck to make sure that I have saved something before I even spend. I also try to live within the means of my income as much as I can. Another thing I found to be really effective is to avoid using a credit card or not have a credit card at all if you can.
