I always liked saving money, I do believe that the saying that goes, " It is better to prevent than to cure". That goes with money too, to have money available when we need it than we need it and we don't have enough to cover what the necessity calls for. If I learn some financial advice that I think would not hurt me to do, I would religiously do it. No doubt, it pays off.
Here is an excerpt on an article which talks about savings and how to have mounts of money saved within a short span. If we only don't procrastinate as most people do, we don't have to have tons of debts those debts could have been cold cash by now.
Advice on saving"No matter how much or how little you make, always save a little bit."
This is a variation of "Pay yourself first" that Your Money poster "kesslergk" heard from a grandfather. It's a reminder that whatever money comes into your life, you can (and should) be setting aside some of it.
If you don't think you can, read "Too broke to save? Never."
"Save hard for the first 10 years of your married life."
This is the advice Your Money poster "Talk2Me2"received from her mother (although to apply it to more people, I might amend it to, "Save hard for the first 10 years of your adult life" or "Keep living like a broke college student for as long as you can").
"Saving hard means having to make a lot of the right choices," Talk2Me2 wrote. "We researched every purchase, learned how to do lots of things ourselves (car repair, hair cutting, sewing, cooking, home maintenance, etc.) and we could not only save money but we also used these skills to make money. When you are young, doing with less isn't a struggle because you aren't used to the luxuries yet. We also had more time to bargain shop.
Video on MSN Money: Saving for disaster
Emergency funds © Comstock/PictureQuest
Video: Build an emergency fund
It's a stash of cash, but how much do you need? Here are some guidelines and why this should take priority over other savings goals.
"Mom's advice certainly paid off. We still save money even when we don't try to because we are in the habit of trying to do things ourselves, doing without if we can't find it at the right price, researching, waiting to buy, etc. We made a game out of getting what we want for less money."
Advice on spending
"Know the difference between needs and wants."
Several posters also mentioned different versions of this advice, which is key to controlling your spending. When you can't distinguish between real needs and mere wants, you're constantly talking yourself into spending too much.
Poster "ARCHIEtheDRAGON" recalls his mother asking, "What do you need that for?" whenever he bought anything as a kid. Annoying? Maybe. But "now I hear her voice in my head whenever I am spending money. It keeps me from buying a lot of crap that I don't need."
"JennysMom" illustrated it this way: "You need food. You want prime rib. That example is perfect for the want vs. need debate in my head!"
Poster "Clara Bear" said she heard similar advice from her grandmother.
"Whenever I would complain about not having the newest coolest clothes or whatever when I was younger, my grandmother would always say, 'We have everything we need and most of what we want, too.' That would make me realize that even though we weren't the richest family in town, we really did have plenty. I still think about that today when I'm lusting over some ridiculously expensive item at the mall. It makes me remember that I have a place to live, plenty to eat and a great family as well as much of the stuff I want. I (usually) put the item back on the shelf and walk away satisfied with what I already have."
"Think of the true cost."
Anything you want to buy involves a number of costs. The price tag is just the start.
"I see something that would look great on my table," poster "Mamasita99" wrote. "I have to give up the cash for it that won't be able to work for me somewhere else. Then I have to think of all the time and energy I'll waste cleaning this item, keeping it out of my kids' hands, and packing it up and hauling it somewhere else when we move in a year. Most of the time, the true cost of the item is too high for me."
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