Best tips to save money for house, car, or else.

Discussion in 'Finance, Investing & Economy' started by Elvis Minaya, Nov 30, 2008.

  1. Elvis Minaya

    Elvis Minaya Member

    Sep 22, 2008
    Valparaiso, Chile
    New York Red Bulls
    Nat'l Team:
    I'm going to give some people in bigsoccer some serious advices in how to save money and achieve any financial goal. Weather your goal is to buy a car, a house, a speed boat or anything else, we need to keep our plans real at all time. Many of us want to save, but do not take a time to seat down and plan it. Yes we need a plan. Without a plan simply we cannot achieve our goals and dreams. At the same time, we cant make a saving plan just to please others or becuase we feel jelous with our friends and even family members who currently own a house, apartment, car or boat. We need to stop acting like a child and set a goal to please noone but ourselves entirely.

    1- Take a close look at your currently salary and be honest. Do not pretend to save 1,000 a month if you only make 1,200, unless you are planning to rob a bank which i do not recommend.

    2- Once you take care of number one, investigate a savings, or investing account that you dont have direct access to your money like 24/7.

    3- Pick a bank and start saving directly from your paycheck or from your regular checking account. Pick a day of the month where you dont have to pay your loans, or rent to set the saving money aside. For instance I save 1,100 a month every 15 of the month. You will not have to make a deposit yourself. In other words, pretend your salary is the money you can actually touch and have available for you.

    4- Cut restaurants, movies, outing to at least 50%. Eat in cheaper places only once a month. Take your drinks to the movies,but only buy the pop corn. Buy cheap wines and drink the good one for special events.

    5- Buy clothing twice a year.

    6- Take your own food to work at least 3 times a week. YOu will not believe how much money people spend at work. This include making your own coffe and breakfast.

    7- Skip friends invitations to bars and sporting events.

    8- Go on vacation once a year. Buy air ticket in advance.

    9- Pay your bills on time. This can only help your credit score.

    10- Exercise, in order to create good habits. Concentrate in your goals. Dont let anyone dictate what you do with your money.

    Good luck to all.

    Buena suerte a todos.

    Elvis Minaya
  2. Felixx219

    Felixx219 BigSoccer Supporter

    Nov 8, 2004
    Kansas City, MO
    Kansas City Wizards
    Nat'l Team:
    United States
    Overall, good advice.

    I would also add to read the book, The Richest Man in Babylon. That book tells you about everything you need to know to save and eventually become wealthy.
  3. AguiluchoMerengue

    Oct 4, 2008
    South Carolina
    Los Angeles Galaxy

    haha good stuff i gone have to look for the book too.

    thanks for the advices man.
  4. CutePuppy

    CutePuppy Red Card

    Nov 14, 2006
    Short entry to GBP/USD or GBP/JPY then you will be golden.
  5. BocaFan

    BocaFan Member+

    Aug 18, 2003
    Queens, NY
    Meh, I don't know. I think if you need to make that many sacrifices just to own a car (or whatever), then you should look at getting a cheaper car (or whatever) or not getting one at all. Some of those points could put a serious strain on your friendships and relationship.
  6. Danks81

    Danks81 Member

    May 18, 2003
    Set up a dedicated savings account and have your payroll department direct deposit a percentage to it each pay period. Makes it easy to be disciplined with saving one you get it going.

    And I agree with making your own food, especially breakfast and coffee. I buy quality coffee that I grind in the morning. It costs me about $13 a pound which ain't cheap, but lasts me two weeks and is top of the line java. If I was to buy it out it'd cost me easily 4 or 5 times that.
  7. soccernutter

    soccernutter Moderator
    Staff Member

    Tottenham Hotspur
    Aug 22, 2001
    Near the mountains.
    Tottenham Hotspur FC
    Nat'l Team:
    United States
    That depends on what kind of friendships or relationships you have, what to have, or want to keep. It is not a black and white list. What he is saying is that if you want to save money, you need to change your habits. Of the 10 items listed, me and my wife practice 7 of them. I ademdum to say "or buy on sale or at discount places." My and the wife often buy at Ross or TJ Maxx. We usually go once or twice a month. Usually we come away with nothing. But occationally we get a great deal. For example, today I am wearing a leather jacket bought at Ross for about 75% below the initial price. We look for things on sale or at discount. We are usually patient buyers. Our friends know this and understand this and accept this. Some of them have even started doing similar things to us.

    But we know people who don't want to wait for that special deal. They don't really follow rules 4, 5, and 7 and thus have a rolling debt. But it is their choice to live that life. You can either follow the above or not.

    But what Elvis was saying is what has been said over and over - budget. If you know your budget and are disciplined, you will stick to it. If you need to adjust it for some reason to save more, you should be able to if you are disciplined. The above 10 reasons are suggestions and directed at people who want better house (or car as that is what you focused on), but will struggle to make it on their current salary.

    And, so you don't think I don't understand your POV, my wife is latina, and most of our close friends have a heavy European influence, if not being Europen themselves.
  8. BruceNa

    BruceNa New Member

    Mar 7, 2009
    FC Barcelona
    There are definitely several ways to save some money. I just like to share cars when going to work if that's possible. You've to watch over your money because just a normal retirement pension plan might not cut it anymore. Better save now to have something for later. :/
  9. allice2244

    allice2244 New Member

    May 20, 2010
    AC Milan
    The best way to save money is to try to cut your monthly spending as much as you can. Unfortunately though, this is not as easy as it seems, in order to succeed it you will have to change your lifestyle and give up on many things, sticking on the necessary ones only. Lately though, I have been noticing that many of my friends are choosing to shop online, they use some easysaver program which allows them to get the best bargains. I suppose it wouldn't hurt to check it out.
  10. Elvis Minaya

    Elvis Minaya Member

    Sep 22, 2008
    Valparaiso, Chile
    New York Red Bulls
    Nat'l Team:
    You will be surprised at the amount of money we spend in food. If we can have breakfast at home and take our lunch to work, we'll save a lot, a lot of money. If you spend $10.00 a day/5days in the week in food that is $200.00 a month. In this economy, one can do a lot of things with 200 dollars. You can pay your utilities, help with your car payments, etc. The hardest part is to make a decision and stick with it.
  11. mandyjune

    mandyjune New Member

    Jul 29, 2010
    AC Milan
    It's so important to save money. During our economy, it makes saving alone a pretty hard task when we have to pay for bills and mortgage, etc... One tip I have is buying corporate bonds.Another thing you can do is invest in a best checking account.
  12. lizzyvicky

    lizzyvicky New Member

    Oct 21, 2010
    Ya definitely theres no one way of saving. I found though that notice accounts really help me save because I can't just take the money out when I'm tempted. The method I use is calculate how much you can afford to save and make it your goal every month to put that amount in the notice account and gradually you've a solid amount saved up.
  13. Elvis Minaya

    Elvis Minaya Member

    Sep 22, 2008
    Valparaiso, Chile
    New York Red Bulls
    Nat'l Team:
    My major extra expense comes from traveling. I love to travel, but now I know I will need to cut it to at least 50%.
  14. the shelts

    the shelts Member+

    Jun 30, 2005
    Providence RI
    Nottingham Forest FC
    I think the OP is right.

    PAY YOURSELF FIRST!!!!!!!!!!!!!!!!!!!!!

    Put your money aside, then cover lifes expenses. While its beyond ridiculous to have 30K in savings concurrently with 30k in debt, you need to pay yourself first. If you've run into an issue where you pull out the savings then put it in a 401k where you cannot touch it without brutal taxation before you need it.
  15. Elvis Minaya

    Elvis Minaya Member

    Sep 22, 2008
    Valparaiso, Chile
    New York Red Bulls
    Nat'l Team:
    Yeah, 401k is great, but if you are planning in buying a house dont put it there yeat cause in most cases u will end up paying at least 10%. Also putting money into a 401k has it risk these days. You need to put it with a very serious a respectful firm or you will spend your whole life waiting for your money to grow.
  16. uclacarlos

    uclacarlos Member+

    Aug 10, 2003
    east coast
    FC Barcelona
    Nat'l Team:
    I'm pretty sure you can pull out up to $10,000 for a first-time home penalty-free. However, you must pay income taxes on it.
  17. Aric Lewford

    Aric Lewford New Member

    Mar 11, 2014
    100 Beaver St,Albany,NY
    Arsenal FC
    Nat'l Team:
    United States
    I think the only way to save money is to invest money. The invested money do not get multiplied in a fortnight, but it gives a guaranteed profit after a fix tenure. Many people invest in stocks, some show interest in real estate. Investing in real estate is a good way to save and earn money. To learn more about investment possibilities in real estate navigate here.
  18. La Magica

    La Magica Member+

    Aug 1, 2011
    AS Roma
    Some of my random thoughts from travelling and seeing how other people live. I have yet to put all into practise but I plan to.

    For training purposes and quality of food you can afford give the intermediate fasting a go. 5:2 5 days eating and 2 days fasting although some people slightly bend the rules to eat on the fast days a small number of calories like 500. Save money and also gives you more to spend on quality food if you feel like it. Amazing health benefits, fasting has been around for thousands of years after all!

    Grow your own fruit and veg, a little bit of effort can go a long way and you know what you're eating which cannot be said for supermarket foods.

    Stop buying chemical cleaning products etc, you can easily make your own from ingredients such as bicarbonate of soda. Cheap and also the benefit of not breathing in nasty chemicals.

    Make you own shampoos etc. Same thing, use natural products, free from chemicals, save money and can be made in bulk and stored.

    These last two I seen in Bordeaux and thought it was fascinating as it was something I never considered before!

    Cook in bulk and freeze.

    Regards investing money I guess everyone has their own views, I like to take risks with it. I believe if you think like a poor man you will always be poor. I don't like the op's points 7 and 8.
    Makandal repped this.
  19. frank cowell

    frank cowell New Member

    Jun 26, 2014
    AC Chievo Verona
    For me,learning to conserve gas can save you a great deal of money. You should avoid aggressive driving, such as speeding and reviving the engine and breaking the pedal too fast. These actually waste gas. Indeed, slamming the breaks is also an example of wasting gas. So, if you want to save your money, try to eliminate those forceful actions. If you happen to wait for something while you’re in the car, it’s best to turn off the engine. This will lessen your gas spending, thus lessen your costs, too.Controlling a family budget could be a more challenging task than planning it.
  20. Kren Waron

    Kren Waron New Member

    Aug 30, 2014
    AC Milan
    Buying jewellery is also one way of saving money. In my opinion, we should aim to save about 20% of our salary. If you are looking forward to buy jewellery visit Linda tahija.
  21. MJ12

    MJ12 New Member

    Aug 23, 2014
    Manchester United FC
    This this and this, saves money and more quality, health benefits. Even a small garden can produce a lot with very little upkeep, if done correctly.
  22. lolo23

    lolo23 New Member

    Oct 21, 2014
    Good advice! Bottom line is to somehow learn to spend way less than you make...

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