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What Is Your "Savings Strategy"?

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.

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27 answers

read what warren buffet had to say concerning the economic crunch,

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Saving has been my culture before now, the credit crunch has just encouraged me to save the more.

Let's learn from the ants like the bible admonished.

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I would appreciate you post it here for everyone to benefit.

That's some risky life u're leaving. Guess you don't have major responsibilities.

At least, if not for rainy days, you could use it to start up a small biz.

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I'll soon stop using phones because of the amount of money I give to MTN in d name of buyin recharge cards

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i really like this saving sstrategy topic, well let be sincere with each other, not everyone have a good saving culture. Iwork with an insurance firm and we have a package that is called individaual savings and protection plan, i have close to 50client, and i know how i run after them to pay themself every month, but for those that are honest with it, they have really saved something and i still encourage them to continueC cause it is this savings and investment they still fall back at, no matter what we earn now it not for life is for a matter of time,i can introduce the savings scheme to you, it will help u honestly, it is helping a lot of us. if you are intrested send me ur email addy, i will send what u stand to benefit on ur savings, send u all the details, u can think about it, then i can tell u how to go about it, it transparent, it flexible. it all about wealth creation and protection. let save today so as to cement the future

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@poster,

I just cut back on my expenses and I started a monthly saving scheme with GT Assurance.

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@Poster

What saving strategy?? I ain't got none, i spend on what's good!! Life is too short to be wearing iron clothes. If i have extra, i might put it in the bank for another day or two till i see what's good.

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Like the saying goes, If u fail to plan, u are plan to fail!! We should all realise that this thingy we are faced with , i mean the global meltdown is real, abi wetin i for tok, everyone is tokin bout it, So basically if u were not saving before or had no ideas or outlets to get some extra income then u really need to do sumtin about it. Alwaz have a backup plan or savings. Need not say much cuz some of us here have really hit the nail on the head, so, the ball is each and every ones court!!

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no special strategy, i spend as when needed if available, if not, all actions suspended till cash comes.

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LOL

Ok but what things to you buy that you dont really need?

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WE DONT SAVE NOW COS OF THE CREDIT CRUNCH PROBLEM.

WHAT I DO IS MAINLY PRAYING TO GOD.

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lady T,nice talk;does dat include not takin ur fiance out 4 dinner or 2 see sum nice movie

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Uh I think the US is the only one that does the 401K thing, I have one, I just havent fiddled with it.

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.

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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

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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.

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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.

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So you are carrying money around in your little piggy bank. . . . . armed robbers will soon be knocking on your door.

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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

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'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!

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I've got a very very poor saving habit. I hope to learn more on this thread.

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I'm also interested in this thread. I earn what could be said to be OK but my saving habit is not good enough!!!

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@ 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,

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Give much to the poor, thats only way to recieve cos if you will recieve you will learn how to give.

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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.

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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.

Nice strategies.

To think of interest rates given by banks could be pretty annoying, but like u said its better than nothing.

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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

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we should spend more in other for more to come that the rule of money for this credit crunch wahala

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