What are the Best Methods of Saving

[Carpon]

Saving can be a complicated stuff at times especially if you don't know what medium to use for saving. Some saving methods are risky while others are dangerous.

Personally I save using my local bank account and I am a bit satisfied with it. Though I have a problem with them: they deduct my money at times with no reason apart from the ones with the description of card maintenance fee. It is actually a safe method for me but there may be other better methods of saving available which you might be using.

Please share about such and give a little and brief explanation of how it works and add any other relevant information.

And another way I save is using a piggy bank. It is a very local savings method which I think is unsafe even though I haven't had any personal experience with the insecurity of this savings method.

 

[Heartstrings]

I will say it depends on every individual, because what works for me may not work for you. Personally I do use my local bank account too or save at home, this is risky considering because you May everything you work hard to save when there is a robbery issue or you might try to use part of it anytime knowing there is money somewhere in your home. It all depends on every individual, whatever best method you think suits you and best for you. When I was in business back in the days, I have a secret drawer on my bed stand with padlock where I do save my money, from 20 naira note to 500, whatever is available,it also depends on The mindset, because I set my mind on it never to use the money because it's for saving. So it depends what each person thinks it's the best method.

 

[cmoneyspinner]

The best method of saving is … whatever method works best for you. I know people who join a club at their credit union. A small amount is taken each month or every 2 weeks and withdrawals can not be made until a certain date (usually December, the month for Christmas). Joining a savings club is OK. I never did it. I did follow the advice in the article below. I analyzed my expenses and figured out what I could live without. Whatever items or services I regularly spent money on that I really did not need, I took that money and saved it.

How to Start Saving Money: 8 Money Saving Tips
~ bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money

 

[Suba]

@Paul Abel, you discussed the best method of saving, in my opinion the best method is intention, having a plan/goal and discipline. So you must have determination or a strong intention to save, so you don't spend your savings money by withdrawing via ATM, to meet your needs that you don't need. In saving you must also have a plan or goal for what you are saving for, for example education or investment and discipline or obey your plan. Your way of saving is good through local banks and piggy banks, but you also have to determine the amount of savings from your income, for example 25%.

 

[uforwealth]

The best method of saving known to me is by differentiating your needs from your wants. Wants are what you desire to have. They may not be so necessary that you must have them. On the other hand, needs are what you must have to achieve a particular goal. For example, if you are hungry, you need food. So, you must spend your money on buying food. Therefore, spend your money on what you need rather than spending on things you want.

 

[cmoneyspinner]

The main thing with saving is your own discipline. If you lack the discipline to not touch the money you put away for a rainy day, when the rain comes, you won't have any money. That's why some peopl lock their funds in CDs (certificates of deposit) or a financial instrument where funds have to be held until a certain before you can withdraw. If you are person who is always tempted to rob the piggy bank, then you need to look for ways to save your funds from you! LOL.

By the way, piggy banks is not really a bad thing. I found this article to be very useful.

How Saving Money in 3 Different 'Piggy Banks' Can Transform You Financially
(entrepreneur.com/money-finance/how-saving-money-in-3-different-piggy-banks-can-transform/313985)