Tuesday, October 13, 2009

How I saved KD 100

I have always been asked by so many friends to advice them how can they save money once they receive their salary. I keep advising them and they keep failing simply because they cant get out of shopping or spending money on anything and everything or a simple answer I always receive and hear is I am Single and no responsibilities why shall I save?

Well first of all one needs to keep in mind whats the purpose behind his/her need of saving? You need to have an aim behind that saving and then work on it. Most of the times what happens is people save for a month or two and then give up and start spending again.

I was from the beginning advised by my Dad to save some money for any unexpected bad time. Even though el7emdella I knew that my parents are always there for me but my Dad's advices were really good and made me work on it. Below is a small example for how one could start saving...

You always start saving with an amount that you personally would consider as peanuts but don't be sad about that. Suppose you have decided that you want to save KD100. You open an account and deposit KD1 in it. You feel that this amount is very less and its not worth it and you are not happy about it but trust me as this will increase with the coming months you will be happy and want to save more.

So the first month you saved KD 10
Next month you added KD 10 to that saving.
then KD 20 the month after.

This month you will feel happy as you have a total of KD40 in you account now. If you keep it up like this the more months pass the more you save till you reach your target. Just a few months before you reach the target you had in mind you will have a feeling that you want to increase the target amount and you will feel proud of the money you have saved till that date.

And remember from a personal experience I feel the more you save the more your expectations increases. Before you started saving you could maybe just think of buying a Toyota Yaris but few years on the line you will think I want a Land Cruiser and then who knows maybe a Bugatti :p Its funny but this is how it goes with me :D

Good Luck to everyone :) and thanks to eshda3wa on inspiring me to write this post...

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14 comments:

Grey said...

Nice read Amu,

Although my savings this year are not much.. finally in my 14th year in Kuwait i could say i did save some money...

Btw i like how some of my friends save money.. the moment the salary comes they send it to home and then live on credit :D

Anonymous said...

love ur post! lol wala klman i know cant save even if their life depended on it! ana iil 7mdillah i can oo i do it oo ma aga9ir 3la nafsi shai u know? il 7mdillah lol ! :P

C said...

Nice post :D Amu! Haha why your saving is associate with cars, its such a great idea! Bugatti sounds like a brilliant idea!

Mathai said...

Nice post, its a good habit to save some money for a rainy day :)

Anonymous said...

Hey man! I remember a post about a "budget-friendly" hotel in London, I cannot find the post? and what was its name?
Cheers

..::Amu::.. said...

Grey: thanks mate :) I have heard about that friends saving story too...

Anon: hehe .. good luck :)

C: cuz I love cars ;p

Mathai: It definitely is :)

Anon: the name of hotel is Easy Hotel and its located in London Padington... I hope this helps :)

A Journal Entry said...

i agree.. it's hard at the begining but late on becomes a habbit..

Anonymous said...

Thanks a lot man

eshda3wa said...

i guess a small amount u wont miss is the key..
hmmm
maybe i should try it out ..

Name is Bond said...

Nice post!!
For some....its easier said than done!!

On-The-Rocks said...

im going to give it a try,,

ĄηğэĻĭšTїÇ said...

So needed to read such thing .. am not a saver and i suffer from that alot!

Khalid said...

great post!
we all have to do thise kind of things bass we can't !!!
ill try my best ;)

Technogal said...

You do exactly what I am doing :) I am a debt free person, and by saving money each month I get what ever I need at the end of the year or maybe at the end of longer period (2,3.. years). I've this same problem, that my friends keep asking for advices on how to save money! but they end up spending their entire salary!

Miss ya!