Wealth creation is comparatively easy in today’s world, but staying wealthy is the hardest part. Creating wealth can be attributed to many different things, such as a good work ethic, different money saving methods, etc. But staying wealthy is a mindset game.
Most people are focused till the point where they feel they have enough money. Once they realize they have some excess money, they get overwhelmed and excited and before you know it, all of that wealth is gone.
One of Warren Buffett’s quotes plays along with the same idea. It goes:
“We don’t have to be smarter than the rest. We have to be more disciplined than the rest.”
Warren Buffet
When we talk about the right mindset in regards to wealth, the most critical virtue or habit we should follow for life is ‘saving money’. Whether you are rich or poor, everybody should have some money left after your necessary expenses are met. Then the excess money can be used for investments that help you stay wealthy.
Many of you have your own methods to save money, but here is a list of different money-saving methods from around the world. This would help you to optimize your saving method or you may even shift to one of these methods altogether.
“A budget is telling your money where to go, instead of wondering where it went.”
John Maxwell
In this post you will find
Here are the best money saving methods from around the world
We have given you a list of methods and these include the advantages, disadvantages and for some methods, we have also given its origin story.
1. Kakeibo Method
A pen and a piece of paper can make a big impact. Kakeibo method, while remaining true to its roots, in the early 20th century in Japan, is a Japanese money saving method of writing down records physically. Kakeibo is more than just a budgeting system – it’s a financial philosophy based on mindful, saving, and deliberate spending.
> Learn more about the Kakeibo method here.
2. 50 30 20 Budget Rule
The 50 30 20 rule was formed by Sen. Elizabeth Warren and her daughter, Amelia Warren Tyagi. It was designed as a rule of thumb for working-class families to plan and organize their spendings in order to prepare for unforeseen circumstances and the future.
> Learn more about the 50 30 20 Budget Rule here.
3. Zero Based Budgeting method
Zero-based budgeting is a “tremendous” tool especially in times of economic problems, when you need to make reductions, or when you have significant and rapid technological change.
> Learn more about the Zero Based Budgeting method.
4. Kuri Kalyanam
Kuri Kalyanam represents a society coming together to help a needy person in their time of need in a rural area, somewhat symbolizing all the good in the society.
> Learn more about Kuri Kalyanam.
5. Harambee
Harambee is considered a type of fundraising event in Kenya. Harambee the word itself means ‘all pull together’ which is also Kenya’s official motto, which helped to form the nation after the British colonial rule.
> Learn more about Harambee.
6. Zakat:
While you consider all of the many procedures and nuances that must be considered when repaying zakat, as well as the value of zakat, how much do people need for Zakat, when to pay zakat, and to whom, the entire process can be quite confusing. So, here’s a step-by-step explanation of how Zakat works.
>Learn more about Zakat
7. Tanda
Tanda’s official term is called a rotating credit association. The word Tanda originated from Mexico. It is known as a forced Mexican money-saving method held in Mexican culture as Mexico is known for the fact that a third of the country participates in money pools, it’s also more commonly known in developing countries.
>Learn more about Tanda
8. Chit Funds:
Chit funds are a century-old method that’s still used today to work as a monetary instrument for saving and borrowing finances.
>Learn more about Chit Funds
9. Germans obsession with Cash
“Do you take credit cards?” If you inquire in Germany, there’s a good probability you’ll get a negative response. Germans are preoccupied with money in this country. Surprisingly, the country has a low cashless rate.
>Learn more about Germans obsession with cash
10. Why Chinese are brilliant at saving money ?
Many Chinese people describe themselves as diligent and thrifty. Some believe it’s the Chinese value, with being frugal a good approach to life, while others say it’s an immanence of the past. The simple truth is that they are brilliant at saving money.
>Learn more about Why Chinese are brilliant at saving money?
11. Japanese respect for their money
Japan is recognized for being a contemporary country with old-fashioned values, and this is especially true when it comes to financial concerns. Japanese respect their money and their respect is one of Japan’s most valuable assets.
>Learn more about the Japanese respect for their money
