Bitcoin Forum

"Are people really having the wrong concept of savings?" This topic and question was triggered earlier this morning after writing on two separate threads where it seems people are already misunderstanding the concept of saving
saving according to Google search from Banco Central de la República Argentina |
"Saving is the portion of income not spent on current expenditures. In other words, it is the money set aside for future use and not spent immediately."
The word "use"(spend) is the key word of concentration because it seems people talk so much of savings as if one isn't supposed to use their saving even until death and I began to wonder what the purpose of saving really is.
We ought to save money so money can save us and some also say that we ought to save for raining days and we should know that our raining days might differ and one should be free to use their savings and not feel they're doing something wrong when using their hard earned savings.
 What's your concept of savings?

I do not think anyone should get the purpose of saving wrongly. People save for many reasons, like for nvestment, to tackle emergencies etc. You can even save money because you want to buy something that year or later and you do not want to go for installmental payment which will require paying more over certain period of time than buying at once.

actually what those people (Banco Central de la República Argentina) said is true that "savings is income that is not spent" but now this type of savings can also be categorized (based on what I read on Google) in several types;


I also have savings like the one above and to be honest today saving is something everyone should do because of the uncertainty of the future. I don't think about the concept of saving what I live, as long as I save then I have prepared for the future. as much as possible everyone should have savings, and don't use them wrongly.

I assume savings as a competent distribution of their funds, buying the necessary things without unnecessary squandering, but also without depriving yourself of much. In itself, saving for the sake of the economy means little, there must be a purpose for which the money will be spent in the future, or this deferred money can serve as a means of insurance in case of unforeseen circumstances.

Saving is a self-choice where everyone wants to achieve the goals they want by setting aside a portion of their income.  There is a saying that "little by little becomes a hill". the statement is in line with the word SAVING, there is nothing wrong when someone wants to have savings because the money can save one day and make their wishes come true.

The concept of saving is suppose to be a clear thing for every body only the purpose for that saving is what can be a different because people will have a different need to build the idea to save their hard money. Everyone can know it that the meaning is money that is keep out of use for certain time. It is for different purpose that we save money and I can class the purpose in two major ways.

The two ways can be
1. Planned savings purpose
2, Unplanned savings purpose

1. Planned savings purpose is like for investment for other businesses. If you want to open into another type of business like to expound it, you planned with your intention to saving to reach that investment money and you establish the business if the savings money is complete for you.

2. Unplanned savings purpose is money that you save incase you are going to have emergency in future and this occupy majority of reason family or couple have to save money. In the family you don't plan something to happen like health problem and other unplanned expenses.

I've seen many topics about saving, but I haven't seen anyone confused between saving and spending. Those are two completely different things, and it's not hard to tell the difference. What I see people getting confused between saving in fiat and saving in bitcoin. I don't really think that being able to save with bitcoin will work, bitcoin is more suitable as an investment than a savings. Let's say we are in urgent need of money and bitcoin drops 50% in value, then that is no longer saving.

Saving for rainy days is one of the many reasons people have savings. We do have different goals for saving, but the purpose is the same: to achieve those goals. I think we all have the same purpose; some are saving for material things like cars or other expensive products; others are also saved for emergencies like paying hospital bills, etc.; and others are saved for future use, like if your child is going to college so that you can still support them. We have our own concept of savings, but all in all, we just save to achieve our goals.

Purpose indeed would matter. Purpose of saving should meet your lifestyle. This tackles the idea such that for how long should you be saving? If you are saving for emergency purposes, then the answer is until that time of need occur. If you are saving for a car, then until you can buy one. There's really no problem with such thing unless you are seeking for bigger money from your savings and that would be through investing into something profitable not only by saving wherein the amount will only be stacked as years go by. Investment and saving are two different things. One would work to some but won't to others.

Saving is to actually allow you to fall back on something when you don't have something doing at a certain moment, it is called a fall back capital.
 I still believe, the concept of saving is for you to keep a certain potion of your money for either emergency or for future use.
The reason why there is Time in human life, is because everything should not happen at once, so in the consciousness of every human, there is always a time ahead that is unpredictable. So I believe saving help you to build a predictable future.

More or less, in the concept of saving, everyone is almost same by definition, but what is differentiated may be the purpose for which the savings are for whether to buy an item that is desired, store wealth, emergency funds and many others. I personally save it for various things and have a spare scope of future needs of everything that we predict that we need and might want something in the future, in a straight line to increase happiness and reduce stress in the future which requires a sizable fee so I have to save up.

Actually, there are many winning concepts in terms of what we want, for example, achieving certain goals where our wishes can be granted by saving.

My concept of saving is: Emergency funds, Investments, insurance, buying expensive things, Reserve funds for future children, and with a savings fund we can buy whatever we want if we have a lot of savings.

I'm not worried if they already have savings because this is one of their goals in life, of course with this they can do anything after continuing to get funds from savings.

Savings must be planned.

The concept of saving for me is to prepare for a better future. For example, I already have a child who is only 2 years old. I have started setting aside some money to prepare for my child's education until he graduates from college. And I save for other things and will do so until I leave work so that when I need money for things like that, I already have it and it's just a matter of using it.

At least that's what my parents have taught me so that I can prepare my children's education and also for sudden needs that often occur in this life. Some people use insurance services to support them if there is an urgent situation at any time. But that will be different for other people with different plans for their future.

My saving concept is 2
First, I saved for a savings fund if I needed large amounts of money, even if it wasn't enough, we already had some.
second: as savings to achieve goals/targets such as setting aside money for the new school year for children because my income is uneven and every month is the same so when I get money I set aside my money for education expenses
and believe that saving will always provide good benefits in the future

Savings in the broad sense is for the emergencies. But there are a lot other reasons why saving is done like hoping to buy some expensive item that I need or planning to buy a property and so on.

Expenditure is the regular spending that you would incur over a month or so. This should be kept separate from savings. I dont think there is much ambiguity regarding these terms. How people might be spending or saving is after all their personal choice and there needs to be a limit between the two.

The real thing to keep in mind is that spending should not exceed savings unless in cases of emergency, which should be covered in the upcoming months.

Life is unpredictable and filled with uncertainties. Since one cannot foretell what the future holds, people tend to prepare for these unpredictable occurrences. That is why people keep money aside to take care of these needs if they arise in the the future. To avoid begging or loans, it is very important to save.

People also keep money aside because they want to achieve a particular goal in the future. They ensure they set some funds aside based on the cost or timing of their future achievements as well as their income. Some person save to acquire assets, while some save to buy a good car or to go on vacation. It is also important to keep your savings in the right place. People have lost their entire life savings because they stored them at the wrong place.

It's the choice of whoever saved it on where he/she will spend it. A good example are kids saving money for a new toy that they saw in the store.
Another example is a student saving money for his/her tuition fee next year.
A man who wants to buy the newest console game that will be released in the future.
For your example it's for the rainy days, most of those who do this are family people. I am one of them. I don't like having no money in my stash, there must be always hard cash in it or else I will go crazy thinking about it every day. We have our own reasons on why we save, some for a better future and some for their own hobbies.

When it comes to savings, there are different reasons why people do it, it may be for the future of their family, investing in a business, buying a house, a car, or anything else.

     Therefore it is a good habit of a person. Because it can also be used as a mutual fund in the future. So for me it is not a waste of time or time if it is done by anyone.

Saving with purpose is not everyone does. Some people just save because they want to save and they understand that people are saving. But I have gone to a seminar where it was taught that you must save with purpose. That it is wasteful to save without purpose and saving without purpose is not saving.
But saving is simple if you save what you can and use your savings for what it is designated for, it will be resourceful.

In my country we will have different perspective to savings. There are so many things that needs savings in here whether it is kids educations, girls marriage (Most expensive ceremony in India), then savings for fulfilling the dreams. However, let me mention strongly, the last one never happens here and we end up with spending money on kids education, good life for them, marriage and some accountability for grand children. That’s all. That kind of savings we have.

Since it’s hard to manage life here with the way Salary structure works in my country. We have bank system in which you can enrol for everyday saving program. Let’s say you have enrolled for $5 per day savings then a Official guy would visit your business place everyday to collect that $5 and it will be credited to your locked funds.

In similar way there are other Government run schemes which include “Girls marriage saving”. In that above pattern is followed but government would also fund amount equally and so on.

Definitely it changes country to country and the way financial system works. But above one is just short crux about it.

There could be a time that is better to save but at this time when currencies are affected so much by inflation, it's not the best time to save. So that must make the concept of saving money be wrong.

The old folks used to say that if they just knew what the rich men did before world war 2 happen, they would have done it as well like buying up gold and silver.

My concept of savings has shifted more to investing the money instead of just keeping it idle because of how inflation can make your saving loose value. To control your spending, you can use a budget if it is possible and have an allocation for emergency situations. Provided you do not always have emergencies, that money set aside for emergency situation will keep increasing the period with no emergencies to be sufficient to have an effect when an emergency situation comes. That way you always have money to safe you and money to keep in investment.

Some people are only comfortable when they have savings. 

At the same time, they do not have a specific goal for what exactly they plan to spend this money.  They need savings solely to achieve psychological comfort. 

Other people know exactly what they plan to spend their savings on.  They have clear goals - buying real estate, educating children, expensive apartment renovations. 

The third group of people save money for investment purposes.  This is a logical step if a person wants to achieve wealth and prosperity.

The concept pretty simple on me , saving mean you put any valueable thing ( not only about paper money ) but anything that has a value in order for your future unexpected expense / needs , that's whenever you have no choice but to collect that saving and use it wisely.

Saving could be mean having very strict spending so you can have more value to be added whether to enjoy or whatever.

It is definitely a good idea to have reasons to save. You should set concrete goals and save for them. Just settling for "because I’m supposed to save money" reason may not keep you as disciplined and motivated as having concrete goals. Your savings should align with your financial goals and the lifestyle you want to achieve. Here are a few examples of goals that most of us have:

- One of your first goals may be creating an emergency fund where you would save money for unexpected circumstances (like car breakdown, medical bills, getting by if you lose your job, etc). The rule of thumb is to save at least three to six months' worth of your expenses. But the sum depends on your financial situation and income security.

- Your other goal is to save for retirement when your income level will likely be much lower than it is now.

- Then you may have goals like education (your or your children), and major purchases like cars and houses.

If you know what you're working towards, and you can see the progress you're making towards your goal you are more likely to remain disciplined and committed to contributing regularly. You have to decide what is important for you and come up with a list of concrete goals and timeframes.

To have something during the rainy days. We tend to save so that we've got something to be used in times of need.
It is not at all times you've got plenty of money to buy the stuff you need and, that's why it won't be that easy for those savers to let go of it with something unimportant.
The concept of savings is all about being future-proof. Like having money for investments that will make you passive income or having another asset aside from spending it for other future purposes.

You said it yourself. You are the only one with the authority to use whatever the hell you want your money to be used for, especially if it's something that you saved. If they want to keep it til their deaths to maybe pass on to their grandkids or relatives, why not? If they wanna use it for retirement, why stop them? It's not about when your rainy days arrive, that's where emergency savings come in, but with what you want to do with your money. Some of us are frugal and prudent enough to look forward decades into the future, when they are already building their own family for themselves. Do we have the rights to stop them from saving their money just because it doesn't match our "definition of saving?" I don't think so. Let people enjoy things, it's their money, their rules.

Saving is synonymous with setting aside or saving money. There are many goals for saving for me, for example we save to buy things we can't buy because we don't have enough money, so we save it and collect it until we have enough money to buy the things we want. Preparing an emergency fund can also be said as a form of savings that we will take when we really need it. We will not always be in a good condition financially, sometimes we will experience difficulties and the savings we make can save us a little from that difficulty. For me, saving has a broad meaning and also broad uses, so it depends on what we think at that time.

Like any economically literate person, I want to save a certain amount of money every month. I will not tell you what they can be invested in - obviously these are cryptocurrencies. The most honest investment tool in the modern financial market. Unfortunately, sometimes the costs are so great that you have to get money from the deferred for later. Nevertheless, I have already managed to save and multiply a sufficient amount in my crypto portfolio. I track them in Blockfolio, I have been using the app since 2017. I also write down each of my expenses and know what every dollar I spend on. I hope my example will be useful to someone.

Most people I guess, it all depends on the concept of saving, some people just save for saving sake, so that incase they find their self in a situation they have where to run to. Saving most have a purpose, either saving to invest or just saving for saving sake, so if one is saving to invest then that person is saving the right way, but when someone is just saving his or her money by putting it in the bank without any purpose them that's where I can say that person is saving the wrong way.

For me when I am saving up money I already set up my goal for it on how much I would save, how long and where I would spend it.
There are times that the timeframe would changed due to unforseen events but that doesn't mean that I should quit.
For me when I hear that word it means that the person saving wants something that they currently can't buy so they need to save for it.
But there are also different kind of savings those who would save up for future expenses like medical bills but for me I call it emergency funds not savings.

For some people, saving is a luxury and a dream. If you are earning $100 a week in a cheaper country, but rent and food is costing you $95 a week - then the reality is that you have such a little amount of spare funds that you simply want to use that spare $5 for entertaining or treating yourself. You can end up with a pretty miserable lifestyle if you work hard all the time and do not reward yourself for doing so. In that situation, you'd probably look for a way to boost your income or cut your expenditures before you'd feel comfortable enough to start saving. It's definitely about finding a financial balance but also making sure that the funds you've saved are safe. In some countries banks are a bit unstable or the government can mismanage things so badly that your local currency implodes - wiping out lifetimes worth of savings but not the fault of individual savers.

Saving means taking out of your extra money that is intended to use for future means. It can be for future project that you dream of making it possible, or simply just to have emergency funds that will cover your unforeseen expenses or any unexpected events that will suddenly arise. So there are different reasons actually why people save, but one thing that is certain is that people save because they don’t want to experience financial struggles in the future but prefer more financial security.

People should really be putting up into their minds that there would really be a time that you would really be needing money badly which means those money you had saved would really served it purpose.
There are really just dumb people who do make hold of their savings no matter what even on dangerous situation which is really that a foolish thing to be done.They would be risking out theirselves just because they wont really be using up that savings? What kind of thinking is that. I do know some of people who are really that way even if they are on a hard situation but still
they do have some savings in bank. LOL

To me, savings is something that I shouldn't use until a certain point. It remains locked for some period of time until it is time to use it, say for emergencies or to buy something really useful for myself e.g. a house, a car, etc. I never thought of not using my savings at all even if I really needed it, because money is meant to be used and by not using money, you are clearly restricting yourself to get the good things that you saved for yourself. You can't bring your money to the grave anyway, so why people think that they should never use their savibgs, that I do not know.

This would be your last resort before you do touch up on getting up some loan or borrowing money and its true that this is the last option you do have and it is really intended for emergency purpose or something you do need some financial.This is why its really important to save up a portion of your salary monthly or anytime you do have some extra.

Not all years or days we would really be having no problem unless if you are a billionaire or millionaire then money wont really be that a problem but for us average joe's then it would really be that
important on saving up because you dont know on whats comes next since problems and challenges in life could come unexpectedly.

Saving entails putting aside some of your weekly, monthly, or other income with the intention of using it in the future. The idea is for the individual to prepare ahead of time for unforeseen situations when they happen.

Let me give you an example: an individual who receives an income of $2000, may decide to set aside $500 to $700 monthly. This money will save him on a rainy day when the need arises; therefore, at that time, he will spend his savings. Every human has had a point when it was their saving that helped them at the point of their need when they needed extra cash for a project

People who have gotten the concept of savings wrong are those who think that it is about giving up all their expenses. Saving builds financial responsibility and discipline for the future.

As much as you want to save, then most probably the reason would be to save so that you will have something to benefit in the future. Whether it’s for your plan vacation, establish your own business, or build your dream house, whatever it is saving will always be good to be used in the future. So I don’t think too anyone saves for it’s wrong concept, we all save regardless of what personal reasons we have.

I don’t think people get the wrong concept of savings nor do I think there are various concepts of saving. People, out of their earned income put aside some for various purposes or probably cause they just like doing that.
Personally, I think there really is a wrong concept about savings. You mustn’t starve yourself of things you should normally get or use just cause you want to “cut costs and save money”. I know It’s somewhat like a necessity these days to have some savings. We shouldn’t let life pass us by cause we’re busy stacking up and saving for tomorrow that would never arrive. We’ve got just one life to live.

I’m not in any way implying having some savings is not important.

Well, those who see savings as money kept and should be touched are probably confusing savings with investment, this are two different things, money can be invested as well as saved, money invested i think should be touched until the goal to which the money was invested for, is reached, but on the other hand, money that is saved is saved to be spent later in the near future, those who feel bad when they spend money they saved probably don't understand the meaning of saving, like I said earlier

I just think of it as keeping part of the money I earn for future use. And yes I'm not referring to coins that I'm currently holding I don't take any of them as my savings. I have a dedicated account that doesn't allow withdrawal (as requested by me) until a certain amount of time, so the account is only just for deposit and no withdrawal can be made until I'm up to a certain age and each month I make sure I deposit up to a certain amount or more depending on much I was able to make that period. The reason for that account was to help me develop my saving habit I noticed that whenever I used my main account to keep money I always end up spending it so I was advised to open an account that won't have a debit card and I also won't be able to use ussd code for transaction that way I won't be spending money deposited in it, and it has really helped me a lot.

People never have wrong perception over savings, but people have changed their choice from fiat to cryptocurrency and other assets. In the past users go deposit what is being earned in the banks. Now the same is being done with cryptocurrencies. Another thing, the preference over investment is found much among all levels of people compared to that of savings for the future.

This is the transition between the conventional to the technology advancement. Because in the past people doesn't have much access for investment, now everything can be done with a smartphone and in a much easier way.

Therefore, they have a goal of saving, one of which can be used in urgent situations, or something like that, with various situations that we will face in the future and we don't know what will happen, in fact, one must have savings, at least for them. can control events that will occur in the future, but there are also some of them also set aside to invest while saving.


In terms of saving, of course they will do it when they can set aside most of the money from their income, in order to prepare for the future and needs that will not be known in the future. Here there are several goals in saving one of us take the example of savings that are intended to be used to do business or make investments.

I don't see it as a "wrong concept", but that's how they see savings.

As for me who is still in the mid-20's, I'm not focusing on savings that much because I'm investing more than saving, but on the other hand, I still save some money because I need a buffer. I need cash whenever emergency comes. I need to save so that if the worst time comes, I still have some cash to spend with. If the worst time comes and I don't have an income source anymore, at least I have savings that I will be using for around 3 months until I find a job.

Saving and not using it until death? I don't know why people are thinking like that. I mean unless they are saving for their future children, they must spend their savings if needed, and not save until death.

Not a wrong concept in saving, but their goals are different. There are those who save for the short term, for example saving from spring to meet winter. Some are saving for the long term, for example they are preparing for their old age. It doesn't mean money can't be used, even if there is a emergency need, the savings will definitely be used if the monthly spending money is insufficient.

Do not prioritize saving before spending. Some people may think that saving is an activity that is carried out after meeting all monthly expenses. In fact, saving should be a top priority before spending money for other purposes. In this way, you can determine the amount of money to save and only spend the remaining money after saving.
Do not have a clear savings goal. Some people may save without a clear goal or just save because they are used to doing it. In fact, saving must be done with a specific purpose, such as to prepare for urgent needs, to pay off credit installments or to buy something in the future.

I have a target when I want to sell my savings.

example bitcoin, I save it until my target is reached.
No, I don't follow everyone where his savings following price, if price rise he sell it.
No, I follow the target time to sell my investment.
Of course, is not short, a minimum of 10 and a maximum 20 years from now, so what ever the price between that time, I won't sell it until my target time is reached.

Whatever the term we choose, short or long term I think a saving will still define as a money that we set a side for a while, in use for later. Our primary goal on why we save is to secure our future so that we will have a peace of mind but life is unpredictable. We are living a healthy life right now but who knows we might experience a sudden pain which can be life threatening if not treated ASAP?

We are now forced to use a portion of our saving to treat it. The same goes if we get into accidents. It's useless if you will save but you won't still use it at the end because you are now gone in this world, unless if the saving is intended to your kids and other family members.

I think the purpose of saving is for us to use when you have an emergency. Savings money can be used as long as it's an emergency, if we still have money but take out savings, it's not called saving. Savings is money that we set aside when we have more money, and it is more useful for us than the money being squandered for nothing. Or if one day we really need something, we can use the savings.

There is nothing like money investment in that way, you can invest in coins like bitcoin, you can invest in gold, properties like real estate, you can not invest in money unless you are making profit from it. The money that you invest on today that continue to decrease in value all the time, is that one investment? To people it is not investment, you just save money. If you want to invest in money, it will be in a way that you will save certain amount in fixed amount for a period of time to be yielding profit, that is not even investment if the value decrease more than the money gained from the investment.

It's not about the savings but the way and how to go about achieving it, many wish they had learnt this saving habit by learning how to plan and prepare against the future demands, I also like it when one has something in reserve to always fall back at whenever there's a need to demand for extra things in life, we can be so left without a choice if not from the available means through we might have been saving from to make realization of somethings in life.

The concept of my savings is to have money for urgent needs that we must solve as soon as possible. With savings, I can pay for services so I don't get any delays. That's why I try to save and when it comes to saving in bitcoin, I try to have lots of bitcoins that I can sell when the price is at its peak. It will be profitable if I can sell the bitcoins I have accumulated for some time.

Saving means preparing to achieve our plans for the future and getting ready if we are in a situation that requires money. So it would be better if, from now on, we learn to save.

It is just a general way of saying that you're saving for something for the future. Whatever it is that you wanted. It is either for the long-term, emergency funds or whatever else you're planning in your future expenses. Dunno why that topic was brought up.
Just like any other users mentioned here, it's to everyone's own money anyway. You do you and whatever floats your boat.

---

I have savings for entirely nothing that I could think of using in the future, but I do have portion of my savings that is invested to something that I wanted.

Saving  could really just be having these purposes;

1. Emergencies
2. Investment
3. Time deposits for children education etc....

It is always been that recommendable on having savings rather than finding yourself into a tough situation just because you dont have any funds allocated for these key areas.
We know that living doesnt really give out any assurance in speaking on having your own work forever or would be some accidents which might led into huge financial
need which if you dont have savings then what would you do? Taking a loan? You would be making yourself putting into much
bigger trouble.

Often times I hear people use the word ‘saving for better days’, what seems to baffle me is that aren’t the days you’re already earning money to save not a better day already? Some people regard saving for better days a way to save money to enjoy it later in the future. Little did they know life is not guaranteed to save money now for a later time to spend.

My concept about saving is to keep some part of your daily expenditure for an unforeseen future occurrence that might cause you a lot of money to solve. This should be the primary aim of it but other undisputed reasons of saving money can be attributed to it. One should enjoy their youthful age before getting old. The concept of saving to enjoy later in the future is not 100% idealistic to me.

Google will have the data gathered out of different people. For some the savings might be an untouched fund with regular allocation from their earning for their future generation. They'll have separate fund for emergency and miscellaneous needs. Some people have the savings to meet unexpected needs as we don't know what happens tomorrow. Even now savings is the only thing that gives hand to the bottom level people who doesn't prefer investing thinking of the risk.

Whether the money saved is used or kept even after their death need not be bothered, as the plans vary between people and situations.

Each person has his own perspective on saving and is subject to circumstances that differ from one person to another.  Therefore, the term for saving is decided based on the circumstances of each person, which are always different from the living conditions of any other person.  The difference is permissible and is presented in all possibilities.

saving will never get you rich but at least you gonna have some spare money for something, you could also use it for investment so that you could grow it, but the essence of saving is that you're just gathering your money for something that currently you couldn't reach or maybe you need to have some spare money if there's emergency nothing more, if someone try to get rich from saving even though having low income then good luck.

The fact of the matter, and this is something that I have been arguing with people a lot lately, TRUE AI/Artificial Intelligence, does NOT actually exist, not yet anyhow.  ChatGPT and other programs of it's ilk are simply learning via machines we've built, with our own limitations.  Once a program becomes "self aware" and starts to "self learn", then we will have reach true Artificial Technology and bitcoin and everything else will be under a whole lot of potentially issues.

Well, as you know that saving is for the future especially for urgent needs. But if saving comes first instead of spending monthly, what if the monthly spending is less? Take from the savings earlier? I think monthly spending must be determined (only basic needs such as food, drink, bath, electricity and transportation) after which the rest is saved. Tt doesn't mean that we spend monthly money shopping for certain items so that the money that has to be saved is small, but shopping according to needs after that the remaining money is to saving.

This is the correct concept of saving, because no matter how much we save from our youth, the money will definitely be used too. Whether it's to buy a new house, new car, or urgent needs. There's nothing wrong with us cutting the budget for the purpose of saving and that doesn't mean that money can't be used either. Precisely when we don't save our money, we are like "work today to eat today, tomorrow is tomorrow, the future is the future". we as the younger generation must start saving from now on.

It is very difficult to rely on taking out a loan because there is a return on the money we borrow after our affairs can be resolved. That's the point of having savings in anticipation of emergencies like that so we don't have to borrow money from other people or other places. Sometimes, borrowing money becomes a shortcut for people but they don't realize that the refund must be returned as soon as possible. There are some borrowers who provide interest for the money we borrow so that our debt becomes even greater.

If that happens, we are really in trouble to repay the money because the amount of money we owe is getting bigger and bigger. We definitely don't want to get into such difficult situations so we have to have some spare cash for those emergencies.

Saving is something that goes in a place where you can't access it. The reason why most of us end up spending our savings is because we keep them in our bank accounts, which are under our direct access anytime we want.
The best way to save your money is to lock them in your bank (saving accounts) for a specific period. Saving is a habit that must be developed from your childhood and parents have to play there part to teach there kids about this habit.

Your savings should be goal driven in my opinion...

You can for example say that you are putting $250 a month aside so that you can have a nice holiday at the end of the year... OR you can save $200 a month for "car repairs & tyres" ..... so you basically save to pay for things that you cannot pay for in one month.

Some people have long-term savings for their retirement ..and other people have short-term savings for more expensive goals that they have to save for every month.  ;)

I really surprised how can someone who hold Bitcoin can say this? are you lend or lock your Bitcoin to centralized platform in order to make you don't have full control over your coins? because you will cashout your Bitcoin if you hold it on your non custodial wallet where you have full control.

You need to take a look with recent FTX bankruptcy, it's the best reason why you shouldn't trust any centralized platform and even it's really popular, there's still a chance your money will gone.

I do not seem to get what you are saying, he is talking about bank but you are talking about centralized exchanges, banks are centralized too but they are not the same as exchanges because all of us use bank. People have different means of savings, but he go with the opinion that people should have fixed deposit in a way the money will not be accessible for sometimes so that he will not be able to spend it, there is nothing like centralized exchange or coins that he talked about.

I basically have the same concept about saving, it is important to have some money set aside as a way to help us better deal with unexpected events, now if possible we need to try to avoid touching those savings unless something important comes up, but if it does then there is nothing wrong with using that money since that is the whole reason we have that money in the first place, sadly there are very few people that save any money and when they face those difficult circumstances they have to borrow money from their family or even banks to overcome that crisis.

Well, OP, I would say that there are a lot of reasons when we talk about savings;
 1. future preparation when already retired
 2. Investment capital
 3. Emergency funds

Unfortunately, most of the time people don't see the importance of these but rather enjoy themselves in luxury without even thinking about what will happen if they lost their job. Most of the time people realize it too late when they don't have the capabilities to do savings anymore.

You need to distinguish between investment and savings, I don't see anything wrong when saving at the bank, the bank is also a concentrated but more reliable organization than a concentrated exchange. I'm curious, are you using the bank? You should not talk badly about it while both your parents and the whole family are still using it daily.

If you invest all your assets in Bitcoin and when you had a surprise problem last year when Bitcoin's value dropped 80%, I really want to know how you will handle it.

I think the concept of saving is almost the same for everyone. However, the purpose of saving is different. Savings can even be for the long term or short term. I have several types of savings, namely with different goals. such as for an emergency fund, for one day vacation, and others. but for the future I prefer to invest like in property and currently plus the money set aside to collect bitcoins.

For me there are different concepts to saving money that I try to keep seperate as much as possible. First of all I have a long term savings account, which is also my emergency account. All the money I put in there is only to be used in emergencies and never for any things that is not really necessary. And then I have a savings account for ordinary things, like when I need a new mobile phone, laptop or clothes. And the last account is my daily checking account, where I also try to save at least the living expenses and utility bills for the next two months. Each of these accounts are at seperate banks and for my long term savings I don't even use online banking, this all helps me to not use money from one account for the purpose of another. In my opinion we shouldn't use all our money during our lifetime, most of the money in my long term savings account actually came from my grandparents who worked really hard for it. It's fine to take out the interest payments from time to time, but the principarl I will never touch for unnecessary purchases. Like I received money from my family, I also want to leave behind something for my children and grand children.

Thank you for understanding the exact meaning of what I was saying. Some members reply without even reading what other has written.
Anyways my point is regarding savings. You can have your savings even in bitcoin but there is some difference in that strategy. Bitcoin price go up and down with time. Unlike banks you (may or may not) have to wait if you are looking to get your capital back. While in Banks cash is available instantly. You need to understand pros and cons of both strategies before making a choice.

In my understanding, the main goal of saving, and subsequently investing, is to achieve the amount that will allow you to live on dividends from your investment. Or for your investment to reach that level, when you no longer need to work, because you have enough money for a comfortable life.

You should also have some funds set aside for contingencies, but they should not apply to investments and will only be a small part of your funds.

We need to learn how to save money and make it work for you, that is, receive passive income. The goal of all this is to achieve financial independence, and after achieving this, do whatever your heart desires!

Not always to be honest. It could be just something that you would not touch just for keeps. It's better to have something in your savings at the end of the day even if you don't have to spend into something that you wanted. I am not sure if there are some people that are willing to zero out their savings account just because they had the thought of "you cannot drag your money to your grave". While this is partially true sometimes, you never know when you will need that money anyway hence when people should call their savings ---- emergency funds.

The saving technology is very important for the achievement of goals in life. There are lots of individuals who save a part of their income for use in future. there are numerous ways to save income one of them is trading in crypto industry.

Crypto trading save much money as well as also enhance their profits but with advantageous characteristics trading also possess some risky results. If a person select stable coin then chances of losses are minimum but having investment as a whole in single coin which is not stable as Bitcoin so the rate of losses will increasing and there will be possibility to clear all your benefit and get rid of money.

So choosing coin with bright mind, keeping the future of coin in mind will be better act to do.

Saving is necessary but our purpose and perception of it will depend on our way of living. We can save for a target material thing, we can save and spend it for something that we desire in the future, or save for emergency purposes. As long as you are keeping your savings wisely and spending your budget the smartest way, we are still doing the right thing regardless of how we define savings perfectly. Saving as for me is a wise way of keeping a portion of our money for a certain purpose.

Exactly. Shaming people for not adhering to the "right way to save money" is just pathetic for me. There's a plethora of reasons why one would want to save, it doesn't always have to be to earn a bugatti or whatever Sigma Grindset bs you have been fed by the Algorithm. For me save for whatever purpose you like, whether you want to save money to have more to spend in the future, or to actually save for the future of your family so they'd be secured even when you die, by all means do it. the act of keeping money in itself is a wise move already. People just taint it with bad connotations when they impose their self-ideals.

If I am not wrong you had this query after seeing something related to untouchable savings, its different from the savings we do because its done with the purpose of serving financial help for next generation so if you can do afford such trading it is appreciable act and you grandkids may feel little ease due to that kind of savings.

Apart from that we should spend our savings for our needs and avoid spending it for wants.

I don't believe that people have a wrong concept of savings in general, but they can obviously have different perspectives and their own plans with savings. Considering that, someone with a different purpose will think that the other one is wrong if they have a totally different mindset, but at the end of the day, the concept of savings for everyone is only to keep some money somewhere safe for future use, now the use cases of that can differ of course.

For me, I save for multiple purposes, based on what I want to do in the future. I also save some money that I don't plan on using anywhere but just if something comes up unexpectedly which shouldn't put me in a situation where I feel pressurized.

But there are people who do live into those high standards and even using up their high ego and principles on life when it comes to their promises and plans that they do have in mind on where it might be ending

on including that untouchable savings.There's really those people who are really that too damn serious on sticking into their goals which i could say that it isnt really that bad but we know that shit do really happens in life on where situations could really put us up on huge trouble.

If we are in need of money, then why not trying out to spend on what you have saved for? This is the main purpose of savings.

If that's the case, what we have to do with the money we're going to saving is by depositing it for 3 years or maybe 10 years in the long term. That way the bank will really hold our money and we can't access it if there isn't a date when you can take the money. In my country there is a service like that, maybe in all countries there is, right?

I also think like that, make a deposit at the bank within a certain period of time. Even a deposit also gives us a few percent of the profits from the money we deposit, but the majority of people in the village prefer to just keep it in an account because their goal is to saving, not to get a percentage. Another consideration, they keep it in an account because they can still access it if there is an emergency need.

Indeed, people are really having a negative understanding about savings. Most people thinks that savings is a forever deal. Savings is not untouchable rather, savings is the money you set aside from your earning before spending for future purposes. Different people save for different reasons either for investment, rent, or for any other things. People should not think that savings are untouchable. It's just for unforseen circumstances.

There should always be a target goal either it’s for long term or short term so that one will be motivated to save, and not to spend it immediately on unnecessary things. However, savings do not mean that you have to keep it for good. Of course, you have to spend it once the amount reaches your target goal, otherwise you only save for no good reason as you cannot benefit from it in the end. Even if you save for your retirement, eventually you will still spend it at an appropriate time.

In fact, the reason why we save is to become ready for whatever happens to us in the coming days. Unfortunately, many people anticipate it and so they indeed up having difficulties when unforeseen circumstances come.
Might we say that because we are not financially educated nor it was taught clearly why we should do this? I think it was time to move on from such useless thinking and adopt the system that "savings" place an important role.

Savings means "keeping something for a reserved it could be money or any substance that could be urgently needed at any given point in life". Now, if people are saving doesn't mean they will die in suffering or die of hunger because they are saving. The reason why people save is that at any point where they have no alternatives they could deep a hand into their savings account or piggy bank to use the little they saved out to sustain their selves at that point in life.
Typical example is me, I have about 3 different ways where I send my money, meaning i have planned how my income should be spent, whenever I am facing any difficulty I would try to manage and wait till the end of the month.

It is definitely true that we can't really make a big loan to pay off our debts, I did that back in the day, I am still paying off a bit of debt, not a lot, very tiny, like 50 bucks a month and it's fine, I could have paid it full as well but I wanted to keep it for something urgent and it happened and I spent it on that, and paying my debt easily.

But, if I had a lot of bitcoins, and it went up? Then I would have been rich enough to not take a loan at all and would have been able to pay it directly. This is why I am trying to save again and trying to get wealthy again, thanks to bitcoin price being so low, I can gather a lot and make a x5 profit in the near future.

People save because they have their plans need to be realized in the future. Whatever it is, it won’t also become possible if people will not save. Or even saving so we can be prepared in the future whatever unforeseen events might suddenly happen, so at least we have the funds ready for it. So whatever the purpose of saving, it will always be valid as long as you save now and set long term goals.

Some people do not comprehend the meaning of the utterance SAVING. saving is something one must be committed to, although saving is formidable why because in the process of saving money to buy a car, another issue may materialize issues as healthcare.  So this is to say saving is kinda forcefully.

Different types of savings have different types of purpose. So this should really depend on the situation and needs. And I do agree that it is for the rainy day and every situation is different. You may save for something you want. When you have enough savings, you may use it to buy that. Emergency savings are for difficult situations. If some emergency situation occurs, you have no choice but to use it. Future savings are for future and should not be touched.

So, depending on the situation, savings have many meanings.

Saving is a good thing, and anyone who try to save knows that it will be beneficial for him in the future. So I don’t believe that people may end up getting the wrong concept out from saving, as we all save for different reasons and goals. But saving alone has always its choice, either you save it and spend at the end of the year, or you save it for lifetime, it’s like saving for the bright future of your kids.

We have our own goals why we are saving for something.
Different goals, different amount of targets. Sometimes it is the people's savior in times of emergency needs.
What do you like happen - asking for a loan with high interest or using your savings when you are in dire need of funds?
I guess, it is much better if you can use your savings anytime you want without bothering anyone.

Saving is the first stage of the investment process. Someone can't invest, if he doesn't save. But saving alone isn't enough to thrive, because inflation is going to corrode purchasing power of your money along the years, so there are many people who simply save money their whole life, but aren't able to put this money in good use, because their economies are playing against themselves.

The money they save today will value much less o after some years. As I see here in my country comparing 10 years ago to now, minimum wage has been raised in 100%! That means our money saved since then must have suffered a 50% loss or so in purchasing power. However, if they had invested it in something profitable, they would see real gains and could finally use this money to have access to a better life quality.

Not really. As long as people learn to save, I believe it’s best for them so they can prepare for their expenses in the next months or years ahead. But to think that savings are considered untouchable savings, it maybe untouchable for now but will still be used in the future. Unless if the person saves for no reason at all, that could be untouchable as long as he want.

To the best of my knowledge, I think Savings is the part of your money that is set aside for future purchases or expenses, probably unforeseen circumstances that may arise which might be planned for. Having some particular amount of money as savings is not a bad idea because it saves and relieves from the stress of borrowing money from from other people when the need for funds or money arises. Every individual has plans for their money even if it is in surplus or deficit, while some people don’t believe in saving for later purposes. Our opinions differs from one another and the mode of income for every individual is quite different as well. No one can dictate for you how you should spend your money, rather, you decide for yourself how to have your spendings wisely and fulfilled in such a way that there would be some reasonable amount of savings at the end of the week/month.

It can be a factor why they are afraid to save but there is something we need to think about also "what if an emergency comes to us and have no money to use? Saving should have to be made even though we think it is valued less 10 years from now, it doesn't matter to me as long as I was prepared enough for whatever will happen to me.

Of course, saving was not only intended for emergency funds but also for investment which is very ideal as this will help to grow our savings. But, we also have to be wise in choosing for investment, and investing in Bitcoin could be one of the best options to take this time.

People do usually what makes them dedicated is that the savings they do have, they've been thinking about those future gains and possible profits unless if they had been holding solely on fiat form then it would

be an another story but if they are really saving it up into other forms like some investment or business then they wouldnt really be tending to touch it out no matter what.It is really just too dumb that there are people who do really stick into those kind of plans even if they are already on the verge of death whether to themselves or even to someone they do love.They wont tend to spend it out no matter what which is really a dumb decision to be made.

I agree with you about one thing, you must be committed to saving. Without being committed, you won’t have any savings as you would blow the money as it comes. I also would point out that I think saving is not formidable. Anyone could save as long as they’re focused and have a goal on what the savings is to be used for. I don’t know what you meant there by saying saving is forcefully.
Problems would always arise. We should all know that. Hence the need to increase our sources of income so we could actually save some money and solve whatever problems life throws your way.

Can you give us an example of those misunderstanding the concept of savings?  As far as I know even kids know what savings is.  So I wonder what are those misconceptions.


As majority of us understand savings, it is keeping part of our income for future use, not only for rainy days but for establishing a business or investments or buying things we like.  People save money for different purposes depending on their priorities in life. 

It's really not right if someone thinks that savings are money that can't be touched forever unless you just deliberately don't touch it for a while. Because as you said that saving is for future needs by setting aside some income to buy something you want. But if savings are considered as money that will not be touched, it will actually make it more difficult for someone in his life when he needs more money to solve the problems or difficulties that are befalling him.

Saving is what we should be after now because the way recession and things are going, we might have one or two problems that would need capital to establish but if we have savings, we will not need to go to bank or meet frie.d to get loans to get our problem or business ideas settled. Savings had really helped me and I know some other persons that are millionaires now to help them develop and fund the project they are doing. Even though the fund may not be upto what is need at least it will go a long way to help settle few things on the table. Savings can safe life and remove reproach from us if we know what we are doing.

Well said, it is the fund that we can use at our hard times. When we go for a loan, the process is big and the interest we need to pay eats everything what we earn. When we establish some business through the loans we add up pressure to run the business and earn, if not we won't be able to repay the interest. The business established through our savings gives us time to generate clients and it doesn't pressure as we have our own money invested.

It could be that now you don't have problems with finances, but it's not impossible that things will change. Saving is one of the most effective ways of preventing debt. There are so many unexpected events that might happen in a person's life, such as illness, job loss, accidents or other disasters that one never thought of before.
When you have considered the worst possibility that can absorb more money, it means you are aware of how important saving is. "little by little becomes a hill", even with a small nominal, but if it is done consistently it will definitely be a lot and very useful when needed.

We save for different reasons, for the education of our kids, in times we already have health issues (since we're not forever healthy) or for retirement. In short we're saving to be prepared for the future but it doesn't mean you can't spend it at the current time, because we have different reasoning if we opted to save for long term or to use if there's an emergency.

But as long as it serves its purpose on why we save in the first place, then you don't have to question if you follow the concept of saving. What matter is you have something to rely on during rainy days.

Well said senior and I love the way you took out your time to explain this because it really shows you got the concept right.
Basically from the both threads which I read and I've been trying to search for it so I can add up the link but to no avail, spoke so much of saving as if one isn't expected to use their savings and I wasn't satisfied with that and a whole lot of people also write in affirmation to what those OPs wrote and that was why I had to create this thread to get the opinion of others without siting any situation regarding savings.

I would agree to this. As long as you reserve some extra funds to save regardless of the amount, that will become huge in the future and will be very useful whenever unforeseen expenses start to arise. And while you are in the process of saving, you can also try to invest using some of your extra money, at least when it succeeds, you will have more money to save and more capital to diversify your investment. As much as saving is essential, investing at the same time is also beneficial by taking advantage whatever opportunity that comes.

The purpose of savings is just to make the future better and easy, the essence of saving is to later on spend money on the things which we desire. People don't save because they just feel like to save money forever and not to be spent, savings is just like a backup for the future which will be definitely be used for future purpose. Nobody save for wrong reasons, savings is just important as far as money is coming as income.

Investing and saving are two of the most important things anyone should have. However, I still see many people who think that saving is a waste because it just makes their money lose value over time and they just invest. Investing is just as important as saving, but it's not a good idea without any savings. For example, in the economic crisis of 2022 and our investments are losing, if we have no savings and we have to cut loss our investment. It was a catastrophic failure.

That type of saving, even though would give you a small amount, would allow you to grow your wealth and how you should be approaching the current world. The only way of getting richer is to make your money work for you, that is the ideal end level of any rich person. If you have enough money that your interest makes you enough to live off, then you are rich enough to not work and be considered rich.

Of course I highly suggest keep working, like if 1k per month is enough, wait at least you make 3k per month, that way you would be guaranteed to grow your portfolio while also still living without working. Putting it on regular account makes no sense because of this, no matter how small, always invest and earn more.

Your thread is quite interesting and this will allow people to see different reasons why they have to keep saving. Anything can happen just like COVID-19 hit us u expectedly and many people loses there jobs because it. Saving is an important tools for everyone of us even though you are not an entrepreneur. We save for the time of necessity or emergency that would need our funds. This will make us to meet people for aim when we can easily go for our savings and use part of it solve our problems. Our savings would be according to how we earn so it will not affect our bills payments.

For me, as long as you save for future use, then it’s never been wrong especially that you are thinking that today’s life might be somehow different in the future as some uncertain events might be surprisingly occur that would trigger our finances. That’s why whatever you do as long as saving is concerned, then it’s always a positive trait that will help us benefit in the future.

I agree, the main reason why people should spend must be for things that are life or death situations. I have spent my coins on medical bills too many times in my life to know this is to be true, an unfortunate thing, but unfortunately my family is not an healthy one, too many people get sick all the time, it is genetics I suppose, both my and my wives family keep getting sick and that is mainly due to not being rich enough, when you are not rich enough you do not care for your health and go to doctors when you are young, which causes troubles when you are older so we have to deal with it but bitcoin helped me a lot.

Sure you can spoil yourself here and there too, I aim at buying PS5 one day, totally useless way of spending money, but I might do it to finally be happy, I deserve to be happy once in a while and spoil myself.

Saving in the first place is never a wrong concept. People save for different reasons, so whatever it is, knowing it will be beneficial and useful in the future, then it’s always right and create a positive mindset. You could save to buy your dream car, or provide education insurance for your children, or build a business, it’s always the right thing to save because if you won’t do that, you will have higher chances to experience financial struggles in the future.

No one knows the time or season inwhich he'll depart from the surface of this Earth, so saving and dying on it doesn't mean you didn't save rightly, people have different reasons for saving and perhaps at the time of one's departure, it wasn't time to open up the savings.

But I'll like to ask, if you're saving definitely for a purpose and you're struck with a health issue, is it advisable to open up the savings??

Not only are we saving for the recession or starting to save because the recession is hitting us hard, but saving should be done even when we're perfectly fine with our lives. Because saving is for the future, for emergencies, and life is full of surprises.

Saving should take precedence over investment, investment can yield good returns but there is no guarantee that investment will always yield a return. Saving doesn't add to our wealth, but it does secure us in many emergencies.

Savings is a good habit and having money ready in case of emergency is an anxiety reducing factor when facing the odds. Many of the current younger generation do not understand this simply because they have not faced such things and probably their parents have handled it for them.

There is a scope to save money in every income cycle and this should be done by everyone.

Bitcoin itself has the idea of hodl till you can't. So it should be mostly saved and used as little as possible if you already have a fiat income.

Some people mindset about saving have been removed and changed it with investing, many people have been smart nowadays and there are not any old tradition concept of saving money. But have little mistake when using saving concept in the bank trough interest and get few percentage for several years later and they were forget about fiat inflation.

Its seems difference when many people change their mindset not use money or fiat for saving due inflation values few years later and replacing with investment or gold assets for their saving.

Savings are needed to create some kind of start-up capital for investment, otherwise it will be impossible. In order to start investing, you first need to learn how to save money and create savings.

A bank deposit is already a thing of the past, those who follow the inflation rate will understand this, but they will be used by people who do not know where to invest money, who are afraid to buy cryptocurrencies due to high risks, or those who simply do not know how to do it.

For such people, it remains only to save fiat and although it is clear that inflation will reduce their purchasing power, but it will still be the money to which they have access, is also not the worst option.

Most people have the wrong savings concept, and usually they only rely on banks to save money and hope to get interest, but at this time the economy is difficult and if we keep money in banks then only get interest around 6% per year, if inflation is 4% then we Only get 2% per year, and from now on, let us turn a system like this into an investment.

no people know what does saving mean. They are not taking it wrong. Just they are not serious about being financial independent.
or they like getting loans from people - and they like partying on other people money.

But for those who have the knowledge of investing or those who are afraid to take risks, they'll prefer to keep their savings in the banks not knowing that they never value 100% years from now. But those who aim to grow their money will never save more but instead, use their money for investments that will able to secure their finances in the future.

Besides, we have these life visions;
 - short-term (those who are just thinking for tomorrow)
 - long-term ( those whi are thinking about the future)

I think it is difficult to gauge what is the concept of saving for the people sometime the wrong concept is the right concept.
For people who think house is a saving. But what after natural disaster. For some people money is the saving but what during the economic crisis.
Life is so unpredictable. And changing according to the time is a great idea.

It seems to me that now few people keep money in the bank, at least in my country this is the case. Those who have at least a basic financial education understand how stupid it is to keep money in the bank. There are many reasons for this, from inflation to the risk of never seeing them again. Investing is very good, but it requires a lot of knowledge and, oddly enough, the courage to take responsibility for your money.

If we save money in the bank then we get annual interest at this time of around 10%, of course 10% is not net interest but there are still deductions from fees, taxes and so on and if collected then no more than 5% per year, of course this is the wrong concept if we hoping to get rich from bank savings, let's change to the pattern that is currently trending, namely cryptocurrencies.

People are well aware what is saving and what's the concept of saving.
Most of the people manages their finances well - unlike me - they invest and save alot - but people like me who live paycheck to paycheck are always thinking to save and they get nothing in return

Nope, your interpretation is too limited. Why not continue with the next part of the article ^[1]?

Actually the source of the article detailing the concept of savings is better than you think. Adding mine, setting savings to be flexible won't hurt you financially. I control my money, not the other way around.


1. http://www.bcra.gob.ar/BCRAyVos/Aprendiendo-a-ahorrar-que-es-el-ahorro-i.asp

Everyone should set something aside, either in "some fiat", gold, crypto, or whatever is valuable, even better if that is with the potential to be even more valuable in the future, or at least to cope with rising inflation. It can come in handy when "unexpected situations happen", and those situations happen to each of us... question is how often (so more or less) and how hard they hit us (weaker or stronger).

I don't think that people have the wrong concept of saving, it's just hard to save when someone is in some really difficult life situation, I am not sure how else to say it...


I guess there are a lot of people who have decided that it's better to have fun and enjoy life than to save... in my case, that changed after I got married and got kids. If I had saved earlier, it would certainly be easier now and maybe I would have more money, but then again, it wouldn't be me and I wouldn't be where I am now if I had gone the other way... and I am happy where I am now! :)

Talking about the concept of savings that I know so far depends on the target to be achieved. For example, I have several savings allocations, such as savings for holidays/3 months, for big family events/year, Bitcoin/ATH savings, and savings for buying things that I really want to buy. So when a month I have to fill in more than 3 different savings bags.

So with that goal, I apply the term savings concept. Of course, all of this must be supported by passive income which is the portion that needs to be implemented.

For so long I have had this wrong concept about saving I maintained this concept until I read an article that explains another concept of serving which the author of the article claimed was the real concept of saving. In hat article, he explained that no one should save without a purpose; for instance if you want to buy a car in the next 2 years you begin today to save some dollars which will sum up to some certain amount of money you will need to buy the car by the two years time. If you want to own a house of $120k, you would begin to save 200 500 or 1000 dollars until your money is up to 120 thousand dollars, then use it to acquire a house. He said this is the correct concept

I only save because I may be in need of money soon than I may imagine, I don't save money and think it is a investment, that is the concepts that banks used to attracts customers back then so that people can earn interest but guess what, those interest are worth nothing after saving your moeny with them, you wouldn't gain anything no matter the set up or trying to convince you to save as compound interest. Any money I have that is not meant for future emergency, I will consider it to be invested on any coin I think it will do well in the future and also in Bitcoin as well.

Ordinarily, it wouldn't sound wise for someone to just spend everything they are earning weekly/monthly as the case may be unless there might be a serious need for it hence, people should usually save at least about 10-15% of their monthly earnings. People will save for different reasons, some people have something they intend to do in the future or just saving for their retirement, however, it doesn't really mean you cannot spend for it if something should arise which I believe is referred to there as "raining days"

Many people have different ideas about how to save their own money, which is why some people choose to invest theirs; however, I believe saving is a unique word that everyone can understand regardless of the explanations because everyone has their own way of interpreting it, but the meaning remains the same.

Savings are funds or assets set aside for future use; we invest them in Bitcoin because we believe we will gain more than we have invested or saved.

We still have to save for future needs even though we don't have specific goals to buy luxury goods, motorbikes, houses or other things but when economic needs are urgent then we already have enough savings, but if you have a goal to save then it will motivate you to work hard achieve monthly income to save because you have a target of buying dream items as soon as possible.

Savings ahhh, What should i say now well the concept of savings is commonly used by the middle class where they store their maximum earnings in Banks to utilize them in the hard times, and they overstore the money. For example to elaborate on this Consider a person having 10M PKR and is just storing them in his savings account but he needs only 100k PKR per month currently, He is earning and living well even saving more than he doesn't need to store the 10M all he needs is to just store 1M and Invest the remaining to expand the earning sources.

Store Less Invest more

Funds management is very important as one who doesn't knows better funds management cant earn more then an average person and his living standard is going to be also average.

• Set Your Goal (Helps you to be consistent and clear)
• Create your Monthly Spending limits
• Save enough to utilize for at least 6 months according to the Monthly limit
• Invest Wisely always grab low-risk investments
• Try Your Luck with Risky Investments as well
• Dont Fall for easy money

To me, the purpose of saving is to create new capital that would be used later to build a new source of income. Indeed, the importance of saving money is correlated to bad times in most people's minds, while we should think of it as a method that facilitates building the life we would like to live. However, it differs depending on everyone's age, as a young man would be interested in building capital to use later, while an old man would say that he won't live a lot to enjoy the results of his savings, so he would spend more than the young one.

Saving is for good and people do saving to have a good future, savings for health,education, billings, etc., it is good but sometimes people have a wrong way of savings, for me it is better to invest or buy things that can give you profit in the near future buying btc or land that we can sell in a high price in the near future is also good,instead of saving the money we do invest to make more money in the future.

It is called they invest but at the same time they save money but it is more effective as they earn profit over time but this requires a lot of money its either you save first to achieve that money and buy those land or invest it to something or you will take out a loan though risky. Saving is really for you to use in the future but others wont be touching it even if they are struggling which is wrong and not efficient and serve no purpose unless it is more important the reason why you are saving it

Not all the investment are fruitful neither all the investments are bad. Sometime or in fact most of the times - it is luck attached to the investment which can make your life happy or which can bring you in trouble.

It's better before judging someone in choosing the wrong or right concept of saving, we should first understand what saving really means!
I think someone saves for a certain time limit and has a goal of his savings. There is a certain time, namely "short term and long term". I think there is no wrong concept as long as someone is able to save it.

The concept of savings that mostly knew is about something that you can pull in times of need and not just in the long term in the future but anytime that you need to have it.
People are confused with saving and investing, investing is more with exerting effort and taking risk. While in savings, you have to keep your money without any risk and without having that much return.

In my opinion, savings are something that is used or deliberately saved for future use, but can also be used for emergencies, that is why there are several types of savings, and in my opinion, it is legal to use them if there is an emergency.

Its mean saving not have pressure increasing values for tow or three years later, something needed when emergencies moment and saving become first priority without need loan from the other or bank. Right now many people change the mindset about saving assets not only as emergencies needed when unpredictable happening but also some of them smart with saving fund need increasing values year by year.

Many people realize when saving money in the Bank faced inflation one or three years later, make saving deposit and earn few percent interest every years could be one solution how to keep from inflation values. But saving in Bitcoin is better than hold in the Bank with fewest profitable only than Bitcoin but have risk side when price dropping.

My definition of savings is money which is part of a steady income which is not immediately spent but rather kept aside for a specific future purpose.

If the money being kept does not have a specific purpose, then I would call it "emergency funds" or "perpetual savings", which would be meant to cover unexpected events, like medical bills, reparations or replacement of important household goods.

If the money is being kept in the form of a investment and not an stable asset, then it would serve to cover expected expenses/purchases, since the emergencies can coincide with a bear market, which would imply to sell at low price and no one wants to do that.

That's a good concept because when it comes to savings, there are definitely going to be a lot of differences in how people express themselves in this regard but that doesn't mean the goal is different because it's clearly the same goal,
I also do something like this because saving doesn't mean that we save most of the money that we have but of course only the allowance of the leftover money that we don't use for emergencies like you said.
With conditions like this, at least we can still cover when there are things that are not wanted to happen later considering we will never know the worst possibilities for ourselves in the future but with the savings intended for that, at least we can still be a little less worried later because there are funds that are already intended for that.

Saving is the percentage from your income or wages set aside for future emergency needs but the future we are talking about may be the next day, a year and you may not even use it and later convert the money into an investment.

there are people who are gifted one - earn honestly and get the benefits from the God.
Then there are people who are scammers who try to find savings of other people. And would have feast on their hard earned money.
I think saving are important one should not save much - only emergency funds is enough for a person.