Bitcoin Forum

As humans, we tend to have a need for immediate satisfaction. These needs keep increasing on dialy basis, if one decide to go by all these needs, one may end up without a saving. Most time we are faced with a decision like whether to spend our money on our daily needs or to save them. Here, we may likely to be biased toward our present selves, so we're likely to make the choice that will benefit us most at that moment which mostly will be buying our daily needs. However, we can overcome present bias by taking away the ability to choose between saving and spending altogether. This is where automating your savings comes in.

What do I mean by automatic saving? Automatic savings is a type of personal savings system in which the plan contributor automatically deposits a fixed amount of funds at specified intervals into their account. The typical structure of this type is an automatic transfer from an individual's bank account into a savings or investment account.

When you automate, you eliminate a decision – to save or not to save. Once you decide to set up auto-save and go through the initial process, that’s all. You keep saving at interval without a need to make a decision on either to save or not. With this one savings keep accumulating with time till one have a reasonable amount.

With automatic savings, ones monthly salary becomes: Salary- Automatic savings amount. With this, one will only calculate is daily needs on the remaining amount rather than calculating on all it's salary.

CONCLUSION
Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval.

Yea true, we have to satisfy all our needs and wants basically as a human.these needs can not be satisfied, with little or no capital. You need money and sometimes saving up can be a real life saver. Now when it comes to automating your savings it's just going to help you save a particular amount in which you have placed for it to save and you can also withdraw at anytime. For me, I would prefer locking up my savings. with this, you can place the automator and lock up your savings till when you actually need it and this I will say comes with determination. However, you should be aware that when you decide to do this, you can no longer have Access to your money even in emergency and this can be frustrating. So wouldn't recommend this for anyone who knows that they just don't have a reliable source of income.

If you check almost all countries in the world, you will noticed that there is inflation, this makes their money value in the country to decline and a persistent rise in goods and services in that country. Why saving in bank? Especially if you countries is always an inflationary country.

It is good for someone to save money, but not good to always think fiat is the way, you can buy gold, property or bitcoin instead. If it is about your salary, it is good to buy bitcoin when the price is low.

Yes we all experience inflation, but the thing is we can still save little by little so that we will have a savings soon, we can add more when we have more than enough. In my own experience, I am buying small bit of Bitcoin everytime I will get my salary whether it is bullrun or bear run still I will invest. But of course not all people will understand my situation.

I believe in the $3 rule theory by Daymond John, which states the first dollar goes for your necessities (food, bills e.t.c), the second dollar is investment (bitcoin, real estate, stocks) and the third dollar is for wants, things you like to have but you do not need, if you have the discipline to cut spending the last fraction on your wants, that money gets cycled back to your investments. That means you only spend a part of what you earn on the things you need and the rest goes to investments. This is not a easy way to live and most people won’t choose this lifestyle.

I prefer to save my money in a currency that’s higher than the one I earn, for example I’d save my money in usd if I earn in naira, that way I hedge against the inflation and my money appreciates in value.

The concept of automatic savings is a valuable one, as it allows us to overcome our natural tendency towards present bias and immediate gratification. As George S. Clason writes in "The Richest Man in Babylon", "Wealth grows where men exert energy to acquire it." By automating our savings, we can ensure that we are consistently putting in the effort to build our wealth, rather than relying on our own willpower to save. As we continue to deposit a fixed amount of funds at specified intervals into our savings or investment account, our wealth will grow steadily over time, without the need for constant decision-making or discipline. This is a powerful tool for anyone looking to build a secure financial future.

From your explanation, it is obvious you are talking to salary earners who receive money on monthly basis. So how about those not belong to salary class? Well, saving to me is all about determination and self discipline. I am not a salary earner, I don't receive money on a monthly basis but I have designed a formula on how to spend whatever money comes into my hands including savings. Unless in the case of emergency, I do save money from every penny that enter into my hands.

I would advise you to first of all stop relying on salary alone. Get another means of income aside your salary and start saving money at whatever time you wish.

Funny enough automatic savings is a modality which has been used here in my country for at least some decades so workers can have enough money to retire after reaching their golden years.

It is a different system from what other countries do, while they use that income to invest in blue chip portfolios, here just stockpiled a lot of money from people's salaries.  That could have worked better if we chose to do so with a more stable asset or currency instead doing so with our weak local currency which lost most of its value in some years.

When the time of the truth came and some workers were allowed to access their savings for retirement, they encountered they had the equivalent of 2$, after saving for entire years.  ::)

It is one of the things which convinced me we have a evil government.

Automated saving would indeed work for those who are monthly earners. But savings should be through initiative and discipline indeed, for it to have some sort of 'chain' to not be used to "wants" than with "needs". Initiative would somehow push that individual to avoid using his/her savings easily. But this simply depends on the person. The problem why savings does not work the way it should be, is because of drives and implusiveness. If an individual would be fully aware of the cashflow in his/her account, expenses would be anticipated and measured which would allow the individual to avoid being oushed to the edge of withdrawing some of the saved money.

For me, an automatic saving can help us a lot especially if it is started while young. But the division of earned money between savings and daily needs must still be correct, which means it is better for those who earn a fixed income.

I'm just asking, what automatic saving apps are good to use and are they safe to use?

If a person's earning is more than enough for his basic needs then this automatic savings is helpful but it is not effective if the person's earning is less than enough.  At the end of the day no matter how a person actively use this automation, he will end up withdrawing his saving to fill the gap of his financial incapability.


I believe the tool can be adjusted according to your likings, since it is a software that automates saving schedule, you can freely modify it to meet your needed setup for your earning schedules.


Getting extra jobs for extra earning is another story, the thread is about automating savings but yeah, to be able to increase our capability to save money, we must look for extra earnings. or side jobs.

I just add to what you said, saving is an obligation that must be done because of a belief why you are doing it. Discipline is needed here so that you can be sure to achieve your goal here.

       It should not be moved, that's why self-control is also necessary in saving and if you don't have it, it's better to just save it in the bank or if it's in cryptocurrency, put it in a legitimate staking program, it depends on you if you do it in a centralized or decentralized, this is just a suggestion of mine.

I agree with you, OP; saving money is difficult because of inflation; if you consider your basic needs, you cannot save anything because the price of things is always rising due to inflation, while the amount of money we are gaining in monthly salary is not increasing on a regular basis; Fiat keeps losing value, basic needs prices keep increasing, so it is always difficult to save money these days unless you decide to skip your basic needs for future investments.

This will be very useful, but Fiat should be reconsidered entirely.
Because Bitcoin's value is not fixed, an automated decision to invest in Bitcoin can result in a profit within a short period of time.

There is no time we can't save, whether the harsh or convenient times, only that we don't often see savings as a priority, and we are wrong about that. I just started inculcating the habit of saving last month, it was dawn on me as I've been spending so much, and most of them are on frivolities. This is because I had excess and without a good plan.

So, people could be indulging themselves whether they have the money in excess or not. But savings, even to the extent that we will feel it will help so much in making us achieve and plan towards better goals.

I don't think so, I think what is really effective is pre-saving. You just set aside an amount for savings/investment, either automatically or manually, but you just charge, that's what works. Waiting until the end of the month to see what you have left over to save doesn't usually work.

I have never used automatic savings and I have saved and invested a lot over the years, so the conclusion you draw, although it may be true in some cases, is far from useful for everyone.

I know that one of my banks offer automatic savings, but I haven't tried it, and I'm not aware of the rules. I like the idea, though. But I think it would be best done with your salary or payroll account. You can choose to have the bank deduct a certain percentage of your regular salary or a certain amount every pay day. To make it even better, money kept under automatic savings could not be withdrawn through ATMs. It has to be done over the counter. This additional hassle will probably help you avoid touching that money.

On a side note, though, it is better to save in Bitcoin.

i would not suggest this
i would suggest the 66-33 method

most essentials(bills) add up to 66% of income especially for low income people
the other 33% is for investing. where by. when investments yield profit. then use the profit for the "wants"

EG
imagine your min wage is £$10/hour ($1.6k a month) $1.066k goes to your bills and such and $533 goes to investments.
in a year you have $6.4k invested.

use the profits above $6.4k to then buy anything you want next year but keep the main stash to produce more profit ongoing

EG if you bought $533 of bitcoin in november, december january
N= $533 @$16.5k = 0.0323
D= $533 @$17.5k = 0.0305
 J= $533 @$21.5k = 0.0248

bitcoin total for Qtr= 0.0876 =$2480.77 today for $1600 meaning you can spend ~$880
and still have at todays price $1600 left in bitcoin

ofcourse. you can then ask do you really need /want to take out $880 of your stash to buy things you dont need. to then decide you you want to maximise more profit in future or just keep accumilating and taking bites out when you make small profits along the way

..
notes about investment
gold and real estate are at a HIGH. never buy high

also unless you have enough investment to buy a whole house. dont be fooled into buying time shares or other share products of real estate. because you end up also having to pay other costs along the way.

gold is on a high. so now that diesel is getting cheaper so will gold mining and also people will be seling their jewellery meaning the markets will saturate and so supply/demand shifts negative to mean gold will more then likely DROP

bitcoin is at a reasonable low compared to last 2 year history. so has more upside

buy low sell high

In my country, here one of the digital banks has an automatic deposit feature which will deduct a certain percentage of the money deposited by the customer on a certain date. This process runs automatically and there will be no additional fees. I think that this feature is very good, considering that saving money manually every month is not very practical and in this way customers can save their money automatically and they can even lock this feature so that it can only be opened on certain dates. I am one of the customers who use this feature and I am quite satisfied with it.

You are correct and there are various names according to the country/region everyone is from. Most of the Western sphere believes in the share market or stock purchases. Moreover, their contribution is based on accounting and saving up money in the bank accounts and getting those savings interest rates. On the east side, their other ways such as Recurring deposits, Fix Deposits, Mutual Funds, Real estate (land focused), and Gold Accumulation. I have seen the last two at their peak in Asian countries. Anyone with a land mass and gold is rich person and the trend of saving money in them is insanely higher than any other country. Definitely saving pattern changes as per the culture as well and it plays a crucial part in the same. I would say, to be an efficient saver, one needs to have a proper portfolio. One must go with crypto addition considering its growing exponentially all the time.

Actually that's an informative post by OP. I've never thought that method is called "automated savings" which I've been doing. It's actually make you be more practical person that almost everything that you will spend, will makes you think "I need to make this money spent to useful things" since it will just give you an fixed amount for you to budget your money. The longer you adapt the method of this saving, it will become your lifestyle which is good. I did it a long time not knowing how much I saved, when I opened it the money could even support me for months. This is actually common in my country, its like they are obligated to half their income and the other half would be straight in to savings even students and kids. But of course its up to them whether they follow the strict rules. Since it requires a lot of determination and disciplined for you to normally do it without thinking of spending it sooner.

this financial plan is applicable if you have average to high income, but it doesn't mean low income couldn't afford to have this kind of financial planning. base on my experience, when you are someone who doesn't have a decent paying job, you'll have to find alternative source of income to supplement your savings and other investments. during those times I wanted to save money, at the same time i don't want deduct something from my wage since it is low enough and only could sustain me for a month along with additional expenses and bills to pay, but I want to have investments and savings, so what i did is i find another source of income to be able to achieve my plans. if someone asks me if it's hard, indeed it is hard, time management alone couldn't help much if you didn't have enough meals to give you energy, but all those grinds are worth it, you will learn more being on those times than overcoming the struggle.

The problem of all the savings and investments is that people never get what they want: inflation and income fluctuations diminish all the savings and investments of people with not much money. The economy is highly dependent on individual psychology, but classic economy still tries to unify the scale of any process in USD or other fiats, while this is completely failed way to calculate the effectiveness of any economic process.

I partially agree with your statement of automating your savings to bridge the thought of whether to save or not to save. In fact, it is a great idea for people who are having difficulty deciding what to take out of their budget to save for future use or in an emergency.

Why I don't entirely agree with the concept, some wage earners in some countries don't even get enough to last them a month, so introducing the concept of automatic savings will only make life more difficult for them with what they earn if some percentage of money is saved. Automatic savings will benefit those with a monthly income ranging from average to high.

Yes, I also fully automated the process of accumulating money. 

Twice a month my salary for my main job is transferred to my bank card.  I wrote a corresponding application to a commercial bank and 25 percent of the money received is automatically transferred to my depersonalized metal account (opened in the same commercial bank). 

An impersonal metal account is a bank account denominated not in fiat currency, but in grams of precious metals (gold, silver, platinum and palladium). 

I have two depersonalized metal accounts open - in gold and palladium).  The price of precious metals rises over time and usually outpaces inflation. 

In any case, I save (rather than spend this money).

If we are the type of person who is having a hard time saving and controlling ourselves from spending, then automated deductions will be a big help. We should know that saving is too important for our future and if we can't apply it manually then automated services are necessary but as much as possible, we have to control and discipline ourselves so we would know the value and importance of saving. It should actually be a part of our routine.

I have serious doubts about the efficacy of automatic savings plans. Even though I agree that bias in the here and now is an issue that needs fixing, I'm not sure that technology is the answer. Do we risk losing our ability to make good choices in order to secure our financial future?

Also, I'm concerned that having funds put away automatically may give people a false sense of security. Our wasteful spending habits are the real issue here, but we're ignoring them. Saving money involves willpower and self-control; eliminating the need for these qualities through automation is a band-aid solution.

Academically, it's important to acknowledge that automatic savings may not be suitable for many people. It's a major choice that should be given lots of thought and deliberately deliberated over. The use of machinery alone is not an option.

If we work in an office and have regular income then it's time to make automatic deductions or transfers for investments, for example some investment products can make it easy for us to be automatically deducted every month so that it will automatically make our future better.

I've seen a couple of legacy banks/credit card companies have something like that, where they round up each of your purchases to a complete value, and the excess goes into a savings account.

For example, the sale total is $14,33, the next round number is $15, and the $0,67 goes into a savings account. If you have, let's say 2-3 purchase daily, that can amount from $1 to $2 daily, which is decent.

I would still advise you to use automatic means to create savings. 

In fact, you have nothing to lose by doing so. 

For example, you can always withdraw money from an impersonal metal account.  To do this, you just need to come with a passport to the bank.  You can withdraw part of the funds from your account by receiving fiat money in your hands. 

With this money you can buy Bitcoin (if you think that the first cryptocurrency will grow in price in the near future).

This is my first time hearing this, and it is ideal for those who lack self-discipline and are unable to save themselves. But my question is: if there are really times that we are caught off guard, how do we tackle this? This is only good for those who have enough salary but spend too much on wants, but whose income is just enough to make it difficult but still possible.

Honestly, It really surprises me why people have difficulty saving money for their future and emergency purposes. Maybe I can understand those people that are earning only enough for their regular expenses although these types of people might belong to the same type of people having difficulty saving knowing they started their own family without enough income and savings.

When I got my first job, someone even told me that I should take a loan and then deposit it in a bank so that I can have my own savings. And I knew some people are doing this and their reason, they cannot save when their whole salaries are given to them in full. They didn't even realize that the interest on bank loans is higher than the interest on deposits.

I agree with the OP. Saving money in today's world can be challenging due to inflation. The rising prices of basic necessities make it difficult to set aside money for savings. Meanwhile, monthly salaries do not always increase to keep up with inflation. With fiat currency losing value, the struggle to save is real unless one chooses to prioritize future investments over basic needs.


Daymond John's $3 rule theory suggests allocating the first dollar towards necessities, the second towards investments, and the third towards wants. By exercising discipline and limiting spending on wants, you can prioritize savings and wealth building. This approach can be a valuable strategy for achieving long term financial stability.

It does take a lot of self control and a whole change in mindset to switch from spending every penny you earn each month (plus extra that puts you into debt!), over to putting money away and not touching it while it grows. The trouble with savings is that you get a relatively small return, but you should maybe have at least 3 months of cash in such an account readily available. The really big step that most people never take beyond a pension, is learning how to invest. Not in individual companies, but via index funds which own a proportion of certain companies - saving massive amounts on trading fees and also allowing you to greatly diversify your risk. However you also need to be aware that dips and peaks are natural flows, of the economy if you don't have the courage to stick through the dips you should avoid it.

Automated savings,is the best for salary earners and for daily businesses but not for a poor man who hardly eat two square meal. This was the strategy that my elder brother was using,when he was running his business. He keeps a certain amount daily in his account for one year,which at the end of the year,he will withdraw his accumulated savings and use it to achieve something in the beginning of the next year.

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It is a good strategy to secure your old age if you don't touch the money for a very long period of time. Let me say maybe 10-15yrs interval. As for this present time,I will advice that bitcoin should be the best option for automated savings and not fiat. If you keep on piling up your fiat currency till 10yrs time it will depreciate and might be a waste of time and resources, but if you put it into bitcoin, mate,you will be happy after checking your portfolio in 10yrs time. Inflation is a big challenge to fiat currency.
Gracias.

As long as the automatic deduction doesn't interfere with our lives, it won't be a problem to continue doing it. But every investment at this time in any product still has to be studied first, so that the potential for future profits can be slightly guaranteed because the guarantee of profit in all investments is always uncertain, so you don't have to always use an automatic cutting method if it's a manual cutting method. in every month is still good enough to run.

 Automatic saving in reality is this - There's an app that I downloaded from the Google play store it is available in my country and duly registered. It is created by one of these Fintech companies.
This app helps you to plan financially, save and invest.
It has been my go to app for the past 2 years. I sent a daily amount for withdrawal to the safe box on the app and it does it at 5 am everyday. I can increase or decrease the amount it depends on what I want. This to me is the best automatic saving. I do not need to worry about over spending or underspending because I already have it covered.
You are motivated to keep saving and saving and it helps to imbibe a saving habit.
This is a typical example of automatic saving.

It is right that it is not applicable to all. I know that in todays time that our economy is not doing well, it is nearly impossible for minimum wage earner to make part of their salary be dedicated for saving. But, if you are capable enough, I know that combined with better financial management would ascertain you of the habit of saving.


I agree, just do this if you know and already planned out your financial obligations. Always check if you can really afford to use this strategy, Overall, it is really a good idea since most of the financial advisors that I see online giving advice regarding saving is to first allocate saving money and then budget the rest. Trying to do this would ensure that you are capable of saving that part of your money. I can see the potential in these automated saving system as you would probably not think about that part of your money as a saving since it is automatically deducted. Let's just see how smooth these automation since it is still prone to issues.

It will not work for long term because one who maintain financial discipline and follow their 70:30 or whatever they decided to save will save it no matter what so since we are talking about the people who doesn't have such discipline will simply use the savings for something they wanted over time that is what immediate gratification. To achieve delayed gratification one must go through most difficult stage of their life then they will know the significance of money and why they need to save it instead of spending it some something that is not really beneficial for them.

I used the system several years ago. So when I get a salary from the office that goes straight to my bank account, some money is sent directly to my other bank account, and the amount is fixed every month. It helps me to be able to collect some money in one year so I don't have to bother saving every month.

But now I don't work in an office anymore so automatically, no savings are sent directly to my other bank accounts. But I always try to save the same amount of money every month and I also try to save bitcoin every week so this helps me to have two kinds of savings. And indeed, this requires good determination and self-discipline because we do things routinely.

It will be very useful for people who have difficulty managing their finances, because sometimes it is difficult for us to calculate expenses and do not consider other things in these expenses, with automatic savings, at least if our money runs out we still have money for emergencies without having to look for a loan

I do love automating stuff in my life, it makes my money work for me without me having to think about it and doing it. It's going to be like "Hey! I already have saved up this money?" What an amazing way to save up money.

I know some banks that have applications on smartphones can automate and make goals for you. That's really amazing if you think about it. Everything is easier now.

I have never used this feature, it has always annoyed me, I prefer to plan and allocate my budget on my own. Especially since the profit may be different next month, or the waste will be different, and I can save more than last month. Such a function is suitable for inattentive people who themselves cannot be constant in their habits. The principle in this is correct, you have to pay yourself first, but I prefer to do it myself.

well you have a good point we need saving for emergency fund and by doing it automatically is always better option.

But it would better if we also doing an low risk investment like saving with period of time and do invest in some mutual fund money market, government bond and mid to high risk investment program like stock and crypto

Saving automatically is a good option as the amount of savings will grow through investment apart from investing in crypto, government bonds are good for savings as the risk is lower. Government bonds are the security of investment, so that the investment money can be returned on demand. There are not many financial products in the country that will keep the money safe and give good profit for this reason savings paper is the first choice for savings for common people.

I do auto deductions on my salary that goes straight to a government-managed savings fund that also serves as an investment for me. That savings/investment fund is nearing its maturity, about 4 years left and it will give me a lot of gains just because I decided to do that 3 years ago. Skimping on myself without really selling my needs short and living below my means helped me get the financial freedom that I'm enjoying now. It's a slow and steady process, but if you're really dedicated to saving and investing and not trying to impress other people with your money, you can do it too.

Then again, automated savings are not for everyone, especially those who are still trying to build themselves up before they can get that little wiggle room for their salaries to be put into savings.

"Automating savings" is a good thing, yeah. It's like a no-brainer way to stash some cash without even thinking about it. Who doesn't love avoiding that whole "to save or not to save" thing, right? Plus, it helps keep us disciplined, financially responsible and good spending habit. But, you got to remember that everyone's financial situation is different. For some people, automating savings might not be the best idea if they've got unpredictable incomes or tons of debt. Like one user here mentioned about the "$3 rule". People with uncertainty might have to spend that whole $3 in paying bills without being able to split it. Those kind of people need to be more strategic with their money so they can adjust their savings plan when needed. What's the use of saving, if you are starving?. Automatic saving is nice, but not perfect for everyone.

It's a good idea if we can automating savings, I've come to a bank and offered automating savings that can't be taken but immediately get rewards from bags to motorbikes, I think automating savings is something that can make our future better, and I'll try for automating savings even with a small value every month.

Saving of money is something that we all should learn and it helps in future.
In some countries, the government of the state save some money for its staff auomatically using Automating method. Regardless of the immediate needs or want of the citizen, the government sees the need of saving for future references. As an individual, or a trader, maybe at the end of every week or month, you can decide to be saving a particuler amount in a fixed acount that you won't make use of in the nearest future.
This method helps you to save me for the future.

Everyone can save according to their income but if they are in debt/loan then it is unlikely that the funds from the salary will be used for savings because 10-20% have to pay off the debt and the remaining salary is for daily needs, they must have another job for additional income for savings. But you don't have to prioritize saving if financial conditions don't support it because of low income, the important point is that your income is sufficient for all basic needs and in the future you must have a financial strategy for saving.

Saving money is part of money management in this life. This is not easy, as you said, moreover with very limited money that we have monthly. However, if we are able to manage and control our financial management wisely and smartly, this can be a good way to manage money for saving, although on few amount of money. But at least, this money can help us every time we need it for urgent and emergency.

Saving money can be done in several ways, one of them is saving it in the bank. But today, we can find many people are saving money into certain investment that will worth and will be able to sell it once we need it for true. But, this doesn't mean that every time we are saving our money, we will always have good condition and save. No, because this reality is actually quite difficult to conduct, for sure.

Whether automatic or manual deductions with those savings amount into your monthly salary, it wouldnt still assure that you wont really be able to make use of those things and this is why
it would really be pertaining on someones self control which we know that we do have different levels and tolerance when it comes to temptation on spending it up in no time or not
really that into those necessary situations.

This is why it is really that a tough challenge when you are trying out to battle yourself in terms of discipline. If you are really that good on handling out your finances
without needing to touch up those kept amounts for savings then you are really that on the right track.

Discipline and strictness are important if we want to be successful in saving, we must have a strong commitment in saving so that we don't regret it, the many temptations to spend money can make saving plans messy, it's best to make long-term contracts and never take money from the bank.

That's a really informative concept and following this will definitely give fruitful results to the saver .
Saving is difficult in today's time where everything is so expensive and people tend to spend more on basic needs plus luxuries and showoff so they remain broke by the end of the month.  This type of saving is a compulsion to save for that person and that'll be helpful.

I would suggest anyone who takes automatic deductions from their income and put it into a savings account look into transferring those funds into an investment account unless you need short term liquidity. If you're holding fiat currency, then note any and all funds that remain stagnant and outside of investment accounts are losing purchasing power every day that it sits there.

If you keep those funds around for 20-30 years, you will have lost minimum 2% year over year.

You don't necessarily need to automate this process unless you're having budget problems, though. Seems to me it'd make more sense to set aside funds month by month depending on what your expenses are for that period.

High passions that always make someone's toughest challenge when they want to save, there are many temptations from various angles of desire and even needs. It takes a process, if it continues to be smooth in saving, because growing a habit is the most difficult.
I personally practice my habit, when I want to save, I always use really small money, so in effect I keep saving every day because I only save with small amounts of money, so I don't feel burdened when saving. And when over time I got used to it, that's where the amount of money began to increase, little by little.


The advice you give also seems very good for beginners who have just stepped into the world of work to practice. But in my opinion, if lust cannot be controlled, it will still be taken in the end. Because actually there is no need for a complicated way to save, we only set aside a little money from our work, and only have to save it. It's not too complicated, but what gets complicated is desire and sometimes there are needs that are beyond expectations.

    -   In my view, saving for the future should not only focus on literal money. we should also be saving for other things that can also help us in the future, such as buying land which as time goes on increases in value, secondly Bitcoin is also proven and tested, which also as time goes on The value is also increasing, or investment building for rent, whether it's a stall or an apartment, which can also produce money even if you don't take out money and gold is also possible.

These things I mentioned are ways that when we start to accumulate little by little we will surely have savings in the future although yes we will need money for them. But at least we can put the money we earn at the moment into the right investment.

Even though we forget about the place of discipline and strictness in savings. We should also understand that there are some necessities that arise at a particular time, which would probably overwhelm your desire to save.
When one does not have an emergency fund there is always the tendency not to save.

You can only save when you have abundance to survive. No one saves when there is little or nothing to survive. The ability to save even when in need should not be called.discipline. One need to survive, live well and have a very good health welfare in order to be able to save.
Even if you save automatically as Op said, you would still need to break your automated system to take out your savings to sustain yourself.

Currently, several systems make me have to save automatically, for example, is insurance at work that I can take when I retire, with an automatic savings system, we can determine when the right time is to retire, because most people are not ready when they retire, so an automatic savings system will make retirement a pleasant thing.

I haven't automated my savings; only some of my investment is on staking; however, I don't have any specific plan or automation to save money on a monthly basis. I generally try to keep costs down and save some money from my paycheck.

Not exactly a savings measure, but Binance is offering a service that automatically purchases a specific coin or creates a portfolio consisting of the most popular coins or those of your own choice on a daily basis or as rarely as you choose. I recently received a trial Index Linked subscription, which consisted of the top 10 equal-weighted cryptocurrency assets (BTC, BNB, ETH, LTC, and a few more). I know that I sound like a Binance representative now, but I found this automation fascinating, hassle-free, and noob-friendly for acquiring some of the most popular coins on the market.

What you said is absolutely correct but there are other ways which i think i can easily invest my money. Now what i does is that i look for what to do (project) like whenever i received a monthly salary i take some percentage to the place and then sent for my personal needs. At this point your money are always saved, Although 10 percent goes for savings but what matters most is what would keep generating money for you at the end of the month.

To be more precise, saving is a way or a way to success because every savings in the form of money or that can be cashed can be someone's capital for something, so that is clearly important and also needs to be done gradually so that it doesn't fall apart. Saving really needs to make a plan so that it can run smoothly and according to everyone's abilities because the temptation to continue using money will always be in everyone's life and people who are able to restrain their lust not to overspend will always win in his life.

It takes a lot of discipline to be able to save money these days, which is why saving should be taken seriously. Thank God for apps that help you save money easily. all you need to do is complete the necessary setup. Whether you want a monthly, weekly, or daily deduction depends on what is convenient for you. I am aware of some apps such as Piggybank and many more that let you set up automatic savings. Automation has made everything easy.

Saving automatically can help you build good, consistent saving habits, especially if you have a steady income each month. By saving automatically, you can ensure that a portion of your income is automatically deposited into a savings or investment account each month, helping you achieve your long-term financial goals.

In addition, investing in government bonds can also be a good choice for savings. Government bonds have a lower risk compared to other investments, because the government is considered a borrower who has the ability to repay its debts. Therefore, government bonds are considered as investment guarantees that are relatively safe and stable.

However, before investing in government bonds or other financial products, it is important to do your research and understand the risks and potential rewards of the investment. In addition, having a diversified investment portfolio can also help reduce risk and increase long-term profit potential.

Finally, bank savings can be the first choice for the general public because it is a safe and easily accessible financial product. However, interest rates on banknotes are usually lower compared to other investments such as government bonds or mutual funds. Therefore, if your goal is to make bigger profits, then it is worth considering bitcoin investments which have higher profit potential.

I didn't know that it's called automatic savings but it is for now and that's been a few years ago I've been doing it by continuing to deposit into my savings the actual amount of time is almost the same over time as well as sharing other things to invest in bitcoin with a nominal amount actually pretty much the same as I'm still someone who's always been doing DCA but it's more like some momentum is being created.
As for savings, I always do that, especially when I have a condition where the results of my unexpected distribution of funds are not used, I also always save them back there.

I disagree with this, it is easier to save in this way that is true, but by relying on at external tool you are not developing the discipline which would naturally take you to do this, this means that as soon as you see that the amount you have saved is high enough your first instinct is going to be to spend it all, while those that saved that very same amount of money but by doing so out of their own will be able to resist those thoughts and keep their savings intact.

The best way to automatically saving can be done using the bank system. Because you can use the deposit every day to save your money to your bank wallets.But it’s hard part to save automatically without any manually interacting.In some years the Artificial Intelligence may be used to save your money automatically.In future people can allow to save their money into crypto currency by using the Artificial Intelligence.With the current situation,you can buy the cryptocurrency using bank cards manually.The cost of crypto currency was different on different exchanges.Every traders should check before purchasing the cryptocurrency.

On my bank card, a service is installed from each receipt of money,5 percent is immediately deposited on a special savings account and all this happens automatically, this is a very convenient function.But building a systematic saving of funds is really a matter of habit and you need to work on it, and only the result in a few years will really be able to motivate even more.

This is a great help especially for those who can really afford to set aside some of their funds.
You don't need to remind yourself but it is already auto set-up, and usually it is after you receive some sort of income.
For those who are living paycheck to paycheck, it is understandable that they won't commit to this type of savings.
But if you think you can save a lil bit even with your small income, you can do so. Sometimes, it is only a matter of budgeting your finances,
and prioritizing your basic needs. Always remember, live below or within your means.

IMO, automatic savings system is a great idea to help users keep excess funds and save for the future. With an automatic savings plan, users can set up a fixed amount to be deposited into a savings account on a certain schedule, like monthly or weekly. This makes saving money even simpler, because it is done automatically and no longer takes a lot of time and effort on the part of the user. In addition, with an automatic savings system, users can also take advantage of the benefits of depositing money into a savings or investment account. This can help users' funds grow over time and generate additional income for the future. Moreover, if users set up an automatic savings plan, they can also easily monitor and control their spending in a better way, since the amount of money is transferred to a savings account or invested from a savings account. their bank account will decrease. In summary, automatic savings system is a useful tool to help users save money easily and efficiently. It not only saves users time and effort, but also creates an opportunity to increase additional income for the future.

I think those who do not have the patience to savings, those will never be able to savings, no matter what method they use.
But for those who have the mentality of saving, I think this method will be really fruitful. Moreover, another way of saving can be done through Bitcoin, where by setting a transaction time of Bitcoin, it will not be transferred to any other wallet until the set transaction time is over. I think it will work for those who are very impatient.

That's probably right, you can't do anything with success if you don't follow a disciplined method to carry out your operations or take your steps with care. When it comes to managing your finances and trying to have some savings each month, it's very essential that you spend your money in a disciplined manner based on how much you earn.

For some people, it becomes pretty difficult to spare any money that they can save even if they are disciplined spenders, that's because they earn a very limited income each month that they only can use to run their kitchen for the whole month.

This is the most organized and systematic method of saving as in today's world saving is becoming difficult because of inflation and extra expenses.  No matter how much you try to be careful while spending you end up spending more than you calculated amount so this type of saving is the only solution.

indeed, for the first time starting to set aside a portion of the salary so that it can be saved (into automatic savings) is of course not easy because the consumptive nature of the person sometimes defeats all of that, yet unforeseen needs can make what has been decided not realized properly, the intention is always to set aside in the end it couldn't be done.
but if it has been intended and has become a habit then by itself it will be easy to continue to do.
setting aside part of your salary (to become automatic savings) but directly allocated to buying crypto such as bitcoin, etethereum, bnb is certainly very wiser, because you will get double the profit compared to being set aside in a bank which is only interest and not large.

I'll offer a counterargument from my own perspective and experience because I'm a touch old school. This in no way implies that I don't agree with the OP's comments or anything else. The OP noted that automatic savings involve the deposit of a fixed sum of money into a person's account at a certain period. The problem with automatic savings is right here. It robs me of the enjoyment of managing my finances actively. With automated saving, I am unable to evaluate my financial condition and be able to change my savings plans as and when necessary. 

Automatic investment plans allow us to contribute money at regular intervals without lifting a finger.  The money can be setup  to come directly from our bank account every time we paid. In essence, we are "paying ours elf first"  which is huge benefit if we trying to build wealth. It is my personal experience once i went at Bank that time my uncle was suggested me to invest in APY he is the manager of bank that time i didn't have any interest to do such things and he said that is is really small amount like around rupees 289 per month cant ignore him because he is my cousin i just invest that time and i forget about it for long time almost 3 years. Last moth i  went at bank and suddenly recognize that i have an account in APY when i ask them to check i really shocked that there was amount rupees 10404 without i realize it was really surprise for me and i decided to continue it. If we are investing small amount from our income then it didn't effect much but really matter in our hard time.

To make our future better, the best thing is to force saving, many people are complacent by continuing to be consumptive so that when old age comes they are not ready and get a lot of financial difficulties. with an automatic saving system, it can make our finances better.

No need for AI, it's actually common features. Now banks can offer programs such as financial planning where they can charge you monthly savings that are automatically "locked" from a portion of your regular balance. If you use non-bank digital wallet apps, they actually have more features related to future savings.

Automatic saving is good but in time of need, some may spend all their savings. Is there any reason not to use the money kept in that saving account? No, and this is why we need a reason to save for too. If we think that we need to save to achieve something, we will keep saving despite the fact that it is automatic or manual. And won't use that until it is fulfilled. If we save without any reason, then the chances of using that money for other thing is really high.
The automatic process you said in the OP is quite good, but I think adding some reason to save with that will make it even better.

But many are not ready if they have to force themselves because they must have many reasons, especially financial problems, which they think are still lacking.
If they want, they can set aside a small portion of their income to deposit in their account so that they can have useful savings in the future.
An automatic savings system can help prepare us financially for the future so that we won't experience difficulties if we have urgent things that need money.
But we have to save regularly and activating the automatic savings feature in our account is a good idea.

There is a need for financial discipline, you have to master the art of keeping your wants under control as you mature and have financial responsibility. Without responsibility, having money always available to you may not be important, but with responsibility, you understand the need to stop spending money wastefully.

Saving in fiat is not the best, but someone who develops the habit of saving will do well with a similar DCA strategy when they begin to buy and want to keep bitcoins. Someone who knows how to save money and increase it by increasing the deposit occasionally will be a very disciplined person to DCA and keeping his bitcoins.

Yes, automatic saving will make the process easier but it does not provide the motivation to keep going, this is similar to losing weight, if people just want to lose weight without a big reason to do it then most likely they will fail, however if they set themselves an important goal, like improving their health or looking great for beach season or a wedding then they will keep making an effort to reach their goal, no matter how difficult the process could be.

Well, it is really necessary to save money for unexpected needs and rainy days. We don’t know what tomorrow will bring for us, that’s why we should be prepared and adapt ourselves for each new situation. Unfortunately, a lot people over spending money on useless items and goods. It is really disappointing how humans being materialistic, they judge on your appearance over your personality. In my opinion, you should save at least 15-20% of your salary and in case you have available time, try to find a part time job, that would help to gain more money. In addition to that, it is certain Bitcoin is a good investment especially in long term but it is preferable to purchase only what you can afford to lose.

You should really be setting goals but speaking of savings it wont really be that necessary considering that these are emergency funds which you would really be tending to save or accumulate.
Automatic savings pertains about automatic deduction into your salary which it wont really be that a bad idea but of course be sure that you would really be able to make things to be in tact or
arrange up accordingly which those left amounts would be sufficient when it comes to your needs or priorities.You should save up on something on what you do really just
having those extras and dont getting that too much.

Any amount to save is very important even if we are not consistent in doing at least we have some savings.
What I did now is I have a schedule alarm when I have to put money in my savings account. Honestly, it was a little bit difficult to start doing this but when it becomes habitual, everything works so easily. But I see that having a purpose for saving could help us to encourage savings more compares to just saving for emergencies, that is why I change it and yeah, it motivates me a lot.

Automation makes it look easy to achieve and anything that's easy to get can be taken away easily. If your savings are easier for you then you aren't doing it right. It's supposed to take your dedication and consistency to be able to save as that helps you generally and prepares you for financial free life since you'll now know your priorities and how to manage money correctly.

What saving is meant to do is to help you manage money and when you do that manually it works but with automatic saving, it means you're not setting your wants aside and only concentrating on the importance needs to save up money, you're just spending all you have and the same thing happens when you get that savings.

prioritizing needs doesn't mean you have to live a frugal life of not eating balanced diet, it means that you are not spending too much in unconventional things and prioritized what is needed like your basic necessities, investments, and emergency expenses. what is temporary enduring for the sake of future financial freedom right? this is why most of the wealthy people wanted to have someone to manage their finances so they can focus more on their career, but since there are people who cannot afford that, the only thing they are capable of doing is balancing their time, money and their well being.

Folks, automation makes it look like a piece of cake to save, but easy come, easy go. If saving's a breeze for you, you're not doing it right. Saving takes dedication and consistency to prepare for a financially free life, knowing priorities and managing money like a boss.

Saving is supposed to teach money management. Manual saving works, but automatic saving? Not so much. You're not setting aside wants, focusing on needs to save cash. Instead, you're just spending and doing the same when you touch that savings. Sad!

I think OP is pointing out automation as being a habit of people to keep saving even if they don't have anything to buy anyway. There would times of unexpected where money would be the one that can help you. Save those little quarters that you ccan pick up around the streets.
You never know how much luck those coins bring as well. ;)

That does happen, it happened to me so many times in the past 2 years, the pandemic caused a lot of sickness because even if you did not go outside and get covid, you were at home and that means you did not live a healthy life style. In fact, most developed nations had increased rate of obesity, which was assumed to be because people sit down and didn't walk around or basically used their body and ate fast food delivered instead of going outside, this is not backed by data but seems to be the most plausible reason.

So all of that combined means that many people got sick and health is the most expensive thing in the world, it has no value at all, you can't put a price tag on health, so we all got destroyed and our savings got emptied multiple times.

This is an interesting point, when people think about saving they think about money, but they do not realize that we can use the very same principles to save other stuff which can be way more valuable, like our time or our health, and without a doubt many people lost a great deal of their health during the pandemic as not only many are still suffering from the side effects of getting sick with covid, but many others developed bad habits due to the fact we had to stay in a state of isolation for a very long period of time.

The idea to save as much as you possibly can, even if it puts pressure on you but you can do it, means that you could have a better future. Like for example if you can save 50% of your income, in 10 years you would be able to retire, think of how amazing that is.

Someone who starts working at 22-23 years old, could easily retire at 40 years old if they save enough and invest smartly. I am not saying that is what you should do, you would go crazy if you retire at 40 and do nothing, but at least you do not need to work at a job you hate if you have that. I got lucky in that sense because I love my job, but I still save just in case something goes wrong in my life, like a sickness and I am unable to work, be ready for anything.

Fiat is not the best choice for long-term savings (bank deposits) compared crypto investments. Inflation has made fiat lose lot of value, fiat is printed indefinitely so it's definitely not the best choice. If the OP wants to save, then the best option is to make his savings work for his own benefit in the long term. I recommend bitcoin or whatever he thinks is good, but if he chooses fiat savings, then it's clear to me that it's not a very wise choice.

The mindset has to be clear about how to make savings productive, I mean they have to plan investments instead of storing large amounts of fiat. Investing is the best advice for anyone who wants their assets to be productive, it is up to them what assets they believe to provide short term or long term returns.

Point taken. There has to be money that could be saved after all in order for you to be able to save money in the first place. And the issue with discipline is another story too but it somehow still connects with the narrative. But to people with little to no control over how they spend their stuff, auto-invest is still a good thing. Just place parameters that would disable the user from ever getting his/her hands on the investment capital, either through time or value lock, and they are set. They couldn't touch it even if they wanted to. I've seen banks and investment/lending firms in the Philippines do something along these lines, so it's not that impossible per se.

Overall, automatic saving is a great way to overcome present bias and make saving money a priority. By setting up automatic transfers from your bank account to your savings or investment account, you can save money consistently without having to make a decision about it each time. This can help you establish a savings habit, making it easier to save in the future, achieve your financial goals, build a savings habit, and ultimately lead to greater financial stability and security.

Saving money is a wise investment strategy nowadays because it allows us to accomplish a number of our objectives quickly and painlessly. Or, if you encounter sudden financial difficulties, you can easily turn to your savings and find a solution without the need for a loan.OP Although we can't always fulfill our needs at the exact moment we need them, you did a great job of reminding us how to spend our money. For example, when you plan something for the future, I suggest that you start saving the money you'll need for that item this year so that when the time comes, you can quickly take your savings and get what you want without wasting any time.

Although it may not be a large sum of money, investing it in bitcoin will be preferable to keeping the money in an account if we want to save money. This is my own recommendation rather than saving money in fiat currency

Maybe savings automation can indeed be a solution for someone who is used to living extravagantly and has difficulty setting aside money for savings. but for someone who is good at financial management and is disciplined in setting aside money for savings each month, this step may not be necessary. And also for someone whose salary is mediocre to meet their daily basic needs, it will be difficult to automate savings. because they have no money left over and can't save not because they don't want to. but indeed their basic needs and income are the same. and usually people who have a mediocre salary are also used to living frugally but their salary is only enough to meet basic needs when they are frugality. whereas if they don't save, they will lack money to meet these basic needs. So that savings automation steps are indeed effective for one particular party under certain conditions but also not suitable for other parties with certain economic conditions.

This idea in itself is very practical and sensible and those who adapt this method definitely end ups saving more than the others who are trying to save themselves.
Man by nature is an extravagant spender and they always spend more than the limit so automating your saving will definitely help you save more .

Every individual can save as long as they have an extra budget after all their life needs are met. Some say that being thrifty is the origin of getting rich, but basically currently saving in fiat will not make people rich at all, but when they start investing then the possibility of getting rich can be expected.

Savings must also be adjusted according to income and needs so that not everyone can have the same percentage. If I can save 20% of my income every month to invest, then other people may not be able to do the same percentage or may be able to do more than me. Savings can be automated as long as the income is higher than the need of life.

If the income is mediocre then there is no need to save enough for our daily basic needs, if income starts to rise then they can put it aside in savings but what you say is true saving fiat will not get rich because it will be eroded by inflation and this becomes currency value money is weak, so it shouldn't be prioritized except for making investments that can be hopeful, because people get rich because their investments have been successful.

Everyone gets their income differently, I myself always set aside a percentage for investment and this is important to support greater profits in the future so I always think about the percentage that must be divided so that it can be adjusted, whereas with differences in people it is always not the same. they sometimes have their own way of managing both investment and savings.

For you have the courage to initiate the ideas of automated saving that means you be a government worker and you received monthly or weekly salary, but remember that anything have advantages also has disadvantages, for funds to be automatically goes to saves account that means they will be time frame before you can as well access the money if you wishes to put it into function or withdraw the money.

In my country we have what we call a fixed deposit account saving of your money and the fixed deposit account most be a current account that can contain huge amount of money,  so before you proceed with the fixed deposit, they will be an agreement between you the owner of the account and the specified bank, so you will deposit the money in bulk and they will be specific time duration you can withdraw the money with the bank. So it's you that will deposit the money by yourself if you wishes to run a monthly deposit instead of bulk deposit, and while the monthly deposit comes up is due to if you have any financial challenges within the month you can make withdraw and sort out your problem before making a deposit.

So I think this system of saving money is preferable than using automated system to save your money, and when you have challenges within the month you can not sort it out because the money will be credited to your savings account immediately, so I prefer a fixed deposit account than automated deposit.

It doesn't seem specific enough to think that every human being is a wasteful spender, because for me it's just about a person's character to use something excessively for what he needs so that it must be called wasteful. But if you do research on this matter on several people with a very modest level of living, you will definitely find differences between some of these people so it won't be specific if everything is to be considered wasteful because basically there are humans who are able to save money for themselves.

that's true, but many people find it difficult to be able to control their finances properly to save so that the desire that exists in humans causes waste.
Saving money is a difficult thing, not everyone can do it, so it requires several methods that are used for yourself to be able to control spending wisely so that you have money left over to save.
I think everyone is different, but basically saving is difficult so you need a strong push and a method for yourself.

Spending money should be reasonable. If you spend your whole life saving every penny, what is the point of saving money? Children who inherit money are likely to squander it quickly. In this case, money is evil. Therefore, a person should not be a spender or a miser. One should choose a reasonable middle ground.

In most of the third world country it is possible to see middle class population in majority. If you go through the common middle class family it is possible to see them working throughout their lives and once after 60 takes care of the grand children. Majority of the spending will be used for their children and finally if they look back they have enjoyed nothing. Some plan well to enjoy life after 60, but health conditions doesn't support and starts moving between hospital and home.

You can literally write down everything you have spent last month, and your income and talked to Chatgpt about it and it will give you a budget and ideas on how to drop it.

Mine was cut back on eating out and going out, if I do that I save about $140 per month, obviously it would be a boring life, basically what it suggested was buy cheap food from grocery and never go outside, so for a full month if I never go out and eat cheap food at home, I would save money, which is technically true and it was right, and it even suggested I could cut back on some subscriptions and maybe I could save enough that in a few months I could talk back with my creditors and use my saved money to close one of the debts completely and be able to save even more each month due to less interest payments etc. So, you can do the same, not going to follow up myself, but it certainly helps.

It is natural that people will need money in life. When people need money then they meet their money needs from their savings. If we save for a few days and break those savings for our own needs, then we do not see any permanent address for that savings.

Therefore, even if it is necessary for life, you should make a permanent savings. And you should never spend that savings no matter how much you need in your daily life.

For example, it would be better if we divided some part of our income into two savings. When you need, you spend money from any savings and the remaining savings you consider as permanent savings. Thus, if you can, permanent savings will help you a lot in the future.

Yes, I totally agree that saving is not easy. We need to be disciplined and consistent in saving. Many people fail to save because they are inconsistent and disciplined. Maybe automatic savings is the right solution for people who are not disciplined in saving because automatic savings help us so we can save. which is consistent because with that we can be smarter in spending money to buy something not playing as long as we buy it and we can control ourselves.

In here we have some banks that do this kind of stuff to us, you just to need to set how much money you have to save every month for few months based on your contract with the bank before and then it's all set to go, if you manage to save it until the end of your contract then you would get the interest. Otherwise, you will charged. It's kinda nice to use that so it forces you to save, which is good and difficult for some people.

It works for some people especially me.

We know saving is not easy, just learn how to save and become addicted to savings that is when you will enjoy savings, and some reasons for people, the reason why they can not save is because of expensive foods and clothes, but just eat price food and clothes, and the hundred percentage of your salary use eighty or ninety percentage and save ten percentage or twenty percentage every month, the day when an urgent issues occurs use your savings that moment, or mistakes the business collapse or the company drop you out of work, you use your savings for just a small business to maintain your life, that is when you will know saving is helping.

Automating savings is truly can help us to save more. In an online banking we can set it up that every pay day a portion of our salary will go to savings. We should think that as if we had save something so that we will not be tempted to withdraw what we had saved. If we continue to do that automatic savings, in ten years time we will be surprised on how much we had saved. But if you are a risk taker you will put your automatic savings into bitcoin and other crypto currencies because of the possible profit we might get in long term.

It is really a good idea for those who has not discipline like they kepts spending their money and cant control themselves but for those people who has just enough salary i do say they tend to always save if they can even if it is a small amount since they knew that it can help them in the future.  Also those people cant saved even though they have extra money they are forced on it which is good but this is my first time hearing this so i really don't know how the set up on this

it seems like this kind of system has existed in traditional banks for a long time. it's like when you have a program to save $ 100 every month, then every month, your balance will be deducted by $ 100 and sent automatically to your savings. it will continue for several months or years depending on how the agreement you made with the bank. Well, saving in this way is more effective than saving manually. as far as I know, we cannot withdraw the money we have saved until the target month or year that we agreed with the bank is completed.

If you have a good management of your funds and yes I agree with you that after several years you'll be surprised from the results of your savings, imagine how many times you'll going to save portions of your salaries each time you received it from your company, though it's not easy as most of the time, you'll check it and be tempted to use it.

Financially, it will help you, especially when some emergency happened you have money out of your savings.

That is true saving money isn't easy, and it comes with determination and self discipline. Automating your savings on a monthly basis is one of the most effective way to save more money. It can be done by setting up automatic transfer from your bank account to savings account to ensure that portion of your salary is saved every month without having to think about it. But of course before you set it up make sure that the allotted portion is an excess money on your salary so that your budget for your daily needs will not be compromised.

Saving money is easy if you have discipline in yourself because if you don't have what is called discipline, you can't do it, that's for sure. Now, there are others who say how can you save money if your salary or income is not enough.

Of course, the answer to that is still discipline, it's impossible that you can't find a way to save money even if it's only a small amount in reality. It doesn't matter if you're not the one handling the money you're struggling with, I'll understand somehow.

Saving is not easy, but not too difficult, and you are right, whether we save or not is due to our discipline. People who always make excuses for low wages, spend more than they earn… all will be excuses if they are not really disciplined in saving. Saving will become easier if people really understand its use and how necessary it is. For me, investing or buying any property will be done after saving, the first thing I always do is have a savings account. If I didn't have enough savings, I wouldn't do anything first.

This is a matter of habit, first you need to learn how to save at least something at the level at which you are now, even if the salary is small, this is just necessary in order to develop the habit of saving.

The next step is to increase your earnings, I know it doesn't seem like an easy task, but I think most of us have the ability to make it happen. When you understand that this is possible, then you can save more and also improve your standard of living, this will stimulate try to earn more. Earning more does not always mean more or harder work, you can improve your skills or find a better paying job, there are different ways.

Nice idea, but if the income is mediocre, of course it is difficult. I think if we have extra funds it's very easy for us to post to the items we've been through. For example, in a husband and wife family, both of them have a steady income. wisely they sat down and discussed it. In the end, one of the salaries goes into permanent savings and the other goes into monthly operational fulfillment.  Smart person is someone who remembers and is good at managing his money.

The importance of saving money should be crucial to everyone as it can help in several ways. What if something happens unexpectedly, that emergency money can be used in this situation.
It is nice not having any money owed to any creditors. Or even having to ask for money from relatives or friends when you need it.
That extra savings can be invested and over a period can grow and can build your savings. With those savings, you can have a live comfortably when it comes to retirement age. Knowing all the above is just a peace of mind and a better future.

I think, a system like this already exists in the bank system. I have a friend who has used it for a period of 1 year. So, every month, he is required to deposit a minimum of a few dollars into his automatic savings account. he will not be able to withdraw the money within 1 year. after 1 year has passed, the money he saved automatically goes into his main account. he can choose how long he needs to save, and 1 year is one option.
If that's what you mean, then this really helps someone who isn't very good at saving the money they have. with this system, they are pressured to continue making deposits every month. he will feel it in a certain period of time.

AFAIK, banks do have this feature for automating your savings or even the payment of your bills. Well, sometimes it's good and sometimes it's not. With what I mean by that is when you're in need of money but then the automated feature gets in and you're no longer able to alter it. However, it's still your bank and you've got the control with everything that lies within in. It's the discipline that's helping you out using this feature and then if you're able to adopt it on your own, even without such features, it's within your head and practice.

Seems nice ideas with automatically saving, we know how important thing with saving money in the future and manage well urgent needed when have saving assets. But its not easy spent few percent of our money for saving because many of us have small income but higher outcome. But AUTOMATICALLY SAVING seems good ideas for us directly our money receiving from salary put on hold as saving assets in the future. Right now think the best place for holding automatically saving where difficult to use for daily day and keep hold it until urgent needed at the future or become saving for our children education.

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But talking about saving, what kinds worth saving assets for the future in cryptocurrency, stock, gold or saving money directly to the bank?

For automating deduction we called this Auto Debit or most likely people seeing as ADA in the finance world, another thing here is its good to deduct automatically because you don't need to mind if you paid your bills or other things manually because they are already supported the use of it, even in the e-wallets too they are using the favorites feature that you can easily pay and at the same time save your extra money. This will let you learn how to manage your money properly because the remain funds are the once you can use for your survival daily.

This is actually good idea only if you have a stable income and financial status since you don't have to think of the deduction to your salary. Plus in case you want to use those deduction that you'll be needing but it's automatically will deduct then it might be a problem. For me, it would still be a good to have savings without even automatic but it's stil ldepends since some people want to be determined by saving that's why it's automatic and some would still prefer incase of emergency it woudln;t be a hassle since there's a fee

So true. and indeed this method only works well with people who have a stable income or have a steady income. like an office worker or something. But for freelance daily workers. so this method is still difficult to implement. I personally have a steady income and also have additional income from side jobs as well as casual daily jobs. But I still prefer to manage my savings manually. Because I'm used to it. but maybe for those who are not used to it it will be quite difficult.

My income is also very stable, but I would also choose to save manually instead of automatically, not only because it is a habit but because it will give us better control of the savings account. Sometimes there will be months when we will spend more and save less, and there are months when we can save more. So, saving manually is sometimes more beneficial than automatically, but everyone has different preferences. Whether it is manual or automatic savings, as long as we always have savings, it is something that everyone must have.

Usually this is done by some people using the method of opening a child's account, the target is that the money stored in savings is not used when at any time you need money. This kind of savings system is more about targeting long-term savings for the future needs of children, both for education costs and for the cost of dividing the inheritance of the assets we have. My parents used to use this method to deal with financial problems and we will be given access to take the money when entering the final level of education in college.

If there is no balance between income and expenditure, saving is difficult to do because monthly needs are far greater than daily expenses and other monthly needs. Discipline in saving also depends on how the flow of income and expenses can be slightly balanced or at least the income is slightly greater than the expenditure needs. If not, saving is a difficult thing to do because the salary we get is far less than our daily expenses and other monthly needs.

Optimization is very much needed in living a more efficient life and prioritizing according to the necessary needs, not being forced as a non-urgent need to buy any time. In the past, we often heard a saying, that saving is the source of wealth.

Saving will not be enough to help us fight inflation because only the amount will increase but the value of money will be the same or even decrease so that in a few years the money we save will decrease its ability to buy something, it will be better to invest and when we say automatic savings then we can invest using the compounding method, so that the profit earned will continue to be automatically added to our investment and this will accelerate the increase in the value of our investment but in crypto what investment is suitable for our investment? I think Bitcoin by continuing to add the amount using the DCA system because saving will not provide any benefits other than just making our money fixed in number.

Yeah,, it will not be enough inflation is difficult to avoid currencies tend to be more down in value and other foodstuffs will rise so unconsciously the money we hold will decrease in value without us realizing it, maybe it's better to save only for emergencies and other purposes but for me, the investment is more important than saving.

Faster profits of course from investment because any investment for me is good as long as you think it is good not only in bitcoin or other assets with the rising competition then it will generate profits, but obviously many people in their forums believe more in bitcoin even though the risk is high but the return is greater than that, in any way investments including DCA strategies they can do as long as they are more consistent in the process.

It is not about the saving, it's about having financial trouble due to unexpected life stuff that makes it harder. Most people do not realize this but if you are dealing with this situation then most of the time we are going to end up with a period where you will need money.

All the poor people would know, you could save as much as you want and suddenly in a single moment, you happen to live through something that is quite difficult and you end up with a payment you need to make and all of your income would be gone. It is not that nice or anything like that, but that's what happens. This is why we should be careful about what we are doing and instead we are going to end up with a better result and just hope that nothing unexpected happens.

I have tried this, it might be work for some people, it didn't work for me. Sure, some of my money are automatically deposited to my special saving account, but then about 3 to 5 months later, I ended up spending it. Maybe it will work better if the saving account is a term deposit, but then you shouldn't forget that the money on your account will be eroded by inflation.

it's good to make yourself aware of collecting money, if you get a salary every month, then whatever amount is better to set aside, in an automatic way like this it is indeed useful for those who are just starting to learn to manage finances, but for those who are used to managing finances I don't think so it becomes a problem to gather intentions, because they have allocated finances neatly. for me instead of collecting money like that it would be better to collect assets, because whatever money we have left over can be realized in cryptocurrency assets, and we will benefit in the future

But if I had to choose, I would still prefer to have savings in the bank even though my money is being eroded by inflation rather than use all my money for investment and also have no guarantee that investment will definitely be profitable for me. No one is forcing you to put all the money you have in the bank to save, and savings are for future emergencies. For me, it's bad if someone has no savings, and even more stupid to think they invest all their money with no other reserves.

Why don't you consider diversifying assets to maximize profits and minimize risks? Saving and investing are two things that should be balanced in life. I bet you that your life will never improve without a savings account or an investment, both are equally essential.

Well that's right. that's what I also think and I mean. But I understand what the OP meant. that is, automatic savings may be necessary for those who have a stable income but are not used to saving. So it takes automatic savings to force them to save. but for those of us who are used to saving, manually feels more comfortable. because every month the needs are always different. this is what makes us sometimes rearrange the amount spent and the amount saved. and as you said, the most important thing is that we have savings. no matter what.

Agree, we need both to balance managing finances and investments, so everyone has to implement good economic management so that we don't use all of our funds to invest, because we need savings for emergencies and other related matters to use savings funds. I have determined 60% of the use of funds for investment purposes in the long term and the remainder for emergency purposes, while the daily needs of sources of salary from various other jobs, although every month I still deposit part of my salary for savings funds

On the time i have seen that i have the right amount of saved money then i would really get some portion of it and would really make out some investment out of those emergency funds. Yes, its really that risky but

once you do able to succeed or able to utilize well that savings on investment then it would really be giving out that kind of earning opportunity on which later on it would really be giving out chance for you to save up more if you wanted to. This is why it would really matter of risk taking if you do want to have that making a step on moving forward but of course you would really be needing some extra step but if you are that someone who couldnt be able to bare up such risk then youwould be taking the much safer side on which on saving up purely without doing any investment method.

Im not saying that its slow but if you do really make out some comparison then you could really be able to tell on which one would really be ideal. We know that most people would prefer on having
more income or source.

Yes true as investment will helps you when there is no other option with you to utilize your money when you need it most. In banking lots of individuals denied to put money because of inflation and it says that when inflation is on peak then your money will be at higher risk. Rather than banks utilizing your money in Bitcoin and gold as well as in buying property will be more profitable.

Bitcoin and gold both are risky because the price goes ups and downs very quickly but buying property is not risky as it will increases your money and there is a surety that it will never losses its value ever.

Automatically might help you to save money but it's not helping you mentally, you'll have to program yourself to want to save money manually and not doing it automatically. It's like going to the gym, you will have to program yourself so you enjoy going to the gym just as you'll enjoy saving money and when you have saved enough money you put those savings into work by investing the money and that way you'll be making your money work for you.

If you have a problem saving then you can start with automatic savings but as time goes go on try to make it a part of you to do so internationally so you can reduced your expenses inorder to save up something for emergency days but still automation has its benefits.

Furthermore, to have a steady income, I believe I saw recommendations for apps that can help you save automatically. You can set the amount to be saved, which is more convenient, but I noticed that if you want to keep paying attention to your income, you won't save. However, once the app is set, you won't even notice it, and at the end of the day, you have some savings. Alternatively, you can just go back to a piggy bank. The person should do whatever is most convenient for them,  looking at it another way round the person might have a reason due to plenty challenges so his money his choice.

Yes sure, I am not saying that I spend all my money on investment, I am talking specifically about term deposit, usually it has at least 1 year, or even more for the money to be available for withdrawal, so it's not an emergency fund either because I can't just withdraw it when I need money in emergency, and by the time I am able to withdraw the money the value is not reduced.

Collecting cryptocurrency assets must also start with collecting money first, even though there are many ways to look for it for free, because usually good cryptocurrency is always difficult to get for free. So buying it with money or with a monthly salary left over is the best option because it is also a more precise and fast way, but in terms of managing finances I usually always make allocations based on my own wishes even though the options you say are also very good because almost similar to an investment that might be very useful for the future if it is really profitable.

Many people despise the habit of saving money, they even use the money in credit cards bluff. They do this because they think they will earn more in the future.

People who live in such a mindset are very happy when they spend money, and when they owe money, they are also very calm. They are like frogs that are bathed in warm water. When the water temperature warms up a little, the frogs not only don't jump out; on the contrary, they enjoy being immersed in such warm water.

They think they are very comfortable, but in reality, danger is near. After all, those frogs are cooked to their own delight.

Yeah, that's a feature that everyone should check out. But if you're not into these automatic features from the banks and you want to do it manually, you have an option. It's good for the bills and if it's possible to do it with your salary and takes care of a portion to save, that's much better, and might enjoy that on purpose.

Yup.
That's how you manage it and how you should take care with the remaining funds you've got. People tend to only save when what's left but those that are doing it differently, taking the savings first and taking the bills then everything will be taken care with what's left.

Indeed, people who have no savings means they are killing themselves in the future even if they have a large income, there is no guarantee that their job will be stable until they die. 
saving is just as important as investing, it is even more important than investing, because investing does not guarantee that it will always bring us a return. Many people are thinking that saving money is a waste because inflation will eat away at the value of our money.  what they say is not entirely wrong but depreciating because of inflation will be even slower than we invest in high risk assets and risk losing all assets.

but if you can do both, then that is good. Others have really their point of view since others will say instead of saving it, invest it in something since for sure you'll gain profit on it, but the problem with this is that you're risking your money, and again, without risk, you won't gain any. Though saving may lose its value over time, this is still better than not having money in case of an emergency, as you will probably end up borrowing money from others and getting into debt.

Many ignore saving and prefer investing which is not as long as it makes a profit,
actually it all depends on each other's decisions,
but it would be nice to think about the future by saving.

If a person with a high or low income does not save, the point at which he will be in trouble is the same for both. Savings can save us in our tough times. If we can not only save but also invest, it means we are taking good steps for our future. Unexpected expenses can occur many times in a person's life. If we do not want these expenditures to disrupt our order, we should save and invest with smart steps.

I agree with what you said about inflation. The value of our money may decrease, but still not all of our savings are lost.

Which do you think is riskier between saving and investing? What guarantee do you have that the investment will always give you a return? Even if you invest in gold or real estate, there is no guarantee that it will always generate a profit. 

Of course, everyone has their own decisions, but it would be foolish to think that investing will always pay off and saving is a waste. Even billionaires, top investors have many failures in investing, so never think that you can always make a profit from investing.

 It is a wise decision if making more money and saving more money. Much wise enough if you don't only target to cut your expenditures for other expenses to be attended to but aim to boost your savings.

This Automatic Saving Plans has been in existence but not everyone has learnt of it and some person's whom had learnt of it doesn't know of it's benefit.

I order to spread this welcomed development, I think banking marketers can offer financial advisory towards this Saving system while out there in hunt of clients for bank account opening with them.

This system is really disciplined towards financial management, expenses and for savings processes.

That is true. Automating your savings can help you save more it is a good strategy specially to people who do not have control in their spending on their wants. Automating saving is good for people who have extra money on their salary because if you have a low salary and your salary is just enough to cover up your daily expenses, it would be a bit harder. Not everyone have extra fund on their salaries. But to be able to automate savings  you have to do side jobs so that you can have extra income to be able to automate your savings. I had done that in the past and i know how it feels if your salary is just enough to cover up expenses. It is hard to save if you do not have extra in your salary.

Exactly, if you save money, you will have more money to save when you have a source of income, however other individuals prefer to invest their money in order to make more money. Saving is typically done for the short term, whereas investing is done for the long term. In the short term, it's a good idea to invest your money rather than save it. Saving is just a normal thing that you can't get anything back from, any amount you keep in a luck key that is the money you will see, but when you invest you will get a high profit back, as for me i would rather invest my money than save it.

I like your mindset about preferring to invest the money you have instead of having to keep it in savings. Because by investing, of course you can expect your money to grow or have profits over time. But investment will only get sweet results if the investment is made for the long term. But actually we should also always have cash or money that we save that is easy to use in unexpected situations such as when we are sick or something else. So having emergency savings should still be one of the priorities that we also have to pay attention to.

Usually those who have savings to support life for more than 6 months will dare to invest because it will not interfere with the investment that we are making because there is already a reserve fund that has been prepared, if later there is an urgent need of course the savings will be in use while the investment will not be disturbed by our situation, so indeed this must be matured and first create a new savings fund to continue investing..

I think there are still many people who make the mistake where they invest but don't have a reserve fund, but when there is a need, the investment is withdrawn because there are no other assets besides the one invested, so that is what must be considered where emergency funds are important.

So you became rich by investing? Or are you still losing money and looking for another way to cover your investment losses? Investing is the best way to increase our wealth, but there is no guarantee that the investment will definitely bring you a return. It's a bad idea to put all your money into investments and not have any savings because the investment will never be able to help you in emergencies or daily needs. It is quite surprising that until now, many people still do not know the importance of saving.

depending on the investment undertaken, investing certainly has its own risks in each field, for example we invest in land, of course even though we don't have adequate knowledge about future analysis, this investment is classified as very safe, because every year it will increase. it's different with investing in cryptocurrencies or gold, of course it has a higher risk, therefore we must have prior knowledge to be able to manage existing risks, this is better than saving fiat, where the value of fiat currency will be decreased as inflation increased. therefore we must be good at managing finances

Additionally, I would rather invest my money than save it in any form. I think if I put my money into better investments, it will grow, and that should be a great chance to raise more money. Even though they have separate accounts for savings, some people still find it difficult to save money because they readily tamper with it. However, after money has been invested, tampering is far less likely to occur. So I guess I might say that investing is the best approach to effectively conserve our money while avoiding temptation.but when someone don't have better place to invest the money with assurance of less risk, I will advice to get it save normally in account you can't touch unless you reach your fix time.

investing money is much more useful, but saving also has the benefit of anticipating urgent needs that are beyond calculation. both are highly recommended to manage our financial balance. of course we save only as needed, and more to invest. in investing we must clearly master the field that we will invest, so as to minimize the risks that occur as a result of our lack of knowledge about investment. that way it is hoped that our wealth will increase in value, because it focuses more on investment

Automating savings is part of a process that people start looking into when they start to wake up to planning their financial future. Many people stumble through their first few decades being extremely wasteful with money and not thinking about what will happen in ten years time, or ways to break out of the payday cycle. Some people also dig themselves a debt early in life, which can take time to rectify and gain a decent salary - at which point it can make sense to take this type of budgeting decisions.

Correct this important point is what I also mean. Because having a reserve fund is something that everyone must have. Because without a reserve fund or emergency fund, sometimes our financial planning can go awry in the future. if there is an urgent need that cannot be postponed or must be paid immediately. Emergency funds must also be stored in a form that is easy to use or easily traded. So most people keep a fixed form of reserve fund in the form of fiat money. because it can be directly used whenever needed. and remember an emergency is a condition that must be handled as soon as possible so it will be very difficult if we have to use a long time to sell goods or exchange our assets first so that they become fiat and can be used for payment.

Except for the ultra-rich, I don't think anyone finds savings to be something useless because everyone understands the importance of money especially when there is a situation when someone needs way more money than they have or even earn, that is when savings come in handy and can save the person from taking loans or borrowing money from people only to spend on the emergency they got into, so savings are obviously not useless.

A person who earns a minimum wage and can barely fulfill the needs of their household basically doesn't have the option to save anything, but those who earn enough that they can fulfill all the needs and still have money left should obviously save the remaining money as that can be useful in the future.

Strange, then I am one of a kind, I wonder why I can't even satisfy my needs when I have the money, I remember making my first million in my local currency, I was lacking a lot, I don't eat enough, I wore worn clothes and bad sandals, I don't even give a damn, because my focus was so strong that I confused myself that I had nothing, the money was sitting there and u couldn't take a penny off it, until I found a purpose for the money and today, it helped with my foundation of success.

A strong determination won't interfere with where you are going, even if you are lacking some needs at the moment, this was my story.

It seems to me that such a restriction is also not very good, what is the point of money if you walk around in old clothes and do not eat properly. You need to keep a balance in everything, you can save money, save as much so that at the same time you can live comfortably, you can buy new clothes for yourself, eat well, then this path will not become burdensome for you.

Everyone has their own way and their own understanding of how to do better, but it will take a lot of time to accumulate a lot of capital, and I see no reason to limit myself all this time. It will also form a habit in you, and then it will not be easy for you to start spending money on yourself, you will constantly try to save money on something.

You need to try to increase your earnings, and thereby improve your standard of living. You work and save, you need to reward yourself for this, for a well done job.

Investing in real estate is the safest investment, but there is no guarantee you will get a profit in a short time or without loss. What if you invest all your money in land and then you need the money for emergencies like surgery on your loved one? That's when the investment will be useless, and the savings will come into play.

Life is full of surprises, in the past and present, your life is favorable, but it does not mean that your future will always be bright and free of uncertainties. If you have no savings, you will find your life miserable. Even the top billionaires still have millions of dollars in savings, they always leave a backup plan. We should not put ourselves in danger or dead end.

Automating ones savings is essential when you are receiving a reasonable income and not those that goes for a daily hustling unlike my country where they pays a daily hustling for less than $5.5 ~4,000NGN for the whole day and as a woman or man how much do you think you can really save out from this money after removing family expenses or feed for that day.
I think would be more better for those who are being paid hugely like $100 above as salaries, such people may decides to be making savings in an automated way whereby whatever they received as salary got deducted automatically to a specific account where they have no access to it until some duration of year or months.

This trick is suggested inany blogs. It's undoubtedly working idea and I am personally going to do it. Thanks for reminding me again.

When we have income, we feel that having fun is the purpose of life that can happen at any time, we are too optimistic that with the monthly salary we get, we don't need to save, let alone invest, so when we have sudden needs, we begin to realize, there are many lessons in life experienced by others so that we can avoid that experience.

People can save some money from each location if they want. Saving depends on the individual. It's not how much you save, but whether you save. People usually save different amounts based on their income. There are many people who do monthly low paying jobs and when they decide to save, they find that at the end of the month they are able to save a small amount of money which makes them disappointed but there is nothing to be disappointed if that small amount is considered a long term calculation. Then it can be seen that if we save little by little, a large amount of money is deposited in our savings account. Every person should think about the future and save for the future according to his ability by thinking about the future.

"Balance is the key to everything."

And I must say, I think of money as a resource, not a deity to be worshipped. Hoarding money to the point of self-deprivation is as ludicrous as a squirrel starving itself while its stash of acorns goes untouched. We should always strive for balance, my friend. Living within one's means shouldn't mean living poorly. You're spot on when you say we should reward ourselves for our labor. As humans, we're more inclined to repeat behavior that is rewarded - it's in our nature

However, allow me to make a point. Increasing earnings, while noble, isn't always within our control. A better bet might be to focus on growing your savings through smart investments. In the long run, your money will work for you, improving your standard of living while simultaneously satisfying your urge to save. It's the financial version of having your cake and eating it too

that is true, each one of us have different savings capability so to speak. you can't expect a low-wage earner to save a large sum of money because usually their money is just right for their basic needs. but it is your choice to save and how much, especially if you can afford to.
of course, it is always best to keep some savings, because you'll never know what will you encounter in the near future. but not all people can afford to automate their savings for various reasons.

Yes, its situation on which it is really that true that no one would really be able to force up someone to save up a certain amount of money since not all would really be that the same when it comes
to earning capability on which it would really be normal that numbers would be entirely different.We dont know on what are the struggles and challenges that they do have in life on which it would
really be that understandable that there are ones who could be able to save up and there are ones who cant because of the needs which they do need to prioritize.

Savings is mandatory but due to the hardship and challenges in life then it is really that possible that we do end up on having no savings because of some more important things.
This is why it would really be that understandable that each situation and condition would be entirely be different to each other.

The story of a life journey that is very memorable and at that time we have to experience difficulties so that no one wants to help. Before marriage, I was also in the same problem as you and what's worse close relatives treat us like other people, until in the end I tried hard to collect money slowly and when the money collected I tried my luck in small business. Two years after that my finances were better and in the end I tried to invest in several places.

After getting married my life was much better and finances also improved slowly from hard work and when my second child was born there I made a big profit from investment. Our life journey is sometimes full of twists and turns and when we are strong in trying to change there is definitely a chance for the better, although sometimes during the process we go through very hard and difficult because no one wants to help.

In my country there is an obligation to pay several types of mandatory contributions such as health, old age, retirement and so on, when we are old, of course, we hope that it will not be difficult anymore, sometimes we have to be forced to save or invest because there are many temptations to waste money because we think we can always make money.

That is a pretty good advise and I would recommend anybody to follow it that wants to save longterm. If we treat saving as a fixed expenditure like rent, food costs and other expenses, it becomes much easier to take the money away at the start of the month. In case we want to invest our savings in stocks or cryoto currencies it would make sense to automate the process, so that we have less work and don't need to think about. Depending on the country you live in there can be tax advantages for saving also. For example, in my country we can have private retirement funds that are subsidesed by the government and the employers. The money is taken directly from the monthly salary and we don't have to pay taxes on it, it also lowers my overall income and taxes. Additional I get benefits from my company that matches my contribution. The only problem is that I don't have any access to that money until I retire.

Right? It's being responsible without the pressure that normally comes with it cause it's just there, automatically doing it for you. It's honestly a decision I am very thankful for my past self for doing because I can at least be at ease knowing that I am able to save up despite some moment when I think I am spending too much of what I normally have. It's lifesaving in a way and I can surely rely on it for future expenses and needs.

For sure, you are earning a lot or, like, have spare money, but I'm curious if automating the savings is something you need to do. I mean, do you need to pass some documents? Because I've tried in my bank right now with the app and I don't see anything about it, maybe I need to go first to my bank to get clarification on this. But again, not all can do this because their salary is just enough, but if you follow the principle of saving first before spending, then for sure you can save, even if it is just $1. This is better than nothing.

Is the obligation to pay similar to insurance? I think in my country too there is something similar about this. But only for health insurance. Its name is BPJS. where all citizens are required to register or own it. And every month we have to pay for it. But for the lower class citizens the government bears the cost. At least health insurance in my country is enough to help people to get good health services. Although sometimes paid services are more satisfying.

Saving and Investing is sometimes quite difficult to get used to, but we really have to force ourselves to these two things. Because as you want, we want our old age to remain in a stable financial condition.

Having savings will be a life saver in the future because we cannot predict what's gonna be in our future especially we will not be forever healthy always that's why having a savings will be a big help towards preparing for the future. Life insurance and death insurance will become handy and be able well-prepared can bring good decisions in life and not just savings from it but also having savings from investments like crypto will be huge as well preparing for future financial freedom as well.

We have to understand that nowadays there are more and more temptations to buy or shop, even though the offline market looks quiet but the online market makes it easy for many people to be tempted to buy, even many things that are bought are not needed so that it can mess up finances, with automatic savings every time month then we can have a good future.

E-commerce has a lot of effect on us as we spend most of our day online. due to which we start visiting e-commerce sites and get interested in shopping. this is a major cause of unnecessary expenses for us and there are many other unnecessary expenses that make saving a lot of trouble for us. on the other hand unemployment rate is very high in our country due to which the monthly income is very low through which it is difficult to cover our expenses for the whole month due to which we cannot save money. everyone wants to save for the future but it is not possible for everyone to implement it

This is a good way to stay focus for those that needs it, I think the majority of people find it difficult to save some money and auto savings can come in handy, but not for me, I came from a family that have discipline, I thank my parent for that, they brought me up in such a way that whatever I want to do, without savings I will still get it done, manual savings is pretty normal for me, since I was young I always save up to get whatever I want, even when my parents have all the money they can give, yet they wanted me start taking responsibility myself, that was how I ended up to be a fine man today, if my mind is set on something or a goal I always get it done.

The biggest difficulty in the financial world today is because access to shopping is getting easier with the presence of shopping platforms (online shops). So that people sometimes find it difficult to refrain from shopping. Many have complained about this. But if we already have a good financial plan and we are used to being disciplined in managing finances, usually refraining from shopping online can be done easily.

I agree with that automating your savings will help you save more. There are banks who offers auto debit arrangement on a weekly or monthly basis or whichever is comfortable to you, they will automate and put your funds in a certain services they offer like mutual funds, investment funds even in stock market. But sometimes it is hard to save specially when your budget is just enough to cover up your daily needs, and if that is the case you need to find other source of income to be able to save money for the future.

Sometimes humans have to be forced to understand and understand something, for example, sanctions are applied to traffic violators on the road, if there are no sanctions, accidents will easily occur, just like an automatic savings system, if we can't force ourselves, we will regret it in the old days.

Practice makes perfect they say, what you have been doing for a long time will have get into your blood, you probably can't do without it, savings is not something you just wake up one day and decide to do, even some older people still find it hard to save money, they are the type that either find someone they trust to help keep the money on their behalf or they use a bank account with no ATM card.

Some people said that not having ATM card makes it easier for them not to spend their money but many people are living on procrastination, even if they are saving money automatically, what they plan to use that money for at the end of the day won't work out because they will take the money out and use it on something else.

If you are someone who don't just talk, that whatever you say with your mouth is what you always do, there is nothing can not do, there is a difference in I can and I will.

Well there's a force that could be a bad thing and some are good thing. Because some people might interpret your idea as a bad thing since it talks about force. But if the intention is for your own good, forcing yourself to change then that's a good thing. It's like you are scared to go out to your comfort zone and forcing yourself to explore more things in life. Saving is really for our own good, securing your future especially in case of emergency. If you start it and in the long run you will get used to it and it might be become your hobby to automatic savings plus another saving. You also need consistency that's why automatic savings exist so it wouldn't be hassle for you to be consistent. But still in my case, automatic savings plus another savings for investment would do so some of your money would work for you.

If you can process that thru banks it will give you good way to save and have some passive income, letting your money to be invested to grow even in a little amount is better than nothing, though just like you said it's tough to save when you only earning enough or if your are earning less, then you needed to look for additional sources of income if you are really aiming to save money.

It's more about how you balance your finances and how you will focus your determination to achieve what you are aiming to have a better
financial capabilities in the near future.

This is quite right that with advent in comforts like ATM cards it's now easy to withdraw money and not easy to save money. But there are other frontiers available to save your money like Bitcoin. To me Bitcoin is like an account without an ATM card since I can only accumulate bitcoin and there is no way I can spend bitcoin or convert them to fiat since crypto is ban in my country. That's right you need to do something  different to save money on regular basis.

It seems that it is true as you say that humans sometimes only understand something after they experience an event that forces them to do something to avoid losses in the future and begin to understand it after forcing themselves. But what makes a person push himself sometimes is because he has a high enough motivation to achieve something he dreams of. Because when we have a clear goal and want to get it in a quicker time, we will sometimes be compelled to force ourselves to be more frugal, which is usually extravagant.

I think it's just part of humanity, I mean there are certain laws that we have to follow, and as the saying goes, experience is the best teacher. But as far as doing like automatic saving system, it really depends on the individual.

There are person that really wanted to save and look for the future, hence it's easy for them to save money without actually thinking of it. But for some, we really have to force ourselves and it's very hard. And the only to do that is to experience hardship in life and then we learn our lessons.

I agree with the op but then, with unrestricted access to the savings, it is still the same like nothing is saved, except the account where the savings are being sent to have some restrictive measures place on it like, the account owner can not access funds in that account until a set period of time elapses, this is the only way this can work, anything outside this, it will all be for nothing as the account holder can still go into the savings account to make withdrawals as soon as he or she goes broke.

The mentality is always like this "I cant have money saved up somewhere and be hungry for food"

If one has a debit card in their savings account, they will likely get tempted to withdraw some money from their safe any day without realising that they are really saving the money for some goals, although sometimes they have plans to replace the money, which they don't. I agree with you that Bitcoin is another way of saving money, even if it's in a situation where it's not banned in your country. I know that it might not be so for everybody, but for myself, I can hold my Bitcoin tight without spending it, but I can't freely hold fiat cash unless maybe it's fixed deposited in the bank.

The digital transaction possibilities available in our hands have made things easier and most of the time we were spending on unwanted things. This needs to be stopped, only then saving can be made effective. As suggested we'll be having certain goals and for the same we'll be saving. All of the sudden we'll end up spending. This shouldn't happen and this can be avoided saving in terms of bitcoin. Here the prime focus should be long term and the  regular amount saved gets added and assure with a better value than saving in fixed deposits or some other deposit schemes for high interest.

I see automatic saving as a smart and effective strategy to overcome the current bias and ensure regular saving without requiring continuous decisions about whether to save or spend… I believe that by implementing this technique, the temptation to spend money on daily necessities is removed, since that a part of your salary goes directly to savings before you have the opportunity to spend it on other things… As you say it is not easy to do this, it is easier said than done, but the people who have achieved this approach have obtained multiple benefits as far as long-term economic well-being is concerned... This discipline so to speak is something that we should all put into practice.

Between shopping for needs or saving, it often happens and you have to choose. But in my opinion, if the need is very important, then just buy it, but if it's not important or just for fun, I think it's better to save or invest because it will be more profitable. And saving also requires desire and determination. Sometimes without desire it will be difficult to saving.

You are right. Because for some people who are not used to being thrifty, it will certainly be a difficult thing if they suddenly have to become a person who is not extravagant. Forcing ourselves to live frugally does feel torturous at first, but if we can survive the initial stages, then we will automatically get used to living frugally and one day we will not be forced into frugality, we will even enjoy the process. So basically it's just about living habits and trying to build these living habits is indeed not easy. But we will be grateful someday when we have gone through these difficulties and enjoy the results of our future savings.

So are you applying this in your life right now? A lot of people including my self haven't control on this things like imean there are times that we need to reward ourselves like eating out to expensive restaurant like once in a quarter or having a drinks for  a night. I know this kind of spending needs to be put into investment, but we shouldn't always chase money; we should have to relax. But again, if it goes more like you keep buying a phone when there are new releases, sure, that is really a big problem. But if you do it rarely and just to reward yourself, that is better.

Each method has its advantages and disadvantages, automatic saving will help us better comply with saving and avoiding wasteful spending. But life is not always smooth sailing, there will come a time when we need more money and that is when we will see the inconvenience of automating savings. I still prefer manual savings over automatic because I'm in control of my finances because like I said, life won't always be the same all the time. As long as we are aware of the importance of saving, we will know how to control our spending, and saving manually will bring better results than automatically.

With one of banks I worked with there is option to buy funds if you deposit money to savings account. It automatically calculates some portion of my savings and keeps buying more funds if it increases. I think its good opportunity because I do not even look at it. Pretty sure I am making money through it but I don't even worry, cause it means I am working with professionals.. Its very hassle-free experience.

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Auto savings with a good fiat bank is good because it will give you more interest daily, your savings will be used for investment, banks do use saved money to invest online and offline and it's one of the things that makes them get profits on daily basis, auto savings will always get your back covered even though you forget that you are making a savings, it will be more better when we auto save for a year or more, this is also the same as accumulating more BTC because you save them for future reference, savings help in future more especially when you are in an impasse condition, it's better to save now than letter Because it might be late then.

I don't really understand what you mean by funds here. Is just sound as if you are using money to buy money. Is that possible? And how does it work? And you claim to make money through it. I will like to know more about this.