Is budgeting still effective in tackling the need to constantly withdraw money?

[xSkylarx]

I still work on a budget, and try to restrict myself from withdrawing and spending for unnecessary things in my life. It’s hard at first, but it’s worth trying especially if you’re just living alone like me. Though things will change once you have a family that you’re raising. Budgeting will then, be hard and there will surely be times when you need to swipe and withdraw some cash. You can’t really say no to that, as that’s the needs of your family. Hence why the family dynamics nowadays is different compared to the last few decades, as both parents need to work in order to serve some food on the plate.

Agree since the price of food right now are doubled so we need to work also twice. I would really say that when time that i still dont have children , the money is really there , i only spend it for food and also for my parents since i was working on that time , i do have saving on that time but when i got married most of the saving are gone since you really need to get it to use it for the living. But still family is the best thing that ive ever happened to me although we have only enough money to buy the basic needs but still we will strive to save just to get our wants

[1714198798]

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[1714198798]

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[newwest]

I have kept it simple, when I require money for something and falling short on fiat then without an option have to sell some crypto and get the work done. I avoid using debt and keep it way as when you require money and your own money does not come to use than no point of having it. And dips always exists in market to buy as well.

[RealMalatesta]

I might also add that budgeting on its own is a very useful life skill,,, something they should teach you in school or at home. Most times I look back at my fellow housemates and workmates after uni and going to work living independently for the first time. Most did not know budgeting and just randomly figured stuff out and so ended up in debt every month before salary. Salary comes in and immediately huge chunk cut off for credit card.

This is not just good for Bitcoin holding,,, good for getting by in life financially.

Nothing related to finance would ever be thought in schools. Schools are places where workers are raised, the better the school the better the worker. If they teach kids the value of money and how they could save or how they could get debt to grow bigger and so forth then they would also allow people to realize that the rich are way too rich as well.

Having 200 billion dollar worth is not something you can do these days without doing something shady, things like letting your workers not even have time to go to bathroom, or even have people die in your warehouses, crushing unions, and all those things.

This is why I believe that there is going to be no financial education at all in order to keep the kids ignorant about the true meaning of money, learning what it is would make those kids grow up resenting the real wealthy, the ones that are like only 2000 in a nation of 400+ million so not really against everyone, but those 2000 people will do their best and spend more to keep it as it is.

[cafucafucafu]

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

Honestly, I never really found it that enticing to withdraw my cryptos.

But I can see why regular withdrawals can psychologically impact your willpower to hold coins for the long run.

Until crypto is the dominant unit of account for value, it's probably good to have regular fiat based cash flows coming in that represent a security in case anything occurs in real life that requires funding - so that you don't have to pull out your investment to fund that real life issue.

[TheGreatPython]

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

Well it’s good to be making budgets so that we will be able to know what you’re spending on. But, sometimes there are some expenses that you never plan and they just come in out of nowhere.And just like you said, these days inflation has been much and there has been an increase in the price of most things you will find in the market.

So, the best solution now will be to increase our means of income: if you only have one source of income, it’s best that you also look for another source  that will serve as a passive income. So what I’m trying to say is that your income should match or surpass the level of expenses you are making in a month.

[AicecreaME]

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

Withdrawing and exchanging your coins into your local currency requires self-restraint. You have to know your limits so you won't be able to touch the coins intended to be held for the long term. Otherwise, you'll end up regretting it later.

Personally, budgeting is still effective. I guess it's just a matter of discipline on how you will spend and save your money. As for me, I prioritize the things that I need over the things that I want. Although of course, there are still times that I give in to buying some luxurious things, but only as long as I can afford it. I don't go beyond the boundaries that I have set in spending for my wants. However, there are tendencies sometimes to go a little over the budget when it comes to buying the necessities because of higher inflation rate. As long as the things that I'm buying are needed in order to survive, I don't worry spending a few more bucks.

[qwertyup23]

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

I think having a good budget for the rest of the month is essential in order to prevent withdrawing your BTCs, but this all depends on your goal.

Some people see their BTCs either as a short or long-term investment primarily for the purpose of proceeds and/or extra income. As such, when its price reaches an ATH or when their investment reaches a price higher than that of their initial investment, they would withdraw the proceeds and enjoy the fruits of BTC's volatility.

Personally, I was once a person who withdrew all of my BTCs as soon as I got them. But right now, I never touched my BTCs as i will save them for long-term investment.

[redsun114]

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

Well it’s good to be making budgets so that we will be able to know what you’re spending on. But, sometimes there are some expenses that you never plan and they just come in out of nowhere.And just like you said, these days inflation has been much and there has been an increase in the price of most things you will find in the market.

So, the best solution now will be to increase our means of income: if you only have one source of income, it’s best that you also look for another source  that will serve as a passive income. So what I’m trying to say is that your income should match or surpass the level of expenses you are making in a month.

Unexpected spending is the biggest reason people are having trouble while having a steady income. I am in no means a poor person, I am doing well for myself and I am very happy about it, and I do save some money aside every week as well so I am quite proud of that situation as well. However when you are not wealthy, even the smallest thing could set you back for a very long time.

I needed to buy a new shoe? Extra spending this month, I got my wisdom tooth pulled out? Extra expense, I needed to buy few new shirts? Extra, I needed a PC? Boy oh boy, such a huge extra. So, there are tons of stuff in the world that causes us to lose money when not expecting. Making a budget could be tough when there are so many unexpected spending happening.

[Oilacris]

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

I think having a good budget for the rest of the month is essential in order to prevent withdrawing your BTCs, but this all depends on your goal.

Some people see their BTCs either as a short or long-term investment primarily for the purpose of proceeds and/or extra income. As such, when its price reaches an ATH or when their investment reaches a price higher than that of their initial investment, they would withdraw the proceeds and enjoy the fruits of BTC's volatility.

Personally, I was once a person who withdrew all of my BTCs as soon as I got them. But right now, I never touched my BTCs as i will save them for long-term investment.

This is what im doing on where ensuring my budget for the whole month so that i wont really be tending to have active cashouts or withdrawal just because of my needs.It should really be already intact when it comes to

expenses but there are situations or scenarios which are unpredicted where you do really need to withdraw which is considerable and cant be avoided but its better to have savings which is solely for the purpose

of those kind of situations.Dont tend to touch up those capital that you are trying to make it grow or bigger but well its your money then you are the ones to decide.

[cheezcarls]

What I’m doing so far is that I only withdraw money or crypto if I need to buy essential stuff, pay bills, food and other contributions for the family. However, I haven’t withdrew in an ATM for a long time because I still have enough cash on hand since the time I’ve done a P2P transaction in selling my Ethereum (which I admitted that I’ve regret selling that as the price exploded a few days after).

I have a steady income but I practiced myself spending more on assets than unnecessary expenses. Of course sometimes I have to treat myself once in a while, but not frequently. Maybe once every 1 to 2 months to self discipline myself.

As for the crypto side, I haven’t withdrew much of my major holdings because it’s not necessary and I’m not on a rush (unless circumstances happen). However, if I am almost out of cash whether on hand or in my debit cards/bank accounts, I usually withdraw USDT from my bi-weekly salary.

[palle11]

Budgeting can only work for a steady salary income at least you know and can plan with how much coming and how much to spend. Things are very high because all over the world the inflation is rising and this is not a good situation for business people as you don't meet the same price in the market tomorrow. The daily income earners too are the worst of budget planning, they can't rely on daily earnings to play because buyers are no longer extra vagant in spending which has effect on daily earners. But to be factual the economic term of budgeting is fast going away, now only around the government in their yearly budget statement. Things are changing for hard times are starting to show up in daily lives.

[zanezane]

Budgeting can only work for a steady salary income at least you know and can plan with how much coming and how much to spend.

Not really, even if you don't have a stable income when it comes to this kind of thing, you can still make some plans or budgeting although you're going to budget weekly if not daily since you have an unstable income.

[Vatimins]

     Tell me how you handle your money today and I will give you a prediction of what your financial future will be. Regardless of your job. You see my friend, the numbers don't matter if you cannot even handle those numbers well. No matter how much you have, if you do not know how to manage and allocate your funds and income, one way or another, you will die of either hunger or inability to provide proper healthcare since a person who does not allocate money well, cannot plan well and not having a well created plan will rid you of chances to have emergency funds or insurance funds. I can explain even further but I think you can get my point. I hope this helps you well.

[Silberman]

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

Well personally for me putting budget out for things never works, at the end of the day there are always unimaginable circumstances, especially in the wake of COVID that requires a lot of extra money every once in a while and the government is not even being kind to the people, the fares everywhere are rising and at the same time, people always use things like Credit cards, which doesn't go down so good. As far as I have seen all my friends are paying off their credit card loans. Plus in a student's life it's very important to always keep extra money with you, when you have investments like cryptocurrencies it's both risky/boon, therefore everyone has to tread lightly. It's a hard task, I don't think we can follow any rules here.

It is true that budgeting is not as straightforward as some people may make you believe, however I still think it is necessary if you want to reach some kind of financial goal, after all businesses need to do the same and the ones that do not do it face bankruptcy really quickly, what it must be done is to add to your budget an emergency fund, basically money that you will not use to invest or anything, it is just money you have laying around in the case an emergency happens.

[Gozie51]

Withdrawal habit mostly happens only to people who dont have enough money, just like me before, whenever I earned money from this signature campaign and another source of my cryptocurrency I always withdraw it and convert it into fiat currency because I needed the money. So this withdrawal habit may depend on the status of the person but if you want to change it then it would be better if you do self-discipline and proper budgeting. Know your priority and list the things you need over your want.

As possible as you can you need to reserve some part of your earning to invest that is budgeting too. If you earn you invest by buying some altcoins and hodl. Don't always convert everything you earn back to fiat and spend, challenges and financial obligations will never seize to come as a human being but learning to safe and make strict budget planning will help more. Things get harder by the day and the government not taking responsibility for its citizens so we need to do the little we can to survive that is why we need budgeting and not to spend extravagant because we have hope for another to come, what about if it doesn't come we can fall back to what we have.

[Silberman]

Withdrawal habit mostly happens only to people who dont have enough money, just like me before, whenever I earned money from this signature campaign and another source of my cryptocurrency I always withdraw it and convert it into fiat currency because I needed the money. So this withdrawal habit may depend on the status of the person but if you want to change it then it would be better if you do self-discipline and proper budgeting. Know your priority and list the things you need over your want.

Sometimes people do not really have any option but to sell their coins, after all we know that inflation is high and the price of everything is going up and sometimes regardless of how much you may like to save some money this is impossible as you are simply not earning enough to cover your needs and the needs of your family, however those that do this consistently are losing an opportunity as the price of bitcoin will most likely skyrocket soon, so the best path to avoid this to happen to you is to try to find another job in which the pay is better so whatever you earn in crypto becomes some sort of savings account for you.

[Shenzou]

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

I feel like this is totally related to how you spend your money and for what you are spending it, because if you are using credit card you will find it way easier to pay for things and not worry about expenses or how many times you used it for, but if you are using hard cash or even using crypto i feel like you are actually more aware for what are you paying, i personally feel like withdrawing is a big thing so i try not to do it more often, so from my point of view you can say that making a budget is more effective.

[molsewid]

Withdrawal habit mostly happens only to people who dont have enough money, just like me before, whenever I earned money from this signature campaign and another source of my cryptocurrency I always withdraw it and convert it into fiat currency because I needed the money. So this withdrawal habit may depend on the status of the person but if you want to change it then it would be better if you do self-discipline and proper budgeting. Know your priority and list the things you need over your want.

Currently dealing with a situation where if I am needing money to pay bills I don't have any other choice than selling a portion of my crypto assets just to cover the bills and left me no debt at the end of the month. Due to pandemic crisis still struggling how to survive the monthly dues without suffering my other investments because I have no other source. Budgeting is still effective especially if you are insufficient with the funds you will be learned how to manage it properly.

[lienfaye]

We have our reason why we are taking profit with our investment, and I think for some of us the most common is for sustaining our daily needs. I dont see any issue if this is the case (or regardless for the reason, we should not be bother since its their own money), because we're striving to live the way we wanted.

However if you are a fortunate person yet constantly withdrawing for your wants, I think you need to control yourself and have discipline, this is, if you have a goal that wants to achieve.

As for me I only withdraw if necessary and as much as possible I refrain myself especially if there's nothing important to spend my money.

[beerlover]

I failed big time this month. I had some extra income thankfully from a few things like selling and so forth. September was a bad month and that is why I wanted to make some investments and get some extra money by doing garage sale type of situation. In the end I made more than 40% of my salary just from selling few things. It really worked out very good for me on that part, but I failed so miserably because I decided to buy things that I "needed".

Yes, I did need them, like a walking shoe because doctor told me to walk 30-40 minutes everyday and I paid for my visit to my moms, which I would do anyway one day, so why not pay for it now so that it would be free, and I met with a few friends since I couldn't during pandemic and we finally had a good day all together. All of that combined and few smaller things made all that extra money gone. Now, I have nothing to show for it aside from a shoe and few good memories. Make sure you do your budgeting carefully or you may end up like me.