Untouchable Savings: Do you have it?

[Questat]

Untouchable Saving is a sort of preparation for whatever happens to us like for emergencies and many people are doing this. It is actually we can do this if we wanted to do it and have a plan but in your case OP, I don't think we need to sacrifice our health just to spend less and save some money because it might lead to huge expenses if our health got compromised. We can do savings in the other way, what I did before is to walk from school to our house to save my fair and keep it.

Savings is good but we are also affected by the inflations. It was better to save less but invest more.

We do saving for the future, not only for emergencies but also for investments. But being a student, saving is a tough thing to do especially when our parents don't have enough money to support us and sometimes, we need to sacrifice our wants just to have some savings. If we can manage to save at least 10% of our daily budget that seems big enough.
As I do savings before, I don't think about inflation nor do I think about how much it value years from now because what is important in my mind is to make preparations for the incoming days and I have something to use when it is really in need without asking help to others or from my parents.

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[Mahanton]

Untouchable Saving is a sort of preparation for whatever happens to us like for emergencies and many people are doing this. It is actually we can do this if we wanted to do it and have a plan but in your case OP, I don't think we need to sacrifice our health just to spend less and save some money because it might lead to huge expenses if our health got compromised. We can do savings in the other way, what I did before is to walk from school to our house to save my fair and keep it.

Savings is good but we are also affected by the inflations. It was better to save less but invest more.

We do saving for the future, not only for emergencies but also for investments. But being a student, saving is a tough thing to do especially when our parents don't have enough money to support us and sometimes, we need to sacrifice our wants just to have some savings. If we can manage to save at least 10% of our daily budget that seems big enough.
As I do savings before, I don't think about inflation nor do I think about how much it value years from now because what is important in my mind is to make preparations for the incoming days and I have something to use when it is really in need without asking help to others or from my parents.

If you do have other sources of income which wont be able to touch up your savings then its good but if you dont have and you are on a situation on which you do really need huge funds then you cant really be having any option but to get on what you had saved.This is one of the main sole purpose on why you are saving in the first place, there are really just people who cant just afford on spending their savings no matter what the cost but in my case i wont really be letting for it to happen which you do end up on regrets in case there's something happened which you do know that you do have money to be spend on.
So it do really varies on case to case basis.

[Renampun]

Is it and what I only prepare for emergencies such as hospital fees or death costs is worthy of being called untouchable savings? because I have that and will only use the funds for emergencies as I said.

the pandemic that passed, gave me and my partner to allocate all the money we got to several parts, such as investments - daily necessities - paying debts - emergency savings. we will never know what other shocking events will happen in the future, what if we are happening the next pandemic that causes us to lose our jobs or something?

wise people always prepare themselves, nothing is comfortable in this world and the future is a mystery.

[temple]

My story is rather uninteresting, but let me know yours. Does this idea also apply to you? You could have the money to buy a new car to replace your old and broken one but you prefer not to touch it. Do you hold yourself from spending what you have to the point of depriving yourself of what you deserve? Do you keep significant savings for occasions that might only happen in your imagination? Or at what point would you allow yourself to be drained of your last penny?

I never heard a story before where people died of thirst in the desert carrying full water bottles with them. Wouldn't you eventually start drinking it before you die? I can understand that you would not drink all your water at once, but wouldn't you ration it at least so you survive the longest. Another point is that due to the heat isn't the water going to vaporise eventually so, you should better drink it before? And I remember reading that people stranded on sea would drink their own urine to survive longer, for that you would need to drink the water sooner. When it comes to life and death situation there is no point in trying to save for bad times, it's all about survival. In my opinion saving money is an important part of everyday's life. We don't know what is going to happen in the future, there could always be a big disaster like the earthquake in Turkey and Syria. Without any really savings we could be in deep trouble. Also don't we want to leave some money behind for our children? We all got money from our parents and grandparents, shouldn't we do the same and leave some of the money we have for the next generations? That is why I would never drain all my money without thinking about the rest of my family.

Well the example about buying a new car because someone deserves it is very different from refusing to drink water risking to die. I do indeed know a couple of very healthy people who always drink sufficient amounts of water, but they are driving a crappy car because they prefer to bunker their money.

One thing you mention is true: hiding money under your pillow in times of inflation isn't the smartest thing you can do, but spending your money on stuff that leaves you without cash in an emergency is probably even dumber. Depending on the usage of a car, I assume that a dollar is devaluing slower over time than a car that is used frequently (unless it is a fancy old timer or whatever, you know what I mean).

I guess everyone of us knows somebody who could afford a lot more things than they actually do. My grandparents were the best example for that I guess. They drove a car that was 20 years old or so and they always had the money to buy another one, but they didn't. Yet they had been living a healthy life with healthy food and lots of water.

Now one argument against keeping an old car could be for security reasons. You are probably safer in a new car than in a 20 year old car.

[KingsDen]

I stumbled upon this interesting tweet days ago.


https://twitter.com/SchrodingrsBrat/status/1622320014215856128?cxt=HHwWgIC-9aPd0YMtAAAA

It is good to have emergency fund, such that when there is an emergency you will use the fund. But it is very bad that one will be dying of hunger and unable to pay his rent yet he has an emergency fund somewhere waiting for an emergency to happen. They will keep waiting till they die without living a comfortable life.
Some still have untouchable fund and yet go borrowing to accomplish a project. I think it is a bad idea.

[kryptqnick]

When I was a kid, I didn't understand why some people say they have no money or have very little money when there are soon obvious signs that it's not true or when others claim it's not true. Eventually, as I grew up and started saving money and looking more closely at other people, I realized a thing I call "money that isn't there". It's the sort of funds a person has but never accounts for, often even in front of themselves. It's money which you have, but you say and sort of mean that you don't because that money is not something you allow yourself to use. I get this concept, I understand why people do that. Occasionally, I tried this sort of stuff myself, but in my case I usually end up using this money after all when a big moment comes. Once this big moment was a decision to buy VR, once it was to cover visa expenses to go study abroad.
I don't regret spending money that's kind of there as untouchable savings when the moment feels right. But I also feel way more comfortable having some extra without spending it at all times, just in case I ever need it. Not a lot, just maybe a month or two worth of expenses. I think that's reasonable, but not using it when there's an emergency or a really good opportunity is IMO wrong, irrational. And needless to say, I've never done what the op mentioned, such as cutting back on essential food while having money. Basic expenses come first, savings come second.

[Dickiy]

Is it and what I only prepare for emergencies such as hospital fees or death costs is worthy of being called untouchable savings? because I have that and will only use the funds for emergencies as I said.

the pandemic that passed, gave me and my partner to allocate all the money we got to several parts, such as investments - daily necessities - paying debts - emergency savings. we will never know what other shocking events will happen in the future, what if we are happening the next pandemic that causes us to lose our jobs or something?

wise people always prepare themselves, nothing is comfortable in this world and the future is a mystery.

I think the emergency fund is part of the untouched savings which aims for possibilities that have not yet happened so that we can overcome them with the emergency fund. I think what you mentioned includes that classification.
No one knows about things in the future and is always a mystery and we can only predict for the possibility, we don't know whether there will be another pandemic or not, maybe it could even be worse than a pandemic, of course that is a worry for people who feel Future security must also be prepared today, even though it has been several years running and the emergency fund has not yet been used. We can pass it on to our descendants or our wives or whatever it costs when we are old.

[sana54210]

Is it and what I only prepare for emergencies such as hospital fees or death costs is worthy of being called untouchable savings? because I have that and will only use the funds for emergencies as I said.

the pandemic that passed, gave me and my partner to allocate all the money we got to several parts, such as investments - daily necessities - paying debts - emergency savings. we will never know what other shocking events will happen in the future, what if we are happening the next pandemic that causes us to lose our jobs or something?

wise people always prepare themselves, nothing is comfortable in this world and the future is a mystery.

I would guess that it could be considered untouchable considering there is nothing more important in life than health and death. If you do not spend it outside of that, more often than not you are going to save it for a long time, I should know because I spent nearly all of my investment money on health related stuff.

I think the understanding is more like "if you save enough, would you buy a brand new car?" type of thing, like instead of life, it is more enjoyment or more like assets and I agree that if you say yes to that, then it is not untouchable. Basically if you have a goal to spend that money on something, then it is not untouchable and you should consider keeping it for a longer time.

[fuer44]

No matter how much savings we have, eventually it will be used. But the intent of this topic may not be used to meet needs and if you read the tweet, it emphasizes more on how we manage our savings to become a business, or passive income which makes us get money that is even much bigger than the savings that we start before. but most people are afraid to use it, so that person likens "a person dies in the desert while carrying many bottles full of water".

But I always have something called untouchable saving, which means it's really special savings for emergencies. and we all have to remember that having untouchable savings is especially important for unpredictable emergencies.

[summonerrk]

There is a big difference between whether you have a family or not. Family is very important, but on the way to building up a good deposit, this is a huge pit. Fixed expenses that appear unexpectedly, that's what accompanies every family man. And if you try to save money and try not to touch them, then it becomes much harder if you have a family, especially children. Nevertheless, there are many ways to earn money in the script, you just need to find the strength and time. And motivation is enough for this, because what motivates you to move forward if not family?

[boyptc]

I can say that I have it but it's in the form of bitcoin. I'm sure that everybody feels like that when we don't really want to spend bitcoin because we have a common goal and that's to hold long term.

But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.

Even if we don't like the selling price, it should be done.

[stomachgrowls]

I can say that I have it but it's in the form of bitcoin. I'm sure that everybody feels like that when we don't really want to spend bitcoin because we have a common goal and that's to hold long term.

But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.

Even if we don't like the selling price, it should be done.

Selling is indeed not bad because there are situations and conditions in life on which it could really be resulting for us to sell in no time.Yes, it do really sucks but we do really need for something important.

Money isnt everything but somehow as far as possible then saving up is a must but if you do see the situation becomes getting worst because you arent doing something or do action then its
not bad to give up and make use of on what you had saved.Honestly i've been put through on lots of situations on which it didnt really leave me no choice but to
sell out my assets even when they are still on negative or not on the good side but well i dont have no choice.

[Aanuoluwatofunmi]

Sometimes in life we are too anxious about what tomorrow may look, fine and good that it's not a bad thing to prepare ahead for the future but too much of everything is bad, we need to have hope for tomorrow and leave well for today to in other to be alive, this also affect how we plan for our financ lives in general, what will it benefit us when all we could do is to save up money for the future by all means at the expenses of denying ourselves the right to live the present life which will apparently be the determinant for that future we are aiming for, we need to think well about the approach we give to live in general at the expense of our live, while trying to secure it but loosing it instead.

[South Park]

I stumbled upon this interesting tweet days ago.

snip

Many of the comments are equally interesting. They apply the idea to all kinds of things including the game Resident Evil. And then I thought perhaps this is also true in the economic aspect of life. Perhaps this aptly applies to those whose economic lives are like the desert and whose little money they have they keep tightly for the hardest of days.

When I was studying in the university far from family and relatives or even family friends, I had a difficult time. Money is extremely scarce. Early mornings are usually for hot drinks-- coffee, chocolate, milk, tea, or whatever. I realized that what made those drinks important is that they are hot. So I learned to drink only a hot cup of water which I could easily ask for free from the eatery in front of where I stayed.

Come meal time, I would also request that the serving be made in half. That's to save money. But I had the money. I always made sure I have some. Emergencies and unforeseen expenses may arise anytime. So I need to have money all the time, but I won't touch it. Ironically, it also gave me hunger, inconvenience, discomfort at times.

My story is rather uninteresting, but let me know yours. Does this idea also apply to you? You could have the money to buy a new car to replace your old and broken one but you prefer not to touch it. Do you hold yourself from spending what you have to the point of depriving yourself of what you deserve? Do you keep significant savings for occasions that might only happen in your imagination? Or at what point would you allow yourself to be drained of your last penny?

I remember reading something similar to this long ago and it is part of our psychology, for example it is known that if you buy your groceries when you are hungry you will not only buy more than what you need but you will buy food with higher calories, so it would not surprise me if what you mention also applied to money, however in my opinion the only instance in which you can allow yourself to use all your savings is when you buy a house, as they are very expensive, but other than that we need to always keep some cash in hand in the case of an emergency.

[Findingnemo]

Savings are supposed to be spent especially after our retirement so it really depends on what kind of financial backup we have in our family and ourselves to have such savings. I am not that old to think about it but I do save and I will spend it for sure whenever it is necessary for me to spend money. BTW don't let that paper to become waste so just convert it into something which gives returns forever.

[boyptc]

I can say that I have it but it's in the form of bitcoin. I'm sure that everybody feels like that when we don't really want to spend bitcoin because we have a common goal and that's to hold long term.

But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.

Even if we don't like the selling price, it should be done.

Selling is indeed not bad because there are situations and conditions in life on which it could really be resulting for us to sell in no time.Yes, it do really sucks but we do really need for something important.

Money isnt everything but somehow as far as possible then saving up is a must but if you do see the situation becomes getting worst because you arent doing something or do action then its
not bad to give up and make use of on what you had saved.Honestly i've been put through on lots of situations on which it didnt really leave me no choice but to
sell out my assets even when they are still on negative or not on the good side but well i dont have no choice.

That's how money is made for, to be used and cater our needs.

If the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.

We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.

[Fatunad]

I can say that I have it but it's in the form of bitcoin. I'm sure that everybody feels like that when we don't really want to spend bitcoin because we have a common goal and that's to hold long term.

But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.

Even if we don't like the selling price, it should be done.

Selling is indeed not bad because there are situations and conditions in life on which it could really be resulting for us to sell in no time.Yes, it do really sucks but we do really need for something important.

Money isnt everything but somehow as far as possible then saving up is a must but if you do see the situation becomes getting worst because you arent doing something or do action then its
not bad to give up and make use of on what you had saved.Honestly i've been put through on lots of situations on which it didnt really leave me no choice but to
sell out my assets even when they are still on negative or not on the good side but well i dont have no choice.

That's how money is made for, to be used and cater our needs.

If the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.

We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.

It was indeed the purpose since from the start on which we are saving for emergency purposes or for investment.If you are on a tight situation or on trouble then you should really be having no doubt on spending on what you do have because this was the sole purpose from the start.You cant just risking up something just because you arent spending on what you had saved.It is really just that bullshit for you to skip out
on helping yourself on solving the problem even if you do know that you do have the money to spend to begin with.Sometimes its not really that bad on to break on what you are trying to
achieve or simply with your goal because there are really moments in life which cant really be avoided.

[ChiBitCTy]

That twitter post is funny.  I don't actually belive it, but I understand the point they are trying to get across.  The way I see it, you should save more than most, but don't be afraid to live your life, at least a little bit.  It of course all comes down to whether you're on track for retirement or not...that should then dictate if you need to ramp up saving, or can have a little more fun and life and spend a bit more money, or be a bit more risky with it. 

It's all about diversification and being on track for the day you decide to "hang it up".  Do you calculations, make a plan and stick to it.

[Renampun]

...

...
No one knows about things in the future and is always a mystery and we can only predict for the possibility, we don't know whether there will be another pandemic or not, maybe it could even be worse than a pandemic, of course that is a worry for people who feel Future security must also be prepared today, even though it has been several years running and the emergency fund has not yet been used. We can pass it on to our descendants or our wives or whatever it costs when we are old.

I also plan like that, because the original purpose of the funds was for health or misfortune, so when the untouchable saving is still there, even though it has been used a little for health costs or misfortune, I will pass it on to my children, not only the money but also their mindset. fatherly continues to allocate funds to several sections including health and investment.

...

...
I think the understanding is more like "if you save enough, would you buy a brand new car?" type of thing, like instead of life, it is more enjoyment or more like assets and I agree that if you say yes to that, then it is not untouchable. Basically if you have a goal to spend that money on something, then it is not untouchable and you should consider keeping it for a longer time.

what you say here is correct, because the purpose of the money is for emergency expenses so when a new bag or new shoes appear, I won't buy all of it using that savings LOL. sometimes it's hard to manage, but I'm sure it's all a process of learning and honing my financial management skills.

[boyptc]

That's how money is made for, to be used and cater our needs.

If the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.

We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.

It was indeed the purpose since from the start on which we are saving for emergency purposes or for investment.If you are on a tight situation or on trouble then you should really be having no doubt on spending on what you do have because this was the sole purpose from the start.You cant just risking up something just because you arent spending on what you had saved.It is really just that bullshit for you to skip out
on helping yourself on solving the problem even if you do know that you do have the money to spend to begin with.Sometimes its not really that bad on to break on what you are trying to
achieve or simply with your goal because there are really moments in life which cant really be avoided.

When too much commitment in savings have gone wrong and then an incident for which you can save with your savings isn't being done.

That's why sometimes when you have to realize that the only solution is what you've done for saving. It is the means of why you have been saving up money ever since.

And the same goes with investments, when I was younger I don't want to spend my savings because it's lovely to see those digits goes up but yeah, that was me when I was still young.