Untouchable Savings: Do you have it?

[iv4n]

I stumbled upon this interesting tweet days ago.

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

I guess the conclusion is pretty simple, just saving without living is pointless.

I know a similar "short story" about two roses walking in the desert... I like to think it's about life, maybe even more about girls :

Two roses walk through the desert and after a long time, they come across a spring. But when they wanted to drink, the spring told them that they could, but to leave the petal. One rose gave a petal and drank the water, the other kept safe. And so spring after spring, one gave petals and drank water, the other did not... until both withered.

We need some enjoyment and entertainment in life, without that what's the point of life?

[nimogsm]

I had savings that I hadn't touched for a long time.I kept them for the darkest day and it came.Last year, a war broke out in my country and the savings were very useful because everything changed literally in one day.Now I'm starting to set aside part of my income again for cases of force majeure if it happens.So saving money is very important, but it's important to do it wisely.Namely, without starvation and leaky shoes.

[Cling18]

Yes, I have untouchable savings that are allocated for my kids' future. As much as possible, I always do my best not to touch the funds and look for other alternative ways to earn in case of emergency. It is important that we can handle our earnings and savings well because if we don't have the discipline to keep our savings untouchable, we will just disregard the purpose and reason why we are saving.

[Bananington]

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?

Our savings are only useful to us when we are alive, staying alive is priority. Any life or death situation that money can yield and be the solution is enough for me to put my hands in my savings. I have insurance for emergencies, but any situation that needs financial solution or intervention and the money I have budgeted has been exceeded plus my insurance cannot cover it, I put my hands in my savings not to completely exhaust it but enough to be able to remedy the situation. I do not see anything wrong with this because the money you have saved is for the purpose of saving you.

[Dickiy]

Yes, I have untouchable savings that are allocated for my kids' future. As much as possible, I always do my best not to touch the funds and look for other alternative ways to earn in case of emergency. It is important that we can handle our earnings and savings well because if we don't have the discipline to keep our savings untouchable, we will just disregard the purpose and reason why we are saving.

Sometimes, don't push too hard if the obstacles are starvation for something we don't know yet, misery that we predict will happen or not, of course that's a stupid thing in my opinion, it would be useless if we save money and we deliberately don't touch the money even though our current situation is it's starving.

Yes, I have untouchable savings that are allocated for my kids' future. As much as possible, I always do my best not to touch the funds and look for other alternative ways to earn in case of emergency. It is important that we can handle our earnings and savings well because if we don't have the discipline to keep our savings untouchable, we will just disregard the purpose and reason why we are saving.

That is very good planning for the future of your children, considering your economic situation and income will not be the same as today and later you will not be as strong as today in finding income to save. but if your current situation is having difficulties, eating from paycheck to paycheck without any savings being touched is okay in my opinion than letting your family starve

[teosanru]

I stumbled upon this interesting tweet days ago.


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

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?

A very interesting tweet. And honestly a lot of people atleast in my country have this mentality, they would not dare to touch a specific set of savings that they have no matter what happens. They will always be stubborn on the fact that this in untouched savings and amount can only be added to it cannot be reduced from it. I feel one should have such a saving but it should be really like an emergency fund or with a specific purpose. Just keeping it for the sake of keeping it isn't sensible.

[Smartvirus]

I stumbled upon this interesting tweet days ago.


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

This is funny and real serious as well. I can only imagine them to have died in there sleep as, its only in the subconscious that one cannot be able to satisfy or at least offset a want that is readily available. Little wonder why some persons are drawn to crime!

Anyway, in application to our everyday lives, this is very much true. Tomorrow might not be promised anyone but, you should keep the much things that you would need but, that doesn't mean you shouldn't enjoy today. You ought to define the fine line between over spending or lavishing and suffering yourself just because of fright of a tomorrow.

If savings in this context could be referred to savings in bitcoin, then  guilty as charged. Am definitely doing some hodling but I as well make withdrawals in just the amount that I need and when I need it the most. More like a last option sort of thing. Bitcoin remains preferable as it is in itself an investment. Its the most useful way to save anything currency if you ask me.

When it comes to fiat, its mostly just want I need to spend within a period, solve emergency situations and turn them into some investments.

[DrBeer]

What is being said here is called the "Financial Pillow".
This is a solution that is financial, independent, high-volume insurance in case of critical situations. The situation can be anything - health problems, natural disasters, terrorist attacks (as, for example, Russia is now carrying out on the territory of Ukraine against civilians and against the country as a whole). All these events lead to:
- inability to earn income to support yourself/family
- risks of loss of accumulated assets (apartment, house, car, business, ....)
- the reasons why you will be forced to leave everything that you had up to this point and leave the city / region / country of habitual residence
... and much more

The financial cushion should cover your typical consumption habits for a sufficiently long period of time. According to my estimates, this should be a reserve for 1-3 YEARS! Ideally, there should also be an emergency reserve, for example, at the level of 50-100 thousand dollars, so that when you move to another country / region / city, you can purchase residential real estate there to provide acceptable living conditions for your family (this is a very desirable reserve, for if you have a family).
Total total amount - you can calculate, it's not difficult. Those. according to my estimates, the size of the financial cushion should be about 200,000 dollars.

Yes, there is a nuance - this is the defersification of storage facilities. First of all, these are multi-currency reserves. Secondly, it is, now, necessarily crypto-currencies, possibly shares of technology companies and similar assets.

[Quidat]

Yes, I have untouchable savings that are allocated for my kids' future. As much as possible, I always do my best not to touch the funds and look for other alternative ways to earn in case of emergency. It is important that we can handle our earnings and savings well because if we don't have the discipline to keep our savings untouchable, we will just disregard the purpose and reason why we are saving.

But there are things in life which we could potentially be able to experience that last resort thing and would be snipping out of those saved funds specially for your kids future but of course as much as we can then we would be still finding ways and methods to solve up the current problem and would really be doing our best not to touch up those allocated savings for a specific purpose but its not bad to
get a portion of it when you dont really have any choice or ways on solving the financial problem you do have.Its not really that a shame for you to broke your plans or goals because
anytime you could be able to patch it up if you wanted to.

[DOH!]

Ironically, I have the concept of “ Untouchable Savings”, which is the savings that I have to pay off my home loan each term.  In addition to a salary fund with a control over spending, living the model of a family man, I already have.  Lol, Most talk about the need to make and save.  The more money you earn, the more work you need, the more you spend, and vice versa.  As a result, “ Untouchable Savings” are often hard to come by.

[serjent05]

I always believe that there is no such thing as untouchable savings.  Even when you are saving in banks, your money is being used by someone elsewhere.  We may set our savings to be untouched is some span of time but it would be a lie if it is untouchable.  Remember, you have the access to it, if it is in the bank, other people have access to it.  It is also the same thing even if it is Bitcoin in another currency.  As long as we have access to savings, we can never say that savings are untouchable.

[Don Pedro Dinero]

I do have savings that, in general, are not to be touched, but not to the extent of the example given in the OP, otherwise it's as if you don't have them.

There are savings that have a purpose: to pay the down payment on a house, to go on a trip, etc. On the other hand, it's good to have a certain amount of savings for something that you can't foresee happening, and in that case they are there to be spent, otherwise why do you have them?

I always believe that there is no such thing as untouchable savings.  Even when you are saving in banks, your money is being used by someone elsewhere.

You are right in what you say. If you have your savings in cash at home, that would be one thing, but to have 'untouchable' savings in the bank is very naïve and you don't understand how the financial system works.

[MarjorieZimmermanGinger]

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?

If true, I'm the kind of person who doesn't really care about spending the few dollars I have, but usually I always see the need to buy a few things that I think are essential and never hold back from doing so. Because in reality the savings I have will still be used at certain times to buy some items that are really needed.

But you know OP, I apply standard savings in my life, even though it doesn't place me as a rich person right now, I think this is important for something that happens beyond predictions, at least I don't go into debt and take loans when one of my family goes to the hospital , buy a car and build a livable house for the family.

[xSkylarx]

It makes no sense to me not to touch those untouchable savings if you really need them. I don't know if we have the same mentality, but as long as we start struggling, like when I lost my job, that is the time I'll use it, and if ever I do have extra money, I'll pay it back. Savings has always served a double purpose in my life: for emergencies and for things that I needed to buy because that is the purpose of money. I ain't holding myself back from touching it if I really need it.

[michellee]

I'm trying not to touch the money I save unless there is an urgent need. That's solely for the sake of my future later and I'm willing to use old things that are still good and not buy new things and that's only because I can have more savings.

But I was once in a very urgent situation where I needed money and was forced to use my savings to fulfill it. And when I have money again, I return the amount I used before and with a little extra money in my savings.

[Japinat]

There's no such thing as Untouchable savings because money is meant to be spent, it's just a matter of how and when you will spend.

In our society now, we are thought to save money, but IMO, we should save money for emergencies only, and other things that we find necessary to prepare for in the future. The rest of your money should go to investment, that if you want to achieve financial stability, and of course, you should not forget to reward yourself, as I said, money is meant to be spent.

[GideonGono]

Unfortunately I don't have that kind of saving, and honestly even my small investment would be touched or spend sometimes whenever there is an emergency.
If I would ever have a chance I want it to be an untouchable investment in crypto,
I love to achieve that kind of investment when I could just hold it for a long period of time and it wouldn't matter if the price goes down or up since I am aiming for the long run.

[virasisog]

As much as I want not to touch my savings, there are really unexpected things that usually happen or necessities that I have to prioritize in case I lack the budget.
Now that everything is getting more expensive including our bills, there will be times that we have to seek help from our personal savings so instead of increasing it, it decreases in time.
What's important is we are sustaining our daily living and we are still trying our best to save which is a wise practice.

[paxmao]

There is a huge difference between untouched savings and untouchable savings.

Rational people will have, if they can afford it (!), some savings they will not touch unless something big and bad happens. Does this means they'll die before spending all their money? Yes, and it's fine. Having a certain peace of mind has its costs.

Untouchable savings is imho stupidly risky. They have their purpose in case of people with certain addictions, but it's something that has to be treated with extreme attention. It's more advisable to allow other (trusted!) person/entity take care of those savings than lock them and make them untouchable, since if a health issue comes up, one may need that money, but may not be able to touch it.

Somehow people speak a lot about inflation when speaking of savings. Savings can be stored in gold, bitcoin and other, so inflation is relevant in the sense that if too high economy in general goes badly, but you personal finances can be made resilient or even "antifragile" respect to your local currency.

No savings are "untouchable". They are there and you have control over them so "untouchable" is more of a state of mind. My humble advice for people who save is to figure out in advance under which circumstances would they use that money (severe illness, loosing the house, long term lack of income, hunger,...) and stick to the rule and do not make 100 times the decision of not using them.

[Mauser]

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.