Untouchable Savings: Do you have it?

[SOKO-DEKE]

Is it really possible to have untouchable money? I believe that everyone who saves does so for future purposes, such as saving to buy something that one's salary cannot afford at the time or don't have much money to buy it once. And if this is the case, I'm not sure why I can't use the money whenever I have a problem to salve. The only condition is that you should return any money you take from savings account; otherwise, you can't continue to afford money to buy dream things. As for me, I have a savings account for emergencies, but I wouldn't call it an untouchable account because I can use it whenever I want, but not for anything that doesn't have compelling reasons.

[Razmirraz]

If I wanted, I could spend more money than I ever spent overnight. But I didn't do that, not because I was stingy, I preferred to save money to meet other needs.
Unexpected things always happen in our lives, having an emergency fund is a solution to overcome life's problems that can come to us at any time. The wheel of life always turns, sometimes we are above, sometimes we are below. Life is full of uncertainties, you might need sudden funds for emergency medical needs, home renovations, unexpected trips and moving domiciles.
An emergency fund can provide some peace of mind, since I actively set aside a few dollars a week, it really helps me build a financial reserve.

[macson]

i don't have untouchable saving, by the way untouchable saving sounds really old school imo!!  My grandmother used to be known as a very stingy and thrifty person, and she rarely even gave money to her children and grandchildren. As a result, when she died, all the money she collected was taken by her children ^{(one of them was my father)}, since then i think people who save too much money ^{(untouchable saving category)}, are very stingy with themselves and others just do things in vain. 

[AicecreaME]

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.

I couldn't agree more.

Untouched savings for me is the emergency fund, that will only be spend when an emergency happens, obviously, but that doesn't mean that I will not have any more money in my wallet or bank account. While untouchable savings from me I believe is the savings that we think that is not worthy to be spend on anything because it could be use in something more worthy in the future but the reality is that the owner don't want to spend it, like it is just a display in its storage.

[temple]

i don't have untouchable saving, by the way untouchable saving sounds really old school imo!!  My grandmother used to be known as a very stingy and thrifty person, and she rarely even gave money to her children and grandchildren. As a result, when she died, all the money she collected was taken by her children ^{(one of them was my father)}, since then i think people who save too much money ^{(untouchable saving category)}, are very stingy with themselves and others just do things in vain. 

What you describe is something I can relate to very well. But in my opinion you are describing something that is quite common for older people. They tend to save more than the younger generations do today. In relative terms of course to their income. A bad consequence that often occurs when older people save a lot of money or keep valuable assets like jewelry or art is that children and even grand children might end up fighting for it and not trust each other. That is particularly the case when there is no well defined last will. That doesn't mean saving is bad because people could be fighting about it. It rather means that with lots of savings still comes some responsibility.

When you watch someone saving so much and they just stay home for the sake of saving more without exploring the world or having a hobby, then I am totally with you in that they are too stingy with themselves. It is almost sad to see if someone has the possibility to live a great life but psychologically feel the urge to restrict themselves. It shouldn't be that way, but then again if it helps those people living a life without stress and feeling comfortable, I guess there isn't really anything you can blame them for.

[cafter]

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?

yes, It applies to me very well and lot of middle class families too,
we save money for our hard times(like covid pendamic), children's education, health etc.
sometimes saved money helps but sometimes that money being invested by our next generations

[macson]

snip

What you describe is something I can relate to very well. But in my opinion you are describing something that is quite common for older people. They tend to save more than the younger generations do today. In relative terms of course to their income. A bad consequence that often occurs when older people save a lot of money or keep valuable assets like jewelry or art is that children and even grand children might end up fighting for it and not trust each other. That is particularly the case when there is no well defined last will. That doesn't mean saving is bad because people could be fighting about it. It rather means that with lots of savings still comes some responsibility.

When you watch someone saving so much and they just stay home for the sake of saving more without exploring the world or having a hobby, then I am totally with you in that they are too stingy with themselves. It is almost sad to see if someone has the possibility to live a great life but psychologically feel the urge to restrict themselves. It shouldn't be that way, but then again if it helps those people living a life without stress and feeling comfortable, I guess there isn't really anything you can blame them for.

i'm sure people who, as i said, have excessive fear because they (old people over 70 years old) have gone through difficult times during wars and economic revolutions in their respective countries so the trauma made them try hard to collect as much money and property as possible so that in the future he/her and his/her family will not have economic difficulties, but the long-term effects are worse because now times have changed, even though there is a potential for war or a pandemic, it won't last long.  i emphatically say that saving is very important and must be owned by everyone, but hoarding money and assets without ever touching or using it is a very bad thing.

[Davian144]

yes, It applies to me very well and lot of middle class families too,
we save money for our hard times(like covid pendamic), children's education, health etc.
sometimes saved money helps but sometimes that money being invested by our next generations

Before there was covid, people saved for health and to continue their children's education and never thought about covid. And when there is Covid, it will be very difficult for anyone to save at that time because access to leaving the house is limited so that all items become expensive at that time. So, when you and your family have experienced how difficult the covid period was, of course there are some people who say that they are saving for covid, even though that is really not the right thing to say because everyone can save for health matters and also for a better future.

Likewise with the next generation who start using money from their family's savings for investment or the like, I think this is a very natural thing to do because when the leader in your family is getting old and can't afford to work anymore, it won't be wrong if that generation then the family uses the money for investment in order to get more profit.

[og kush420]

yes, It applies to me very well and lot of middle class families too,
we save money for our hard times(like covid pendamic), children's education, health etc.
sometimes saved money helps but sometimes that money being invested by our next generations

Before there was covid, people saved for health and to continue their children's education and never thought about covid. And when there is Covid, it will be very difficult for anyone to save at that time because access to leaving the house is limited so that all items become expensive at that time. So, when you and your family have experienced how difficult the covid period was, of course there are some people who say that they are saving for covid, even though that is really not the right thing to say because everyone can save for health matters and also for a better future.

Likewise with the next generation who start using money from their family's savings for investment or the like, I think this is a very natural thing to do because when the leader in your family is getting old and can't afford to work anymore, it won't be wrong if that generation then the family uses the money for investment in order to get more profit.

I have started to save some earnings. And not touching them at all because I have some goals set for life.
I wish I should have done this earlier in my life.
But then again - it's never too late.

[Viscore]

You can try to spend less all the time while the future is uncertain. But it wouldn't be right to make the money you save to be untouchable. One that you can do is sell your watch and jewelry to a pawnshop or to your rich friend as your last resort.

It's not good to hide your fiat money these days because inflation will eat up its purchasing power which in the end, you won't be able to buy anything out of it. If there is anything that you could make untouchable savings, its BTC in your private wallet.

Great idea. There’s no chance that our savings will remain untouchable for the rest of our lives. We save so we can use it in the future, so meaning we save so we can spend it in the future and not to keep it untouchable. However, it’s not that useful if we insist saving fiat for life as it’s value will only depreciate in time. Better shift to bitcoin and invest and keep it for as long as you want, at least the profits are very huge by then.

[Mahanton]

You can try to spend less all the time while the future is uncertain. But it wouldn't be right to make the money you save to be untouchable. One that you can do is sell your watch and jewelry to a pawnshop or to your rich friend as your last resort.

It's not good to hide your fiat money these days because inflation will eat up its purchasing power which in the end, you won't be able to buy anything out of it. If there is anything that you could make untouchable savings, its BTC in your private wallet.

Great idea. There’s no chance that our savings will remain untouchable for the rest of our lives. We save so we can use it in the future, so meaning we save so we can spend it in the future and not to keep it untouchable. However, it’s not that useful if we insist saving fiat for life as it’s value will only depreciate in time. Better shift to bitcoin and invest and keep it for as long as you want, at least the profits are very huge by then.

Unless if you do have lots of source of income which your savings stash couldnt really be touched up completely or would be used since it would really replenish out.This is case to case basis only because not all would really be that having the opportunity to have the chance on getting those sources but rather we are really just basing up on our monthly earning.This is why its really that hard not to snip out with those savings
when you are in need, but wait? whats the main purpose of savings after all if you arent gonna make use of it? This would be your last resort if you dont have any sources that you could make use into.
This is why you should really obliged yourself on saving up money because we dont know on what would happen in years to come or situation or whatever.

[Cryptock]

Unless if you do have lots of source of income which your savings stash couldnt really be touched up completely or would be used since it would really replenish out.This is case to case basis only because not all would really be that having the opportunity to have the chance on getting those sources but rather we are really just basing up on our monthly earning.This is why its really that hard not to snip out with those savings
when you are in need, but wait? whats the main purpose of savings after all if you arent gonna make use of it? This would be your last resort if you dont have any sources that you could make use into.
This is why you should really obliged yourself on saving up money because we dont know on what would happen in years to come or situation or whatever.

Lucky are those who have untouched savings. I have seen on TV there was man in Turkey who owned 78 KG of gold - and even after the building was destroyed the police found the owner and handed his gold to him.
There is always a benefit of saving - but along side we should always pray god to save us from bad times and bad people.

[freedomgo]

I am not sure - who are the lucky people who would have a untouched saving..
I dont even hav an emergency fund
Because I have a loose hand and a loss mind. and people get money from me and I give it to them

And you also don't need to be sure of that, because anyone who has untouched savings also doesn't talk about his assets in public and say he's a philanthropist like you say. If you give money to other people for free without a good reason, it will only look amazing to those who receive it. Whereas those who give it will only get a few words of generosity from people who know it, but more ridiculous in my opinion.

Probably, people who have untouched savings prefer to stay low key and do not brag much about their achievements. So we can’t tell exactly as who are these lucky people as they tend to look poor than to make people believe that they are rich and wealthy, with all those untouched savings reserved for their future. But tbh, people only save because they have goals in the future, and that savings are still going to be spend when the perfect amount is being reached.

[temple]

snip

What you describe is something I can relate to very well. But in my opinion you are describing something that is quite common for older people. They tend to save more than the younger generations do today. In relative terms of course to their income. A bad consequence that often occurs when older people save a lot of money or keep valuable assets like jewelry or art is that children and even grand children might end up fighting for it and not trust each other. That is particularly the case when there is no well defined last will. That doesn't mean saving is bad because people could be fighting about it. It rather means that with lots of savings still comes some responsibility.

When you watch someone saving so much and they just stay home for the sake of saving more without exploring the world or having a hobby, then I am totally with you in that they are too stingy with themselves. It is almost sad to see if someone has the possibility to live a great life but psychologically feel the urge to restrict themselves. It shouldn't be that way, but then again if it helps those people living a life without stress and feeling comfortable, I guess there isn't really anything you can blame them for.

i'm sure people who, as i said, have excessive fear because they (old people over 70 years old) have gone through difficult times during wars and economic revolutions in their respective countries so the trauma made them try hard to collect as much money and property as possible so that in the future he/her and his/her family will not have economic difficulties, but the long-term effects are worse because now times have changed, even though there is a potential for war or a pandemic, it won't last long.  i emphatically say that saving is very important and must be owned by everyone, but hoarding money and assets without ever touching or using it is a very bad thing.

I would say there is a difference between money (if you refer to fiat currencies) and assets when it comes to hiding it under your pillow until you die. If you hold assets like art or perhaps gold, or Bitcoin for that matter , the bad part in terms of inflation doesn't have as much influence on the overall equation. At least it is not "a very bad thing" anymore, as you put it. Some just feel comfortable owning stuff without using it.

Hiding a ton of cash in your basement for decades is bad because you as an individual will suffer from devaluation through inflation and you also drain that money from circulation, making less funds available for investment, which in turn incentivizes banks to print more, thereby devaluing whatever you have in your basement.

But honestly I think that many of the older people are literate enough to understand the full consequences. But I think that will change now with the next generations. Saving cash was the first choice for many people for a very long time to build up a savings portfolio. When I just look around me and observe the younger people from today, there are so many more saving some money in the form of stocks than there were 15 or even 20 years ago.

Now fiat currencies can also make sense when you do a certain minimum of investigation and hold maybe some Swiss Francs, not just cash in your home currency for the sake of saving.

[carlfebz2]

I am not sure - who are the lucky people who would have a untouched saving..
I dont even hav an emergency fund
Because I have a loose hand and a loss mind. and people get money from me and I give it to them

And you also don't need to be sure of that, because anyone who has untouched savings also doesn't talk about his assets in public and say he's a philanthropist like you say. If you give money to other people for free without a good reason, it will only look amazing to those who receive it. Whereas those who give it will only get a few words of generosity from people who know it, but more ridiculous in my opinion.

Probably, people who have untouched savings prefer to stay low key and do not brag much about their achievements. So we can’t tell exactly as who are these lucky people as they tend to look poor than to make people believe that they are rich and wealthy, with all those untouched savings reserved for their future. But tbh, people only save because they have goals in the future, and that savings are still going to be spend when the perfect amount is being reached.

People are really that different even we arent talking about savings or something like that on which there are fellas who do really love to brag about on how much they do hold or how much they do own and trying out to impress anyone who surrounds him which it is really somewhat an irritating kind or type of people which we do have in the world today.It is really much better if you are really that lowkey and
never been trying out to show on how much you do own or having.

This is why sometimes it do make people been put up into dangerous situations or conditions because it is really just on the result on what they are really that tending to share
up with anyone.

[blockman]

Is it really possible to have untouchable money?

I think it's a yes, I've just heard it from a known tycoon in my country but he considers that untouchable saving as his investment. It is like he'll place his money on something that he wouldn't touch for how many years and let it be there whether it will grow or not.
And that's why he thinks that it's an untouchable savings because if it grows then it's worth it for him but if it's not then, that money is what he can afford to lose even if we talk about millions in $ as he's really into investing.

[Russlenat]

You can try to spend less all the time while the future is uncertain. But it wouldn't be right to make the money you save to be untouchable. One that you can do is sell your watch and jewelry to a pawnshop or to your rich friend as your last resort.

It's not good to hide your fiat money these days because inflation will eat up its purchasing power which in the end, you won't be able to buy anything out of it. If there is anything that you could make untouchable savings, its BTC in your private wallet.

Saving does not necessarily mean that you have to save to make it untouchable in the future, instead save so you can have something to spend in the future. And I think a lot are doing this, even preparing theirselves so they won’t have to experience financial problems in the future. However, if you only save to make it untouchable for the rest of your life, that is an absurd mindset, you can’t bring money when you are already in your grave so save now and benefit in it in the future.

[shinratensei_]

i'd say depriving ourselves from some luxury things aren't even a bad idea, as long as your financial circumstance are still that of something that could get drained by having luxury things getting deprived of luxury things is fine.
only when your financial situation is sustaining, like when you buy some luxury things you still have steady income to made it up then that's gonna seems like you're just wasting your fun away for the sake of saving some meaningless money otherwise if you are still in such unsustaining financial condition where if you buy luxury things you'd lost all your money and start away from scratch then that's the time you should save more.
it's quite simple, just see whether you still could make the money back in short term after you spending it for luxury.

[Uruhara]

If I wanted, I could spend more money than I ever spent overnight. But I didn't do that, not because I was stingy, I preferred to save money to meet other needs.
Unexpected things always happen in our lives, having an emergency fund is a solution to overcome life's problems that can come to us at any time. The wheel of life always turns, sometimes we are above, sometimes we are below. Life is full of uncertainties, you might need sudden funds for emergency medical needs, home renovations, unexpected trips and moving domiciles.
An emergency fund can provide some peace of mind, since I actively set aside a few dollars a week, it really helps me build a financial reserve.

what you do is exactly the same as the habits that I also apply in my life in managing finances. I personally refrain from spending money on things I don't really need. i only buy what i need. because if we always obey our desires, we always want to buy everything we want, then no matter how much money we have, it will run out. because desire always comes without stopping.

saving, investing and setting aside money for emergency funds is a very wise thing in financial management. because as you said that sometimes we don't know unexpected needs will come. and having an emergency will make us less worried because we already have preparations.

[Razmirraz]

Snip.

what you do is exactly the same as the habits that I also apply in my life in managing finances. I personally refrain from spending money on things I don't really need. i only buy what i need. because if we always obey our desires, we always want to buy everything we want, then no matter how much money we have, it will run out. because desire always comes without stopping.

saving, investing and setting aside money for emergency funds is a very wise thing in financial management. because as you said that sometimes we don't know unexpected needs will come. and having an emergency will make us less worried because we already have preparations.

In spending money, must be able to distinguish between needs and wants. Everyone has a need to survive, while desire is something that one wants to have, but if it doesn't work, it won't have a big effect on survival. Every human being has characteristics and feelings that are always lacking, because of that humans tend to want to adapt to the lifestyle around their environment.
Improving the quality of life is also very influential in managing finances, the more facilities you want to have, the more needs that need to be met. To anticipate unexpected emergencies, you need to have an emergency fund as a preparation so you don't have to look for a loan when you need money suddenly.