Are people really having the wrong concept of savings?

[Obari]

"Are people really having the wrong concept of savings?" This topic and question was triggered earlier this morning after writing on two separate threads where it seems people are already misunderstanding the concept of saving
saving according to Google search from Banco Central de la República Argentina |
"Saving is the portion of income not spent on current expenditures. In other words, it is the money set aside for future use and not spent immediately."
The word "use"(spend) is the key word of concentration because it seems people talk so much of savings as if one isn't supposed to use their saving even until death and I began to wonder what the purpose of saving really is.
We ought to save money so money can save us and some also say that we ought to save for raining days and we should know that our raining days might differ and one should be free to use their savings and not feel they're doing something wrong when using their hard earned savings.
 What's your concept of savings?

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[Charles-Tim]

I do not think anyone should get the purpose of saving wrongly. People save for many reasons, like for nvestment, to tackle emergencies etc. You can even save money because you want to buy something that year or later and you do not want to go for installmental payment which will require paying more over certain period of time than buying at once.

[Renampun]

...
We ought save money so money will save us and some also say that we out to save for raining days and we should know that out raining days might differ and one should be free to use their savings and not feel they're doing something wrong when using their hard earned savings.
 What's your concept of savings?

actually what those people (Banco Central de la República Argentina) said is true that "savings is income that is not spent" but now this type of savings can also be categorized (based on what I read on Google) in several types;

Conventional Savings
Term Savings
Foreign Currency Savings
Child Savings
Giro Savings

I also have savings like the one above and to be honest today saving is something everyone should do because of the uncertainty of the future. I don't think about the concept of saving what I live, as long as I save then I have prepared for the future. as much as possible everyone should have savings, and don't use them wrongly.

[lovesmayfamilis]

I assume savings as a competent distribution of their funds, buying the necessary things without unnecessary squandering, but also without depriving yourself of much. In itself, saving for the sake of the economy means little, there must be a purpose for which the money will be spent in the future, or this deferred money can serve as a means of insurance in case of unforeseen circumstances.

[browsiek]

Saving is a self-choice where everyone wants to achieve the goals they want by setting aside a portion of their income.  There is a saying that "little by little becomes a hill". the statement is in line with the word SAVING, there is nothing wrong when someone wants to have savings because the money can save one day and make their wishes come true.

[gantez]

The concept of saving is suppose to be a clear thing for every body only the purpose for that saving is what can be a different because people will have a different need to build the idea to save their hard money. Everyone can know it that the meaning is money that is keep out of use for certain time. It is for different purpose that we save money and I can class the purpose in two major ways.

The two ways can be
1. Planned savings purpose
2, Unplanned savings purpose

1. Planned savings purpose is like for investment for other businesses. If you want to open into another type of business like to expound it, you planned with your intention to saving to reach that investment money and you establish the business if the savings money is complete for you.

2. Unplanned savings purpose is money that you save incase you are going to have emergency in future and this occupy majority of reason family or couple have to save money. In the family you don't plan something to happen like health problem and other unplanned expenses.

[MoonOfLife]

 What's your concept of savings?

I've seen many topics about saving, but I haven't seen anyone confused between saving and spending. Those are two completely different things, and it's not hard to tell the difference. What I see people getting confused between saving in fiat and saving in bitcoin. I don't really think that being able to save with bitcoin will work, bitcoin is more suitable as an investment than a savings. Let's say we are in urgent need of money and bitcoin drops 50% in value, then that is no longer saving.

[xSkylarx]

Saving for rainy days is one of the many reasons people have savings. We do have different goals for saving, but the purpose is the same: to achieve those goals. I think we all have the same purpose; some are saving for material things like cars or other expensive products; others are also saved for emergencies like paying hospital bills, etc.; and others are saved for future use, like if your child is going to college so that you can still support them. We have our own concept of savings, but all in all, we just save to achieve our goals.

[Yatsan]

Purpose indeed would matter. Purpose of saving should meet your lifestyle. This tackles the idea such that for how long should you be saving? If you are saving for emergency purposes, then the answer is until that time of need occur. If you are saving for a car, then until you can buy one. There's really no problem with such thing unless you are seeking for bigger money from your savings and that would be through investing into something profitable not only by saving wherein the amount will only be stacked as years go by. Investment and saving are two different things. One would work to some but won't to others.

[Spaceman1000$]

Saving is to actually allow you to fall back on something when you don't have something doing at a certain moment, it is called a fall back capital.
 I still believe, the concept of saving is for you to keep a certain potion of your money for either emergency or for future use.
The reason why there is Time in human life, is because everything should not happen at once, so in the consciousness of every human, there is always a time ahead that is unpredictable. So I believe saving help you to build a predictable future.

[Dickiy]

"Are people really having the wrong concept of savings?" This topic and question was triggered earlier this morning after writing on two separate threads where it seems people are already misunderstanding the concept of saving
saving according to Google search from Banco Central de la República Argentina |
"Saving is the portion of income not spent on current expenditures. In other words, it is the money set aside for future use and not spent immediately."
The word "use"(spend) is the key word of concentration because it seems people talk so much of savings as if one isn't supposed to use their saving even until death and I began to wonder what the purpose of saving really is.
We ought save money so money will save us and some also say that we out to save for raining days and we should know that out raining days might differ and one should be free to use their savings and not feel they're doing something wrong when using their hard earned savings.
 What's your concept of savings?

More or less, in the concept of saving, everyone is almost same by definition, but what is differentiated may be the purpose for which the savings are for whether to buy an item that is desired, store wealth, emergency funds and many others. I personally save it for various things and have a spare scope of future needs of everything that we predict that we need and might want something in the future, in a straight line to increase happiness and reduce stress in the future which requires a sizable fee so I have to save up.

[ajiz138]

Actually, there are many winning concepts in terms of what we want, for example, achieving certain goals where our wishes can be granted by saving.

My concept of saving is: Emergency funds, Investments, insurance, buying expensive things, Reserve funds for future children, and with a savings fund we can buy whatever we want if we have a lot of savings.

I'm not worried if they already have savings because this is one of their goals in life, of course with this they can do anything after continuing to get funds from savings.

Savings must be planned.

[michellee]

The concept of saving for me is to prepare for a better future. For example, I already have a child who is only 2 years old. I have started setting aside some money to prepare for my child's education until he graduates from college. And I save for other things and will do so until I leave work so that when I need money for things like that, I already have it and it's just a matter of using it.

At least that's what my parents have taught me so that I can prepare my children's education and also for sudden needs that often occur in this life. Some people use insurance services to support them if there is an urgent situation at any time. But that will be different for other people with different plans for their future.

[D ltr]

 What's your concept of savings?

My saving concept is 2
First, I saved for a savings fund if I needed large amounts of money, even if it wasn't enough, we already had some.
second: as savings to achieve goals/targets such as setting aside money for the new school year for children because my income is uneven and every month is the same so when I get money I set aside my money for education expenses
and believe that saving will always provide good benefits in the future

[TheUltraElite]

Savings in the broad sense is for the emergencies. But there are a lot other reasons why saving is done like hoping to buy some expensive item that I need or planning to buy a property and so on.

Expenditure is the regular spending that you would incur over a month or so. This should be kept separate from savings. I dont think there is much ambiguity regarding these terms. How people might be spending or saving is after all their personal choice and there needs to be a limit between the two.

The real thing to keep in mind is that spending should not exceed savings unless in cases of emergency, which should be covered in the upcoming months.

[Zlantann]

Saving for rainy days is one of the many reasons people have savings. We do have different goals for saving, but the purpose is the same: to achieve those goals. I think we all have the same purpose; some are saving for material things like cars or other expensive products; others are also saved for emergencies like paying hospital bills, etc.; and others are saved for future use, like if your child is going to college so that you can still support them. We have our own concept of savings, but all in all, we just save to achieve our goals.

Life is unpredictable and filled with uncertainties. Since one cannot foretell what the future holds, people tend to prepare for these unpredictable occurrences. That is why people keep money aside to take care of these needs if they arise in the the future. To avoid begging or loans, it is very important to save.

People also keep money aside because they want to achieve a particular goal in the future. They ensure they set some funds aside based on the cost or timing of their future achievements as well as their income. Some person save to acquire assets, while some save to buy a good car or to go on vacation. It is also important to keep your savings in the right place. People have lost their entire life savings because they stored them at the wrong place.

[Reid]

It's the choice of whoever saved it on where he/she will spend it. A good example are kids saving money for a new toy that they saw in the store.
Another example is a student saving money for his/her tuition fee next year.
A man who wants to buy the newest console game that will be released in the future.
For your example it's for the rainy days, most of those who do this are family people. I am one of them. I don't like having no money in my stash, there must be always hard cash in it or else I will go crazy thinking about it every day. We have our own reasons on why we save, some for a better future and some for their own hobbies.

[bettercrypto]

When it comes to savings, there are different reasons why people do it, it may be for the future of their family, investing in a business, buying a house, a car, or anything else.

     Therefore it is a good habit of a person. Because it can also be used as a mutual fund in the future. So for me it is not a waste of time or time if it is done by anyone.

[KingsDen]

Saving for rainy days is one of the many reasons people have savings. We do have different goals for saving, but the purpose is the same: to achieve those goals. I think we all have the same purpose; some are saving for material things like cars or other expensive products; others are also saved for emergencies like paying hospital bills, etc.; and others are saved for future use, like if your child is going to college so that you can still support them. We have our own concept of savings, but all in all, we just save to achieve our goals.

Saving with purpose is not everyone does. Some people just save because they want to save and they understand that people are saving. But I have gone to a seminar where it was taught that you must save with purpose. That it is wasteful to save without purpose and saving without purpose is not saving.
But saving is simple if you save what you can and use your savings for what it is designated for, it will be resourceful.

[so98nn]

In my country we will have different perspective to savings. There are so many things that needs savings in here whether it is kids educations, girls marriage (Most expensive ceremony in India), then savings for fulfilling the dreams. However, let me mention strongly, the last one never happens here and we end up with spending money on kids education, good life for them, marriage and some accountability for grand children. That’s all. That kind of savings we have.

Since it’s hard to manage life here with the way Salary structure works in my country. We have bank system in which you can enrol for everyday saving program. Let’s say you have enrolled for $5 per day savings then a Official guy would visit your business place everyday to collect that $5 and it will be credited to your locked funds.

In similar way there are other Government run schemes which include “Girls marriage saving”. In that above pattern is followed but government would also fund amount equally and so on.

Definitely it changes country to country and the way financial system works. But above one is just short crux about it.