Are people really having the wrong concept of savings?

[Cantsay]

I just think of it as keeping part of the money I earn for future use. And yes I'm not referring to coins that I'm currently holding I don't take any of them as my savings. I have a dedicated account that doesn't allow withdrawal (as requested by me) until a certain amount of time, so the account is only just for deposit and no withdrawal can be made until I'm up to a certain age and each month I make sure I deposit up to a certain amount or more depending on much I was able to make that period. The reason for that account was to help me develop my saving habit I noticed that whenever I used my main account to keep money I always end up spending it so I was advised to open an account that won't have a debit card and I also won't be able to use ussd code for transaction that way I won't be spending money deposited in it, and it has really helped me a lot.

[1714701812]

1714701812

[1714701812]

1714701812

[1714701812]

1714701812

[Vaskiy]

People never have wrong perception over savings, but people have changed their choice from fiat to cryptocurrency and other assets. In the past users go deposit what is being earned in the banks. Now the same is being done with cryptocurrencies. Another thing, the preference over investment is found much among all levels of people compared to that of savings for the future.

This is the transition between the conventional to the technology advancement. Because in the past people doesn't have much access for investment, now everything can be done with a smartphone and in a much easier way.

[Fara Chan]

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.

Therefore, they have a goal of saving, one of which can be used in urgent situations, or something like that, with various situations that we will face in the future and we don't know what will happen, in fact, one must have savings, at least for them. can control events that will occur in the future, but there are also some of them also set aside to invest while saving.

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.

In terms of saving, of course they will do it when they can set aside most of the money from their income, in order to prepare for the future and needs that will not be known in the future. Here there are several goals in saving one of us take the example of savings that are intended to be used to do business or make investments.

[LogitechMouse]

it seems people talk so much of savings as if one isn't supposed to use their saving even until death
~
What's your concept of savings?

I don't see it as a "wrong concept", but that's how they see savings.

As for me who is still in the mid-20's, I'm not focusing on savings that much because I'm investing more than saving, but on the other hand, I still save some money because I need a buffer. I need cash whenever emergency comes. I need to save so that if the worst time comes, I still have some cash to spend with. If the worst time comes and I don't have an income source anymore, at least I have savings that I will be using for around 3 months until I find a job.

Saving and not using it until death? I don't know why people are thinking like that. I mean unless they are saving for their future children, they must spend their savings if needed, and not save until death.

[fuer44]

Not a wrong concept in saving, but their goals are different. There are those who save for the short term, for example saving from spring to meet winter. Some are saving for the long term, for example they are preparing for their old age. It doesn't mean money can't be used, even if there is a emergency need, the savings will definitely be used if the monthly spending money is insufficient.

[jamkesmas]

Not a wrong concept in saving, but their goals are different. There are those who save for the short term, for example saving from spring to meet winter. Some are saving for the long term, for example they are preparing for their old age. It doesn't mean money can't be used, even if there is a emergency need, the savings will definitely be used if the monthly spending money is insufficient.

Do not prioritize saving before spending. Some people may think that saving is an activity that is carried out after meeting all monthly expenses. In fact, saving should be a top priority before spending money for other purposes. In this way, you can determine the amount of money to save and only spend the remaining money after saving.
Do not have a clear savings goal. Some people may save without a clear goal or just save because they are used to doing it. In fact, saving must be done with a specific purpose, such as to prepare for urgent needs, to pay off credit installments or to buy something in the future.

[Sarah Azhari]

What's your concept of savings?

I have a target when I want to sell my savings.

example bitcoin, I save it until my target is reached.
No, I don't follow everyone where his savings following price, if price rise he sell it.
No, I follow the target time to sell my investment.
Of course, is not short, a minimum of 10 and a maximum 20 years from now, so what ever the price between that time, I won't sell it until my target time is reached.

[TheGreatPython]

Not a wrong concept in saving, but their goals are different. There are those who save for the short term, for example saving from spring to meet winter. Some are saving for the long term, for example they are preparing for their old age. It doesn't mean money can't be used, even if there is a emergency need, the savings will definitely be used if the monthly spending money is insufficient.

Whatever the term we choose, short or long term I think a saving will still define as a money that we set a side for a while, in use for later. Our primary goal on why we save is to secure our future so that we will have a peace of mind but life is unpredictable. We are living a healthy life right now but who knows we might experience a sudden pain which can be life threatening if not treated ASAP?

We are now forced to use a portion of our saving to treat it. The same goes if we get into accidents. It's useless if you will save but you won't still use it at the end because you are now gone in this world, unless if the saving is intended to your kids and other family members.

[Qiubell5]

I think the purpose of saving is for us to use when you have an emergency. Savings money can be used as long as it's an emergency, if we still have money but take out savings, it's not called saving. Savings is money that we set aside when we have more money, and it is more useful for us than the money being squandered for nothing. Or if one day we really need something, we can use the savings.

[_act_]

Well, those who see savings as money kept and should be touched are probably confusing savings with investment, this are two different things, money can be invested as well as saved, money invested i think should be touched until the goal to which the money was invested for, is reached, but on the other hand, money that is saved is saved to be spent later in the near future, those who feel bad when they spend money they saved probably don't understand the meaning of saving, like I said earlier

There is nothing like money investment in that way, you can invest in coins like bitcoin, you can invest in gold, properties like real estate, you can not invest in money unless you are making profit from it. The money that you invest on today that continue to decrease in value all the time, is that one investment? To people it is not investment, you just save money. If you want to invest in money, it will be in a way that you will save certain amount in fixed amount for a period of time to be yielding profit, that is not even investment if the value decrease more than the money gained from the investment.

[Doan9269]

It's not about the savings but the way and how to go about achieving it, many wish they had learnt this saving habit by learning how to plan and prepare against the future demands, I also like it when one has something in reserve to always fall back at whenever there's a need to demand for extra things in life, we can be so left without a choice if not from the available means through we might have been saving from to make realization of somethings in life.

[ethereumhunter]

The concept of my savings is to have money for urgent needs that we must solve as soon as possible. With savings, I can pay for services so I don't get any delays. That's why I try to save and when it comes to saving in bitcoin, I try to have lots of bitcoins that I can sell when the price is at its peak. It will be profitable if I can sell the bitcoins I have accumulated for some time.

Saving means preparing to achieve our plans for the future and getting ready if we are in a situation that requires money. So it would be better if, from now on, we learn to save.

[isaac_clarke22]

~

It is just a general way of saying that you're saving for something for the future. Whatever it is that you wanted. It is either for the long-term, emergency funds or whatever else you're planning in your future expenses. Dunno why that topic was brought up.
Just like any other users mentioned here, it's to everyone's own money anyway. You do you and whatever floats your boat.
I have savings for entirely nothing that I could think of using in the future, but I do have portion of my savings that is invested to something that I wanted.

[stomachgrowls]

The concept of my savings is to have money for urgent needs that we must solve as soon as possible. With savings, I can pay for services so I don't get any delays. That's why I try to save and when it comes to saving in bitcoin, I try to have lots of bitcoins that I can sell when the price is at its peak. It will be profitable if I can sell the bitcoins I have accumulated for some time.

Saving means preparing to achieve our plans for the future and getting ready if we are in a situation that requires money. So it would be better if, from now on, we learn to save.

Saving  could really just be having these purposes;

1. Emergencies
2. Investment
3. Time deposits for children education etc....

It is always been that recommendable on having savings rather than finding yourself into a tough situation just because you dont have any funds allocated for these key areas.
We know that living doesnt really give out any assurance in speaking on having your own work forever or would be some accidents which might led into huge financial
need which if you dont have savings then what would you do? Taking a loan? You would be making yourself putting into much
bigger trouble.

[Asiska02]

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?

Often times I hear people use the word ‘saving for better days’, what seems to baffle me is that aren’t the days you’re already earning money to save not a better day already? Some people regard saving for better days a way to save money to enjoy it later in the future. Little did they know life is not guaranteed to save money now for a later time to spend.

My concept about saving is to keep some part of your daily expenditure for an unforeseen future occurrence that might cause you a lot of money to solve. This should be the primary aim of it but other undisputed reasons of saving money can be attributed to it. One should enjoy their youthful age before getting old. The concept of saving to enjoy later in the future is not 100% idealistic to me.

[romero121]

Google will have the data gathered out of different people. For some the savings might be an untouched fund with regular allocation from their earning for their future generation. They'll have separate fund for emergency and miscellaneous needs. Some people have the savings to meet unexpected needs as we don't know what happens tomorrow. Even now savings is the only thing that gives hand to the bottom level people who doesn't prefer investing thinking of the risk.

Whether the money saved is used or kept even after their death need not be bothered, as the plans vary between people and situations.

[coupable]

Each person has his own perspective on saving and is subject to circumstances that differ from one person to another.  Therefore, the term for saving is decided based on the circumstances of each person, which are always different from the living conditions of any other person.  The difference is permissible and is presented in all possibilities.

[bittick]

saving will never get you rich but at least you gonna have some spare money for something, you could also use it for investment so that you could grow it, but the essence of saving is that you're just gathering your money for something that currently you couldn't reach or maybe you need to have some spare money if there's emergency nothing more, if someone try to get rich from saving even though having low income then good luck.

[ChiBitCTy]

The fact of the matter, and this is something that I have been arguing with people a lot lately, TRUE AI/Artificial Intelligence, does NOT actually exist, not yet anyhow.  ChatGPT and other programs of it's ilk are simply learning via machines we've built, with our own limitations.  Once a program becomes "self aware" and starts to "self learn", then we will have reach true Artificial Technology and bitcoin and everything else will be under a whole lot of potentially issues.

[fuer44]

Not a wrong concept in saving, but their goals are different. There are those who save for the short term, for example saving from spring to meet winter. Some are saving for the long term, for example they are preparing for their old age. It doesn't mean money can't be used, even if there is a emergency need, the savings will definitely be used if the monthly spending money is insufficient.

Do not prioritize saving before spending. Some people may think that saving is an activity that is carried out after meeting all monthly expenses. In fact, saving should be a top priority before spending money for other purposes. In this way, you can determine the amount of money to save and only spend the remaining money after saving.
Do not have a clear savings goal. Some people may save without a clear goal or just save because they are used to doing it. In fact, saving must be done with a specific purpose, such as to prepare for urgent needs, to pay off credit installments or to buy something in the future.

Well, as you know that saving is for the future especially for urgent needs. But if saving comes first instead of spending monthly, what if the monthly spending is less? Take from the savings earlier? I think monthly spending must be determined (only basic needs such as food, drink, bath, electricity and transportation) after which the rest is saved. Tt doesn't mean that we spend monthly money shopping for certain items so that the money that has to be saved is small, but shopping according to needs after that the remaining money is to saving.