Are people really having the wrong concept of savings?

[fuer44]

This is the correct concept of saving, because no matter how much we save from our youth, the money will definitely be used too. Whether it's to buy a new house, new car, or urgent needs. There's nothing wrong with us cutting the budget for the purpose of saving and that doesn't mean that money can't be used either. Precisely when we don't save our money, we are like "work today to eat today, tomorrow is tomorrow, the future is the future". we as the younger generation must start saving from now on.

Saving is something that goes in a place where you can't access it. The reason why most of us end up spending our savings is because we keep them in our bank accounts, which are under our direct access anytime we want.
The best way to save your money is to lock them in your bank (saving accounts) for a specific period. Saving is a habit that must be developed from your childhood and parents have to play there part to teach there kids about this habit.

If that's the case, what we have to do with the money we're going to saving is by depositing it for 3 years or maybe 10 years in the long term. That way the bank will really hold our money and we can't access it if there isn't a date when you can take the money. In my country there is a service like that, maybe in all countries there is, right?

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[fuer44]

Saving is something that goes in a place where you can't access it. The reason why most of us end up spending our savings is because we keep them in our bank accounts, which are under our direct access anytime we want.
The best way to save your money is to lock them in your bank (saving accounts) for a specific period. Saving is a habit that must be developed from your childhood and parents have to play there part to teach there kids about this habit.

I really surprised how can someone who hold Bitcoin can say this? are you lend or lock your Bitcoin to centralized platform in order to make you don't have full control over your coins? because you will cashout your Bitcoin if you hold it on your non custodial wallet where you have full control.

You need to take a look with recent FTX bankruptcy, it's the best reason why you shouldn't trust any centralized platform and even it's really popular, there's still a chance your money will gone.

I do not seem to get what you are saying, he is talking about bank but you are talking about centralized exchanges, banks are centralized too but they are not the same as exchanges because all of us use bank. People have different means of savings, but he go with the opinion that people should have fixed deposit in a way the money will not be accessible for sometimes so that he will not be able to spend it, there is nothing like centralized exchange or coins that he talked about.

I also think like that, make a deposit at the bank within a certain period of time. Even a deposit also gives us a few percent of the profits from the money we deposit, but the majority of people in the village prefer to just keep it in an account because their goal is to saving, not to get a percentage. Another consideration, they keep it in an account because they can still access it if there is an emergency need.

[Alphakilo]

Indeed, people are really having a negative understanding about savings. Most people thinks that savings is a forever deal. Savings is not untouchable rather, savings is the money you set aside from your earning before spending for future purposes. Different people save for different reasons either for investment, rent, or for any other things. People should not think that savings are untouchable. It's just for unforseen circumstances.

[Distinctin]

Your savings should be goal driven in my opinion...

You can for example say that you are putting $250 a month aside so that you can have a nice holiday at the end of the year... OR you can save $200 a month for "car repairs & tyres" ..... so you basically save to pay for things that you cannot pay for in one month.

Some people have long-term savings for their retirement ..and other people have short-term savings for more expensive goals that they have to save for every month. 

There should always be a target goal either it’s for long term or short term so that one will be motivated to save, and not to spend it immediately on unnecessary things. However, savings do not mean that you have to keep it for good. Of course, you have to spend it once the amount reaches your target goal, otherwise you only save for no good reason as you cannot benefit from it in the end. Even if you save for your retirement, eventually you will still spend it at an appropriate time.

[Questat]

Indeed, people are really having a negative understanding about savings. Most people thinks that savings is a forever deal. Savings is not untouchable rather, savings is the money you set aside from your earning before spending for future purposes. Different people save for different reasons either for investment, rent, or for any other things. People should not think that savings are untouchable. It's just for unforseen circumstances.

In fact, the reason why we save is to become ready for whatever happens to us in the coming days. Unfortunately, many people anticipate it and so they indeed up having difficulties when unforeseen circumstances come.
Might we say that because we are not financially educated nor it was taught clearly why we should do this? I think it was time to move on from such useless thinking and adopt the system that "savings" place an important role.

[Adbitco]

Savings means "keeping something for a reserved it could be money or any substance that could be urgently needed at any given point in life". Now, if people are saving doesn't mean they will die in suffering or die of hunger because they are saving. The reason why people save is that at any point where they have no alternatives they could deep a hand into their savings account or piggy bank to use the little they saved out to sustain their selves at that point in life.
Typical example is me, I have about 3 different ways where I send my money, meaning i have planned how my income should be spent, whenever I am facing any difficulty I would try to manage and wait till the end of the month.

[beerlover]

It is very difficult to rely on taking out a loan because there is a return on the money we borrow after our affairs can be resolved. That's the point of having savings in anticipation of emergencies like that so we don't have to borrow money from other people or other places. Sometimes, borrowing money becomes a shortcut for people but they don't realize that the refund must be returned as soon as possible. There are some borrowers who provide interest for the money we borrow so that our debt becomes even greater.

If that happens, we are really in trouble to repay the money because the amount of money we owe is getting bigger and bigger. We definitely don't want to get into such difficult situations so we have to have some spare cash for those emergencies.

It is definitely true that we can't really make a big loan to pay off our debts, I did that back in the day, I am still paying off a bit of debt, not a lot, very tiny, like 50 bucks a month and it's fine, I could have paid it full as well but I wanted to keep it for something urgent and it happened and I spent it on that, and paying my debt easily.

But, if I had a lot of bitcoins, and it went up? Then I would have been rich enough to not take a loan at all and would have been able to pay it directly. This is why I am trying to save again and trying to get wealthy again, thanks to bitcoin price being so low, I can gather a lot and make a x5 profit in the near future.

[Sanitough]

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.

People save because they have their plans need to be realized in the future. Whatever it is, it won’t also become possible if people will not save. Or even saving so we can be prepared in the future whatever unforeseen events might suddenly happen, so at least we have the funds ready for it. So whatever the purpose of saving, it will always be valid as long as you save now and set long term goals.

[uche6215]

Some people do not comprehend the meaning of the utterance SAVING. saving is something one must be committed to, although saving is formidable why because in the process of saving money to buy a car, another issue may materialize issues as healthcare.  So this is to say saving is kinda forcefully.

[tjtonmoy]

Different types of savings have different types of purpose. So this should really depend on the situation and needs. And I do agree that it is for the rainy day and every situation is different. You may save for something you want. When you have enough savings, you may use it to buy that. Emergency savings are for difficult situations. If some emergency situation occurs, you have no choice but to use it. Future savings are for future and should not be touched.

So, depending on the situation, savings have many meanings.

[Kasabus]

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.

Saving is a good thing, and anyone who try to save knows that it will be beneficial for him in the future. So I don’t believe that people may end up getting the wrong concept out from saving, as we all save for different reasons and goals. But saving alone has always its choice, either you save it and spend at the end of the year, or you save it for lifetime, it’s like saving for the bright future of your kids.

[TimeTeller]

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.

Saving is a good thing, and anyone who try to save knows that it will be beneficial for him in the future. So I don’t believe that people may end up getting the wrong concept out from saving, as we all save for different reasons and goals. But saving alone has always its choice, either you save it and spend at the end of the year, or you save it for lifetime, it’s like saving for the bright future of your kids.

We have our own goals why we are saving for something.
Different goals, different amount of targets. Sometimes it is the people's savior in times of emergency needs.
What do you like happen - asking for a loan with high interest or using your savings when you are in dire need of funds?
I guess, it is much better if you can use your savings anytime you want without bothering anyone.

[uneng]

Saving is the first stage of the investment process. Someone can't invest, if he doesn't save. But saving alone isn't enough to thrive, because inflation is going to corrode purchasing power of your money along the years, so there are many people who simply save money their whole life, but aren't able to put this money in good use, because their economies are playing against themselves.

The money they save today will value much less o after some years. As I see here in my country comparing 10 years ago to now, minimum wage has been raised in 100%! That means our money saved since then must have suffered a 50% loss or so in purchasing power. However, if they had invested it in something profitable, they would see real gains and could finally use this money to have access to a better life quality.

[Russlenat]

"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?

Not really. As long as people learn to save, I believe it’s best for them so they can prepare for their expenses in the next months or years ahead. But to think that savings are considered untouchable savings, it maybe untouchable for now but will still be used in the future. Unless if the person saves for no reason at all, that could be untouchable as long as he want.

[Bholutefe]

To the best of my knowledge, I think Savings is the part of your money that is set aside for future purchases or expenses, probably unforeseen circumstances that may arise which might be planned for. Having some particular amount of money as savings is not a bad idea because it saves and relieves from the stress of borrowing money from from other people when the need for funds or money arises. Every individual has plans for their money even if it is in surplus or deficit, while some people don’t believe in saving for later purposes. Our opinions differs from one another and the mode of income for every individual is quite different as well. No one can dictate for you how you should spend your money, rather, you decide for yourself how to have your spendings wisely and fulfilled in such a way that there would be some reasonable amount of savings at the end of the week/month.

[Ziskinberg]

The money they save today will value much less o after some years. As I see here in my country comparing 10 years ago to now, minimum wage has been raised in 100%! That means our money saved since then must have suffered a 50% loss or so in purchasing power. However, if they had invested it in something profitable, they would see real gains and could finally use this money to have access to a better life quality.

It can be a factor why they are afraid to save but there is something we need to think about also "what if an emergency comes to us and have no money to use? Saving should have to be made even though we think it is valued less 10 years from now, it doesn't matter to me as long as I was prepared enough for whatever will happen to me.

Of course, saving was not only intended for emergency funds but also for investment which is very ideal as this will help to grow our savings. But, we also have to be wise in choosing for investment, and investing in Bitcoin could be one of the best options to take this time.

[Hamphser]

The money they save today will value much less o after some years. As I see here in my country comparing 10 years ago to now, minimum wage has been raised in 100%! That means our money saved since then must have suffered a 50% loss or so in purchasing power. However, if they had invested it in something profitable, they would see real gains and could finally use this money to have access to a better life quality.

It can be a factor why they are afraid to save but there is something we need to think about also "what if an emergency comes to us and have no money to use? Saving should have to be made even though we think it is valued less 10 years from now, it doesn't matter to me as long as I was prepared enough for whatever will happen to me.

Of course, saving it was not only intended for emergency funds but also for investment which is very ideal as this will help to grow our savings.

People do usually what makes them dedicated is that the savings they do have, they've been thinking about those future gains and possible profits unless if they had been holding solely on fiat form then it would

be an another story but if they are really saving it up into other forms like some investment or business then they wouldnt really be tending to touch it out no matter what.It is really just too dumb that there are people who do really stick into those kind of plans even if they are already on the verge of death whether to themselves or even to someone they do love.They wont tend to spend it out no matter what which is really a dumb decision to be made.

[White pawn]

Some people do not comprehend the meaning of the utterance SAVING. saving is something one must be committed to, although saving is formidable why because in the process of saving money to buy a car, another issue may materialize issues as healthcare.  So this is to say saving is kinda forcefully.

I agree with you about one thing, you must be committed to saving. Without being committed, you won’t have any savings as you would blow the money as it comes. I also would point out that I think saving is not formidable. Anyone could save as long as they’re focused and have a goal on what the savings is to be used for. I don’t know what you meant there by saying saving is forcefully.
Problems would always arise. We should all know that. Hence the need to increase our sources of income so we could actually save some money and solve whatever problems life throws your way.

[lionheart78]

"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

Can you give us an example of those misunderstanding the concept of savings?  As far as I know even kids know what savings is.  So I wonder what are those misconceptions.

What's your concept of savings?

As majority of us understand savings, it is keeping part of our income for future use, not only for rainy days but for establishing a business or investments or buying things we like.  People save money for different purposes depending on their priorities in life. 

[Davian144]

Indeed, people are really having a negative understanding about savings. Most people thinks that savings is a forever deal. Savings is not untouchable rather, savings is the money you set aside from your earning before spending for future purposes. Different people save for different reasons either for investment, rent, or for any other things. People should not think that savings are untouchable. It's just for unforseen circumstances.

It's really not right if someone thinks that savings are money that can't be touched forever unless you just deliberately don't touch it for a while. Because as you said that saving is for future needs by setting aside some income to buy something you want. But if savings are considered as money that will not be touched, it will actually make it more difficult for someone in his life when he needs more money to solve the problems or difficulties that are befalling him.