Try to save money while you still can, will you ?

[Henrobakkara]

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

Saving money is very important while you are still working because of things like this we might not see coming.  We have seen situations like this severely and it becomes difficult to cope when you no longer have monthly or weekly earnings coming in and you didn't have any savings. there is this popular rule, 50/30/20 rule so you can have something to fall back on while you search for another job.

[1715687418]

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[Fredomago]

It is always wise to save money, we need to save while we can because we don't know when we can face an emergency, saving is good but if we save our money we need a lot of time before it will become big savings, i suggest to use the saving if there any, make a small business that don't need a big capital or invest in crypto, etc., There a lot of ways to earn not only saving.

Now it is very difficult to find a business that requires little investment. Most of the market is occupied by monopolies, which simply do not let new players in. And you can't keep money either, because due to inflation, money is constantly depreciating

There are some that require a little investment but obviously, you can't observe huge profits.  If you are really serious about setting up a business with a small investment, you can try to be a street vendor, where you sell street foods or other items that can catch the attention of passer by.  Street food vendors that often stations themselves on the school gates only need a small investment but I heard many are able to save money and improve or upgrade their business.

A good way for stable income, though it's very challenging and you will need to spare more of your time to estbalish your business and for people to get familiar with you, street vendor can be started with small amount of initial capital, there's no actual guarantee that it will click right away but if you manage to find the right product for the right venue, the chance of making good money is very possible to happen.

[Unbunplease]

Saving money is very important while you are still working because of things like this we might not see coming.  We have seen situations like this severely and it becomes difficult to cope when you no longer have monthly or weekly earnings coming in and you didn't have any savings. there is this popular rule, 50/30/20 rule so you can have something to fall back on while you search for another job.

Saving money becomes a problem when you earn as much as you have to pay for necessary expenses (clothing, food, shelter, medicine). Most of the population, unfortunately, lives from paycheck to paycheck. Here is how to save any amount of money in this case...

[bosede1]

You need to ask him if he has a savings and what type of business does he thinks he can venture into for a start, if the capital is not enough you can support him with it or you help him look for a better job if he doesn't want to do business.

[FireDAOJackie_Z]

Savings is an old practice that has today evolved into investment by a lot of people this is so because money saved in the bank is definitely used by the bank to trade and do some transactions with it so it's better to always invest instead of savings the money

In my country currently only get 5% interest per year, while the government reports that inflation is more than 5%, of course we save money in the bank but don't get anything, a few days ago I got an offer to add to the bank's balance and then held by the bank for up to a year and rewarded with suitcases, bags, bicycles and so on depending on the value we will keep and hold in banks for up to a year.

5% interest per year is really good compared to cases in many countries, which can offset the inflation of 5% more or less. I never compare savings with investment because savings needs to be safe and provides a sense of psychological security. I don't really mind the term deposit for a year or two, as long as it is safely deposited in a reliable bank.

[xSkylarx]

You need to ask him if he has a savings and what type of business does he thinks he can venture into for a start, if the capital is not enough you can support him with it or you help him look for a better job if he doesn't want to do business.

It is really difficult to venture to business if you just lost your job mostly if you dont have savings at all because you dont have capital to start but I dont know if we are the same but it would be better to help him find another job than do a business because for sure he was shocked that he lost a job so for sure he wasn't prepared at all. Just motivate him and if ever you found like job openings tell him or if you are currently working and there are openings in your company then it is better to recommend him

[Oasisman]

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

Regardless of whether or not there is a high inflation, we should always have savings for emergency purposes, may it be for sudden unemployment or health related cases or even sudden death.
We can have an insurance for this instances but it's also better if we could also put portion of our money in an investment like Bitcoin to avoid your money from depreciating too much due to the rapid inflation.
Saving is something that's really hard to do especially when you're materialistic, but one could never appreciate how much saving can save you from financial depression when a person is not in such situation. So, saving must have been the basic initiative most especially when you're already building your own family.

[AnonBitCoiner]

a person can only save money when he has a way and opportunities to get money because without job you cannot save money. Some people are wealthy through inherited wealth so they can easily make investemnt and can engage in some other business which will enhance their money. If he decided to leave his job then surely he has make his mind to do some other work, there are so many other people who work for their family in far area so its not good thing to leave the job for such reason.

Sudden changes occurs in life but it does not mean that we should leave all thing behind but we should take firm decision through thinking about each and everything. Getting job is very difficult these days so whenever you find some difficulties then try to tolerate them and do not loss hope. Patience will save you from making bad decision and one day you will be able to get for what you work hard.

[nimogsm]

Saving money is very important while you are still working because of things like this we might not see coming.  We have seen situations like this severely and it becomes difficult to cope when you no longer have monthly or weekly earnings coming in and you didn't have any savings. there is this popular rule, 50/30/20 rule so you can have something to fall back on while you search for another job.

Saving money becomes a problem when you earn as much as you have to pay for necessary expenses (clothing, food, shelter, medicine). Most of the population, unfortunately, lives from paycheck to paycheck. Here is how to save any amount of money in this case...

It's true that many people live like this.The only option is to cut costs even more and look for an additional source of income or a part-time job to break out of this circle.The most important thing in this situation is not to seek a miracle or help from someone but it is important to rely only on yourself.

[autumnleaf]

It's painful to lose your work, especially if you have a family to support. Don't just focus on conserving money, as other members have said, but also broaden your income sources by taking on more side jobs or starting a business you enjoy. We can no longer rely on having a single job because we will eventually be replaced.

[Chilwell]

Human beings quickly forget the hardships when they find easy; nothing lasts forever, and we quickly forget any kind of hardship when we are in our comfort zone. It is very difficult for us to start a personal business because we are engaged in someone else's business, the time for us to think and plan for our own eventually used up all of our time for the boss we are serving, which is why some of us find it difficult to start a business.

It happened to my father around ten years ago, they woke up one day and the government said he couldn't work with them again without any offense it just happened like that, they have to reform the organization and they have nothing to pay them, and since then we have faced a lot of hardship because my father was unable to establish any business because he spent all of his time working for the government.

After this incident, I learned a lot and decided to be self-employed because anyone or any organization could decide to fire me.

[FireDAOJackie_Z]

a person can only save money when he has a way and opportunities to get money because without job you cannot save money. Some people are wealthy through inherited wealth so they can easily make investemnt and can engage in some other business which will enhance their money. If he decided to leave his job then surely he has make his mind to do some other work, there are so many other people who work for their family in far area so its not good thing to leave the job for such reason.

Sudden changes occurs in life but it does not mean that we should leave all thing behind but we should take firm decision through thinking about each and everything. Getting job is very difficult these days so whenever you find some difficulties then try to tolerate them and do not loss hope. Patience will save you from making bad decision and one day you will be able to get for what you work hard.

Agreed. Actually people will be bored eventually no matter what job you have. The negative emotions are inevitable for most of us and one important thing we should learn is to control our mindset and minimize the negativity. In my experience, when I was young, I could not tolerate or understand all the unfair and ugly things in workplace. Most often, if I held the grudge too long and could not let it go, I would quit my job to find some other one. As I grow up, I realized that any office/workplace is nothing but a game place of gaining or losing. We must learn how to gain benefits out of all sufferings. Any middle-aged man knows what I am talking about.

[Xampeuu]

Saving money is very important while you are still working because of things like this we might not see coming.  We have seen situations like this severely and it becomes difficult to cope when you no longer have monthly or weekly earnings coming in and you didn't have any savings. there is this popular rule, 50/30/20 rule so you can have something to fall back on while you search for another job.

Saving money becomes a problem when you earn as much as you have to pay for necessary expenses (clothing, food, shelter, medicine). Most of the population, unfortunately, lives from paycheck to paycheck. Here is how to save any amount of money in this case...

It's true that many people live like this.The only option is to cut costs even more and look for an additional source of income or a part-time job to break out of this circle.The most important thing in this situation is not to seek a miracle or help from someone but it is important to rely only on yourself.

hoping for the help of friends to get out of the circle of economic difficulties, maybe the hope is slim, unless we have luck. the main thing I think is relying on ourselves to try to make money with the skills we have, so that later we will find our own way to get a source of fortune. I chose that because I am an individualist, so working with friends will actually bring problems in the future, even though we have implemented the rules that were agreed upon at the beginning

[fuer44]

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

Yes, we should have discussed this topic like what you are talking about and we should done it 10 years ago. Why only now? it is clear because right now we are going through difficult economic times. Whatever the cause, the inflation experienced by the country, the high cost of living, difficult jobs, the employment system with short-term contract durations, it makes us depressed in a few seconds, especially for those who are married.

I also regret when 5 years ago I only spent money on secondary needs. But from now on I promised myself to start saving. Getting a job, income, business or whatever it is that can earn some money in the present, is a fortune.

[Arenga pinnata]

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

saving is a good way and indeed appropriate. but saving means you have to have a steady income, if you don't have any income how do you want to save.
the position your friend is in is definitely tough, but instead of helping him with money, it's better to find him a job, because if you just give him money it won't last long, but if you give him a job, it will definitely last longer.

[Uruhara]

hoping for the help of friends to get out of the circle of economic difficulties, maybe the hope is slim, unless we have luck. the main thing I think is relying on ourselves to try to make money with the skills we have, so that later we will find our own way to get a source of fortune. I chose that because I am an individualist, so working with friends will actually bring problems in the future, even though we have implemented the rules that were agreed upon at the beginning

Well we can't even fully trust our friends. so that all we can trust is ourselves. and so it is in financial matters. we should always be independent people and not expect help from others. even we should be able to work harder than others. develop skills and increase income as much as possible so that we remain in a position that is superior to others. and actually we will feel more free if we achieve success with our own efforts without the help of others.

[Supreemo]

hoping for the help of friends to get out of the circle of economic difficulties, maybe the hope is slim, unless we have luck. the main thing I think is relying on ourselves to try to make money with the skills we have, so that later we will find our own way to get a source of fortune. I chose that because I am an individualist, so working with friends will actually bring problems in the future, even though we have implemented the rules that were agreed upon at the beginning

Well we can't even fully trust our friends. so that all we can trust is ourselves. and so it is in financial matters. we should always be independent people and not expect help from others. even we should be able to work harder than others. develop skills and increase income as much as possible so that we remain in a position that is superior to others. and actually we will feel more free if we achieve success with our own efforts without the help of others.

that's right. it feels more gratifying when you experience an achievement through your own sweat and hardwork. on the other hand there're few friends who are willing to help you but not all the time, the reason why is because they also have their own lives to attend to. if you have that kind of friend who is willing to help you for the sake of helping then you are blessed.

in regards of skills, this very age no longer requires you to be a master of your own field, coz the more skills you have the chances of being financially free increases. that is why we could always read from those books or even success stories and podcast "to learn a new skill", and "get out of your comfort zone".

[gaston castano]

if i still can do that i will save money, and after save money and i still have some, i will put that on investment so i will not lose money because of inflation.
saving money for survive, invest money for make more money.

[MusaPk]

A good way for stable income, though it's very challenging and you will need to spare more of your time to estbalish your business and for people to get familiar with you, street vendor can be started with small amount of initial capital, there's no actual guarantee that it will click right away but if you manage to find the right product for the right venue, the chance of making good money is very possible to happen.

The world has changed, gone are those days when we can totally rely on our 9 to 5 job. Its now need of time to have some side work that can increase your earnings and can help you survive in case you suddenly lose a job. Today finding online work is not difficult as everyone of us has Internet and mobile, yes it's challenging and difficult to start with. There are numerous example of people getting online work through continuous effort. It's better to increase our earnings rather then cursing the circumstances and the government.

[Faisal2202]

What about you?

The problem of inflation is not almost in every country, in fact, my country was near to declared as default but we are still making it up. i hope we will recover soon. I am almost 23 years old and from the day i get consciousness, my life was full of struggle, (like everyone's face) the point in my life taught me to not depend on a single job for my whole life, like your friend.

I suggest you to to start your own business (if you have that much money then start that business that requires more skill-less money i.e. web mastering). Because, companies at some point bankrupted which leaves you nowhere, well if you have the skill then you can work anywhere. i do not know where your friend was working and what type of kill he/he was acquiring, but all that matters is not having a job but having a skill and an optimistic mindset. The world is changing into digitalization, which opens new doors for jobs too like every day.

Overall, if I were you, I ask him/her to learn an online skill that could help him in earning despite of bad economic situation but let's say I forget to tell him/her so now I will help him financially as well as mentally because I am his best friend. (if you are).

Saving is one of a way to enjoy life happily but there is no doubt that the economic situation will stabilize as the world is making bold moves every day and your country too. (just international prediction). So, saving money will not help you while making more money by achieving more will help you in stabilizing mentally and financially.