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

[justdimin]

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 ?

actually saving has been taught since we were small, the purpose of saving is to cover the cost of living which has become a minus because of one thing, yes, like current inflation, saving in small amounts or as much as we can, don't force it to reduce our daily food allowance just because we want to save money

I think food is important if you are spending extra amount on food, I was a person like that, and I have overspent on food, because I like to eat in nice places and that is a problem of mine, I hate cooking, I literally hate it, I would rather starve and go to sleep hungry then cook, which is a big psychological issue I know, but that is why I ended up overspending on food. If that is the case, then I think it is important to cut back on food spending.

However, nobody should be starving to save some money of course, that part is true because that is a basic human need and even medical condition if you don't eat well enough when you are capable of doing it.

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[speedy963]

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 ?

actually saving has been taught since we were small, the purpose of saving is to cover the cost of living which has become a minus because of one thing, yes, like current inflation, saving in small amounts or as much as we can, don't force it to reduce our daily food allowance just because we want to save money

I think food is important if you are spending extra amount on food, I was a person like that, and I have overspent on food, because I like to eat in nice places and that is a problem of mine, I hate cooking, I literally hate it, I would rather starve and go to sleep hungry then cook, which is a big psychological issue I know, but that is why I ended up overspending on food. If that is the case, then I think it is important to cut back on food spending.

However, nobody should be starving to save some money of course, that part is true because that is a basic human need and even medical condition if you don't eat well enough when you are capable of doing it.

That's the lifestyle you chose to pick, and it also your responsibility to sustain it. We cannot judge you or dictate what you chose as your means of living since you are the ones earning for your own keep. And yes! I also agree that no one should be starving just because you want to save money, and it may sound like a glutton to others but if you have the capability to get as much resources (money) to put food in the table then it's your job.
I remember a quote way back then saying, "Our job is not to judge people, Our job is to work to put food on the table". That's exactly how I see the situation right now.

Personally, I am the one always in charge in cooking, so I am a bit knowledgeable when it comes to family expenses regarding the ingredients and the food. In my country even if there's not that much inflation, I can still feel the changes/spikes on the food/ingredient prices. There have also been sudden spike of prices in all the basic needs and seasonings and mostly it would also affect the prices when you are out eating on the restaurant.

That alone is the reason why some of my friends are struggling to keep up with the prices, it's because some of them are also fired from a job in which they have been working in long time already, same with the OP. While most of my friends are working for just 2 years or more, that job already became their stable source of income, and now they have to go back to square one because of being jobless.

[livingfree]

There are folks for business and there are those that are for employment and there goes the folks that are both of them.

I agree to you that even if the salary is low, it's not about the amount that you can save but it's the practice that you're building up and discipline of saving.

Because while your salary is low and you're not saving, how much more if you're earning well already and that will boost your spending habits because you've got more money then?

While you're employed or while your business is thriving, always save for the rainy days as they say.

Yes indeed, if you can established a business while you have a day job you can save good amount, but in times like this where hardship due to inflations are really bringing tough days to our life, best to help by bringing ideas if he's no longer capable to go back to the same field then he needed to explore to other options and alternatives, it's a surviving era so better to find alternative options to continue and to support your family.

Actually, you need to double or triple your effort if you're an employee and at the same time you've got a business to manage. Those that becomes successful are the hard and smart workers.

They always make use of their time at the best although they don't forget to have a me-time and spends it with their family.

But their grit and grind is too much compared to those that are very relaxed while them, they're making sacrifices up to the point that they've got lesser sleeping hours and more waking up in the early for them to have a longer time for both things.

[Wong Gendheng]

Save money is an important thing that can make life better and easier, but we should not be complacent and only rely on saving because the value of our money will be reduced, of course the cost and inflation factor is the thing that can make our money continues to decline if we save at banks , the modern era like this is certainly better if we actively invest so that it makes our finances improve.

[tvplus006]

It should be taken into account the fact that approximately 15% of the population lives in conditions of "multidimensional poverty". And this mostly depends on the economic development of a particular country, in which this indicator reaches 95%. In such circumstances, all the tips for reducing their expenses cannot even be considered, since there is not enough money for the most necessary.

[naira]

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 ?

Financial management is important, right? so that unexpected situations at least we have a choice to survive. Exiting a regular source of income that was not anticipated in the first place will result in your friend not being able to survive. Saving is done not only when realizing things like this, but must be done from the start.

What you do to help friends will definitely be very useful. But all it needs to do is teach him an important lesson about how difficult it is to survive without income.

[Cedie]

I think there are so many things we have no control over, such as inflation and the way the government will react to it, but we do have control over how hard we work, how much time we spend working on our business, how much risk we are willing to take, and who we listen to. Concentrate on what you can control rather than what you cannot. Easier said than done but all we have to do is to start. Do not just save money. If you can, invest it.

[nimogsm]

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 ?

You are doing the right thing by starting to save money there should always be savings for a force majeure event.You are great if you support your friend, this is a worthy deed.I had savings that helped me survive the events that began in my country and if not for them, my financial condition would have been much worse.

[KingsDen]

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 ?

Ten years is such a big and huge amount of years to have worked in a company.
If your friend is dismissed after 10 years, he should only not have some savings. He should also have the Investment where he would eventually fall back in case of emergency.
How much was your friend paid and I don't want to believe that after 10 years, he did not have any other source of income. Why was your friend so reliant on a company that he has worked for over 5yrs to 10yrs?

The level of inflation is too high and I might not be a fan of saving but a fan of diversification and Investment because in savings, purchasing power reduces.

[DiMarxist]

As a worker you need to settled down and  think well before you spend your money, saving of money is good in the future,if you are working you need to save money because it's will help, you are receiving salary in months you spend 80%/70% of the salary and 30%/20% should be save, when you want to do something and you are waiting for your salary on the month ending and the thing is very urgent, you use your savings, or the company you are working collapse or they drop you out of work if you don't save money you go back to square one, to feed will be a problem. Then if  you save money, when you drop out of work or the company collapse you use the money that you save  to start up something to sustain or live life.Something like this happened to my aunt husband they drop him at work, he has seven children's,he became broke I mean totally broke no way to feed,and when he was working, every month he gives her money to buy food stuffs and  the money he gives to my aunt she will spent 90% of the money for food stuffs and saves 10% she keeps the 10% to start up small business.But when he drops out of work she brings out the monies she was saving, he surprised when he saw the monies she explain everything to him and he said you are a good woman they do small business to sustain until they called him back for work.

[LogitechMouse]

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.

All of the countries experienced it. Some experienced very low inflation, some are low, some are high, and some are extremely high. People are having a hard time budgeting their daily salary because of what happened around the world.

Cost of living around the world is increasing that's why having only one source of income or even 2 might not be even enough depending on where are you living. If you live in urban areas, you might be having a hard time budgeting because prices of commodities and necessities are more expensive than if you are living in rural areas where there is lesser expenses as well.

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.

This is the where the emergency funds comes in.

Does your friend don't have any emergency funds? Because if he only saved emergency funds then he will not experiencing what he is experiencing right now or at least in the next 3-6 months depending on how much did he saved. TBH, I don't know the reason why people don't have any emergency funds. Maybe one reason is their salary is just enough for their daily needs that's why they don't have enough money to save. Either way, not having an emergency funds will put you into trouble.

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 ?

Your strategy is my strategy, and I'm pretty sure this pandemic served as a lesson for those who doesn't have any emergency funds to have one.

I hope that you're friend is fine, and help him as much as possible, but have a limit or else, you might find yourself having a hard time because of helping him. Saving money for at least 3-6 months just incase things like this will happen will save you. For sure, that's enough for a person to find a job that will support his needs unless he's lazy.

[Yatsan]

Saving is a good thing to learn, always. It will help you be prepared in the future, in general. But what makes this confusing to some is profit vs assurance of fund. Saving will allow you to be sustainbale with unexpected expenses but investment will give you profit over time, problem is the risk involved from doing so. Since investment has risks, it is not suitable for everyone. Likewise with saving wherein to some people they would prefer taking the risk than to jist rest their funds sleeping for years. We just have our own preferences on handling our money as in line with our intentions. And eitherway, or any way you would want to utilize your money.

[Renampun]

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 ?

if I were you then I would only help as much as I could, I also have a close friend who is experiencing economic difficulties because her husband was fired and he was the only one working, but I can only help her a little, like giving a little rice - sometimes oil or other basic needs. why don't I help my friend too much because I have my own life too and if she continues to receive help then she and her husband will not find a way out of the life problems they experience.

[_BlackStar]

That is why saving is an important variable in financial management. Regardless of whether you want to save for the short term or the long term, it is the most important thing to consider.

We never know when you will lose your job, how your and your family's health will be, and how you can achieve your many desires when you are not thrifty. Of course it's impossible to do all of that without problems if you don't have enough money saved, unless you are the heir to your parents' large fortune. So don't ignore the importance of having savings, they are definitely needed regardless of how the world's economy is currently. You have to realize what is the point of financial management while you are earning, so do it while you can and consider some investments.

[Jody.Drummer]

There is a wise saying that we save money, so that money can save us later.
First, it's a shameful thing to work in a company for decades without brig able to save a dime, it's really not a good way to live our lives, even a bachelor needs to have savings, before we begin talking of family men and women.

It is important to save, no matter how small our earning is, is better to save small, than not having a saving at all.

Yes, you are right, if you look at the past I also feel ashamed where when I worked a few years ago I didn't have a penny saved, and when I quit the company I really didn't have anything. But I don't regret it, because I got a very valuable lesson from that experience. Yes now I live a better life again, I save, I invest too.
It's true what many people say, that experience will make us even better and I really feel it myself. Maybe it depends on the person too, because there are people who don't learn from experience, and I think that's really stupid.

Sometimes we have to experience the bad things ourselves, of course we often hear about many things but as long as we have never experienced them, we will not learn or take lessons, the life experiences we have gone through become teachers for us to face the future, never be pessimistic about circumstances whatever, I also feel like quitting my job but I'll wait for the right time, right now I'm investing in bitcoin and altcoins which I hope can change my life for the better.

That's right, because indeed the saying about "experience is the best teacher" really happens and indeed we have to feel something like this so that we become strong even though we don't have to expect to fail but when we feel that at least we become more understanding that sometimes the expectations we have will not always go well for reality.
On the other hand, regretting things that are over also seems useless, so it's better for us to start again from the beginning with new enthusiasm and of course with the experiences we have experienced before to minimize the failures that have been experienced before so that we don't do that again.

[Flydolphine]

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 ?

Well if I get you well.your friend work in a company for a decade and suddenly lost the job and his life is negatively affected.hmm..i guess he lacks good financial intelligence,management plan and prudence.this calls to mind the need for proper management of earnings through savings just in case financial emergency arises as in this pitiable case.one can avoid debts and loans if you are disciplined enough to start saving early.this ultimately will keep you off financial stress,cushion against sudden job loss and give you a firm sense of financial freedom.cultivate the habit of savings,you can fall back on it in situations like this until you pick up again.

[lixer]

There is a wise saying that we save money, so that money can save us later.
First, it's a shameful thing to work in a company for decades without brig able to save a dime, it's really not a good way to live our lives, even a bachelor needs to have savings, before we begin talking of family men and women.

It is important to save, no matter how small our earning is, is better to save small, than not having a saving at all.

Yes, you are right, if you look at the past I also feel ashamed where when I worked a few years ago I didn't have a penny saved, and when I quit the company I really didn't have anything. But I don't regret it, because I got a very valuable lesson from that experience. Yes now I live a better life again, I save, I invest too.
It's true what many people say, that experience will make us even better and I really feel it myself. Maybe it depends on the person too, because there are people who don't learn from experience, and I think that's really stupid.

No don't feel bad for your self because there must be a reason on why you can't save. Sometimes our job is paying low and then we have lots of expenses to pay. What was the nature of job before? Was it a job outside? Now that you are here in the forum and you have applied for a sig campaign, it should give you an extra money alongside with the salary that you earn on your job.

This must be the time that you can save up. Not all experiences are bad. If some people can't seem to learn and grow, maybe they are already contented with what they currently have? But for others who think something is not right, they need to correct their life.

[indah rezqi]

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 ?

I'm grateful that I have savings, even if they can't cover all of my living expenses for years to come. But ideally we should have savings so we don't experience a similar case like what your friend experienced.

If you don't have an investment plan, try saving 3x your daily needs, but if you have more income than the average person. If you can't save 3x, then do 2x, or do 1x if you really don't have a decent income. Meaning that's how important saving is, and so far I'm grateful to be able to do it.

To avoid similar cases, I think there must be a solution, here are the points in my opinion:

• Set limit spending.
• Have savings
• Plan investments

The first point should be important because you shouldn't spend more money during very bad economic conditions. Severe inflation rates just make the currency lose value, meaning you shouldn't spend a lot of money on something that isn't of much use. The second point, you also need to consider saving for whatever you want to have in the future. This savings can be used when you are urgent, planning to build a house, buy something valuable or for whatever your future plans are. Finally, the third point, let your money work for you instead of you working hard for money. This mindset really belongs to successful people, so try to apply it.

[isaac_clarke22]

~

Well I hope you already learned your lesson from that, OP. We'll never know what happens until we really experience how does it feel to have literally nothing in backup. I was at that point where I did not have any backup and could not even sleep for weeks properly thinking on how should I be able to still pay my bills. Thankfully my clothing and freelancing business pushed through and that would be now at least my lesson to always still have at least another source of income whenever I have the chance to do so.

In crypto, I do not fully commit all my savings to it anyway so it is perfectly fine for me whatever happens.

[virasisog]

~

Well I hope you already learned your lesson from that, OP. We'll never know what happens until we really experience how does it feel to have literally nothing in backup. I was at that point where I did not have any backup and could not even sleep for weeks properly thinking on how should I be able to still pay my bills. Thankfully my clothing and freelancing business pushed through and that would be now at least my lesson to always still have at least another source of income whenever I have the chance to do so.

In crypto, I do not fully commit all my savings to it anyway so it is perfectly fine for me whatever happens.

I've been in the same situation when the pandemic crisis happened. I also lost my job due to lockdowns and had no source of income. Luckily, I have enough savings because when I was working, I used to save 20% of my salary. My savings saved me and my family and that's when I have realized that saving will surely save us from unexpected occurrences and trials that we might face. The economic crisis right now is hard to deal with and saving is very challenging but as much as possible, we have to focus on it both fiat and crypto because we'll never know what tomorrow may bring.