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

[terencio]

 If I were him, I would try to look for other sources of income, such as online freelancing or part-time jobs, while applying for new positions in my field. I would also seek support from my family, friends and community organizations that can offer financial or emotional assistance.

[Bananington]

Same advice to save money while it is in excess is always evergreen. It never goes out of the books of advice on how to be financially responsible to the point where it saves one from embarrassing situations and insults.
Alternative sources of earning income, came up as a favorite position to always put oneself in when a job and age and family grow bigger. Even while living as a single person/bachelor/spinster, please find other means to earn. The best form of saving for most is to invest, maybe buy some crypto assets and securities from trusted sources and HODL. Nothing also beats going freelance at ones spare time, or turning a favorite hobby into an income source.

The guy in this person has sure learnt a life lesson to be able to advice on such matter.

[slapper]

I agree with you. I think we have to spend as much as we need. Again we have to see that the expenditure does not exceed the income.If we have any bad addictions we need to get rid of them now. And we have to stay away from luxury. If we can live a simple life we ​​can save a lot of money and live well. So we have to stay away from luxurious life thinking about the future and live honestly.

Saving even a little must be done consistently so that it becomes a habit for yourself, at least for an emergency fund. don't later when we need money instead we owe it here and there. Everything is an important element of balance between saving and lifestyle because the two are closely related where when we really need it and it's important it's okay to use our money, we have to get used to not buying things that are not too important.

Basically Everything Going back to our own mindset, if you can save money, take care of your physical and mental health and be able to manage stress that's good. there's nothing wrong with saving, even if it's as small as it is, it's sure to be useful for ourselves, even though our monthly income is small. Live a lifestyle according to your ability, keep saving even if it's small it will be useful for you, learn to be concerned about yourself. It's just as smart as it is to manage finances, because in life it's certain that everything won't always go smoothly, if you save money there must be an emergency fund that we can't predict and we can use it if we need it suddenly.

Your point, that saving provides financial stability and peace of mind, is well-established. Yet, it's critical to realize that our financial realm has transformed; saving alone might not suffice.

Contemporary financial wisdom involves nurturing savings through wise investments and efficient debt management. While savings act as a cushion, investments amplify wealth for sustained financial security. Therefore, financial enlightenment should encompass wealth management, not merely saving.

The interrelation you draw between financial stability and health is indeed compelling. Increasingly, it's understood that fiscal wellbeing significantly influences overall health. Consequently, financial strategies considering health should be central to our financial literacy discussions.

[Bushdark]

Saving is a very important aspect that we need to prepare for a better future. It is very important for us to always save what we have now so that if we have some financial difficulties. We have to save when we have and when we still don't have much to spend, this is important for the time when there will be no fund for us to spend. Saving can help us a lit even when we don't have people around us that can give us money to foot our bills. Money is a very essential that is why we need to save and long as we are earning for a better future.

[dunfida]

Saving is a very important aspect that we need to prepare for a better future. It is very important for us to always save what we have now so that if we have some financial difficulties. We have to save when we have and when we still don't have much to spend, this is important for the time when there will be no fund for us to spend. Saving can help us a lit even when we don't have people around us that can give us money to foot our bills. Money is a very essential that is why we need to save and long as we are earning for a better future.

Financial difficulties in life is something that inevitable on which there's no way that we could be able to avoid it out unless if you do have tons of money like you do get from your inheritance or would really be getting from lots of income sources on which there's no need for you to mind off about having savings but we know that even rich people would be mainly thinking about having savings and wont really be that just confident
on having none because they've been aware on how important saving is which its a must thing to mind on in the first place.

Save money even if you are rich, how much more if you are having that average financial situation or ordinary worker or earner then it would really be something that it is really recommended.
You wouldn't know on when you would really be needing it.

[Uruhara]

If I were him, I would try to look for other sources of income, such as online freelancing or part-time jobs, while applying for new positions in my field. I would also seek support from my family, friends and community organizations that can offer financial or emotional assistance.

So true. The steps you suggest are indeed very suitable for OP's friends to do. But it seems that when the economic crisis occurs, especially when the recession haunts several countries, finding a job is not easy. And the point is for those of us who are still working and still have a good income. then we have to put it to good use by saving and investing.

[Betwrong]

I'm sorry to hear that. it's very sad to see things like this happen.
That's why I always save money just incase something bad will happen to me or to my family, it's always good to be prepared for anything.
I'm sure you and your friend will get out of this situation so good luck to both of you!
And about savings, I live by the 30-70 rule, I spend 30% and save 70% every time I can.

OMG! What kind of a rule is that? Are you living with your parents with them covering all the expenses? If that is true then you are doing the right thing saving 70% of your income, and those words in the OP are for you, "Try to save money while you still can". Indeed, you can still do it in your situation. But for most people, people living on their own, saving even as little as 10% of their income can be a problem, let alone 70% like in your case. Please share more about your case. You don't earn such a big amount that you can live for 30% out of it, do you?

[Freddie Boyer]

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 ?

In My mind, Supporting your friend during this difficult time is very important, both emotionally and by providing information and assistance. It's important to save money while you still can, especially given the rising cost of living and the potential for unexpected challenges in life. I understand that your friend recently lost his job, and it can be tough.

In such situations, Maybe it is important to prioritize immediate financial needs, reduce unnecessary expenses, and seek other alternative sources of income if deemed necessary.

[DeathAngel]

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 ?

I would advise your friend to try anything to find work, even do undesirable jobs if he has to. There is no shame in working, no matter what it’s doing. He could get two jobs if he has to. I would advise him to invest in bitcoin & hold long term but it sounds like he doesn’t have much money & it’s just about staying alive, not investing. Regardless I hope he is doing better now, it’s been a few months since the OP.

[SmartCharpa]

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 he truly worked for a company that paid monthly, he would have some savings on hand, but I have no idea what kind of situation he is in; perhaps he didn't save whenever he received his salaries on a monthly basis, instead using them to deal with financial issues. If he does have some savings, though, you can introduce him to bitcoin so that he can start a small investment; if that is too big for him to handle, he can start a small business with the money he has saved, and if he has no savings, he might find a job in your country where he could get paid every day. In my opinion, this is preferable to starting over from scratch.