Silberman
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April 19, 2023, 09:13:42 PM |
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Automatic saving is good but in time of need, some may spend all their savings. Is there any reason not to use the money kept in that saving account? No, and this is why we need a reason to save for too. If we think that we need to save to achieve something, we will keep saving despite the fact that it is automatic or manual. And won't use that until it is fulfilled. If we save without any reason, then the chances of using that money for other thing is really high. The automatic process you said in the OP is quite good, but I think adding some reason to save with that will make it even better.
Yes, automatic saving will make the process easier but it does not provide the motivation to keep going, this is similar to losing weight, if people just want to lose weight without a big reason to do it then most likely they will fail, however if they set themselves an important goal, like improving their health or looking great for beach season or a wedding then they will keep making an effort to reach their goal, no matter how difficult the process could be.
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Baoo
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April 19, 2023, 09:33:36 PM |
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Well, it is really necessary to save money for unexpected needs and rainy days. We don’t know what tomorrow will bring for us, that’s why we should be prepared and adapt ourselves for each new situation. Unfortunately, a lot people over spending money on useless items and goods. It is really disappointing how humans being materialistic, they judge on your appearance over your personality. In my opinion, you should save at least 15-20% of your salary and in case you have available time, try to find a part time job, that would help to gain more money. In addition to that, it is certain Bitcoin is a good investment especially in long term but it is preferable to purchase only what you can afford to lose.
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dunfida
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April 19, 2023, 09:34:09 PM |
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Automatic saving is good but in time of need, some may spend all their savings. Is there any reason not to use the money kept in that saving account? No, and this is why we need a reason to save for too. If we think that we need to save to achieve something, we will keep saving despite the fact that it is automatic or manual. And won't use that until it is fulfilled. If we save without any reason, then the chances of using that money for other thing is really high. The automatic process you said in the OP is quite good, but I think adding some reason to save with that will make it even better.
Yes, automatic saving will make the process easier but it does not provide the motivation to keep going, this is similar to losing weight, if people just want to lose weight without a big reason to do it then most likely they will fail, however if they set themselves an important goal, like improving their health or looking great for beach season or a wedding then they will keep making an effort to reach their goal, no matter how difficult the process could be. You should really be setting goals but speaking of savings it wont really be that necessary considering that these are emergency funds which you would really be tending to save or accumulate. Automatic savings pertains about automatic deduction into your salary which it wont really be that a bad idea but of course be sure that you would really be able to make things to be in tact or arrange up accordingly which those left amounts would be sufficient when it comes to your needs or priorities.You should save up on something on what you do really just having those extras and dont getting that too much.
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Questat
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April 19, 2023, 09:57:44 PM |
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Well, it is really necessary to save money for unexpected needs and rainy days. We don’t know what tomorrow will bring for us, that’s why we should be prepared and adapt ourselves for each new situation. Unfortunately, a lot people over spending money on useless items and goods. It is really disappointing how humans being materialistic, they judge on your appearance over your personality. In my opinion, you should save at least 15-20% of your salary and in case you have available time, try to find a part time job, that would help to gain more money. In addition to that, it is certain Bitcoin is a good investment especially in long term but it is preferable to purchase only what you can afford to lose.
Any amount to save is very important even if we are not consistent in doing at least we have some savings. What I did now is I have a schedule alarm when I have to put money in my savings account. Honestly, it was a little bit difficult to start doing this but when it becomes habitual, everything works so easily. But I see that having a purpose for saving could help us to encourage savings more compares to just saving for emergencies, that is why I change it and yeah, it motivates me a lot.
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irhact
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April 20, 2023, 06:24:18 AM |
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Yes, automatic saving will make the process easier but it does not provide the motivation to keep going, this is similar to losing weight, if people just want to lose weight without a big reason to do it then most likely they will fail, however if they set themselves an important goal, like improving their health or looking great for beach season or a wedding then they will keep making an effort to reach their goal, no matter how difficult the process could be.
Automation makes it look easy to achieve and anything that's easy to get can be taken away easily. If your savings are easier for you then you aren't doing it right. It's supposed to take your dedication and consistency to be able to save as that helps you generally and prepares you for financial free life since you'll now know your priorities and how to manage money correctly. What saving is meant to do is to help you manage money and when you do that manually it works but with automatic saving, it means you're not setting your wants aside and only concentrating on the importance needs to save up money, you're just spending all you have and the same thing happens when you get that savings.
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Supreemo
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April 20, 2023, 12:34:52 PM |
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Yes, automatic saving will make the process easier but it does not provide the motivation to keep going, this is similar to losing weight, if people just want to lose weight without a big reason to do it then most likely they will fail, however if they set themselves an important goal, like improving their health or looking great for beach season or a wedding then they will keep making an effort to reach their goal, no matter how difficult the process could be.
Automation makes it look easy to achieve and anything that's easy to get can be taken away easily. If your savings are easier for you then you aren't doing it right. It's supposed to take your dedication and consistency to be able to save as that helps you generally and prepares you for financial free life since you'll now know your priorities and how to manage money correctly. What saving is meant to do is to help you manage money and when you do that manually it works but with automatic saving, it means you're not setting your wants aside and only concentrating on the importance needs to save up money, you're just spending all you have and the same thing happens when you get that savings. prioritizing needs doesn't mean you have to live a frugal life of not eating balanced diet, it means that you are not spending too much in unconventional things and prioritized what is needed like your basic necessities, investments, and emergency expenses. what is temporary enduring for the sake of future financial freedom right? this is why most of the wealthy people wanted to have someone to manage their finances so they can focus more on their career, but since there are people who cannot afford that, the only thing they are capable of doing is balancing their time, money and their well being.
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slapper
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April 20, 2023, 03:58:38 PM |
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Yes, automatic saving will make the process easier but it does not provide the motivation to keep going, this is similar to losing weight, if people just want to lose weight without a big reason to do it then most likely they will fail, however if they set themselves an important goal, like improving their health or looking great for beach season or a wedding then they will keep making an effort to reach their goal, no matter how difficult the process could be.
Automation makes it look easy to achieve and anything that's easy to get can be taken away easily. If your savings are easier for you then you aren't doing it right. It's supposed to take your dedication and consistency to be able to save as that helps you generally and prepares you for financial free life since you'll now know your priorities and how to manage money correctly. What saving is meant to do is to help you manage money and when you do that manually it works but with automatic saving, it means you're not setting your wants aside and only concentrating on the importance needs to save up money, you're just spending all you have and the same thing happens when you get that savings. Folks, automation makes it look like a piece of cake to save, but easy come, easy go. If saving's a breeze for you, you're not doing it right. Saving takes dedication and consistency to prepare for a financially free life, knowing priorities and managing money like a boss. Saving is supposed to teach money management. Manual saving works, but automatic saving? Not so much. You're not setting aside wants, focusing on needs to save cash. Instead, you're just spending and doing the same when you touch that savings. Sad!
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isaac_clarke22
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April 20, 2023, 04:04:57 PM |
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I think OP is pointing out automation as being a habit of people to keep saving even if they don't have anything to buy anyway. There would times of unexpected where money would be the one that can help you. Save those little quarters that you ccan pick up around the streets. You never know how much luck those coins bring as well.
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beerlover
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April 20, 2023, 04:50:04 PM |
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Automatic saving is good but in time of need, some may spend all their savings. Is there any reason not to use the money kept in that saving account? No, and this is why we need a reason to save for too. If we think that we need to save to achieve something, we will keep saving despite the fact that it is automatic or manual. And won't use that until it is fulfilled. If we save without any reason, then the chances of using that money for other thing is really high. The automatic process you said in the OP is quite good, but I think adding some reason to save with that will make it even better.
That does happen, it happened to me so many times in the past 2 years, the pandemic caused a lot of sickness because even if you did not go outside and get covid, you were at home and that means you did not live a healthy life style. In fact, most developed nations had increased rate of obesity, which was assumed to be because people sit down and didn't walk around or basically used their body and ate fast food delivered instead of going outside, this is not backed by data but seems to be the most plausible reason. So all of that combined means that many people got sick and health is the most expensive thing in the world, it has no value at all, you can't put a price tag on health, so we all got destroyed and our savings got emptied multiple times.
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Silberman
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April 22, 2023, 08:55:07 PM |
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Automatic saving is good but in time of need, some may spend all their savings. Is there any reason not to use the money kept in that saving account? No, and this is why we need a reason to save for too. If we think that we need to save to achieve something, we will keep saving despite the fact that it is automatic or manual. And won't use that until it is fulfilled. If we save without any reason, then the chances of using that money for other thing is really high. The automatic process you said in the OP is quite good, but I think adding some reason to save with that will make it even better.
That does happen, it happened to me so many times in the past 2 years, the pandemic caused a lot of sickness because even if you did not go outside and get covid, you were at home and that means you did not live a healthy life style. In fact, most developed nations had increased rate of obesity, which was assumed to be because people sit down and didn't walk around or basically used their body and ate fast food delivered instead of going outside, this is not backed by data but seems to be the most plausible reason. So all of that combined means that many people got sick and health is the most expensive thing in the world, it has no value at all, you can't put a price tag on health, so we all got destroyed and our savings got emptied multiple times. This is an interesting point, when people think about saving they think about money, but they do not realize that we can use the very same principles to save other stuff which can be way more valuable, like our time or our health, and without a doubt many people lost a great deal of their health during the pandemic as not only many are still suffering from the side effects of getting sick with covid, but many others developed bad habits due to the fact we had to stay in a state of isolation for a very long period of time.
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justdimin
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April 23, 2023, 04:16:51 PM |
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Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval.
The idea to save as much as you possibly can, even if it puts pressure on you but you can do it, means that you could have a better future. Like for example if you can save 50% of your income, in 10 years you would be able to retire, think of how amazing that is. Someone who starts working at 22-23 years old, could easily retire at 40 years old if they save enough and invest smartly. I am not saying that is what you should do, you would go crazy if you retire at 40 and do nothing, but at least you do not need to work at a job you hate if you have that. I got lucky in that sense because I love my job, but I still save just in case something goes wrong in my life, like a sickness and I am unable to work, be ready for anything.
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imamusma
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April 23, 2023, 04:50:52 PM |
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Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval. The idea to save as much as you possibly can, even if it puts pressure on you but you can do it, means that you could have a better future. Like for example if you can save 50% of your income, in 10 years you would be able to retire, think of how amazing that is. Fiat is not the best choice for long-term savings (bank deposits) compared crypto investments. Inflation has made fiat lose lot of value, fiat is printed indefinitely so it's definitely not the best choice. If the OP wants to save, then the best option is to make his savings work for his own benefit in the long term. I recommend bitcoin or whatever he thinks is good, but if he chooses fiat savings, then it's clear to me that it's not a very wise choice. Someone who starts working at 22-23 years old, could easily retire at 40 years old if they save enough and invest smartly. The mindset has to be clear about how to make savings productive, I mean they have to plan investments instead of storing large amounts of fiat. Investing is the best advice for anyone who wants their assets to be productive, it is up to them what assets they believe to provide short term or long term returns.
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panganib999
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April 23, 2023, 05:05:16 PM |
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From your explanation, it is obvious you are talking to salary earners who receive money on monthly basis. So how about those not belong to salary class? Well, saving to me is all about determination and self discipline. I am not a salary earner, I don't receive money on a monthly basis but I have designed a formula on how to spend whatever money comes into my hands including savings. Unless in the case of emergency, I do save money from every penny that enter into my hands.
I would advise you to first of all stop relying on salary alone. Get another means of income aside your salary and start saving money at whatever time you wish.
Automated saving would indeed work for those who are monthly earners. But savings should be through initiative and discipline indeed, for it to have some sort of 'chain' to not be used to "wants" than with "needs". Initiative would somehow push that individual to avoid using his/her savings easily. But this simply depends on the person. The problem why savings does not work the way it should be, is because of drives and implusiveness. If an individual would be fully aware of the cashflow in his/her account, expenses would be anticipated and measured which would allow the individual to avoid being oushed to the edge of withdrawing some of the saved money. Point taken. There has to be money that could be saved after all in order for you to be able to save money in the first place. And the issue with discipline is another story too but it somehow still connects with the narrative. But to people with little to no control over how they spend their stuff, auto-invest is still a good thing. Just place parameters that would disable the user from ever getting his/her hands on the investment capital, either through time or value lock, and they are set. They couldn't touch it even if they wanted to. I've seen banks and investment/lending firms in the Philippines do something along these lines, so it's not that impossible per se.
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southerngentuk
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April 23, 2023, 05:09:37 PM |
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Overall, automatic saving is a great way to overcome present bias and make saving money a priority. By setting up automatic transfers from your bank account to your savings or investment account, you can save money consistently without having to make a decision about it each time. This can help you establish a savings habit, making it easier to save in the future, achieve your financial goals, build a savings habit, and ultimately lead to greater financial stability and security.
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Dzwaafu11
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April 23, 2023, 05:34:12 PM |
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Saving money is a wise investment strategy nowadays because it allows us to accomplish a number of our objectives quickly and painlessly. Or, if you encounter sudden financial difficulties, you can easily turn to your savings and find a solution without the need for a loan.OP Although we can't always fulfill our needs at the exact moment we need them, you did a great job of reminding us how to spend our money. For example, when you plan something for the future, I suggest that you start saving the money you'll need for that item this year so that when the time comes, you can quickly take your savings and get what you want without wasting any time.
Although it may not be a large sum of money, investing it in bitcoin will be preferable to keeping the money in an account if we want to save money. This is my own recommendation rather than saving money in fiat currency
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Uruhara
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April 23, 2023, 05:35:46 PM |
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Maybe savings automation can indeed be a solution for someone who is used to living extravagantly and has difficulty setting aside money for savings. but for someone who is good at financial management and is disciplined in setting aside money for savings each month, this step may not be necessary. And also for someone whose salary is mediocre to meet their daily basic needs, it will be difficult to automate savings. because they have no money left over and can't save not because they don't want to. but indeed their basic needs and income are the same. and usually people who have a mediocre salary are also used to living frugally but their salary is only enough to meet basic needs when they are frugality. whereas if they don't save, they will lack money to meet these basic needs. So that savings automation steps are indeed effective for one particular party under certain conditions but also not suitable for other parties with certain economic conditions.
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mm2543363580
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April 23, 2023, 07:09:07 PM |
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This idea in itself is very practical and sensible and those who adapt this method definitely end ups saving more than the others who are trying to save themselves. Man by nature is an extravagant spender and they always spend more than the limit so automating your saving will definitely help you save more .
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ShowOff
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April 23, 2023, 07:28:23 PM |
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Maybe savings automation can indeed be a solution for someone who is used to living extravagantly and has difficulty setting aside money for savings. but for someone who is good at financial management and is disciplined in setting aside money for savings each month, this step may not be necessary. And also for someone whose salary is mediocre to meet their daily basic needs, it will be difficult to automate savings. because they have no money left over and can't save not because they don't want to. but indeed their basic needs and income are the same. and usually people who have a mediocre salary are also used to living frugally but their salary is only enough to meet basic needs when they are frugality. whereas if they don't save, they will lack money to meet these basic needs. So that savings automation steps are indeed effective for one particular party under certain conditions but also not suitable for other parties with certain economic conditions. Every individual can save as long as they have an extra budget after all their life needs are met. Some say that being thrifty is the origin of getting rich, but basically currently saving in fiat will not make people rich at all, but when they start investing then the possibility of getting rich can be expected. Savings must also be adjusted according to income and needs so that not everyone can have the same percentage. If I can save 20% of my income every month to invest, then other people may not be able to do the same percentage or may be able to do more than me. Savings can be automated as long as the income is higher than the need of life.
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ajiz138
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April 23, 2023, 09:26:16 PM |
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Every individual can save as long as they have an extra budget after all their life needs are met. Some say that being thrifty is the origin of getting rich, but basically currently saving in fiat will not make people rich at all, but when they start investing then the possibility of getting rich can be expected.
Savings must also be adjusted according to income and needs so that not everyone can have the same percentage. If I can save 20% of my income every month to invest, then other people may not be able to do the same percentage or may be able to do more than me. Savings can be automated as long as the income is higher than the need of life.
If the income is mediocre then there is no need to save enough for our daily basic needs, if income starts to rise then they can put it aside in savings but what you say is true saving fiat will not get rich because it will be eroded by inflation and this becomes currency value money is weak, so it shouldn't be prioritized except for making investments that can be hopeful, because people get rich because their investments have been successful. Everyone gets their income differently, I myself always set aside a percentage for investment and this is important to support greater profits in the future so I always think about the percentage that must be divided so that it can be adjusted, whereas with differences in people it is always not the same. they sometimes have their own way of managing both investment and savings.
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GeorgeJohn
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April 24, 2023, 07:03:33 AM |
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For you have the courage to initiate the ideas of automated saving that means you be a government worker and you received monthly or weekly salary, but remember that anything have advantages also has disadvantages, for funds to be automatically goes to saves account that means they will be time frame before you can as well access the money if you wishes to put it into function or withdraw the money.
In my country we have what we call a fixed deposit account saving of your money and the fixed deposit account most be a current account that can contain huge amount of money, so before you proceed with the fixed deposit, they will be an agreement between you the owner of the account and the specified bank, so you will deposit the money in bulk and they will be specific time duration you can withdraw the money with the bank. So it's you that will deposit the money by yourself if you wishes to run a monthly deposit instead of bulk deposit, and while the monthly deposit comes up is due to if you have any financial challenges within the month you can make withdraw and sort out your problem before making a deposit.
So I think this system of saving money is preferable than using automated system to save your money, and when you have challenges within the month you can not sort it out because the money will be credited to your savings account immediately, so I prefer a fixed deposit account than automated deposit.
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