The savings problem

[gunhell16]

So, do you agree that radical changes are needed?

A radical change needs to be made no doubt and it has to be in the area of inflation control. Government should reduce lending and printing of money because it all creates room for more money in circulation. Some one has argued that it is easier to make money now and be rich unlike in the past where you have to work hard and harder yet no much financial benefit acrue to it but you were able to get the value of the money you had then unlike now where you have money being devalued by inflation.

So a swift solution should be in trying to reduce inflation like I said earlier, making loan available, bonds and treasurer bills, printing of money should all be reduced to the economy will gain some value. If you have less inflation then you have money whose purchasing power is very high and you can purchase alot with little money and you can save and reinvest.

I also just want to add something to what you are saying: apart from the government printing a lot of money, it will only cause a big problem in the economy of our countries because there will only be a decrease in the value of our currency itself, and then the inflation rates are still high, which is not good then.

Therefore, when this happens, it will be more difficult for the constituents to save money because of the difficulties they have faced in their lives.

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[slapper]

Wage stagnation, rising home prices, declining purchasing power. These are economic chronic illnesses, not symptoms. Like any sickness, they require targeted, deliberate treatment. First, we must adjust our economic policies. Not reinventing the wheel, but fine-tuning it. Encourage wage growth, manage housing markets, and boost middle-class spending power. This delicate balance can be achieved with the correct fiscal and monetary solutions

Personal finance education follows. We live in a very different world than boomers. Game rules have changed, so must our strategy. Youth need the skills and knowledge to traverse this new landscape. Not simply income, but wise spending, saving, and investing. Technology can transform this. Many resources exist, including apps, online courses, and forums. Making them relevant and accessible is crucial

[Iroh]

The way of life today has changed from the way it was decades ago. With great help from inflation, prices of commodities have drastically increased. Wages? Not so much and it’s getting increasingly difficult for middle to lower income families to be able to get by.
When there’s barely enough income coming in to comfortably afford the needs of the household, there’s little to nothing left to save making a lot of people having to take up additional jobs.

Tax cuts and incentives to the rich would literally get them majorly richer, increasing the ever increasing gap between the wealthy and the poor. Trickle down economics had the wealthy elites dinning at the table leaving the middle and lower class scrambling for crumbs that on occasion, fall to the ground.

[Litzki1990]

During adolescence or early adulthood we don't think much about life, we think more about how to enjoy life at that time. Ninety percent of young people who pass their teenage years and enter adulthood expect to own a bike, have a credit card or debit card, have as much money as they want, spend as much money as they want, go on various trips, etc. But after reaching a certain age, such young people then think about how to increase their savings and how they will live in the future. There are many people who blame overspending at a certain age for not feeling well. But young people or teenagers who are in this forum are very aware and they definitely think about their savings and investments which is definitely a very good idea. Now those who are thinking about their future or investing will surely get a good future.

[snowpega]

<snip>

Yes, You raised good points here, Inflation is increasing day by day. actually, the COVID pandemic destroyed the world economy which led us to face this inflation well I think the time we are living we need to do multi-works to overcome all our needs and Dreams.

A good cash flow is required to be more successful in the present time which is only possible when you keep doing work on your good ideas and multi-works if you think that you are failing on your ideas so don't change the ideas change your strategy you will get success one day and even will buy your dream house and car one day.

[IvugeoEvolutionCoin]

It's clear that saving money has become harder for many especially with rising living costs and stagnant wages. People are working more but struggling to set aside any savings. There's a need for changes whether it's better job opportunities, affordable housing or other policies that can make things easier for everyone. It's a complex issue but acknowledging the problem is a step toward finding solutions right?

A person needs a lot of money to meet his daily life needs. There are some people who are middle class and they face a lot of problems to live their life. They have to go through a lot of problems to live with the salary they get at the end of the month from their job. So they don't save any money.  Can't. Saving money is very important for us because if we face any big problem we can use this saved money. It can be very beneficial for me and my family.

[nara1892]

A person needs a lot of money to meet his daily life needs. There are some people who are middle class and they face a lot of problems to live their life. They have to go through a lot of problems to live with the salary they get at the end of the month from their job. So they don't save any money.  Can't. Saving money is very important for us because if we face any big problem we can use this saved money. It can be very beneficial for me and my family.

Of course, everyone needs money because that's the only common medium of exchange that can make us survive and most people always experience problems in terms of finance especially for those who have medium or even below average finances, of course this is a big test that they have to pass, let alone saving to meet the needs of daily life is very difficult for them. On the other hand, the main problem is that the cost of living is increasing but the income from work is not balanced to cover all needs.

Of course it is not easy to overcome financial problems like this if we don't do something or develop because we will still live and that means needs will always exist and somehow we have to have money to survive, and that means development is really needed, not infrequently we see successful people who come from very poor backgrounds, of course they have a very good recipe for life that is the result of their tireless struggle in terms of the process and also accompanied by having seriousness in terms of change to be able to move forward.

[Wakate]

<snip>

Yes, You raised good points here, Inflation is increasing day by day. actually, the COVID pandemic destroyed the world economy which led us to face this inflation well I think the time we are living we need to do multi-works to overcome all our needs and Dreams.

A good cash flow is required to be more successful in the present time which is only possible when you keep doing work on your good ideas and multi-works if you think that you are failing on your ideas so don't change the ideas change your strategy you will get success one day and even will buy your dream house and car one day.

We thank God that the world is normal now and things are getting to the right position like the way it was before. We need to understand all these things so that we can get prepared for the time the worse much comes. So many things are happening right now and we don't need to be over relaxed because we never know what would be the ext pandemic that will before us. This is one of the best time for us to save so that we can be save more before anything like pandemic would ever surface again. Those that are wise are the ones that would want to save now for a better tomorrow.

[snowpega]

We thank God that the world is normal now and things are getting to the right position like the way it was before. We need to understand all these things so that we can get prepared for the time the worse much comes. So many things are happening right now and we don't need to be over relaxed because we never know what would be the ext pandemic that will before us. This is one of the best time for us to save so that we can be save more before anything like pandemic would ever surface again. Those that are wise are the ones that would want to save now for a better tomorrow.

Yes, Indeed we Thanks To the Best creator Allah who makes this world and even Allah almighty saved us from this pandemic well the thing are you saying is so accurate saving is most important now these days.

Well i believe if we are earning from any source we should divide it into three parts one as savings, second as spending, and third as investment. you saving we help you to overcome you future problems ... Spending is also very important as one who do not spend is foolish like i mean he always want more and more to be accumulate and the third last Investments which will help you to stay financialy stable.

I wish we never face that kind of any pandemic in coming future because the previous one took many life

[oktana]

Of course changes are needed. It is true that People can barely save their money but my perspective is that they can save it but just won’t save it. It mustn’t be an intentional act but I think it is the fact that there are now too many things one could spend money on. Going back to the old days, there wasn’t as much inventions and things to waste money on, but today, there are a lot of unnecessary things that people rush to purchase. For example, take a look at the price of the latest iPhone, It is so expensive. Instead of young people to be saving or investing, they use all they have to buy that. That is a distraction that wasn’t always there.

Saving is not an easy thing to do if we don't have the habit of saving from an early age and we also can't control our desire to use the income we have on things we don't really need. Of course we won't be able to have savings if we don't use the income we get correctly

What you say is very true, in the past there weren't as many discoveries as there are now and most people who already have a lot of income that they earn will certainly use their money to invest and nowadays with many new things that we can find out easily of course there are some people who If they have enough money, they will of course buy the things they want, even though they don't necessarily need them.

I agree that it isn’t so easy but then, I don’t think it is so difficult. Is it really hard to save a small percent of your income which will gradually grow up? It’s easier when the amount is small, so for someone who wants to start saving, they should start from saving smaller amounts and then eventually they can increase the amount they save. We can all make it better for the younger ones by teaching financial education and responsibility on time. This way they can learn it before they need to do it.

[erep]

I agree that it isn’t so easy but then, I don’t think it is so difficult. Is it really hard to save a small percent of your income which will gradually grow up? It’s easier when the amount is small, so for someone who wants to start saving, they should start from saving smaller amounts and then eventually they can increase the amount they save. We can all make it better for the younger ones by teaching financial education and responsibility on time. This way they can learn it before they need to do it.

All things related to savings start with small savings but must be disciplined in doing it every day, week or month, if we consistently want to save every day then we will get a savings amount every day, say we can save $5 every day then we will get an amount of $150 every month and $1800 a year, that is a simple calculation that starts with small savings and you can imagine how if you could save $10, $20 or more for a day it would result in high savings every month.

[Xampeuu]

I agree that it isn’t so easy but then, I don’t think it is so difficult. Is it really hard to save a small percent of your income which will gradually grow up? It’s easier when the amount is small, so for someone who wants to start saving, they should start from saving smaller amounts and then eventually they can increase the amount they save. We can all make it better for the younger ones by teaching financial education and responsibility on time. This way they can learn it before they need to do it.

All things related to savings start with small savings but must be disciplined in doing it every day, week or month, if we consistently want to save every day then we will get a savings amount every day, say we can save $5 every day then we will get an amount of $150 every month and $1800 a year, that is a simple calculation that starts with small savings and you can imagine how if you could save $10, $20 or more for a day it would result in high savings every month.

If you can do this disciplinedly every day, it doesn't seem like you will collect large amounts of funds in a year. To save consistently, especially every day, is not easy, just like what is done is psychological trading, it would be even better if you save in the form of investments, so that in the long term it is not inferior to the rate of inflation that occurs

[retreat]

This is a fairly complex issue that we cannot discuss completely in just one thread. And yes, this problem has become an issue in many countries, where many young people are forced to work a whole week from morning till night just to earn enough to cover their needs and pay off their mounting debts. This makes them unable to save for the future.
Where on the other hand, business people are increasingly hoarding their money and not giving appropriate salaries to their employees and the government seems to be turning a blind eye to this. It was quite sad to see this condition happen.

[tabas]

And yes, this problem has become an issue in many countries, where many young people are forced to work a whole week from morning till night just to earn enough to cover their needs and pay off their mounting debts.

If it's about hard working, I guess that all of us are uniting with it. In every country, there's this the same thing and problem that everyone is dealing with. About the high cost of living even if in the countries that have low cost of living, people there are saying the same thing so there's no escape here unless you're born with silver spoon but they're out of this topic since we're talking about the generation that's believing with even you work hard, you'll get the bare minimum.

This makes them unable to save for the future.

On the brighter side, this is also making them realize that if they are stagnant and does the same routine, no improvement of their lives will happen.

Where on the other hand, business people are increasingly hoarding their money and not giving appropriate salaries to their employees and the government seems to be turning a blind eye to this. It was quite sad to see this condition happen.

This is the reality for some companies and employees. But there's always a labor agency where those employees think that they don't receive the deserve salary that they have. However, whether we like it or not, there's always the exploitation on the employees and you know the pat in the back moments when good job is done.

[zaim7413]

Prestige or wanting to be seen living a luxurious life with all the living facilities they have encourages individuals to take out loans with regular monthly payments + interest. The increasing burden of life will force people to work every day, if necessary they have to work overtime to meet the burden of life.
The accumulation of income and expenditure almost balances which means they have to ignore saving to finance other needs. Desires and needs will never go hand in hand, to achieve a better level of life by having savings you must prioritize needs over desires.

[oktana]

I agree that it isn’t so easy but then, I don’t think it is so difficult. Is it really hard to save a small percent of your income which will gradually grow up? It’s easier when the amount is small, so for someone who wants to start saving, they should start from saving smaller amounts and then eventually they can increase the amount they save. We can all make it better for the younger ones by teaching financial education and responsibility on time. This way they can learn it before they need to do it.

All things related to savings start with small savings but must be disciplined in doing it every day, week or month, if we consistently want to save every day then we will get a savings amount every day, say we can save $5 every day then we will get an amount of $150 every month and $1800 a year, that is a simple calculation that starts with small savings and you can imagine how if you could save $10, $20 or more for a day it would result in high savings every month.

If you can do this disciplinedly every day, it doesn't seem like you will collect large amounts of funds in a year. To save consistently, especially every day, is not easy, just like what is done is psychological trading, it would be even better if you save in the form of investments, so that in the long term it is not inferior to the rate of inflation that occurs

I do not dispute the fact that one should invest their money somewhere, but sometimes we want to purchase something or do something and because the salary or income method can’t give all the money at once, we have to save. That’s the kind of case you should consider. Asides that, you still need to have readily available cash for emergency. These doesn’t affect investments as it’s mostly recommended to split your money to each segments in percentage.

[poodle63]

Prestige or wanting to be seen living a luxurious life with all the living facilities they have encourages individuals to take out loans with regular monthly payments + interest. The increasing burden of life will force people to work every day, if necessary they have to work overtime to meet the burden of life.
The accumulation of income and expenditure almost balances which means they have to ignore saving to finance other needs. Desires and needs will never go hand in hand, to achieve a better level of life by having savings you must prioritize needs over desires.

often time its the accumulation of debt because they just can't control themselves is what caused so many people to be poor despite working overtime which supposedly make them able to save some money for future planning but in reality many people are just can't hold the desire of enjoying luxurious thing as you want.
i've seen so many people with small salary already starting to buy some car by loan despite salary sometime become unstable since we all know that everyone is getting fired these days its just such a bad decision that I just don't think i would ever do that but some people just do that anyway since they think they are confident that they could make it through the loan and paying it in full but honestly at difficult time like this no one knows.
even if suddenly the interest rate is rising that already means we gonna become even more broke, definitely overall series of bad decision that could make people never got out of poverty.

[junder]

During adolescence or early adulthood we don't think much about life, we think more about how to enjoy life at that time. Ninety percent of young people who pass their teenage years and enter adulthood expect to own a bike, have a credit card or debit card, have as much money as they want, spend as much money as they want, go on various trips, etc. But after reaching a certain age, such young people then think about how to increase their savings and how they will live in the future. There are many people who blame overspending at a certain age for not feeling well. But young people or teenagers who are in this forum are very aware and they definitely think about their savings and investments which is definitely a very good idea. Now those who are thinking about their future or investing will surely get a good future.

I agree with you, this is exactly what happens in the environment around me, many young people are competing to fulfill their lifestyle in a luxurious way, including branded goods that have high prices, even though they themselves don't have a job with an income. clear. I think they only think about the prestige they have to fulfill, by only thinking about their youth which they have to enjoy but not thinking about their future, they can have fun at a young age, but don't think about what their old age will be like.

In my opinion, only a few young people want to save for their future, most young people today, as you said, tend to only think about how to enjoy life now and don't look at the future, even though I think the future is also important to prepare for. Those who are still young, even with their young age, they should work hard and think about their future, because I'm sure they don't want a bad future either. but this is a difference of thought so in my opinion it is not strange that something like this exists. but I hope that those who only think about their youth now can think about their future too.

[BABY SHOES]

All things related to savings start with small savings but must be disciplined in doing it every day, week or month, if we consistently want to save every day then we will get a savings amount every day, say we can save $5 every day then we will get an amount of $150 every month and $1800 a year, that is a simple calculation that starts with small savings and you can imagine how if you could save $10, $20 or more for a day it would result in high savings every month.

It is difficult to save every day because if they are a worker who receives a salary once a month then it will be difficult to do that, unless you have your own business, or a shop that can earn every day but an employee will not be able to do that even if you have calculated simply.

Still, many of their employees who have a lot of bills will find it difficult to win especially those who have a family then their needs will go there not to save anymore, we know the salary level of each country is different so this only concludes in my own country that the average young generation is now difficult to save they just want to fulfill their own needs which lifestyle is increasing.

Try you notice, most of them now prioritize lifestyle will be more in view than saving often trivialized because of the usual lifestyle.

[arimamib]

~

It is difficult to save every day because if they are a worker who receives a salary once a month then it will be difficult to do that, unless you have your own business, or a shop that can earn every day but an employee will not be able to do that even if you have calculated simply.

Still, many of their employees who have a lot of bills will find it difficult to win especially those who have a family then their needs will go there not to save anymore, we know the salary level of each country is different so this only concludes in my own country that the average young generation is now difficult to save they just want to fulfill their own needs which lifestyle is increasing.

Try you notice, most of them now prioritize lifestyle will be more in view than saving often trivialized because of the usual lifestyle.

Saving can indeed be challenging, especially for those with monthly salaries and various financial responsibilities. The ability to save regularly can indeed be influenced by the frequency of income, and people relying on monthly salaries may find it hard to set aside money every day. The prioritization of lifestyle over saving is a trend seen in many places. The pressures of daily expenses, bills, and supporting a family can sometimes leave little room for discretionary savings.

Lifestyle choices and the desire to meet immediate needs often take precedence over long-term financial planning. This scenario is not unique to any specific country and is a reflection of broader economic and cultural trends. It implies the importance of addressing both short-term and long-term financial goals that  finds a balance between current needs and future financial security. It's a complex challenge, but small steps towards building a savings habit can make a significant difference over time.