You can build your emergency funds, as backup for your Bitcoin investment.

[SuperBitMan]

Emergency funds are very important to have as an investor however building an emergency funds on a low income can be challenging, but it's definitely possible with the right approach, and here are some approach that can help you.

A. Start little by little and be very consistent.
All you need to do is start small no matter how small the money is, just be accumulate it and be consistent with time you will build a very strong backup funds, you can use the " pay yourself first" method which means saving before using your Discretionary income for anything else, the key to succeeding in these is by being consistent.

B. Cut down all unnecessary spending.
Cut all unnecessary spending for example eating out especially in expensive hotels, and what ever you want to do always look for cheaper alternative for example buying your food items in bulk.

C. Find a way to increase your income.
Find a side hustle don't just depend on your salary alone, you can engage yourself in freelance or any other thing that you find comfortable.

D. Take Advantage of Community Resources.
If you know you don't have what it takes to stay in big cities then stay in your community and take advantage of your community resources if it is farming you farm it will help you save cost.

E. There's one thing that always help me to save cost, I will plan my week and withdraw the particular money I need to spend for that week and keep, through out that week I will make sure I don't withdraw again and if I have a leftover money for that week i will add it to my savings account.

[Richbased]

E. There's one thing that always help me to save cost, I will plan my week and withdraw the particular money I need to spend for that week and keep, through out that week I will make sure I don't withdraw again and if I have a leftover money for that week i will add it to my savings account.

The truth is just that we are taking everything about money too serious, that is why almost everything in life is just revolving around money. For the fact that you are saving money that will stand as emergency funds for you in the future does not mean that you can't go above your budgets in a week or a month such that even if you see something valuable that requires money, you now take because you have already made your budget and decide to discard the opportunity to afford that valuable thing that can be helpful to you or your family. Saving and keeping money for the future is not bad but we should not make our life appear like we are held in a bondage just because of some decision we want to take. I have seen people who have saved a lot of money but kept themselves hungry and without good clothes. Should we go that extreme to deny ourselves the basic things of life just because we want to keep funds that will stand as aid in the future? People can become so stingy to themselves just because they want to meet a target but haven't really thought about if they are the owner of their lives.

[EarnOnVictor]

It is wise to consider an emergency fund and all your points are valid to help secure it. However, I prefer people to look beyond the "emergency" itself and focus on investment and more sustainable earning means that will continue to enrich the person to have excess.

Saving of funds these days is no longer encouraging as inflation is eating our savings in the bank. So instead of opting for emergency funds saving (and of course using your strategy and even more), one can convert it to investment funds, in which part of it will be ready at any time needed to cover emergencies. That looks like a better plan to me.

[Charles-Tim]

However, I prefer people to look beyond the "emergency" itself and focus on investment and more sustainable earning means that will continue to enrich the person to have excess.

Another one that will be good is to have retirement plan and fund. But all these are good for someone that are well paid and not spending all the money made weekly or monthly.

Saving of funds these days is no longer encouraging as inflation is eating our savings in the bank. So instead of opting for emergency funds saving (and of course using your strategy and even more), one can convert it to investment funds, in which part of it will be ready at any time needed to cover emergencies. That looks like a better plan to me.

That should be for someone that knows very well about investment already. Some people can know about cryptocurrencies and invest on altcoins and either win big or lose hard. I have heard friends told me how they lost money on investment. Although, I think bitcoin as an investment is good.

But I think both emergency fund and retirement fund should not be part of investment funds, but they should be on appreciative assets like bitcoin and not in fiat.

[Kelward]

Emergency funds de very important for every household, especially for people wey get dependants like children and aged parents. Nobody know wen emergency needs fit to arise, dat na why e de very important to prepare for am so dat we no go de run Helter skelter to de look for money during emergencies. Di main factors wey person go carry for mind to be able to keep emergency funds na spend below your income and to achieve the aim you must make budget for your expenses. Without a tight budget for your income e go de easy to spend money on things wey no de important to you, plenty distractions go confuse you to spend your money anyhow.

You go make budget wey go include money for basic needs, investment and emergency funds, if emergency no happen, di money go remain as savings for you. But person wey im income de very small and e no de reach am to take care of im basic needs like cheap food items, di person no get any business for investment and emergency funds. Di person need to try and increase im income by either quitting his job and get anoda one, get a second job or learn a skill as a side hustle wey go de give extra money.

Your topic make correct sense but as e no directly talk about cryptocurrency I believe say e belong to sub board.

[Marvelockg]

D. Take Advantage of Community Resources.
If you know you don't have what it takes to stay in big cities then stay in your community and take advantage of your community resources if it is farming you farm it will help you save cost.

you see this particular thing; it is one problem we have among people, and this is not just restricted to those that are trying to be intentional on their emergency fund or in building their portfolio, a lot of the people that are struggling in the city are not willing to start small but prefer to leave the comfort of their home to strange land that is not even as comfortable and cost effective as their home.  cutting your expenses according to your ability is one way that helps you achieve most of your goals. if you don't have what it takes to stay in a city where cost of living is very expensive, why not remain at a place your capacity can carry and when you finally get the required finance, you can move up? leaving above your means will only lead you to eating from hand to mouth and with that, you cannot even invest well let alone have enough that you can set out for your emergency fund.

[Josefjix]

I have seen people who have saved a lot of money but kept themselves hungry and without good clothes. Should we go that extreme to deny ourselves the basic things of life just because we want to keep funds that will stand as aid in the future? People can become so stingy to themselves just because they want to meet a target but haven't really thought about if they are the owner of their lives.

I've always emphasizing on this matter many times because, it looks so ugly for one to keep himself hungry for the sake of saving funds. I dispute on this because the Bible says "Give us this day our daily bread" so why would someone disobeyed and never trust in God for his statement, you don't believe you can get it again if you spend the ones you have on you? Or the fear of loosing all will gets you trap in bondage of not buying yourself good things. It's really crazy while some people think such way.

No matter how much you wan saved, e go still finish, and you sef fit die anytime live the money saved somewhere, wetin you con use am do now. See, money was meant to spend, if you view money that way then you'll break out from that bondage.

[Frankolala]

B. Cut down all unnecessary spending.
Cut all unnecessary spending for example eating out especially in expensive hotels, and what ever you want to do always look for cheaper alternative for example buying your food items in bulk.

Some people drink at least a bottle of beer every day and use some funds to gamble always, such funds can be kept and stay away from drinking and gambling, because you will definitely lose than winning. You can channel those funds into your emergency funds.

E. There's one thing that always help me to save cost, I will plan my week and withdraw the particular money I need to spend for that week and keep, through out that week I will make sure I don't withdraw again and if I have a leftover money for that week i will add it to my savings account.

It means that you are not sincere OP, because from what I have observed as someone with other people responsibilities on me, there are sometimes that your need for that week will be higher than the previous week. When it's like this, you don't have any option than to spend more than what you budgeted, otherwise, it will affect you seriously. Only if your parents are still feeding you is when you can have a fixed amount for the week, because you don't have any responsibilities.

[Sticky Bomb]

E. There's one thing that always help me to save cost, I will plan my week and withdraw the particular money I need to spend for that week and keep, through out that week I will make sure I don't withdraw again and if I have a leftover money for that week i will add it to my savings account.

The truth is just that we are taking everything about money too serious, that is why almost everything in life is just revolving around money. For the fact that you are saving money that will stand as emergency funds for you in the future does not mean that you can't go above your budgets in a week or a month such that even if you see something valuable that requires money, you now take because you have already made your budget and decide to discard the opportunity to afford that valuable thing that can be helpful to you or your family. Saving and keeping money for the future is not bad but we should not make our life appear like we are held in a bondage just because of some decision we want to take. I have seen people who have saved a lot of money but kept themselves hungry and without good clothes. Should we go that extreme to deny ourselves the basic things of life just because we want to keep funds that will stand as aid in the future? People can become so stingy to themselves just because they want to meet a target but haven't really thought about if they are the owner of their lives.

I kind of agree with you on the part of taking good care of one self even in the middle of saving for a brighter future, its very good to practice some good stuffs, but being extreme tends to affect us negatively, so we should always try to strike a balance between being goal minded and having a balanced life, so we don't end up inflicting physical, emotional or even psychological harm on ourselves trying to be achievers. It is very important that we build emergency funds on a carefully thought out discretionary income. There are more dangers that can emanate from denying ourselves so much to gain materialistic advantage which we might end up being stingy to ourselves and give less attention to issues of great concern like health challenges all in the name of building backup funds.

There is need to create a balance in even doing the right thing, over aggressiveness becomes a problem and might give a negative result in the long-run

[Odogwu-Blockchain]

D. Take Advantage of Community Resources.
If you know you don't have what it takes to stay in big cities then stay in your community and take advantage of your community resources if it is farming you farm it will help you save cost.

People living in the villages don't usually spend much on anything, they only spend on what can't be planted like fish, Maggi and the rest. Any other things are produced and reared in the farm. These villagers don't need much money for cooking,  a little amount of 1000 Naira is enough to cook a nice delicious meal because every other items are gotten from the farm, the standard of leaving is way too low in the community but it helps saves money than city.

Leaving in the city is very extravagant and needs you to purchase everything before you eat, you spend much on so many things and it's kinda hard to save money except your job is a high paying one.

[Pablo-wood]

B. Cut down all unnecessary spending.
Cut all unnecessary spending for example eating out especially in expensive hotels, and what ever you want to do always look for cheaper alternative for example buying your food items in bulk.

One thing about unnecessary spending is that it means different things to different people. What might be unnecessary for Mr A. Can be productive for Mr. B. So I will simply say we cut down on thing that wouldn't add value to us and things that will become a burden or affect our savings.

Let take for example a car can be a liability for Mr. A but for Mr. B it is a source of Income. Another example is the amount we spend on food. Mr. A might be comfortable spending #20000 on food but Mr. B is struggling with buying food of #1000 so wisdom requires cutting down the amount spent so as to have a saving for the future.

[Hatchy]

Well, you should also know that your own method might work for you, but not for others. Everyone has a certain number of responsibilities to take care of and so long those responsibilities haven't been met, he might not be thinking much about saving or investments. The only thing I know is that one should be able to minimize his earnings and diversify it into things that can yield him returns on the long run. Just put all eggs in one basket, also try to have a plan b.

[CryptoHeadlineNews]

It is wise to consider an emergency fund and all your points are valid to help secure it. However, I prefer people to look beyond the "emergency" itself and focus on investment and more sustainable earning means that will continue to enrich the person to have excess.

Saving of funds these days is no longer encouraging as inflation is eating our savings in the bank. So instead of opting for emergency funds saving (and of course using your strategy and even more), one can convert it to investment funds, in which part of it will be ready at any time needed to cover emergencies. That looks like a better plan to me.

I think I agree with O.P and disagree with what you just said above, because emergency funds are meant to be emergency funds, and not what you go about withdrawing your investment funds everytime you have a little personal or family emergency, since one thing that is certain in life is that there will always be an emergency, just as accident and as an investor, inculcating the habit of not always touching your investment funds is one criteria for financial success. Because imagine O.P invest all his money (i.e $1000) in Bitcoin without keeping any emergency fund, and then few weeks later the price of Bitcoin falls drastically by 20% and causing his wallet balance to be left with $800, and he is struck with an urgent emergency of $100 and he goes about withdrawing it and left with $700. Don't you think it would have been better if he had invested just only $800 and kept $200 for emergency? Because he would have had more balance left after the 20% and $100 would have been deducted.

[adultcrypto]

You post is good but you almost made me forget what emergency fund is because you presented it to be conflicting with the caption of your post. When you say you can build your emergency funds, what comes to mind is money that is already set aside when investment have already been made not something you will start building when you have made investment already. What you can build is your cashflow so that more money are at your disposal to remain liquid but you cannot build your emergency funds because they must be accounted for during the planning of the investment.

[CryptSafe]

OP, you have a good idea here but  if you could edit  the name to suit what you have written, it would be okay and precise on the information you have communicated to members of the local board. It is nice for one to have an emergency fund which is otherwise a backup funds because such could be of great help and rescue whenever any situation that requires urgent attention emanates.

One can device means of saving up for an emergency which they can fall back on whenever such situation comes up. There is this app although it is a microfinance bank app which one can save as they spend. You have options to save in percentage the amount you spend, whenever you make a transaction ie you paying, you save the percentage you have set to save up for spending being automatically saved for you. I see that as a good idea to accumulate emergency funds and you can terminate the process at anytime you want to use the funds you have saved up.

If one can cultivate the habit of constantly using such measures of saving as they spend, one can realise a good amount of money using such function in the app and that would be very fast and easy as long as they have set up the percentage to save per transaction they make.

[Yucky]

It is wise to consider an emergency fund and all your points are valid to help secure it. However, I prefer people to look beyond the "emergency" itself and focus on investment and more sustainable earning means that will continue to enrich the person to have excess.

Saving of funds these days is no longer encouraging as inflation is eating our savings in the bank. So instead of opting for emergency funds saving (and of course using your strategy and even more), one can convert it to investment funds, in which part of it will be ready at any time needed to cover emergencies. That looks like a better plan to me.

I'm trying to practice saving through investments. Instead of just saving money somewhere, knowing our currency is always devaluing, I'm saving it in an investment. For example, Rise App allows you to put money into certain investments, which accumulate over time. Even Palmpay has an option where you can save money and earn interest.

Instead of just saving money somewhere, I'm saving it in the form of an investment. Yes, what you said - investing, thinking about how to double your money, rather than just starting somewhere. Life can be unpredictable, and situations may arise where everything you saved in a year is spent in one day.

It's frustrating that our country makes many citizens struggle financially, to the point where affording a good living is challenging. Cutting basic necessities like food can affect our health, how much can we cut to the point we don't live well. The solution for me is investing and finding sources to earn more, so I can live properly, not lavishly, but properly.

[CryptopreneurBrainboss]

B. Cut down all unnecessary spending.
Cut all unnecessary spending for example eating out especially in expensive hotels, and what ever you want to do always look for cheaper alternative for example buying your food items in bulk.

Unnecessary spending is the number one cost of brokeness, pair pressure and living above your limits are the reason we have many Nigerian earning above minimum wage yet they are still struggling financially. Open eye wey they make things wey you no fit afford to enter your eye, try avoid am. No go dey waste money wey you fit gather use do better something. Anything wey dey make you spend unnecessary, cut it off and your finances go improve. Instead of womanizing, stay with one woman and build with her.

C. Find a way to increase your income.
Find a side hustle don't just depend on your salary alone, you can engage yourself in freelance or any other thing that you find comfortable.

Na here the solution supposed start from because at the end of the day, if you no get better cashflow e go weigh you. Plenty things dey to learn wey fit make you money and you no need commot your house. Find one or two and make good use of your time. Use your youthful age to hustle so tomorrow when others dey still hustle, you fit dey relax they enjoy the wealth you done accumulate.

[Samlucky O]

No doubt all this things them wey you talk na things wey person need to put into consideration before him go talk of building of emergency or backup fund. Most times wey dey face challenges when it comes to setting aside emergency or reserved fund and the reason na say our level of income generation dey very low to withstand wetting we wan use am for, so the solution be say make we device a means to dey generates income or make we reduce our cost of living to enable us to achieve our target.

[Agbe]

It is wise to consider an emergency fund and all your points are valid to help secure it. However, I prefer people to look beyond the "emergency" itself and focus on investment and more sustainable earning means that will continue to enrich the person to have excess.

Saving of funds these days is no longer encouraging as inflation is eating our savings in the bank. So instead of opting for emergency funds saving (and of course using your strategy and even more), one can convert it to investment funds, in which part of it will be ready at any time needed to cover emergencies. That looks like a better plan to me.

I don't know if the Op really understand the concept of emergency funds. And if he does it would have been better for him to explain it in the Op so that those who don't understand it would understand it better and many of this concepts are brought to dis local board from speculation board. "Emergency Funds", some people thought Emergency Fund is set aside for buy bitcoin so they use if to flood the buy buy and sell sell? And other speculation threads. And one thing Op need to understand is that poor investors can never have emergency fund because they have to think of what to eat and wear. So if they try but small units of bitcoin then they have to think of their survival before thinking of emergency funds. People don't have money to pay medical bills, buying of fuels, maintenance  of cars, home appliances maintenance, and to feed but to have backup fumds to buy bitcoin that is not right.

[CryptopreneurBrainboss]

Adding to my earlier reply,

A. Start little by little and be very consistent.
All you need to do is start small no matter how small the money is, just be accumulate it and be consistent with time you will build a very strong backup funds, you can use the " pay yourself first" method which means saving before using your Discretionary income for anything else, the key to succeeding in these is by being consistent.

Here's the catch, not being able to start small make it difficult for you to not do it big. Not being able to save money when you're on a minimum income, you'll become a careless spender that will go broke when the source of his income increases or stops because you're living pay check to pay check and not responsible. Anything that you want to do, start small to build up the interests before you go bigger.

D. Take Advantage of Community Resources.
If you know you don't have what it takes to stay in big cities then stay in your community and take advantage of your community resources if it is farming you farm it will help you save cost.

Environment matters alot so I won't say they should go back to the village to live but they can live in the city with a budget and still go by the day living like a normal person. Don't be pressure by what the society is doing but stay disciplined and keep building.