How to save successfully?

[Shadiq]

People are saving even in the presence of inflation. How are they doing it? Are they stupid? No, they have the discretionary money to save or they have money left over after meeting their daily needs.

But what about those who struggle to meet their daily needs? Is saving easy for them? Or should it be easy? Would you still say that people complain unnecessarily about saving?

For the rich, both investing and saving are easy, you will probably never hear them complain about these things. Most of the people who complain are middle class or poor whose income is not enough to meet their daily needs or there is no money left over to save after meeting their needs.

[justdimin]

Consistency is needed when you want to save, in Bitcoin or in fiat. Many people difficult to do this because they feel that it is not easy to be consistent. Besides that, we need to allocate the money from our salaries so we can save as usual.

If you can manage your income, you will see how much free money you can use to be your savings. You can start with a small amount at first but after you know how much the free money, you can increase the amount and continue to savings. Besides that, you need discipline, consistency, and control to follow your target.

Consistency is definitely a difficult task, not many people can do that and because of that I believe many fail. The "quickness" part is also another part, too many people want to be rich right away but that is not possible, not in bitcoin nor in anything else. That is why I believe we are going to end up with much better results if we wait for it and that is why it should be very crucial period for all of us.

If we do this then we are going to get returns that are better if we can wait for it and not make a rushed decision. When you rush and try to get rich right away, the returns will not be that crazy and the returns will be volatile and there is a high chance that it will not end up with a good price at the moment.

[slapper]

Yes, discipline matters. Yes, small amounts compound. However, mindset is never a complete variable. Saving will be less of a matter of discipline and more of sheer survival when wages do not rise and rent, food and healthcare, increase even more rapidly than the inflation itself. People are not always "choosing" to not save. They are cornered. It is no more than telling someone who has utility bills to pay that it is the wrong attitude and that they should concentrate on posture rather than on running with bare feet on glass

The difficulty of saving does not cancel the principle. It simply transfers the responsibility. It needs not only individual psychology, but also political economy to save. Why are there this many households that are an emergency away from breakdown? Structurally, people get rewarded to consume, not to store. Spending is one of the areas that are subsidized by governments by credit expansions, and not savings. Organisations design instant obsolescence in their products. Your mindset is fighting a billion-dollar incentive machine designed to keep you from saving in the first place

[JoyceBTC]

Savings doesn’t only have to do with mindset, although mindset is involve because they are some persons that earn very well and spend only on materialistic things even when they still have extra cash to save but because of the mindset to save is not there, they won’t. But they are also some persons that have that mindset but it’s hard for them to save because of too much responsibilities, even what they earn isn’t even enough to sustain. so when they try to save, more responsibilities keep coming up.

[rachael9385]

Saving does not necessarily require us an instant big amount. Whether it's big or small, it does not actually matter. What's most important is how you often save regardless of its amount. So if you have only few bucks left from your salary, then continue saving it because once the value compounded, it will gradually become a significant amount. And frankly speaking, even the poorest of the poor can definitely save if he really aims to, it only depends on the kind of mindset you chose to adopt.

Now my question is, why do a lot of people complain that saving is too hard for them? Well reality hits that inflation is inevitable, but does it mean that people can only save if there is no longer inflation? Or is it that people actually adopt the wrong mindset towards saving their money?

It requires a lot of discipline to save, some people only think about the present instead of thinking about the future. Some make the excuse of not earning enough a good reason not to save but that's not a valid excuse. Saving 10 to 20 percent monthly can accumulate to something significant in the future but like I said it takes discipline to be consistent with it especially when the result doesn't come instantly

[Stalker22]

~
It requires a lot of discipline to save, some people only think about the present instead of thinking about the future. Some make the excuse of not earning enough a good reason not to save but that's not a valid excuse. Saving 10 to 20 percent monthly can accumulate to something significant in the future but like I said it takes discipline to be consistent with it especially when the result doesn't come instantly

Okay, so you are saying the just try harder? But that thing doesnt really work here.

Because for tons of people, saving 10% just isnt possible!  Its not about having the wrong attitude; its just plain math.  If all their money is going to keep a roof over their head and food on the table, where are they supposed to get that 10% to even get started?

[Jubilee58]

Saving does not necessarily require us an instant big amount. Whether it's big or small, it does not actually matter. What's most important is how you often save regardless of its amount. So if you have only few bucks left from your salary, then continue saving it because once the value compounded, it will gradually become a significant amount. And frankly speaking, even the poorest of the poor can definitely save if he really aims to, it only depends on the kind of mindset you chose to adopt.

Now my question is, why do a lot of people complain that saving is too hard for them? Well reality hits that inflation is inevitable, but does it mean that people can only save if there is no longer inflation? Or is it that people actually adopt the wrong mindset towards saving their money?

Saving money is a habit , there are some people who use to make reasonable amount of money daily, weekly or even monthly but they are unable to save while there are people that even with the small amount of money they earn they developed the habit of saving despite the amount of money they earn.

Saving money is very important, and there are several reasons why people save money, some people save money because they have target for something, and some people also save for emergency, and which ever way, to having savings will prevent you from running into confussion when there is any monitory challenge.

[CageMabok]

Savings doesn’t only have to do with mindset, although mindset is involve because they are some persons that earn very well and spend only on materialistic things even when they still have extra cash to save but because of the mindset to save is not there, they won’t. But they are also some persons that have that mindset but it’s hard for them to save because of too much responsibilities, even what they earn isn’t even enough to sustain. so when they try to save, more responsibilities keep coming up.

Not everyone is in this situation. Some people who deliberately don't save don't do so because their mindset is damaged, but rather because their mindset is on a smarter and more informed path. Because people who have begun to realize the need to no longer solely save fiat money will continue to invest their money in other things, whether it's starting a new business or directly exchanging it for other stores of value like gold or even buying Bitcoin. So, we also need to examine why some people aren't saving at this time, besides a greater level of responsibility and a level of self-determination. Because smart people who have income always think differently from the way most people think, so they have wiser preparations and plans than most people when it comes to saving.

[batang_bitcoin]

but does it mean that people can only save if there is no longer inflation?

No. Even if there is no inflation, I doubt that those who can't save will be able to save. That's because they'll have more purchase power and the money that should be done by the inflation will go mostly on what kind of lifestyle these people live. And so, that's why even if we have no inflation. There will be ways for people to spend their money and no one is going to stop them until they realize that they should start saving for their future or any emergencies.

[meser#]

If you are living in a country with high inflation yeap its hard to save because your needs always getting more expensive day by day. But if you don't save its hard to live in the future. But the real matter is how can you do that? Easiest way by improving your producing skills to dedicate your needed. For instance many people use their garden if they don't have they are using their balcony as their farms by planting some vegetables in pot. In this way they reduce their grocery spending (You can't know how important that small amount money. If you wont agree with me just met one Turkish mother she will show you how important is it).  You in the Turkey inflation is so high and as I said before if you live in a country with high inflation your producing skill will be improved and many Turks can produce their own alcohol beer, wine, rakı etc. and some of them is soooo perfect There are many other ways to reduce your expense and increase the income but hardest part is saving value of your money. Now even our coin's expenses are more than its value So we have find something better choice than ₺ like $,€,BTC,gold etc.


For the starters Reduce expenses, save the value, invest on something its easy to say but hard to follow. Who can manage to do that will be better in the  future

[Iroh]

And frankly speaking, even the poorest of the poor can definitely save if he really aims to, it only depends on the kind of mindset you chose to adopt.

I'd have to disagree with you on this. You fully know only your financial situation and do not understand how it is for the next person. I don't think you're among the poorest of the poor. So you definitely cannot know how it is for them and if they can save or not.
"The poorest of the poor" likely lives hand to mouth. A person who lives like that can barely afford to eat one hearty meal in a day. Asides feeding, there would be other bills or expenses that would need to be taken care of. How then can such an individual put money aside for savings? No matter how set your mind is on saving, if you don't have to save, you simply don't have.

To be able to effectively have some savings, it's best to try and increase your income. That way, after expenses, you'll certainly still have some money left to put away.

[coupable]

Because our brains are wired to spend. Spending is fun; saving isn't. Money always comes short. There's always something to buy. Especially in this age of social media and online ads, there's always someone to compare yourself to and, therefore, that new sneakers to buy, that new iPhone release to anticipate, and so on. Fashion trends, for example, are so quick to fade you need to have so much money to catch up with what's in. Your salary isn't enough. So, what's to save? I guess the key is to live and enjoy a simple life.

This became no easy way of life in a society occupied in full with cnsumption. A normal life today requires thousands of dollars to just satisfy simple need like home and transportation without to mention any luxury stuff.
Maybe the solution is to join one of those premitive tribes in Australia or Amazon forests eating fruits and hunting big animals. But you always need to spend for health and other basics.

[mirakal]

Because our brains are wired to spend. Spending is fun; saving isn't. Money always comes short. There's always something to buy. Especially in this age of social media and online ads, there's always someone to compare yourself to and, therefore, that new sneakers to buy, that new iPhone release to anticipate, and so on. Fashion trends, for example, are so quick to fade you need to have so much money to catch up with what's in. Your salary isn't enough. So, what's to save? I guess the key is to live and enjoy a simple life.

True, temptations to spend are always there, and if you don’t know how to set limits on your expenses, you will definitely end up getting rekt and penniless. No problem for those who are earning well as they can afford to keep buying regularly, but for minimum wage earners, we should be responsible in managing our expenses, prioritize saving first as much as possible, and focus on needs, and just delayed our wants. Live life simply and low key.

[9ja Amaka]

Saving does not necessarily require us an instant big amount. Whether it's big or small, it does not actually matter. What's most important is how you often save regardless of its amount. So if you have only few bucks left from your salary, then continue saving it because once the value compounded, it will gradually become a significant amount. And frankly speaking, even the poorest of the poor can definitely save if he really aims to, it only depends on the kind of mindset you chose to adopt.

Will you prefer to save and after a week or two the money saved is tampered for something else? Just asking. I think it is not necessary to save when you are not financially stable. You cant be saving and let problems be pilling up from day to day. Most person try to save when they would have reinvest into what is giving them the money. Irrespective have advantageous saving is, we should know when and how to save. It is not just about saving, but saving for the right purpose.

It depends on the person and their situation. There is no single answer to this. For example there are some people who have high unavoidable expenses, like those with a certain illness like cancer, diabetes, etc. that requires treatment that sometimes is expensive. Maybe they have a child that needs it, and so on.
These people, not only can't save up they sometimes have to borrow more money.

But generally speaking to save and improve one's net worth one should do two things: (1) increase income (2) decrease expenses.
We all waste money on something we don't have to. Some people have bad habits like smoking, drinking alcohol, etc. that are harmful to their health and giving that up would not only improve their health but also would leave some extra bucks in their pockets. That is the decreasing expenses part.
The other thing is obvious, people can take additional jobs to make some extra cash.

In the end, saving is only part of the equation. People need to invest their fiat into something that is considered store of value so that they can maybe even make profit. Something like gold or bitcoin.

pooya87 you are not far from the truth. You know, we live in a world where the unexpected happens a lot. And life can be funny at times, like what we dont expect or plan can come that will tamper or make us deviate from what we planned originally. There is how we used to say it in my country "if rain no fall for your roof, you no go know weting other person they pass through". This phrase, simply means that, " Until you personally face hardship or misfortune, it is very had to truly understand or what another person’s struggles with or is going through".

 I have also come to believe that life is in stages. For you to be able to save, you must have passed through some changes in life where you know it will be a lot easier for you to save and cover every other expenses without struggling about it.

[ImGenius]

By planning properly, we can save successfully. We can save even with a small or low income if we want to. If we save a little at the beginning of the month, then at the end of the month, we will see that a very large amount of money has been saved. If we avoid buying unnecessary things, then a lot of money will start to be saving. Sometimes small expenses such as: using private vehicles where local vehicles can be used are nothing but a waste of money. I think this saving will be very useful for future happiness or if we are in danger.

[Alone055]

By planning properly, we can save successfully. We can save even with a small or low income if we want to. If we save a little at the beginning of the month, then at the end of the month, we will see that a very large amount of money has been saved. If we avoid buying unnecessary things, then a lot of money will start to be saving. Sometimes small expenses such as: using private vehicles where local vehicles can be used are nothing but a waste of money. I think this saving will be very useful for future happiness or if we are in danger.

I'm afraid that's not how easy things are, and I'm pretty sure you are only an observer or spectator, and you have barely started your practical life, where you have a family, a house, and have to take care of all the expenses and other responsibilities.

When you say one should save some money at the beginning of the month and then a lot of money will be saved by the end of the month, you say that as if it's like playing a game, where you start playing, and if you play well, you get rewards or get through stages. That's not how it works in practical life, especially if you are not earning a lot of money. The only people who can save money when they have a family and a household to take care of are those who either earn a lot of money from a single source of income, or have multiple sources of income.

Plans and strategies or budgeting doesn't work and help you save money if you earn enough only to fulfill the basic needs of your household.

[Leahized]

Saving does not necessarily require us an instant big amount. Whether it's big or small, it does not actually matter. What's most important is how you often save regardless of its amount. So if you have only few bucks left from your salary, then continue saving it because once the value compounded, it will gradually become a significant amount. And frankly speaking, even the poorest of the poor can definitely save if he really aims to, it only depends on the kind of mindset you chose to adopt.

In fact, each person has different plans for saving. In my case, when I leave the rest of the money to me and save them. But fortunately I can't save long because I spend on any need. But I think it's not wrong. However, many do not have enough money to save them. They have no profit by saving such a small amount of money.  However, it is a little difficult to save the poor people because after running their family, the money is rarely left. That is why I see many poor people deposit money as savings in different establishments. This method is also very good because if they have money, they will continue to spend some work for the family.

[fuguebtc]

By planning properly, we can save successfully. We can save even with a small or low income if we want to. If we save a little at the beginning of the month, then at the end of the month, we will see that a very large amount of money has been saved. If we avoid buying unnecessary things, then a lot of money will start to be saving. Sometimes small expenses such as: using private vehicles where local vehicles can be used are nothing but a waste of money. I think this saving will be very useful for future happiness or if we are in danger.

I'm afraid that's not how easy things are, and I'm pretty sure you are only an observer or spectator, and you have barely started your practical life, where you have a family, a house, and have to take care of all the expenses and other responsibilities.

When you say one should save some money at the beginning of the month and then a lot of money will be saved by the end of the month, you say that as if it's like playing a game, where you start playing, and if you play well, you get rewards or get through stages. That's not how it works in practical life, especially if you are not earning a lot of money. The only people who can save money when they have a family and a household to take care of are those who either earn a lot of money from a single source of income, or have multiple sources of income.

Plans and strategies or budgeting doesn't work and help you save money if you earn enough only to fulfill the basic needs of your household.

Agreed, there is a huge gap between saying and doing, and it is easier said than done. Especially for people with low incomes who already have families, saving is a challenging task. Because we need to meet family needs before saving, we cannot set aside some money to save at the beginning of the month when family needs are not met.


No offense, but only people who are single and still receiving allowance from their parents think saving is easy, even when their income is low.

Those who are married with 1 or 2 children will understand well that budgeting strategies and plans will not help if their income is low and they do not find ways to increase it.

[Ricardo11]

Saving does not necessarily require us an instant big amount. Whether it's big or small, it does not actually matter. What's most important is how you often save regardless of its amount. So if you have only few bucks left from your salary, then continue saving it because once the value compounded, it will gradually become a significant amount. And frankly speaking, even the poorest of the poor can definitely save if he really aims to, it only depends on the kind of mindset you chose to adopt.

Now my question is, why do a lot of people complain that saving is too hard for them? Well reality hits that inflation is inevitable, but does it mean that people can only save if there is no longer inflation? Or is it that people actually adopt the wrong mindset towards saving their money?

There may be two reasons behind those who find saving difficult, one is economic pressure or lack of saving mentality. There are many who may have low income. They do not have extra money to save after meeting their basic needs in life.
Due to which, even if they have the mentality, they cannot save due to lack of extra money. Again, there are many who have good income but do not have the saving mentality due to excessive spending.
Therefore, it cannot be said that everyone can save just by having the mentality because not everyone's financial situation is the same.

[sunsilk]

By planning properly, we can save successfully. We can save even with a small or low income if we want to. If we save a little at the beginning of the month, then at the end of the month, we will see that a very large amount of money has been saved. If we avoid buying unnecessary things, then a lot of money will start to be saving. Sometimes small expenses such as: using private vehicles where local vehicles can be used are nothing but a waste of money. I think this saving will be very useful for future happiness or if we are in danger.

I agree that even with small income or amount, as long as there is a will we will able to do that. I think that lifestyle inflation really is making saving very hard.

Think of it before that when we don't have huge income, things are going well and we're able to budget things with a small income.

But when income also increases, that's the time that also spending have increased. So for me, it's not about how huge or small your income is but it's how disciplined you are with how you spend or save your money.