How to save successfully?

[Rhow]

Everyone who has an income will certainly do the best with their finances, but there are some of them who are not like this, only using it for things that are not really that important, such as fulfilling desires rather than needs. Saving can be said to be easy, besides, parents certainly teach their children to save, but when we are in the adult phase or married, this will be different, sometimes income is only enough to meet needs, maybe even less, lucky for those who have a large income because it covers everything.

You are right, but people cannot become rich by saving. Those who have high income are also not very lucky. Because if they cannot manage their money properly, their entire money will be gone. So to become rich, we should not save money but invest it properly.

In my opinion, people become rich or poor because of their thoughts. The amount of money cannot be an obstacle in the way of becoming rich. Because if we can manage our money properly based on the amount of income, and spend money only to fulfill our urgent needs, and can earn a prudent income, then after a while we will be rich.

But we do the exact opposite. As soon as we get the flow of money, we spend extra money to fulfill our needs as well as our hobbies, and
stay away from investment. As a result, our income decreases due to inflation. At some point, all the money ends up being spent on meeting daily needs. This is how most people cannot become rich.

That is why we have to focus on proper money management and investment from the time we reach adulthood. Because inflation affects saved money, but inflation does not affect investments. Over time, invested money tends to give a good return.
So, we should invest our money instead of saving it.

[Cheema02]

When your income is very low, you need to cover your basic needs as well as you can, and there might not be space for saving money. Also, in stressful situations, we switch to a “here and now” mode, and long-term goals stop making sense. To start saving, you need to feel safe about tomorrow, having a good level of confidence that your efforts will not be in vain because of war, hyperinflation or something like that.

But overall, I believe saving money requires a certain mindset and habit. If you don't have them, it can indeed be very hard to do that, even with a good income.

Yes, I know that when income is low, nobody will prefer saving over survival. In poverty when someone has low income, its hard to think about saving because they are just trying to survive and cover basic needs. In tough times, people just try to pass out the hard time and they can't think for their future. its true that saving is not only concerned to how much we earn its connected with our mindset and habibts. We can do saving by collecting little amounts every day so at the end they have at least something to build discipline and feel more in control. For saving alongwith income govt. Support is also necessary as if govt. gives subsidy to its public they can save some money for the future. When they will have something for future they will thinkg about their children's upcoming life. So security of tomorrow's food will help poor people to feel confident.

[ancafe]

Cooking your own food is cheaper and also healthier as you said but then Men are not naturally built for cooking so it will be a bit difficult and stressful for Men to cook always and that's why most Bachelor's prefers to buy their food, you're saved from all the stress.

This is the concept of rural life, where most people cook for themselves for the family, and the effect is much better because the level of effectiveness is much more noticeable. The opposite is true for health, because we can adjust our meals to suit our needs, which can lead to better health. That's why most married men continue to gain weight because we are forced by circumstances to eat at home regularly with our wives and children.

This is difficult for boys who live apart from their parents because they generally don't like cooking and ultimately resort to buying ready-made food due to time constraints and other factors. Furthermore, if a boy lacks the talent to cook, it's unlikely he will force himself to cook just for health reasons or to save money.

[bakasabo]

Saving itself isnt difficult, but its hard to do planning. You can make plans for next half a year, but you dont know what will be released on the market and if you would want to get it, nor cant predict your life and be insured from unexpected expenses. I can save little from salary, but every month I have unplanned expenses.

To save successively, all you need is the right planning. It doesn't matter how much you're earning because whether you earn in millions or thousands it still doesn't affect your savings ways.

Saving is difficult when you aren't the saving types. Saving won't be a problem if you already have the habit of saving and developing that habit has to start from your early days of earning because it becomes more difficult to save when you begin to have more responsibility and the more you get older, the more responsibility you get.

While you're young, you don't have a family to look after or those depending on you but as you get older those responsibility becomes a reality. Start saving small and you'll develop the habit of saving.

In my situation, monthly I spend more than my monthly salary, and extra work helps me to cover extra expenses and save a little. Planning is possible, but its really hard when you are head of a family. Example of unexpected expenses I have faced recently. Before school started, nobody was aware that school will provide free swimming lessons. A lot children in class signed to attend it, so its we are bit forced to attend them also. Unexpected expenses are transportation, some parents (will take it in shifts) will have to accompany children to pool and back to school, that means someone will have to take half day off. We attend dancing lessons. Teacher told that this year children will start to attend competitions. That are extra dress, shoes, transportation cost. For example I can not plan how much and when car repairs will be this year.

When youth, hard to save because you dont earn much and want to try everything. When you are already in age, hard to plan expenses and responsibility for other family members makes you not to economize on them, which means saving is also quite complicated.

[MainIbem]

Cooking your own food is cheaper and also healthier as you said but then Men are not naturally built for cooking so it will be a bit difficult and stressful for Men to cook always and that's why most Bachelor's prefers to buy their food, you're saved from all the stress.

Who says cooking is not a man's thing, I don't think cooking should be gender based even though society have made it that in a family the man provides and he woman take care of the family including cooking but that doesn't mean a man can't cook when he's free from work maybe assist the wife during the weekends to cook. As a bachelor you have lesser responsibility and more time to cook for yourself, if you start developing that mindset that cooking is not a man's thing you'll spend more money eating out than you've saved if you food your own meals, everyone should know how to cook including male and females.

[Stormisover]

Because they not dare to fight against their parent and family.

Let's say a poor person have a father who sick and not able to work, mother who become household for her 5 kids including him, his mother also take a part time job. He's the first kids who work, while his 4 younger brothers are still at school.

He's forced to be a provider for his family, he afford his father, mother, and 4 younger brothers.

If he dare to cut off from all of them, he will able to save money.

Anyway I only explain the logic and reason why people can't save money, I'm not talking about ethic, love or anything else.

I understood your points and it only shows that anyone struggling to cover up basic family needs it will become very hard to save, some times we don't generalized issues like this some one that has more or enough to take care of their family basic expenses and still have a left over cash to save can think that others who can not save are lazy, to be frank different individuals can have different basic expenses, it is good to cultivate a good saving habit but we have to put our basic needs first and when there is a remaining amount then we can save, though some persons lack this culture of saving even when they have enough leverages to do it they end up spending extravagantly on things that are not really necessary.

[iBaba]

Cooking your own food is cheaper and also healthier as you said but then Men are not naturally built for cooking so it will be a bit difficult and stressful for Men to cook always and that's why most Bachelor's prefers to buy their food, you're saved from all the stress.

This is the concept of rural life, where most people cook for themselves for the family, and the effect is much better because the level of effectiveness is much more noticeable. The opposite is true for health, because we can adjust our meals to suit our needs, which can lead to better health. That's why most married men continue to gain weight because we are forced by circumstances to eat at home regularly with our wives and children.

I think rural life kind of forces people to be self sufficient especially in the aspect of food when you are the one responsible for cooking your own meals making it easier for you to monitor and control whatever you consume into your own body. In the village you have more access to eating less processed foods, less oily foods and even more natural ingredients but when you are in the urban areas it is the opposite of the experience and that's why those who live in the rural areas are far more healthier than those in the peri urban and urban areas. The same thing applies the those who are married as against those who are single when you're not married you tend to eat more of outside and processed foods but when you're married, you eat more nourished and nutrient rich foods.

This is difficult for boys who live apart from their parents because they generally don't like cooking and ultimately resort to buying ready-made food due to time constraints and other factors. Furthermore, if a boy lacks the talent to cook, it's unlikely he will force himself to cook just for health reasons or to save money.

I have experienced both the life at home and outside and I can relate what the experience looks like for me. Whenever I am at home the feeling is different from whenever I am outside. Whenever I am at home I eat like a king but when I'm outside or living alone I barely have the time to even cook a good food for myself because I have to choose between cooking, work or the stress that mostly come with the work of the day so I end up patronizing outside ready made foods and snack for my meals.

[knowngunman]

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?

Well, if you think saving is not hard to do it probably means you earn a lot that overpower your expenses or you probably have no responsibility to look after. Perhaps, you're still under someone that cater for you and your needs. The reason why people find it difficult to save is either one from these two or both at the same time. If you earn enough money and you have less responsibility, you should find it easy to save some of part of your earnings. Likewise, if you have someone that look after your needs while you're earning too, saving won't be hard for you. Although, it's about mindset too but circumstances contribute highly because even with your mindset to save, if what you earn can not cater for you and your needs, saving would almost impossible. You don't sleep with hunger when you have food to eat, it's a local proverb.

[ancafe]

I have experienced both the life at home and outside and I can relate what the experience looks like for me. Whenever I am at home the feeling is different from whenever I am outside. Whenever I am at home I eat like a king but when I'm outside or living alone I barely have the time to even cook a good food for myself because I have to choose between cooking, work or the stress that mostly come with the work of the day so I end up patronizing outside ready made foods and snack for my meals.

It's the same for me. When I was in college, I also lived alone, so we probably experienced a lot of things. This also shows that living frugally when alone is difficult because sometimes we don't feel like cooking and prefer buying fast food. The problem arises because we end up spending more money because almost everything is bought, and in this situation, we have almost no opportunity to invest. I remember clearly how living alone demands everything to be instant because there's no incentive to save and we prefer to enjoy the simple things.

Like the topic we're discussing, we emphasize saving to have hope for investing and so on. This shows how difficult it is for people to implement such a program if they don't have consistent goals to achieve. Usually, we get used to living frugally after getting married, at least that's how I feel now.

[Dreadboost]

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?

Savings is possible, but I don't agree that the poorest in the society can save. The poor that do not have enough to take care of their need how do you expect them to save. Some people their basic expenses is more than their income, so it's impossible for them to save.
Saving can only be possible if you income is more than your basic expenses. If you are not in this situation,  there is no way you can save.

[fillippone]

It's very Simple:
put all your effort in maintaining a certain sum aside from current expenses.
Be consistent in this habit and do this on a weekly basis.
Use proceed toward your goal, orm better, to buy BTC

[MRY]

It's very Simple:
put all your effort in maintaining a certain sum aside from current expenses.
Be consistent in this habit and do this on a weekly basis.
Use proceed toward your goal, orm better, to buy BTC

In my opinion, such a concept as spending less and saving even more weekly and making it the standard practise is a recipe base towards developing an effective savings habit. I support the notion that this is one of the routines on how to successfully accumulate funds in the long run. But I am of the opinion that I have to exercise caution and not put all that money on Bitcoin. I want to remind you about the fact that BTC is a highly vulnerable class of assets which can decrease and fall incredibly quickly and easily, and that is the reason why a significant part of the saving could go down the drain.

Our awareness has to be that there are varied risk levels needed depending on the savings objective. I also suppose that we need to have a safe emergency fund before investing the savings in a risky investment such as BTC. Real financial prosperity is in assimilating repetitive saving patterns and strategized and simply right investments.

[Abiky]

It's very Simple:
put all your effort in maintaining a certain sum aside from current expenses.
Be consistent in this habit and do this on a weekly basis.
Use proceed toward your goal, orm better, to buy BTC

It's easier said than done. With the rising cost of living, it's almost impossible to set aside some money for saving. You're better off getting multiple sources of income, than just relying on your average day job. Some people have 2 or more jobs, while others have a high-paying job and a side income (by selling stuff online, offering their services, etc).

You'd need to earn more than what you spend, to successfully beat inflation. Otherwise, you'll never be able to achieve true financial freedom. I'd recommend DCA on BTC and Gold whenever possible. Stick to the plan for good results in the long run.

[Razmirraz]

Many people complain that saving is too difficult because they don't understand how important the benefits of saving are in the long run, lack of discipline or not having a clear plan for the future can also cause them to neglect saving and focus more on short-term pleasures. The wrong mindset can make it difficult for someone to build financial freedom in the future, there is no need to wait until you have a stable income to start saving because saving does not have to be in large amounts, as long as you continue to be consistent and disciplined in saving (even in small amounts) can help achieve long-term financial goals.

[woez]

But we do the exact opposite. As soon as we get the flow of money, we spend extra money to fulfill our needs as well as our hobbies, and
stay away from investment. As a result, our income decreases due to inflation. At some point, all the money ends up being spent on meeting daily needs. This is how most people cannot become rich.

It seems a bit ambiguous here, regarding "At some point, all the money is eventually spent on daily needs. This is why most people can't get rich." I don't think this context applies to people with a stable income. They don't want to risk sacrificing their family's basic needs when their financial situation isn't good at all, as they're have the same hope of free financial freedom in the direction you're referring to.

Always remember and consider that the basic well-being of the family is the primary foundation. It doesn't matter if we spend all that money on daily needs; that's where we're considered wealthy, because we can live a normal life without stress.

Everything requires a process. This means never sacrifice the rights of your wife and children to speculate on investments or buy crypto that can quickly turn things around. Bad events will recur if we interrupt a previously safe cycle and shift to investments that don't align with our body's response. The market always swings, and today, even a small government policy response can immediately cause the market to react negatively.

It's very Simple:
put all your effort in maintaining a certain sum aside from current expenses.
Be consistent in this habit and do this on a weekly basis.
Use proceed toward your goal, orm better, to buy BTC

I agree with the quote above, sir, but the first requirement is to wisely and prudently strengthen our respective financial foundations. If you have, then just do that, then set aside a small amount of money regularly outside of daily expenses while still maintaining the family's financial security, of course, and BTC is the best choice until this time.

[Mame89]

Many people complain that saving is too difficult because they don't understand how important the benefits of saving are in the long run, lack of discipline or not having a clear plan for the future can also cause them to neglect saving and focus more on short-term pleasures. The wrong mindset can make it difficult for someone to build financial freedom in the future, there is no need to wait until you have a stable income to start saving because saving does not have to be in large amounts, as long as you continue to be consistent and disciplined in saving (even in small amounts) can help achieve long-term financial goals.

Saving in fiat currency is a mistake. There's nothing wrong with saving, but trust me, saving won't make you rich or achieve financial freedom. Saving can provide a sense of security, as the money is easy to withdraw and appears intact.

Saving in cash is subject to inflation. The money you save or deposit in a bank will remain the same, but its value will change over time, especially if you're saving for the long term, as you mentioned. So what you're saying is actually true. Saving doesn't need to be a large amount or waiting for a large income. Saving any amount is fine as long as you're consistent. However it's wrong to focus solely on saving. It's better to save only for emergency funds and use the rest for investing, as investing protects you from inflation. It can be said that saving alone is not enough to achieve stable finances in the future, but you must accompany it with investing in anything, but my advice is to still invest in Bitcoin.

[peter0425]

While it's easy for single men to save, it's extremely difficult for those with families. They need to keep their wives in check, and women always try to spend every penny they've just earned.
This is extremely difficult, because such a man bears the responsibility of both earning and saving. And if someone is starting a family, they must be prepared for it. In reality, few are, and that's why divorce statistics are so dismal.

That's right a single man will have every opportunity to save money than a married man on a normal day but sometimes it still varies between individuals depending on the kind of lifestyle they live.
Having a wife comes with more responsibilities alone that prevents a man from living how he wants when he doesn't earn as much and so saving will definitely be difficult for him but a bachelor has no responsibility and can easily save up if he wishes to.

It’s not about having a wife but having a family. If you have kids that’s when the real problems start. If you have a wife but she also works, you will even have double income in your household and it’s a lot easier. But once you have kids, you won’t have that much money anymore especially if both you and your wife do not earn much anyway.

[Bright0515]

While it's easy for single men to save, it's extremely difficult for those with families. They need to keep their wives in check, and women always try to spend every penny they've just earned.
This is extremely difficult, because such a man bears the responsibility of both earning and saving. And if someone is starting a family, they must be prepared for it. In reality, few are, and that's why divorce statistics are so dismal.

That's right a single man will have every opportunity to save money than a married man on a normal day but sometimes it still varies between individuals depending on the kind of lifestyle they live.
Having a wife comes with more responsibilities alone that prevents a man from living how he wants when he doesn't earn as much and so saving will definitely be difficult for him but a bachelor has no responsibility and can easily save up if he wishes to.

It’s not about having a wife but having a family. If you have kids that’s when the real problems start. If you have a wife but she also works, you will even have double income in your household and it’s a lot easier. But once you have kids, you won’t have that much money anymore especially if both you and your wife do not earn much anyway.

That is why when you are still single you have to make a lot of investment and also doing a good job with a better pay. Without having a good job that pays well, you will not be able to save money when you are even single. Many people have unprotected sex when they are single and that puts them in a situation that they hardly save or chase their goals for the future. Having a family when not earning good money from job will not help w family person. Everybody need to meet up to some standards before they have a family.

[Luminous10]

Saving money is extremely challenging in an economy where salaries are insufficient to cover basic needs. While cutting costs and opting for more affordable alternatives can provide some relief, this approach is not sustainable in the long term. I agree that saving requires a certain mindset, but the harsh reality is that it's difficult to save money that you don't have.

[Fortify]

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?

If you're new to saving then the key things I would say are, don't expect to get rich quickly, or at all, from just having savings accounts because they are not going to accrue very fast - lower your expectations, as the main benefit they'll give is a psychological safety net. Make sure you look around for the best rates as well, as over a long enough time period the difference between 3% and 5% compounding can be huge. One other thing to avoid is putting too much money into your savings account and making it hard to live without dipping back into it. It becomes less effective if you think of it as a two way account. Understand if there are any restrictions on it too, like a maximum amount of withdrawals per year, because that can be important if you need it in an emergency.