How to save successfully?

[#CapsLOck]

Everyone is welcome to share opinions here, as this forum always offers engaging discussions for everyone without exception. However, I'd also like to know your thoughts on one of the topics you mentioned, as everyone has their own unique perspectives on saving for their future success. Personally, I still prefer to save gold and Bitcoin because I believe in both assets for future success. Aside from those two assets, I still have reservations about storing anything, including fiat money, even though I still frequently use fiat money in my daily life.

When Bitcoin entered a bull market, I stopped buying it because I felt it had already become too expensive. During that time, I kept accumulating fiat specifically for situations like this, when Bitcoin moves back into a bear market. I still haven’t started buying again because I believe Bitcoin could go much lower. So for now, I’m continuing to build up fiat and plan to buy Bitcoin later. In the crypto market, it’s the only asset I invest in.

This plan looks like a smart plan to me but I still want to understand what’s the benefit of what you are doing now which is saving into your fiats instead of bitcoin directly especially now the bitcoin has dropped significantly. At what point will you stop accumulating your fiat to now invest it in bitcoin, what form of investment do you have in mind because this is already sounding like a lump sum target instead of the DCA target. What if the market skyrocketed overnight due to a new factor which could have influenced it, does it mean you won’t be able to invest again  because of lack of investment in it earlier, how long do you think the market will recover from this crash and how fast. While this strategy looks like a great idea, why don’t you invest now through the DCA approach and be growing with the market slowly and steadily.

I believe that both approaches are justified, yet it is all about the risk tolerance and belief. A timing plan, which involves hoarding fiat until a more significant correction occurs, is in fact little more than a timing plan, and it can be a good one provided you are right in what you think will happen. The problem is, though, that nobody can tell when exactly the bottom is. Bitcoin is already down significantly, and history has previously taught that massive recoveries could occur with no warning. Being entirely in fiat, you run a risk of missing an initial momentum in case the market turns fast. Balancing such as partial DCA with fiat reserves would be less regrettable and more risk-distributed in the long run.

[Crypto_Timothy]

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?

I think people adapt the wrong mindset. For me the general rule is you save a percentage of whatever enters your hand as income, the percentage of course depends on you and your expenses but something must be saved. Now you can edit got with the 50%, 30% and 20% or you can freestyle it, again it is completely up to you. You can not force someone to save, that is one thing you will learn as well, especially because saving is heavily  dependent on mentality and alot of people have genuine problem with having a good mentality but one thing I know for sure is that it is possible to save, you just have to decide you want to save.

[Stormisover]

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?

Pray you don't have to be faced with an unprepared problem that adds to your responsibilities which you can't shy away from, thereby making your expenses weigh beyond your income. Perhaps by then you may understand why some people are unable to really have savings, and not that it's always because of inflation.

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 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.

There's this popular saying in my local parlance which states that "a person facing less or nono big responsibilities and is able to make savings will assume that he's good at saving and others without savings are not". The truth is that there are people bugged with lots of responsibilities they can't run away from and they have to face it as a man by nature and this makes them unable to save a penny whenever they receive pay.

I had a friend who dad got engulfed by fire accident earlier this year and was burnt badly, the hospital bills fell on this guy and week after weeks he had to pay for his dad hospital bills so he can be getting his treatment nonskipped. At same time he has some family needs waiting from kids school demands and so on. Out of empathy for all his troubles I had to give him some funds telling him to pay back when he can. Till now he has being able to pay back the full amount.

Your points is clear and it makes so much sense most people prioritize saving more than accepting responsibilities, do you believe some can even go to the extend of shying away from responsibilities only because they want to save? Such people do exist it is stupidity and selfishness, some people save and ignore taken care of their health conditions or taken good care of their body, the question is if such person dies to what essence will be the reason for their saving? It is good to be intentional about saving and we should do that when basic needs has been taken care of and there is a left over no matter how small it is, and not when you don't even have enough to take care of your essentials needs.

[Strixc2]

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 usually comes to the mindset of people. Saving itself requires discipline that you sacrifice your spendings today for the future. Most of them think mostly in the present and are unable to make sound decisions for the future.

[Zanab247]

Saving isn't really easy for those who's earnings is not big enough, most people do try to save but when things get really tough for them instead of them to borrow they rather have to touch their savings,

For those that was born with wealth will think is easy to save plenty money to buy BTC, because they know how to deceive their parents to get any amount of money they want from their parents to invest in BTC. We that came from a poor home we don't know how to depend on our parent before will can make a good choice that will help us to save what will reach us to invest in BTC, because the coin is  profitable to investors.

But if a person has enough money there will certainly be space for saving as well. some things will not always be the failure of someone sometimes, we should also consider the circumstances around a person before concluding

You will not have the mind to keep such money in the house, because you have idea of some investment you can invest the money that will make you happy when you begin to see results coming from the investment

[Zackz5000]

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.

From which source did you expect the poorest of the poor to save let try to be more realistic here it will be too difficult and mostly impossible for the poorest of the poor to save money or how did you classified poverty i believe that this one you are talking about now is the abject poverty. There is a level you will be though you are poor but if you are discipline you can save small money by saving little by little but the poorest of the poor who will be struggling to even survive, to feed or even buy things for himself such person will be thinking on how to survive and he can never make any save.

[Fakhrulenclix]

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.

From which source did you expect the poorest of the poor to save let try to be more realistic here it will be too difficult and mostly impossible for the poorest of the poor to save money or how did you classified poverty i believe that this one you are talking about now is the abject poverty. There is a level you will be though you are poor but if you are discipline you can save small money by saving little by little but the poorest of the poor who will be struggling to even survive, to feed or even buy things for himself such person will be thinking on how to survive and he can never make any save.

It's true as you said, but I have a different point of view, which is to be motivated to earn more money, so there are people who say that everyone can save as long as they have strong determination, and I agree with that statement provided that the strong determination is used as motivation to earn more money. Indeed, sometimes someone who doesn't have much money is due to a lack of motivation, and I believe that if someone has high motivation, they can earn more money and get out of poverty.

[imthegreat]

I want to write that saving alone, having a family is very hard. I've seen a lot of such situations. Because many women are spenders, and I'm sure you know that without me. If you are a husband in such a family, then you will listen to some stupid questions from your wife about why not buy some expensive new equipment or any thing that you will get tired of after a couple of months. And you will need to spend the money that you have been saving for yourself for a long time with your husband. And that's why I would advise all the guys who are not married to choose a wife who is economical and smart, which I will do.

[Chilwell]

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?

I think people adapt the wrong mindset. For me the general rule is you save a percentage of whatever enters your hand as income, the percentage of course depends on you and your expenses but something must be saved. Now you can edit got with the 50%, 30% and 20% or you can freestyle it, again it is completely up to you. You can not force someone to save, that is one thing you will learn as well, especially because saving is heavily  dependent on mentality and alot of people have genuine problem with having a good mentality but one thing I know for sure is that it is possible to save, you just have to decide you want to save.

Just as you said, you just have to force yourself and decide to start savings, if not if you keep on saying it with your mouth and not taking any action, honestly before you know the time will pass you by and you will not realize anything as your savings. Some of us failed to save because they think that they can do it later and that is when they will continue to postponed it until the final realized that they had cheated themselves, to be honest service is very hard because out of 70% of people that are saving usually have to ignore some of the things that they need to do because they see that it cannot stop them from anything they want to do so they decided to cover that and save for future.

[abhiseshakana]

Just as you said, you just have to force yourself and decide to start savings, if not if you keep on saying it with your mouth and not taking any action, honestly before you know the time will pass you by and you will not realize anything as your savings. Some of us failed to save because they think that they can do it later and that is when they will continue to postponed it until the final realized that they had cheated themselves, to be honest service is very hard because out of 70% of people that are saving usually have to ignore some of the things that they need to do because they see that it cannot stop them from anything they want to do so they decided to cover that and save for future.

So the first important thing is how to build our saving habit not push someone spare big anount for saving. With good financial habit and consistency we have build foundation for our financial growth. Saving concept not the money left over at the end of the month but we must prioritize it before consuming our income. The first saving priority is for emergency fund, what i found many people do saving for investment, they obsessed with investment  due to social media influence and influencer flexing lifestyle. For everyone financial safety must be priority with sequence of step pay consumtive debt, daving for emergency fund, protection then investment. Emergency saving is urgent and can safe your financial condition in case shock happen such as sick, jobless or ecenomic crisis.

Beside that with saving first before consumption, we can suppressing our lifestyle expenses and hopefully no option for consumtive credit. So my suggestion is start form small amount but consistent, saving before consumption and emergency fund saving is a must and don't use this saving for investment.

[ChocolateBitcoinK]

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.

From which source did you expect the poorest of the poor to save let try to be more realistic here it will be too difficult and mostly impossible for the poorest of the poor to save money or how did you classified poverty i believe that this one you are talking about now is the abject poverty. There is a level you will be though you are poor but if you are discipline you can save small money by saving little by little but the poorest of the poor who will be struggling to even survive, to feed or even buy things for himself such person will be thinking on how to survive and he can never make any save.

It's true as you said, but I have a different point of view, which is to be motivated to earn more money, so there are people who say that everyone can save as long as they have strong determination, and I agree with that statement provided that the strong determination is used as motivation to earn more money. Indeed, sometimes someone who doesn't have much money is due to a lack of motivation, and I believe that if someone has high motivation, they can earn more money and get out of poverty.

Yes, having a desire is certainly important, but along with having desire and motivation, we need to develop the habit of taking practical steps. Because just thinking is not enough, if we cannot apply our thoughts in practice, then it will never be achieved. We need to look for new opportunities and explore different ways to increase our income, and finally, to achieve that level, we need to start working hard and take practical steps. Inspiration gradually leads a person to the path of changing his financial situation, and practical steps make it a reality.

Everything is possible if we have the desire, we need to acquire new skills, create alternative sources of income, and also understand how we will develop the habit of saving and investing with the amount of income we have at the moment, and to do that, we need to have proper financial management and prepare the mentality for investment and saving in that way. All in all, nothing can be achieved without hard work, everything is achieved through hard work, so hard work must be made our habit.

[Stormisover]

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?

I think people adapt the wrong mindset. For me the general rule is you save a percentage of whatever enters your hand as income, the percentage of course depends on you and your expenses but something must be saved. Now you can edit got with the 50%, 30% and 20% or you can freestyle it, again it is completely up to you. You can not force someone to save, that is one thing you will learn as well, especially because saving is heavily  dependent on mentality and alot of people have genuine problem with having a good mentality but one thing I know for sure is that it is possible to save, you just have to decide you want to save.

Just as you said, you just have to force yourself and decide to start savings, if not if you keep on saying it with your mouth and not taking any action, honestly before you know the time will pass you by and you will not realize anything as your savings. Some of us failed to save because they think that they can do it later and that is when they will continue to postponed it until the final realized that they had cheated themselves, to be honest service is very hard because out of 70% of people that are saving usually have to ignore some of the things that they need to do because they see that it cannot stop them from anything they want to do so they decided to cover that and save for future.

One thing that is hard for some people is that they don't know how to discipline themself unless someone else disciplined them, forcing yourself to save means that you must discipline yourself, either you do the saving yourself or some else which you trust help you out in saving, there are those who find it very difficult to save on their own they always have a way of spending all the money they had with them, if this is a problem to anyone then they can give some else they trust to help them and save, it is good to save since the money you saved can help you out in so many ways in the future time.

[Unknown Op]

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?

I think people adapt the wrong mindset. For me the general rule is you save a percentage of whatever enters your hand as income, the percentage of course depends on you and your expenses but something must be saved. Now you can edit got with the 50%, 30% and 20% or you can freestyle it, again it is completely up to you. You can not force someone to save, that is one thing you will learn as well, especially because saving is heavily  dependent on mentality and alot of people have genuine problem with having a good mentality but one thing I know for sure is that it is possible to save, you just have to decide you want to save.

Saving is all about saving from your income and if you are saving a small amount of money from your income then it will become big in the future. You have to think about your plans because if you want to be a successful person then you should work on yourself and more save than your spending. Most of the people are not saving because they have more expenses after the marriage and they have a burden of whole family and they are doing work for the family and child are not able to work in any business and people are bearing them and hoping they will stand with him in the future. But if you will not save money you can face bad time at any time because any emergency could be happen and your boss could fire you at any moment.

[Versatile_choice]

Saving isn't really easy for those who's earnings is not big enough,

Saving is not really hard no matter how small your income is, you should know that making a savings does not necessarily mean that you must save maybe $5k every week or month, there's no fixed amount for savings those whose earning is not enough can still make savings I'm sure that after taking care of thier expenses they will still have some money Left so that money should be for thier savings no matter how small it is rather than waiting to have a well paying job before making savings.

[AuchanX]

What you say is correct but not entirely. Because the situation is not the same for all people. Regularly saving small amounts is certainly a good habit and in the long run it can turn into a large sum. And if that savings is kept in a place where its value increases over time. For example, Bitcoin.

But for many people, the problem is not just mentality but also that their expenses are so high compared to their income that there is little opportunity for savings. Especially in the current inflationary times, basic expenses such as food, rent, medical care and fuel are increasing rapidly. So in low-income countries, families are forced to spend a large part of their income only on essential expenses. Therefore, it can be said that the issue is a combination of both sides.

[dunfida]

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?

I think people adapt the wrong mindset. For me the general rule is you save a percentage of whatever enters your hand as income, the percentage of course depends on you and your expenses but something must be saved. Now you can edit got with the 50%, 30% and 20% or you can freestyle it, again it is completely up to you. You can not force someone to save, that is one thing you will learn as well, especially because saving is heavily  dependent on mentality and alot of people have genuine problem with having a good mentality but one thing I know for sure is that it is possible to save, you just have to decide you want to save.

Just as you said, you just have to force yourself and decide to start savings, if not if you keep on saying it with your mouth and not taking any action, honestly before you know the time will pass you by and you will not realize anything as your savings. Some of us failed to save because they think that they can do it later and that is when they will continue to postponed it until the final realized that they had cheated themselves, to be honest service is very hard because out of 70% of people that are saving usually have to ignore some of the things that they need to do because they see that it cannot stop them from anything they want to do so they decided to cover that and save for future.

One thing that is hard for some people is that they don't know how to discipline themself unless someone else disciplined them, forcing yourself to save means that you must discipline yourself, either you do the saving yourself or some else which you trust help you out in saving, there are those who find it very difficult to save on their own they always have a way of spending all the money they had with them, if this is a problem to anyone then they can give some else they trust to help them and save, it is good to save since the money you saved can help you out in so many ways in the future time.

Saving successfully is less about income level and more about structure most people fail to save not because inflation exists but because saving is treated as optional instead of automatic when saving depends on what is left after spending there is usually nothing left. Discipline is the core variable if someone waits for motivation to save they will postpone it repeatedly because spending brings immediate satisfaction while saving brings delayed benefit the brain naturally favors immediate reward which is why structure must replace emotion. The most effective approach is to treat savings as a fixed expense not a leftover percentage the moment income enters a portion should be separated before any discretionary spending begins this removes the internal negotiation that usually leads to overspending.

For individuals who struggle with self control external mechanisms help automatic transfers locked accounts or even entrusting funds to a reliable system can reduce temptation this is not weakness it is risk management against impulsive behavior.

[Halifat]

Saving isn't really easy for those who's earnings is not big enough,

Yes i agree with you in this regard because only few people that their earning covers all their bill and also still have enough remaining, majority of the people you see are struggling to meet up with their demand meaning that their problems are bigger than their earning that is why some of them find it difficult to save.

Savings Is very difficult for people that are not earning much, but i don't see that as an excuse because almost 50% of people that you see them living in their home, taking their children to the average schools and living a normal life, all these doesn't mean that this particular person have money but what save him is the savings is been doing. Majority of people living their life with planning not because there are earning too much and if we decide to adapt that honestly our future will be bright.