How to save successfully?

[Charcol]

The savers will eventually realize that it's not the best way to grow their money. Due to inflation and that makes things more expensive, the money that's kept on their bank accounts will not grow with the little interest that the bank provides them. it sounds good that the bank pays you with the money you save on them. While them, they utilize every resource and fund that's being saved on them and they're putting a huge interest on it while you're only receiving very minimal amount that's not even to cover the annual inflation. With that situation, everyone will realize that there is a need to invest what they have saved.

I think saving does not actually mean growing money. Saving is an activity aimed to get decent amount of money by end of some period. Saving money should not be considered as earning and making big goals. You cant earn thousands, save some amount monthly and hope to become millionaire. Saving is about reducing expenses, not gaining new money. Saving to invest it a good way to fight inflation, but not a perfect way to become rich.

Savings do not generate income on their own...Savings not only reduce expenses, but also create the necessary foundation for investment or wealth building. If we do not have a habit of regular savings, then no matter how much we earn, we will not have enough capital to invest at some point. Again, if even a small amount of savings is used correctly, it can grow over time. For example, in investments, skill development or creating a source of income.

It is true that saving alone is not enough to become a millionaire...But doesn’t it seem almost impossible to start on that way without saving?

Therefore, saving can be seen as the first step, not the destination.

[Findingnemo]

~Savings do not generate income on their own...Savings not only reduce expenses, but also create the necessary foundation for investment or wealth building. If we do not have a habit of regular savings, then no matter how much we earn, we will not have enough capital to invest at some point. Again, if even a small amount of savings is used correctly, it can grow over time. For example, in investments, skill development or creating a source of income.

It is true that saving alone is not enough to become a millionaire...But doesn’t it seem almost impossible to start on that way without saving?

Therefore, saving can be seen as the first step, not the destination.

Savings => Investment => Returns this is how the cycle works so we can't really skip one to reach the ultimate point.

But the problem is not everyone is aware of the concept of savings while everyone wants to become rich, they just increase their expenses when they start making more money which is called as lifestyle inflation and whoever gets caught into this will never make any savings and further.

Increase the revenue stream while maintaining the expenses as it is important too.

[whiteblue]

~Savings do not generate income on their own...Savings not only reduce expenses, but also create the necessary foundation for investment or wealth building. If we do not have a habit of regular savings, then no matter how much we earn, we will not have enough capital to invest at some point. Again, if even a small amount of savings is used correctly, it can grow over time. For example, in investments, skill development or creating a source of income.

It is true that saving alone is not enough to become a millionaire...But doesn’t it seem almost impossible to start on that way without saving?

Therefore, saving can be seen as the first step, not the destination.

Savings => Investment => Returns this is how the cycle works so we can't really skip one to reach the ultimate point.

But the problem is not everyone is aware of the concept of savings while everyone wants to become rich, they just increase their expenses when they start making more money which is called as lifestyle inflation and whoever gets caught into this will never make any savings and further.

Increase the revenue stream while maintaining the expenses as it is important too.

Yes you are right it is very important, not a few people when their income increases their lifestyle also increases this is where most people get mistakes unconsciously, whereas if they continue to cling to consumptive costs when their income is still low until they become high income, more money can be saved for savings, investments or emergency funds or others to fund exploration for other income, so how can someone change this is because they don't realize that wealth is formed slowly by the habit of saving more money that is diverted to assets that have their own income without us working.

[Byebyebtc]

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 disagree with this,
Those who save are those who are able to to take care of certain basic things like, food, clothes and accommodation are the once capable enough to save,
If one can not provide these things for him or her self then that person doesn't have money,and how can you save what you don't have??
You don't even save what you have, you save extra of what you have, like after the payments of bills, and then you save.

Nevertheless it's is good to save, it might not be as easy as it sounds but it is definitely worth it.

[Borbb]

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?

People complain because they don't even earn enough to cover their basic needs. They can't pay their bills without difficulties so it's close to impossible to save even a small amount. Some.even have to borrow to survive.

But your observations are not wrong. Some poor people money on irrelevant things. Meanwhile, these funds can be saved for future purposes. An individual who is struggling financially shouldn't be spending money on pleasure when he has no savings. Money spent on cigarettes, junks, and alcohol could be good savings.

Yes I agree with you people with different problems they're some person's that earned 30k per month and still save up to 10k savings doesn't require a certain amount you can start saving even as low as 2k every week but i think is more better when you have a weekly or monthly income so it will boost your savings more than only have a monthly payments

Let assume you bought snacks of about  N500 everyday time's one month you will see that if you have saved up the money spent in snacks it would have take you a long way so I guess savings can be started with any amount of your choice just the one you have its okay to go with.

[JoyceBTC]

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?

Most people who find it hard to save, are people who aren’t disciplined. If you’re disciplined enough to achieve a particular goal, then you will be able to save successfully.

On the other hand, yes inflation is inevitable but one will be able to save successfully during inflation if he/she earns enough to be able to sustain their self. If what a salary earner earns will be able to sustain him after removing some savings, then he can continue saving but for someone that struggles with their earnings coupled with inflation it will be difficult to save.

[ndutndut]

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?

Most people who find it hard to save, are people who aren’t disciplined. If you’re disciplined enough to achieve a particular goal, then you will be able to save successfully.

On the other hand, yes inflation is inevitable but one will be able to save successfully during inflation if he/she earns enough to be able to sustain their self. If what a salary earner earns will be able to sustain him after removing some savings, then he can continue saving but for someone that struggles with their earnings coupled with inflation it will be difficult to save.

Most people can't save, it's not simply a lack of discipline. But the reality is that their difficulty saving is usually due to a combination of factors such as low income but rising living costs, unexpected expenses like illness or other circumstances. Not everything can be solved simply by being more disciplined. So, to be able to save, you have to work hard to earn extra income.

Saving also needs to be clear. You didn't specify what form you're saving in. Saving in fiat is useless because fiat will lose value due to inflation. So, saving in assets is the best option. For example a stable asset that can be easily traded in urgent situations is gold. To avoid inflation you need to have savings and investment assets. You can use gold for savings and you can invest in bitcoin.

[Yeesha]

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?

Most people who find it hard to save, are people who aren’t disciplined. If you’re disciplined enough to achieve a particular goal, then you will be able to save successfully.

On the other hand, yes inflation is inevitable but one will be able to save successfully during inflation if he/she earns enough to be able to sustain their self. If what a salary earner earns will be able to sustain him after removing some savings, then he can continue saving but for someone that struggles with their earnings coupled with inflation it will be difficult to save.

Most people can't save, it's not simply a lack of discipline. But the reality is that their difficulty saving is usually due to a combination of factors such as low income but rising living costs, unexpected expenses like illness or other circumstances. Not everything can be solved simply by being more disciplined. So, to be able to save, you have to work hard to earn extra income.

Saving also needs to be clear. You didn't specify what form you're saving in. Saving in fiat is useless because fiat will lose value due to inflation. So, saving in assets is the best option. For example a stable asset that can be easily traded in urgent situations is gold. To avoid inflation you need to have savings and investment assets. You can use gold for savings and you can invest in bitcoin.

Some people doesn't even have a concrete reason that they will use to defend themselves about their innocence towards saving. But despite the situation of the economy, we shouldn't neglect our future financial stability. Due to instability of fiat currency your savings might be affected in the future as a result of inflation. But still, sometimes our savings becomes a great benefit to us, especially when we find ourselves in difficult situations. Sometimes positive mindset lead to great positivity. But the reality is that what you don't prepare for will be considered as an emergency, but in a situation where by you save for future incase of any emergency, then the savings will make the situation calm and easy to solve the problems

[Cryptmuster]

Savings => Investment => Returns this is how the cycle works so we can't really skip one to reach the ultimate point.

But the problem is not everyone is aware of the concept of savings while everyone wants to become rich, they just increase their expenses when they start making more money which is called as lifestyle inflation and whoever gets caught into this will never make any savings and further.

Increase the revenue stream while maintaining the expenses as it is important too.

This happens because people believe they worked hard to increase their income and deserve a reward. I might agree with this, but you can't spend everything you earn, you need to divide it proportionally: more earned = more saved and more spent on yourself. If this is the case, then you will continue to earn and save, otherwise it won't work.

[Findingnemo]

Savings => Investment => Returns this is how the cycle works so we can't really skip one to reach the ultimate point.

But the problem is not everyone is aware of the concept of savings while everyone wants to become rich, they just increase their expenses when they start making more money which is called as lifestyle inflation and whoever gets caught into this will never make any savings and further.

Increase the revenue stream while maintaining the expenses as it is important too.

This happens because people believe they worked hard to increase their income and deserve a reward. I might agree with this, but you can't spend everything you earn, you need to divide it proportionally: more earned = more saved and more spent on yourself. If this is the case, then you will continue to earn and save, otherwise it won't work.

In simpler version people think that if they were making $4000 a month and now they are making $6000 a month then they will become richer but it is never about how much they make but how much that's left at the end after the expenses so if someone is making $1000 and saved $500 but the one who is making $6000 but exhaust it completely the one who make $1000 is will be richer than the other one.

[Yeesha]

Savings => Investment => Returns this is how the cycle works so we can't really skip one to reach the ultimate point.

But the problem is not everyone is aware of the concept of savings while everyone wants to become rich, they just increase their expenses when they start making more money which is called as lifestyle inflation and whoever gets caught into this will never make any savings and further.

Increase the revenue stream while maintaining the expenses as it is important too.

This happens because people believe they worked hard to increase their income and deserve a reward. I might agree with this, but you can't spend everything you earn, you need to divide it proportionally: more earned = more saved and more spent on yourself. If this is the case, then you will continue to earn and save, otherwise it won't work.

In simpler version people think that if they were making $4000 a month and now they are making $6000 a month then they will become richer but it is never about how much they make but how much that's left at the end after the expenses so if someone is making $1000 and saved $500 but the one who is making $6000 but exhaust it completely the one who make $1000 is will be richer than the other one.

No matter how much or how big your monthly income is, your financial stability still depends on how reasonable and budgetary you are, because the more you lavish your money the more you are exposed to financial problems. Spending is important, but it is also very important to minimise or limit your expenses to ensure financial stability. The more you save the more you are safe and secure. Because people have their own challenges and difficulties to face, so it is very hard to find someone who is going to be willing to give you financial support. A better rooted plan is more suitable and greater than a several rootless plan. Planning an accurate budget ahead of your income promote safe spending and little expenses.

[I_Anime]

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?

One just have to be disciplined in order to save properly , then I kept procrastinating telling myself I will start saving soon , given myself all such of excuses . But now is already in motion, is really good to save no matter how small the amount may seems , beside the real deal is to being consistent.

Try to always work with budget , by knowing how to allocate your discretionary income . You don’t save with money that’s meant to take care of your expenses, you save with the amount left after handling those expenses . But sometimes you will have to make adjustments in your expenses just to have some amount to save .

[Smartprofit]

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?

Our society is structured in such a way that saving and accumulating money is truly difficult. 🙋

For example, interest rates on bank deposits are usually below the inflation rate… How can you save money under such conditions?

Employers pay their employees wages sufficient only to cover basic living expenses (food, clothing, transportation, utilities, rent). At the same time, countries periodically experience economic crises, when people lose their jobs and are forced to spend their savings. People also periodically face force majeure circumstances (for example, illness or the birth of children).

Why does all this happen? I think the ruling elite is not interested in people's financial independence. Financially independent people are very difficult to exploit. They can't be forced to go to war or work overtime every day. Financially independent people value their freedom, so they can, for example, engage in political activity to change life for the better. And the ruling elite really doesn't want this outcome!

 Therefore, successfully saving and investing money really does require a lot of willpower. 🦾

[ejikeme24]

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 disagree with this,
Those who save are those who are able to to take care of certain basic things like, food, clothes and accommodation are the once capable enough to save,
If one can not provide these things for him or her self then that person doesn't have money,and how can you save what you don't have??
You don't even save what you have, you save extra of what you have, like after the payments of bills, and then you save.

Nevertheless it's is good to save, it might not be as easy as it sounds but it is definitely worth it.

It seems that you don't understand Questat correctly, just so you know for the fact that one is poor doesn't mean they can't afford one or two square meal rather before they could offered it they will have to struggle very hard and I still believe that some poor people do have discretionary funds. So just as Questat said no matter how poor one is they can still make savings that's if they really want to, everything is determination and the ability to  make it work savings is not only meant for rich people both the poor can  make savings maybe you haven't seen a poor guy who make savings that is why you're having some doubt when Questat said that the poor can make savings.

[eightdots]

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?

One just have to be disciplined in order to save properly , then I kept procrastinating telling myself I will start saving soon , given myself all such of excuses . But now is already in motion, is really good to save no matter how small the amount may seems , beside the real deal is to being consistent.

Try to always work with budget , by knowing how to allocate your discretionary income . You don’t save with money that’s meant to take care of your expenses, you save with the amount left after handling those expenses . But sometimes you will have to make adjustments in your expenses just to have some amount to save .

One of the rules for saving is to progress steadily. Anyone who wants to save should start immediately. Procrastinating leads to never starting, which means you won't be able to do what you want to do in the time that passes. Saving isn't easy; it requires willpower. If you can control yourself and truly want to save, you need to continue steadily.

When you give up on saving, you lose the progress you've made. The important thing is to progress steadily.

[Nightwatchmare]

Well, it is really, really difficult to save successfully in this hard time, because the more you want to save the more a bigger problem await you, and you wouldn't want to leave your problems unsolved when you know you have money somewhere. But, never the less for you to save money successfully, you will need to set a rule, that when the money comes you will have to remove the one for your savings first and vow not to touch it. Also, if you are the type who buy too much expensive things when money comes, you will need to cut down some of those expensive things totally.

You should also discipline yourself, by reducing some daily spending, unnecessary subscriptions, buy groceries in bulk and cook at home instead of eating out.

[ChocolateBitcoinK]

Savings => Investment => Returns this is how the cycle works so we can't really skip one to reach the ultimate point.

But the problem is not everyone is aware of the concept of savings while everyone wants to become rich, they just increase their expenses when they start making more money which is called as lifestyle inflation and whoever gets caught into this will never make any savings and further.

Increase the revenue stream while maintaining the expenses as it is important too.

This happens because people believe they worked hard to increase their income and deserve a reward. I might agree with this, but you can't spend everything you earn, you need to divide it proportionally: more earned = more saved and more spent on yourself. If this is the case, then you will continue to earn and save, otherwise it won't work.

In simpler version people think that if they were making $4000 a month and now they are making $6000 a month then they will become richer but it is never about how much they make but how much that's left at the end after the expenses so if someone is making $1000 and saved $500 but the one who is making $6000 but exhaust it completely the one who make $1000 is will be richer than the other one.

Yes and this is why people need to control their expenses first. Those who have mature financial management, who spend their income in a planned manner and maintain some savings, can basically create a financial foundation for the future. Even if you have an income of $10,000, if your expenses are not controlled, then at the end of the month you may spend $11,000, that is, no matter how good your income is, if you spend it uncontrollably, your expenses may be more than your large income. So first of all, we need to be very aware and careful about financial management.

[Findingnemo]

~
Yes and this is why people need to control their expenses first. Those who have mature financial management, who spend their income in a planned manner and maintain some savings, can basically create a financial foundation for the future. Even if you have an income of $10,000, if your expenses are not controlled, then at the end of the month you may spend $11,000, that is, no matter how good your income is, if you spend it uncontrollably, your expenses may be more than your large income. So first of all, we need to be very aware and careful about financial management.

Modern-day couples have forgotten the concept of budgeting, they just swipe their cards and buy everything they want, and they only realize how much they spend when their credit card bill hits them. The actual rich depend on how much money they can save not how much money they make, unless we are talking in millions, where people will keep the cash flow enough to live the life they want.

Start looking at the price tags, and ask yourself do you really need that or you just want that show off.

[Fredomago]

~
Yes and this is why people need to control their expenses first. Those who have mature financial management, who spend their income in a planned manner and maintain some savings, can basically create a financial foundation for the future. Even if you have an income of $10,000, if your expenses are not controlled, then at the end of the month you may spend $11,000, that is, no matter how good your income is, if you spend it uncontrollably, your expenses may be more than your large income. So first of all, we need to be very aware and careful about financial management.

Modern-day couples have forgotten the concept of budgeting, they just swipe their cards and buy everything they want, and they only realize how much they spend when their credit card bill hits them. The actual rich depend on how much money they can save not how much money they make, unless we are talking in millions, where people will keep the cash flow enough to live the life they want.

Start looking at the price tags, and ask yourself do you really need that or you just want that show off.

Well-said, it's no longer the price but the value if it's worth to buy, similar to what you said, there are couples who keeps on using their cards and not to think or care about the price of whatever expenses they'll going to spend things that will adds up your expenses which more likely needs to cover by your income to keep your card open.

Without proper handling of your expenses against your resources it will be difficult to balance your finances, and it's hard to save your money even a single penny if you overspend your credit line since you need to repay instead of saving your money.

[Mame89]

Well, it is really, really difficult to save successfully in this hard time, because the more you want to save the more a bigger problem await you, and you wouldn't want to leave your problems unsolved when you know you have money somewhere. But, never the less for you to save money successfully, you will need to set a rule, that when the money comes you will have to remove the one for your savings first and vow not to touch it. Also, if you are the type who buy too much expensive things when money comes, you will need to cut down some of those expensive things totally.

You should also discipline yourself, by reducing some daily spending, unnecessary subscriptions, buy groceries in bulk and cook at home instead of eating out.

What you say is true. Saving isn't about the income you receive but rather about your willingness and strong determination to save.

Many people after receiving their salary, have a mindset that the most important thing is to secure their needs and then think about the rest. So, they don't realize their money is always running out and never really know where it's going. They should be able to change their mindset and realize they're doing it wrong. They're just working to keep money flowing in and out resulting in their income running out.

If everyone wants to be successful at saving they shouldn't think about the amount of their salary whether it's large or small. They should view their salary not just for spending but as a tool to build something for the future. So, as soon as their salary comes in, they immediately allocate 30% of it to assets as a long-term foundation. I save 10% in an emergency fund. This is a precaution in case something unexpected happens, so they don't have to disrupt the assets they've already built. The remaining 60% is used for daily living or other needs. The point is, what makes the difference isn't the amount you earn, but your habits. If you implement this the results will gradually be felt. They can still enjoy the fruits of their labor, but at the same time they're also building something for the future.