Save More than Spend

[Rabata]

It is wise to spend according to your income. If your income is low, then reduce your expenses. You are a flesh and blood person. Remember that you cannot earn all your life and at some point in your life you will have to retire. If you do not have savings at that time, then you will not be able to manage your life well. When you are old, it is definitely important to create savings in advance to spend. So when you are able to earn, develop the mindset of saving instead of spending unnecessarily.

You are right. Financial security is very important for all people in the future. For this, one should create some kind of permanent asset. Because people's lives do not always continue in the same way. Many people earn money at a young age and live a luxurious life and spend their money on various types of entertainment. They do not save anything for the future. But we should always think long-term. So the possibility of facing major financial problems in the future will low. If one can give importance to one's holdings at the right time, then financial security will be ensured for the future, which will relieve an individual from financial stress.

[Japinat]

Saving is basic and its something everyone should give emphasis to. But with all the goods and services prices these days totally drowned by inflation, how can people be able to save and even aim to invest after? This has become so much easier to tell and discuss, yet very hard to do, as everyone gets affected by high inflation.

The only people whom I think can realize saving without doubt are those who are making multiple sources of income. Yes, it could be a lot of hard work and efforts, but once they all paid off, the person gets the most advantage and enjoy the peak of income, so saving and investing are already in their top list to do.

[Oluwa-btc]

Save more is good also earn wisely should be considered by so many, an entrepreneur might not suffer badly compared to salary earners during inflation period. In a country when the governments are not ready to restructure the basic needs including for example increasing salary payment for workers obviously if this is impossible for the government then no one can save except they find other source of income. Op is actually right because for those who are financially stable and can handle the economy rightly end up spending on less important stuffs, saving or investing the money would be better I guess many people make mistakes as such then end up regret.

Anyone who's scared of saving or doesn't like saving should invest their money,that way,the money builds you wealth and yield more for them.Investing benefits outweighs savings benefits but it's better to secure both;they have their respective financial solutions.The mistakes most people make is that they save more and invest less.

[Fortify]

Over time in the past few years, business adjusted prices and even  industries reviewed salary structures, countries increased minimum wage to meet up the demand of the economy due to inflation rates. But within the past few months the inflation rate seems NOT to be on the constant rise and increase as was seen sometime ago. Though it is not stable but there seems to be some forms of little price drops and stabilities in the local markets . This in a way has help some people get extra money because the drops had directly affected disposable income to increase.  Making people to spend more than what they are used to spending before due to the economy.
The best thing to be done now is to realise this fact and save any extra cash instead of spending unnecessarily.  Instead of increasing your purchases because of your increased disposable income, it is better you increase your savings.  Boost it as much as you can because you donot know gow the inflation rate would turn out in the next few months to come.

We have to always be careful with our money because there are so many companies out there trying to get us spending and worst of all get us into subscriptions. There are lots of traps out there, but the subscription model is sometimes the worse, especially when we get lured in with freebie offers like the first 3 months or even year - then we forget we entered our payment credentials and get whacked but still forget to cancel for next time. Conserving your income is just as important as trying to expand it, make sure that every dollar is working in the most efficient way for you and you'll be a winner in the long term. We should also be looking to push up our income if you want to break free from the regular 9-5 job that so many people are stuck in.

[Youngrebel]

Saving is basic and its something everyone should give emphasis to. But with all the goods and services prices these days totally drowned by inflation, how can people be able to save and even aim to invest after? This has become so much easier to tell and discuss, yet very hard to do, as everyone gets affected by high inflation.

The only people whom I think can realize saving without doubt are those who are making multiple sources of income. Yes, it could be a lot of hard work and efforts, but once they all paid off, the person gets the most advantage and enjoy the peak of income, so saving and investing are already in their top list to do.

Its a good thing that you admitted to the fact that inflation is on a drop currently.  If you can also attest to the fact that industries and.countries increased minimum wages and salary structures.
These increases were done because of the costs of living is caused by high  inflation. So now that theres a drop amd theres in cost 9f living and no drop at all in income. This only means that theres certainly little extra money to Money to spend More. Hence the need to save more instead of spend it all out.  

[Salahmu]

To be honest, I'm one of them. I proactively increased my living expenses as my income rose. Because my goal in working hard and dedicatedly is to provide a better life for my family. Therefore, I do not see anything wrong with that. How can that be called a mistake when I'm improving my family's quality of life by providing them with cleaner, higher quality food? Or a better living environment for my loved ones.

Is the basic things you have spent money on, you have not spent badly or unnecessarily because those are the things even the poor wants there family to have, good food gives good life and good health because if you are eating what the body wants sickness will be far from perching on the person but when a family is being fed with food that isn't good that will call more sickness to them and could also affect the growth of the children, this is my primary goal to my family also because is essential and non of this would affect me from saving or investment because is just a natural living and not expensive living.

[Stablexcoin]

Anyone who's scared of saving or doesn't like saving should invest their money,that way,the money builds you wealth and yield more for them.Investing benefits outweighs savings benefits but it's better to secure both;they have their respective financial solutions.The mistakes most people make is that they save more and invest less.

Saving and investing at the same time is favorable, the savings will stand as back up funds in case of any sudden expenses, while the bigger portion of your money goes into investment. If i'm able to earn massively, i rather consistently put in more of my income towards my investment, both in Bitcoin and outside Bitcoin, starting from one investment, into different streams of income. Inflation will catch up to your savings if held for long term, that is the reason why investing mostly is better.

[mvdheuvel1983]

Saving and investing at the same time is favorable, the savings will stand as back up funds in case of any sudden expenses, while the bigger portion of your money goes into investment. If i'm able to earn massively, i rather consistently put in more of my income towards my investment, both in Bitcoin and outside Bitcoin, starting from one investment, into different streams of income. Inflation will catch up to your savings if held for long term, that is the reason why investing mostly is better.

If you have a good salary instead of saving you can channel your money into investments while you also have some funds you can use as expenses unless you don't have a business that is generating steady income that is the only way you should save money while you also invest bigger portion of your earnings so that in time to come you will have good profit for your investment while you still have some savings you used as back up and daily expenditure. Your investment should not necessarily be in cryptocurrency if you have other business that is profitable and has a good life span investing in such business is more important than having your money in the bank as savings.

[Asuspawer09]

I learn a lot from my experience when it comes to financial management. I just wanted to achieve financial freedom, but it seems impossible if you are just in the rat race working on a nine-to-five job, saving seems impossible because the salary doesn't even seem to be enough, turns out I was just doing it wrong the whole time, the first thing you do is to start your computation it's impossible to know the numbers if you are not tracking at all, the easiast way to do it is to start saving first than doing everything on your salary, if you are just going to pay everyday and do the saving last then you are going to save nothing in the end or just a few percentage. You are losing a huge amount of money.

I also learn about compound interest which is a huge thing that could increase your saving, the first part of saving is just going to be difficult because your are trying to build it something like your emergency funds, but overtime when the savings started to compound and the interest started it is going to be a easy thing for you todo, seems like because you already started to believed that saving is possible, because at first you just can't see that you are going to save like 1k$ but if you did now you are starting to see that you can save 10k$, and the interest of that can be your income, when that interest started to pay for your living then you are already on your way to financial freedom.

[Botnake]

With our experience we have gained in times of covid, I must say everyone realized that saving extra money makes an edge than those who have nothing at all and even  lost their job or source of income. Money is almost everything, and in order to survive in life, we should make money to sustain all our life's necessities.

So I think everyone is convinced to save for future needs, but how can we save if our income is limited? Most particularly for those breadwinners in their family, raising the whole family is everyone's struggle especially if you are only earning a low income.

[Sanitough]

Saving is a must so we won't experience financial struggles in the near future. Or if ever there is, at least it can be manageable.

But how about those who are not capable to save because they are jobless, or because their income is not well sufficient? Saving could be very hard for them, but I don't think it will happen all the time.

Life can sometimes surprise us and make good earnings, so saving is not really impossible. But if you, yourself chose to not save first, I guess that's really a future problem though.

[hyudien]

Its a good thing that you admitted to the fact that inflation is on a drop currently.  If you can also attest to the fact that industries and.countries increased minimum wages and salary structures.
These increases were done because of the costs of living is caused by high  inflation. So now that theres a drop amd theres in cost 9f living and no drop at all in income. This only means that theres certainly little extra money to Money to spend More. Hence the need to save more instead of spend it all out.  

Indeed, if we look at the data, global inflation is currently decreasing, from the beginning which was around 5%, this year it fell to 3.+%, but still this decline is not evenly distributed across countries, because each country experiences different inflation rates, and still the cost of living is still high, We also need to understand that the minimum wage increase is mostly intended to offset past purchasing power losses rather than create a significant surplus, besides that not all workers can enjoy salary increases, only in certain sectors, workers who work in small sectors tend to only be able to survive.
But the point is, extra money will only be earned if we are really frugal, this is the main thing that needs to be done if we want to save more.

[alastantiger]

Over time in the past few years, business adjusted prices and even  industries reviewed salary structures, countries increased minimum wage to meet up the demand of the economy due to inflation rates. But within the past few months the inflation rate seems NOT to be on the constant rise and increase as was seen sometime ago. Though it is not stable but there seems to be some forms of little price drops and stabilities in the local markets . This in a way has help some people get extra money because the drops had directly affected disposable income to increase.  Making people to spend more than what they are used to spending before due to the economy.
The best thing to be done now is to realise this fact and save any extra cash instead of spending unnecessarily.  Instead of increasing your purchases because of your increased disposable income, it is better you increase your savings.  Boost it as much as you can because you donot know gow the inflation rate would turn out in the next few months to come.

While inflation may have slowed compared to previous peaks, the current stability is still fragile. Temporary price drops or market corrections should not be mistaken for long-term economic recovery, just as you rightly noted, these slight reductions can increase disposable income, but that extra cash is better viewed as a buffer, not an invitation to spend more. Saving during periods like this is a financially disciplined approach, though inflation trends are cyclical and unpredictable, especially in economies that are still adjusting to global pressures. Increasing savings now helps build resilience against future price spikes, income shocks, or policy changes that may negatively affect purchasing power.

[MissNonFall9]

Instead of increasing your purchases because of your increased disposable income, it is better you increase your savings.  Boost it as much as you can because you donot know gow the inflation rate would turn out in the next few months to come.

It's very easy to spend more on this kind of economy when you're earning more than before. But that's how you'll define and determine yourself if you're financially responsible and able to maintain the kind of lifestyle chose to live. Saving more is going to put more life to your finances but investing is going to build you a lifetime opportunity that you can pass on to your heirs. So save and invest more is what people need to practice. It's hard and you'll have to sacrifice a lot of things but it's all worthwhile when you'll see the end results of it.

It is true that when a persons income increases, his cost of living also increases, where earlier he used to buy only essential items, now due to the increase in income he starts buying expensive daily necessities as well as fancy items. One thing should always be kept in mind and that is that if interest or addiction to fancy items does not arise, then his future will actually be less developed than it should be. This sacrifice must be made so that the future can be fully successful. For this saving should be given a little more priority than spending and should be saved in crypto, which we consider as an investment. Otherwise if the savings are in fiat currency, then there is a strong possibility of it being affected by inflation and being damaged.

To be honest, I'm one of them. I proactively increased my living expenses as my income rose. Because my goal in working hard and dedicatedly is to provide a better life for my family. Therefore, I do not see anything wrong with that. How can that be called a mistake when I'm improving my family's quality of life by providing them with cleaner, higher quality food? Or a better living environment for my loved ones.

The future is important, but if we neglect the present for the sake of the future, all our efforts will become meaningless.
I'm not saying we should be wasteful when our income increases, but instead, we should balance things out.

I am pleased to see how devoted you are to your family members and for that you have earned my sincere respect and gratitude. However, I did not mean to imply that we neglect the comfort and well-being of our families. Suppose my total monthly needs are 2,000 dollars and my family and we are comfortable with that amount. If my income exceeds this then I do not believe that the additional earnings should be wasted solely on luxury. Rather that money should be used to further develop and secure our potential and future.

[Iamgoat]

The high cost of living in many countries is very troubling for many average income earners who are on fixed salary structures, as prices of commodities keeps skyrocketing savings becomes very difficult. Many people understands financial management and the importance of savings but they cannot afford to because what they earn can hardly afford their basic needs. The solution to save more than what you spend if your income cannot afford you a discretionary fund is to try and increase your income. This is why skills acquisition is important, never depend on only one source of income to survive, whatever happens to a sole income you will authomatically become poor if you don't have a reserve fund.

Since last few years, I have encouraged myself not to depend on a single income however plenty it is and such idea has been the reason why I've never acccpeted to work with any company or organization which suggests plenty workload to me and I don't see some level of freedom or chance for me to take in more jobs, I decide not to even apply or pick interest because I am someone who's already into the freelancing job and understand the kind of freedom and flexibility it offers then it also forms as your alternative sources of income as I can also take in more jobs and be able to use them all for myself. This is how I strategically craft out the discretionary funds from any of the jobs and the one I can reinvest from a different paycheck.

[Swordsoffreedom]

Its a good thing that you admitted to the fact that inflation is on a drop currently.  If you can also attest to the fact that industries and.countries increased minimum wages and salary structures.
These increases were done because of the costs of living is caused by high  inflation. So now that theres a drop amd theres in cost 9f living and no drop at all in income. This only means that theres certainly little extra money to Money to spend More. Hence the need to save more instead of spend it all out.  

Indeed, if we look at the data, global inflation is currently decreasing, from the beginning which was around 5%, this year it fell to 3.+%, but still this decline is not evenly distributed across countries, because each country experiences different inflation rates, and still the cost of living is still high, We also need to understand that the minimum wage increase is mostly intended to offset past purchasing power losses rather than create a significant surplus, besides that not all workers can enjoy salary increases, only in certain sectors, workers who work in small sectors tend to only be able to survive.
But the point is, extra money will only be earned if we are really frugal, this is the main thing that needs to be done if we want to save more.

Although government figures show that inflation is showing sign of weakening and gradually decreasing. But in reality, inflation is still quietly rising without our knowledge


If you track the global money supply, you will see that the US M2 money supply has reached an ath. I wonder how inflation can decrease when they keep printing money and pumping it into the economy?


Inflation will worsen, but it will become more subtle and silently erode our purchasing power and quality of life over time. Because fiat money is designed that way

[WatChe]

You are right. Financial security is very important for all people in the future. For this, one should create some kind of permanent asset. Because people's lives do not always continue in the same way. Many people earn money at a young age and live a luxurious life and spend their money on various types of entertainment. They do not save anything for the future. But we should always think long-term. So the possibility of facing major financial problems in the future will low. If one can give importance to one's holdings at the right time, then financial security will be ensured for the future, which will relieve an individual from financial stress.

Those who are earning good in their early age must start investing from same age that they can use when they grow old. When we are young our energies are high and we can work with enthusiasm which in turn results in better outputs. With time our energies are not that high, also we have kids that grow up and for their higher education we need money. In older age, we need money for our self and for our family that's where invested money in young age comes in handy. If you are earning good and just spending on luxurious lifestyle then you are doing damage to your future.

[Emjay24]

The best thing to be done now is to realise this fact and save any extra cash instead of spending unnecessarily.  Instead of increasing your purchases because of your increased disposable income, it is better you increase your savings.  Boost it as much as you can because you donot know gow the inflation rate would turn out in the next few months to come.

Even when you save extra, you're not entirely immune to the problem. The saved funds would still be met by inflation and Fiat depreciation and the buying power reduced. It's important to increase your income also in response to increasing financial demands, that way you can sustain the present, save enough and possibly invest wisely to secure the future. Wealth is built through investments and not saving excessively, the target should be building wealth. No one escaped a crashing economy by saving money alone.