Save More than Spend

[Etranger]

I totally agree with you. It is better that we are saving more than we are spending as for me. I usually save money in order to start an investment or a business. We know that we can start up a business even with the little money we have but businesses are indifferent categories. There are some business that requires good amount of money for you to start up however, any business you want to go into need a start of money it may be small or big but whichever way in order to raise that money for the business or investment you need to save, so savings is very important and what you use it for after saving should be for business or investment because if you use it for the wrong thing then your savings is meaningless.

I can’t agree that using savings for anything other than investments or business is pointless. Savings can be used for travel or for improving one’s health, for buying a home or a car. These are all equally important and worthwhile goals. Of course, if there is access to cheap consumer credit, that need may diminish, but overall savings have far more possible uses than just investments and business.

[Yeesha]

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.

No matter how financially stable a person may be, filling to learn how to spend money wisely can eventually lead to serious financial difficulties. Financial stability is not only determined by how much one earns, but also by how well one manages expenses, savings, and Investments. Without proper budgeting, self-control, and Financial Planning, even a high income can be quickly exhausted through unnecessary spending, poor  decisions, or lack  of preparation for emergencies. Wise spending helps  an individual to maintain proper balance, and it also gives them the ability to build long-term security, and at the same time it helps to avoid debt. So therefore, financial discipline and smart money management are very, very essential for sustaining wealth and preventing future hardship regardless of one's level of income.

[Jody.Drummer]

Maybe another question we have to ask ourselves is how often do we save or invest are we spending or we are saving to invest for the future, it's a serious question that we need to give an answer to which category will belongs and why because we must be more conscious of the future ahead of us if we don't want to be fully disappointed in life at last.

That's a good question, my friend. Of course, people who think about their future will try to prepare for it by working hard and consistently trying to earn money, which they will then save or invest, because that is one way to prepare for a good future. And when I think about myself, I balance things out, so the income I earn is used equally for my needs and for saving. Don't force yourself to save more if it worsens your livelihood.

It’s always easier to save money when you have a clear understanding of the goal and the reason you’re doing it. Simply setting money aside for a “rainy day” is extremely difficult, because the temptation to use those funds is quite strong, and very few people can resist it if there is no clear sense of purpose, no clear answer to why you are doing this and why you are limiting your desires now in favour of the future.

Having early desires and wanting to fulfill them is not wrong either. Basically, it is our will. My boss once advised me, saying, “It is not wrong to be extravagant for yourself.” That is true if we already have a stable financial situation. If our financial situation is still unstable, then it is best not to do so because it is not recommended when our financial situation is bad, not good, or mediocre. Saving a portion of one's income is a commendable practice in the context of financial management. However, some individuals lack the capacity to do so, particularly due to low income, which is the underlying issue.

[Altryist]

Having early desires and wanting to fulfill them is not wrong either. Basically, it is our will. My boss once advised me, saying, “It is not wrong to be extravagant for yourself.” That is true if we already have a stable financial situation. If our financial situation is still unstable, then it is best not to do so because it is not recommended when our financial situation is bad, not good, or mediocre. Saving a portion of one's income is a commendable practice in the context of financial management. However, some individuals lack the capacity to do so, particularly due to low income, which is the underlying issue.

When you get used to saving and living moderately, it's difficult to change your habits once you've already accumulated some savings. You can't just start spending more on yourself than you did before, even if you know it won't significantly impact your financial situation. So I somewhat agree with your boss that you shouldn't restrict yourself, you should pamper yourself even if you live within your means, because your financial situation may change, but your habits remain.

[MissNonFall9]

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.

I share the same view that saving money in fiat can be affected by inflation. But I look at saving in a different way. Many people think saving only means putting money aside. saving is not just about collecting cash. I believe real saving means learning and gaining skills. Adding skills to your personality is actually a form of saving because it helps you create capital for future opportunities. Only saving money cannot secure your future. The more skills you learn, the safer your future becomes.

Sometimes we need to spend money today so that we can benefit tomorrow. But this spending should be on learning skills. In that way spending itself becomes saving. Skills increase our value, create new opportunities, and help us earn more in the long run. Money can be lost at any time, but no one can take away our skills. They protect us during difficult times. That is why investing in learning is one of the smartest ways to save for the future.

Yes, you have said these things in a very profound way but I have said it a little superficially. There is no way to deny that if a person develops his skills, then this is the biggest investment and the most reliable savings of his life. And savings will make him very secure in his future which his "separated money" cannot do. But one thing is that there will be times in life when you get the right opportunity but it is not possible to take the right steps due to financial crisis due to which many people like me are left behind. But it is also true that we should spend on developing our skills. So that despite having opportunities, we do not get hampered in our life development due to lack of skills.

[Etranger]

.... your financial situation may change, but your habits remain.

More often, the opposite happens: a person loses their wealth, but their habits remain the same, and as a result they start accumulating debt. This is a very difficult situation to get out of, because you have to retrain yourself to live with less when you’re already used to a completely different standard of living. Besides, striving for something better is much easier, it motivates you and gives a sense of perspective and hope. Falling from achieved heights, on the other hand, is very painful, and only a small number of people manage to go through it with dignity.