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.

[CONVOAI]

Instead of just saving cash, I would say to keep an emergency fund and invest the remaining savings in different sectors because it is better to invest that money than to leave idle money. Now we have to see which sector will give more return if we invest. Many people buy shares of companies while many others buy other assets like gold etc.

[CryptoDracoo]

The inflation was harsh at some point and citizens moulded their life in a way where prices were always rising. Things now appear to have moved a little and even in certain areas prices are becoming relaxed. That provides people with breathing space and it can be felt in local markets.But I do agree that it is not time to relax. Inflation has the propensity of reoccurring when you least anticipate it. It is nice to have some spare cash in your pocket, though you should be careful about spending more money because you can afford it. I would personally say that it would be better to keep that extra cash saved at this point in time. You should start building a buffer when the things are not so bad, as the economy has demonstrated to us that the situation may change rather swiftly.

[Transylvanian]

But I do not think that this serenity should deceive anybody. The inflation is unforeseeable and it does not inform in advance that it is returning with strong force. Spending additional disposable income is pleasant, but it can be a trap to convert this into additional spending. I believe personally this is the most opportune moment to save aggressively. Get cushioning in the meantime. You will thank yourself later on in life when the heat comes back again in a few months.

[YOSHIE]

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.

Saving is indeed one of the best ideas in the current economic situation, but the problem is not being lazy about saving, it is high inflation with low income that is the problem.

Previously, with an income of $1000/month you could save 30%, the rest was enough for your needs, there was no normal product price inflation, if high inflation occurred that income was no longer enough to save, that was the problem.
For example: what happened in Iran, high inflation the currency is no longer valuable, 1,189,712, Iranian Rial/ $1 can only buy one kilo of eggs, how can you save.

So saving doesn't have to wait for inflation to occur, before that you have to think about it, but the best step is to choose investments in goods that have high value if inflation occurs, such as Bitcoin and gold or property.

[Sulegzy39]

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.

I completely agree with you; no matter what is going on, you should know how to save money for a purpose. If an emergency occurs unexpectedly, many things will spring to mind that you cannot accomplish without savings. No matter how much you make, without savings, you cannot accomplish many things. Many people believe that saving merely entails putting money aside. saves is not only collecting cash; I believe that genuine saves implies learning and gaining skills, so people need to practice saving and investing more. It's difficult, but you have to sacrifice a lot of things, and the sacrifices must be made so that the future can be fully successful.

[Etranger]

So saving doesn't have to wait for inflation to occur, before that you have to think about it, but the best step is to choose investments in goods that have high value if inflation occurs, such as Bitcoin and gold or property.

Your use of the word "if" in this context suggests that your life has not been accompanied by constant inflation. In my case, for example, this has been happening and continues to happen exactly like this. Throughout my entire conscious life, since I was about 15, my national currency has been falling against the dollar. And there have been no periods of stability during all this time (almost 15 years). At the same time, people still somehow manage to save money: not because they think they will beat inflation, but because there is simply no possibility to borrow money. Loan interest rates are excessively high, far above the inflation rate. It is better to restrict yourself and save your own money than to pay for a loan at 110% annual interest.

[Chilwell]

Instead of just saving cash, I would say to keep an emergency fund and invest the remaining savings in different sectors because it is better to invest that money than to leave idle money. Now we have to see which sector will give more return if we invest. Many people buy shares of companies while many others buy other assets like gold etc.

I don't know for others but saving cash is the most biggest risk based on my own opinion because the inflection will eat it up rather the best way is to invest it. In this case people said that if you invest and eventually your investment did not go as planned, you end up losing everything rather they will prefer to save cash than to invest, but I keep on saying that there are so many investment and also your investment determing how long you want to keep the money, because there are some people who have that cash for the purpose of something else, so definitely they will be an investment that will cover that period.

[dunfida]

Instead of just saving cash, I would say to keep an emergency fund and invest the remaining savings in different sectors because it is better to invest that money than to leave idle money. Now we have to see which sector will give more return if we invest. Many people buy shares of companies while many others buy other assets like gold etc.

I don't know for others but saving cash is the most biggest risk based on my own opinion because the inflection will eat it up rather the best way is to invest it. In this case people said that if you invest and eventually your investment did not go as planned, you end up losing everything rather they will prefer to save cash than to invest, but I keep on saying that there are so many investment and also your investment determing how long you want to keep the money, because there are some people who have that cash for the purpose of something else, so definitely they will be an investment that will cover that period.

Thats a normal approach of a certain individual when it comes into their money on which they would be just that wanting that they do have some stash of cash on which they do know that there's something that they will be able to pull through on times of need. We do value fiat of course and when it comes to inflation then purchasing power would getting less as the years passing by but considering into the % of that loss then its not something that they would bother out. Although it would be that always recommended that you should be that investing into those amounts or allocate at least on building up other source of income rather than on letting those money sit on the bank and earning that dust amount if we do speak about annual interest on which we know that its never been that worth at all. If you are making use of that amount on an investment then there's chances that you would be able to make more money but of course its not guaranteed because there's no such thing about risk-free investment on this world.

Savings does plays a big role for emergencies and same goes on having some funds when you are tending to make some investment but of course you should be knowing on how to balance in between so that you do know on what you've been doing.

[DYOR+BTC]

Instead of just saving cash, I would say to keep an emergency fund and invest the remaining savings in different sectors because it is better to invest that money than to leave idle money. Now we have to see which sector will give more return if we invest. Many people buy shares of companies while many others buy other assets like gold etc.

I don't know for others but saving cash is the most biggest risk based on my own opinion because the inflection will eat it up rather the best way is to invest it. In this case people said that if you invest and eventually your investment did not go as planned, you end up losing everything rather they will prefer to save cash than to invest, but I keep on saying that there are so many investment and also your investment determing how long you want to keep the money, because there are some people who have that cash for the purpose of something else, so definitely they will be an investment that will cover that period.

Yes i agree with you, money saved are easily spent than the once invested be it in small or big business that may generate profit gradually. I will use myself as a case study, during school days i found favour in the sight of God and i was blessed financially in a little way, instead of investing the capital for it to yield profit i saved it in the bank with hope that it is save without knowing that is the worst mistake one will ever make, after graduation when i was planning to use the money problem came and all was spent without receiving any profit at last. But assuming i invested it, don't you think it would have generated profit and multiple till where i may have become stable financially. That is why it is better investing than saving because the money saved is not save

[Mame89]

Instead of just saving cash, I would say to keep an emergency fund and invest the remaining savings in different sectors because it is better to invest that money than to leave idle money. Now we have to see which sector will give more return if we invest. Many people buy shares of companies while many others buy other assets like gold etc.

Your advice is good. It's indeed better not to save cash, especially in these uncertain economic times, as cash will lose value due to inflation. Therefore, it's best to only hold enough cash. Savings or emergency funds can be transferred to gold, as gold is easily exchanged for urgent needs.

Unnecessary spending should be reduced as this is a bad habit for your finances in the long run. You should get used to using money wisely to achieve your goal of financial freedom. Therefore, you must have a long-term plan for managing your finances, investing in Bitcoin and using gold as savings or an emergency fund.

[Cheema02]

Instead of just saving cash, I would say to keep an emergency fund and invest the remaining savings in different sectors because it is better to invest that money than to leave idle money. Now we have to see which sector will give more return if we invest. Many people buy shares of companies while many others buy other assets like gold etc.

I don't know for others but saving cash is the most biggest risk based on my own opinion because the inflection will eat it up rather the best way is to invest it. In this case people said that if you invest and eventually your investment did not go as planned, you end up losing everything rather they will prefer to save cash than to invest, but I keep on saying that there are so many investment and also your investment determing how long you want to keep the money, because there are some people who have that cash for the purpose of something else, so definitely they will be an investment that will cover that period.

Your point is really valid about saving and investing. Keep all cash in hand is a foolish discion because with time inflation can reduce its value. But instead of kept it if we invest the money in a right direction then it will grow but many individuals have fear if losing in investment because they feel insecurity in the form of loss in investment so the smart solution is that we should balanced our saving and investing. Which money that can be used in daily routine and for emergency purposes should be kept in save hands but the rest of money can be investing according to condition that we could faced. There are different types of risk level involved in different type of investment and with accurate knowledge we should decrease the risk. The main key behind your success is highlighted goals and proper planned planning.

[Nothingtodo]

In many economies, people are struggling to pay off debts; let alone saving, even making ends meet is difficult in today's inflationary climate. If you can save, you're among the minority. Saving and accumulating wealth isn't for everyone anyway many think they'll spend as much as they earn. They spend what they earn, and without any plan, they find themselves helpless when difficult times come.

The economic situation in my country is very bad, here someone is working and struggling to meet his daily needs. It is becoming difficult to meet the monthly needs with his salary, in such a situation how can a job holder save money to meet the monthly needs. I think that in my country, by balancing the economic environment and the job environment, more loans have to be taken at the end of the month. So if one is not financially stable, then it is very difficult for a job holder to save money to meet the monthly needs.