Are people really having the wrong concept of savings?

Theones

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Quote from: bosede1 on March 12, 2023, 03:32:09 PM

Saving is the percentage from your income or wages set aside for future emergency needs but the future we are talking about may be the next day, a year and you may not even use it and later convert the money into an investment.

there are people who are gifted one - earn honestly and get the benefits from the God.
Then there are people who are scammers who try to find savings of other people. And would have feast on their hard earned money.
I think saving are important one should not save much - only emergency funds is enough for a person.

bosede1

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Saving is the percentage from your income or wages set aside for future emergency needs but the future we are talking about may be the next day, a year and you may not even use it and later convert the money into an investment.

Ryu_Ar1

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Quote from: Hispo on March 12, 2023, 12:45:37 PM

My definition of savings is money which is part of a steady income which is not immediately spent but rather kept aside for a specific future purpose.

If the money being kept does not have a specific purpose, then I would call it "emergency funds" or "perpetual savings", which would be meant to cover unexpected events, like medical bills, reparations or replacement of important household goods.

If the money is being kept in the form of a investment and not an stable asset, then it would serve to cover expected expenses/purchases, since the emergencies can coincide with a bear market, which would imply to sell at low price and no one wants to do that.

That's a good concept because when it comes to savings, there are definitely going to be a lot of differences in how people express themselves in this regard but that doesn't mean the goal is different because it's clearly the same goal,
I also do something like this because saving doesn't mean that we save most of the money that we have but of course only the allowance of the leftover money that we don't use for emergencies like you said.
With conditions like this, at least we can still cover when there are things that are not wanted to happen later considering we will never know the worst possibilities for ourselves in the future but with the savings intended for that, at least we can still be a little less worried later because there are funds that are already intended for that.

Hispo

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My definition of savings is money which is part of a steady income which is not immediately spent but rather kept aside for a specific future purpose.

If the money being kept does not have a specific purpose, then I would call it "emergency funds" or "perpetual savings", which would be meant to cover unexpected events, like medical bills, reparations or replacement of important household goods.

If the money is being kept in the form of a investment and not an stable asset, then it would serve to cover expected expenses/purchases, since the emergencies can coincide with a bear market, which would imply to sell at low price and no one wants to do that.

Oneandpure

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Quote from: GreenStox on March 12, 2023, 11:29:48 AM

In my opinion, savings are something that is used or deliberately saved for future use, but can also be used for emergencies, that is why there are several types of savings, and in my opinion, it is legal to use them if there is an emergency.

Its mean saving not have pressure increasing values for tow or three years later, something needed when emergencies moment and saving become first priority without need loan from the other or bank. Right now many people change the mindset about saving assets not only as emergencies needed when unpredictable happening but also some of them smart with saving fund need increasing values year by year.

Many people realize when saving money in the Bank faced inflation one or three years later, make saving deposit and earn few percent interest every years could be one solution how to keep from inflation values. But saving in Bitcoin is better than hold in the Bank with fewest profitable only than Bitcoin but have risk side when price dropping.

GreenStox

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In my opinion, savings are something that is used or deliberately saved for future use, but can also be used for emergencies, that is why there are several types of savings, and in my opinion, it is legal to use them if there is an emergency.

passwordnow

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The concept of savings that mostly knew is about something that you can pull in times of need and not just in the long term in the future but anytime that you need to have it.
People are confused with saving and investing, investing is more with exerting effort and taking risk. While in savings, you have to keep your money without any risk and without having that much return.

mulia sabee

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It's better before judging someone in choosing the wrong or right concept of saving, we should first understand what saving really means!
I think someone saves for a certain time limit and has a goal of his savings. There is a certain time, namely "short term and long term". I think there is no wrong concept as long as someone is able to save it.

Cryptock

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Quote from: xSkylarx on March 06, 2023, 10:08:04 PM

Quote from: MiF on March 06, 2023, 08:16:06 PM

Saving is for good and people do saving to have a good future, savings for health,education, billings, etc., it is good but sometimes people have a wrong way of savings, for me it is better to invest or buy things that can give you profit in the near future buying btc or land that we can sell in a high price in the near future is also good,instead of saving the money we do invest to make more money in the future.

It is called they invest but at the same time they save money but it is more effective as they earn profit over time but this requires a lot of money its either you save first to achieve that money and buy those land or invest it to something or you will take out a loan though risky. Saving is really for you to use in the future but others wont be touching it even if they are struggling which is wrong and not efficient and serve no purpose unless it is more important the reason why you are saving it

Not all the investment are fruitful neither all the investments are bad. Sometime or in fact most of the times - it is luck attached to the investment which can make your life happy or which can bring you in trouble.

xSkylarx

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Quote from: MiF on March 06, 2023, 08:16:06 PM

Saving is for good and people do saving to have a good future, savings for health,education, billings, etc., it is good but sometimes people have a wrong way of savings, for me it is better to invest or buy things that can give you profit in the near future buying btc or land that we can sell in a high price in the near future is also good,instead of saving the money we do invest to make more money in the future.

It is called they invest but at the same time they save money but it is more effective as they earn profit over time but this requires a lot of money its either you save first to achieve that money and buy those land or invest it to something or you will take out a loan though risky. Saving is really for you to use in the future but others wont be touching it even if they are struggling which is wrong and not efficient and serve no purpose unless it is more important the reason why you are saving it

MiF

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Saving is for good and people do saving to have a good future, savings for health,education, billings, etc., it is good but sometimes people have a wrong way of savings, for me it is better to invest or buy things that can give you profit in the near future buying btc or land that we can sell in a high price in the near future is also good,instead of saving the money we do invest to make more money in the future.

samcoin

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Quote from: Obari on February 20, 2023, 07:55:46 AM

The word "use"(spend) is the key word of concentration because it seems people talk so much of savings as if one isn't supposed to use their saving even until death and I began to wonder what the purpose of saving really is.
We ought to save money so money can save us and some also say that we ought to save for raining days and we should know that our raining days might differ and one should be free to use their savings and not feel they're doing something wrong when using their hard earned savings.
What's your concept of savings?

To me, the purpose of saving is to create new capital that would be used later to build a new source of income. Indeed, the importance of saving money is correlated to bad times in most people's minds, while we should think of it as a method that facilitates building the life we would like to live. However, it differs depending on everyone's age, as a young man would be interested in building capital to use later, while an old man would say that he won't live a lot to enjoy the results of his savings, so he would spend more than the young one.

Hamza2424

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Savings ahhh, What should i say now well the concept of savings is commonly used by the middle class where they store their maximum earnings in Banks to utilize them in the hard times, and they overstore the money. For example to elaborate on this Consider a person having 10M PKR and is just storing them in his savings account but he needs only 100k PKR per month currently, He is earning and living well even saving more than he doesn't need to store the 10M all he needs is to just store 1M and Invest the remaining to expand the earning sources.

Store Less Invest more

Funds management is very important as one who doesn't knows better funds management cant earn more then an average person and his living standard is going to be also average.

Set Your Goal (Helps you to be consistent and clear)
Create your Monthly Spending limits
Save enough to utilize for at least 6 months according to the Monthly limit
Invest Wisely always grab low-risk investments
Try Your Luck with Risky Investments as well
Dont Fall for easy money

Little_Sister

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Quote from: KingsDen on March 06, 2023, 10:36:03 AM

For so long I have had this wrong concept about saving I maintained this concept until I read an article that explains another concept of serving which the author of the article claimed was the real concept of saving. In hat article, he explained that no one should save without a purpose; for instance if you want to buy a car in the next 2 years you begin today to save some dollars which will sum up to some certain amount of money you will need to buy the car by the two years time. If you want to own a house of $120k, you would begin to save 200 500 or 1000 dollars until your money is up to 120 thousand dollars, then use it to acquire a house. He said this is the correct concept

We still have to save for future needs even though we don't have specific goals to buy luxury goods, motorbikes, houses or other things but when economic needs are urgent then we already have enough savings, but if you have a goal to save then it will motivate you to work hard achieve monthly income to save because you have a target of buying dream items as soon as possible.

Hyphen(-)

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Many people have different ideas about how to save their own money, which is why some people choose to invest theirs; however, I believe saving is a unique word that everyone can understand regardless of the explanations because everyone has their own way of interpreting it, but the meaning remains the same.

Savings are funds or assets set aside for future use; we invest them in Bitcoin because we believe we will gain more than we have invested or saved.

KaliLinux

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Quote from: Obari on February 20, 2023, 07:55:46 AM

"Are people really having the wrong concept of savings?" This topic and question was triggered earlier this morning after writing on two separate threads where it seems people are already misunderstanding the concept of saving
saving according to Google search from Banco Central de la República Argentina |
"Saving is the portion of income not spent on current expenditures. In other words, it is the money set aside for future use and not spent immediately."
The word "use"(spend) is the key word of concentration because it seems people talk so much of savings as if one isn't supposed to use their saving even until death and I began to wonder what the purpose of saving really is.
We ought to save money so money can save us and some also say that we ought to save for raining days and we should know that our raining days might differ and one should be free to use their savings and not feel they're doing something wrong when using their hard earned savings.
What's your concept of savings?

Ordinarily, it wouldn't sound wise for someone to just spend everything they are earning weekly/monthly as the case may be unless there might be a serious need for it hence, people should usually save at least about 10-15% of their monthly earnings. People will save for different reasons, some people have something they intend to do in the future or just saving for their retirement, however, it doesn't really mean you cannot spend for it if something should arise which I believe is referred to there as "raining days"

Huppercase

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I only save because I may be in need of money soon than I may imagine, I don't save money and think it is a investment, that is the concepts that banks used to attracts customers back then so that people can earn interest but guess what, those interest are worth nothing after saving your moeny with them, you wouldn't gain anything no matter the set up or trying to convince you to save as compound interest. Any money I have that is not meant for future emergency, I will consider it to be invested on any coin I think it will do well in the future and also in Bitcoin as well.

KingsDen

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For so long I have had this wrong concept about saving I maintained this concept until I read an article that explains another concept of serving which the author of the article claimed was the real concept of saving. In hat article, he explained that no one should save without a purpose; for instance if you want to buy a car in the next 2 years you begin today to save some dollars which will sum up to some certain amount of money you will need to buy the car by the two years time. If you want to own a house of $120k, you would begin to save 200 500 or 1000 dollars until your money is up to 120 thousand dollars, then use it to acquire a house. He said this is the correct concept

naira

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Quote from: Obari on February 20, 2023, 07:55:46 AM

so much of savings as if one isn't supposed to use their saving even until death and I began to wonder what the purpose of saving really is.
We ought to save money so money can save us and some also say that we ought to save for raining days and we should know that our raining days might differ and one should be free to use their savings and not feel they're doing something wrong when using their hard earned savings.
What's your concept of savings?

Talking about the concept of savings that I know so far depends on the target to be achieved. For example, I have several savings allocations, such as savings for holidays/3 months, for big family events/year, Bitcoin/ATH savings, and savings for buying things that I really want to buy. So when a month I have to fill in more than 3 different savings bags.

So with that goal, I apply the term savings concept. Of course, all of this must be supported by passive income which is the portion that needs to be implemented.

iv4n

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Quote from: rat03gopoh on March 06, 2023, 08:11:59 AM

...
Adding mine, setting savings to be flexible won't hurt you financially. I control my money, not the other way around.

Everyone should set something aside, either in "some fiat", gold, crypto, or whatever is valuable, even better if that is with the potential to be even more valuable in the future, or at least to cope with rising inflation. It can come in handy when "unexpected situations happen", and those situations happen to each of us... question is how often (so more or less) and how hard they hit us (weaker or stronger).

I don't think that people have the wrong concept of saving, it's just hard to save when someone is in some really difficult life situation, I am not sure how else to say it...

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However, it is estimated to have increased by about 160 million between 2019 and 2020. Estimates for 2022 suggest that 46 million more people were living on less than the $3.65 poverty line than in 2019. As of 2022, 23% of the global population (1.8 billion people) were living on less than this threshold.

I guess there are a lot of people who have decided that it's better to have fun and enjoy life than to save... in my case, that changed after I got married and got kids. If I had saved earlier, it would certainly be easier now and maybe I would have more money, but then again, it wouldn't be me and I wouldn't be where I am now if I had gone the other way... and I am happy where I am now!

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