Are people really having the wrong concept of savings? - page 3.

Vaculin

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Quote from: Razmirraz on February 23, 2023, 10:22:07 PM

Quote from: browsiek on February 20, 2023, 07:40:51 AM

Saving is a self-choice where everyone wants to achieve the goals they want by setting aside a portion of their income. There is a saying that "little by little becomes a hill". the statement is in line with the word SAVING, there is nothing wrong when someone wants to have savings because the money can save one day and make their wishes come true.

It could be that now you don't have problems with finances, but it's not impossible that things will change. Saving is one of the most effective ways of preventing debt. There are so many unexpected events that might happen in a person's life, such as illness, job loss, accidents or other disasters that one never thought of before.
When you have considered the worst possibility that can absorb more money, it means you are aware of how important saving is. "little by little becomes a hill", even with a small nominal, but if it is done consistently it will definitely be a lot and very useful when needed.

I would agree to this. As long as you reserve some extra funds to save regardless of the amount, that will become huge in the future and will be very useful whenever unforeseen expenses start to arise. And while you are in the process of saving, you can also try to invest using some of your extra money, at least when it succeeds, you will have more money to save and more capital to diversify your investment. As much as saving is essential, investing at the same time is also beneficial by taking advantage whatever opportunity that comes.

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Quote from: lovesmayfamilis on February 20, 2023, 07:29:08 AM

I assume savings as a competent distribution of their funds, buying the necessary things without unnecessary squandering, but also without depriving yourself of much. In itself, saving for the sake of the economy means little, there must be a purpose for which the money will be spent in the future, or this deferred money can serve as a means of insurance in case of unforeseen circumstances.

Well said senior and I love the way you took out your time to explain this because it really shows you got the concept right.
Basically from the both threads which I read and I've been trying to search for it so I can add up the link but to no avail, spoke so much of saving as if one isn't expected to use their savings and I wasn't satisfied with that and a whole lot of people also write in affirmation to what those OPs wrote and that was why I had to create this thread to get the opinion of others without siting any situation regarding savings.

lienfaye

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We save for different reasons, for the education of our kids, in times we already have health issues (since we're not forever healthy) or for retirement. In short we're saving to be prepared for the future but it doesn't mean you can't spend it at the current time, because we have different reasoning if we opted to save for long term or to use if there's an emergency.

But as long as it serves its purpose on why we save in the first place, then you don't have to question if you follow the concept of saving. What matter is you have something to rely on during rainy days.

Razmirraz

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Quote from: browsiek on February 20, 2023, 07:40:51 AM

Saving is a self-choice where everyone wants to achieve the goals they want by setting aside a portion of their income. There is a saying that "little by little becomes a hill". the statement is in line with the word SAVING, there is nothing wrong when someone wants to have savings because the money can save one day and make their wishes come true.

It could be that now you don't have problems with finances, but it's not impossible that things will change. Saving is one of the most effective ways of preventing debt. There are so many unexpected events that might happen in a person's life, such as illness, job loss, accidents or other disasters that one never thought of before.
When you have considered the worst possibility that can absorb more money, it means you are aware of how important saving is. "little by little becomes a hill", even with a small nominal, but if it is done consistently it will definitely be a lot and very useful when needed.

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Quote from: Bushdark on February 23, 2023, 06:58:36 PM

Saving is what we should be after now because the way recession and things are going, we might have one or two problems that would need capital to establish but if we have savings, we will not need to go to bank or meet frie.d to get loans to get our problem or business ideas settled.

Well said, it is the fund that we can use at our hard times. When we go for a loan, the process is big and the interest we need to pay eats everything what we earn. When we establish some business through the loans we add up pressure to run the business and earn, if not we won't be able to repay the interest. The business established through our savings gives us time to generate clients and it doesn't pressure as we have our own money invested.

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Saving is what we should be after now because the way recession and things are going, we might have one or two problems that would need capital to establish but if we have savings, we will not need to go to bank or meet frie.d to get loans to get our problem or business ideas settled. Savings had really helped me and I know some other persons that are millionaires now to help them develop and fund the project they are doing. Even though the fund may not be upto what is need at least it will go a long way to help settle few things on the table. Savings can safe life and remove reproach from us if we know what we are doing.

Davian144

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Quote from: Alphakilo on February 23, 2023, 01:33:42 AM

Indeed, people are really having a negative understanding about savings. Most people thinks that savings is a forever deal. Savings is not untouchable rather, savings is the money you set aside from your earning before spending for future purposes. Different people save for different reasons either for investment, rent, or for any other things. People should not think that savings are untouchable. It's just for unforseen circumstances.

It's really not right if someone thinks that savings are money that can't be touched forever unless you just deliberately don't touch it for a while. Because as you said that saving is for future needs by setting aside some income to buy something you want. But if savings are considered as money that will not be touched, it will actually make it more difficult for someone in his life when he needs more money to solve the problems or difficulties that are befalling him.

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Quote from: Obari on February 20, 2023, 06:55:46 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

Can you give us an example of those misunderstanding the concept of savings? As far as I know even kids know what savings is. So I wonder what are those misconceptions.

Quote from: Obari on February 20, 2023, 06:55:46 AM

What's your concept of savings?

As majority of us understand savings, it is keeping part of our income for future use, not only for rainy days but for establishing a business or investments or buying things we like. People save money for different purposes depending on their priorities in life.

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Quote from: uche6215 on February 23, 2023, 02:44:22 PM

Some people do not comprehend the meaning of the utterance SAVING. saving is something one must be committed to, although saving is formidable why because in the process of saving money to buy a car, another issue may materialize issues as healthcare. So this is to say saving is kinda forcefully.

I agree with you about one thing, you must be committed to saving. Without being committed, you won’t have any savings as you would blow the money as it comes. I also would point out that I think saving is not formidable. Anyone could save as long as they’re focused and have a goal on what the savings is to be used for. I don’t know what you meant there by saying saving is forcefully.
Problems would always arise. We should all know that. Hence the need to increase our sources of income so we could actually save some money and solve whatever problems life throws your way.

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Quote from: Ziskinberg on February 23, 2023, 04:56:09 PM

Quote from: uneng on February 23, 2023, 04:44:54 PM

The money they save today will value much less o after some years. As I see here in my country comparing 10 years ago to now, minimum wage has been raised in 100%! That means our money saved since then must have suffered a 50% loss or so in purchasing power. However, if they had invested it in something profitable, they would see real gains and could finally use this money to have access to a better life quality.

It can be a factor why they are afraid to save but there is something we need to think about also "what if an emergency comes to us and have no money to use? Saving should have to be made even though we think it is valued less 10 years from now, it doesn't matter to me as long as I was prepared enough for whatever will happen to me.

Of course, saving it was not only intended for emergency funds but also for investment which is very ideal as this will help to grow our savings.

People do usually what makes them dedicated is that the savings they do have, they've been thinking about those future gains and possible profits unless if they had been holding solely on fiat form then it would

be an another story but if they are really saving it up into other forms like some investment or business then they wouldnt really be tending to touch it out no matter what.It is really just too dumb that there are people who do really stick into those kind of plans even if they are already on the verge of death whether to themselves or even to someone they do love.They wont tend to spend it out no matter what which is really a dumb decision to be made.

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Quote from: uneng on February 23, 2023, 04:44:54 PM

The money they save today will value much less o after some years. As I see here in my country comparing 10 years ago to now, minimum wage has been raised in 100%! That means our money saved since then must have suffered a 50% loss or so in purchasing power. However, if they had invested it in something profitable, they would see real gains and could finally use this money to have access to a better life quality.

It can be a factor why they are afraid to save but there is something we need to think about also "what if an emergency comes to us and have no money to use? Saving should have to be made even though we think it is valued less 10 years from now, it doesn't matter to me as long as I was prepared enough for whatever will happen to me.

Of course, saving was not only intended for emergency funds but also for investment which is very ideal as this will help to grow our savings. But, we also have to be wise in choosing for investment, and investing in Bitcoin could be one of the best options to take this time.

Bholutefe

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To the best of my knowledge, I think Savings is the part of your money that is set aside for future purchases or expenses, probably unforeseen circumstances that may arise which might be planned for. Having some particular amount of money as savings is not a bad idea because it saves and relieves from the stress of borrowing money from from other people when the need for funds or money arises. Every individual has plans for their money even if it is in surplus or deficit, while some people don’t believe in saving for later purposes. Our opinions differs from one another and the mode of income for every individual is quite different as well. No one can dictate for you how you should spend your money, rather, you decide for yourself how to have your spendings wisely and fulfilled in such a way that there would be some reasonable amount of savings at the end of the week/month.

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Quote from: Obari on February 20, 2023, 06:55:46 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 save money so money will save us and some also say that we out to save for raining days and we should know that out 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?

Not really. As long as people learn to save, I believe it’s best for them so they can prepare for their expenses in the next months or years ahead. But to think that savings are considered untouchable savings, it maybe untouchable for now but will still be used in the future. Unless if the person saves for no reason at all, that could be untouchable as long as he want.

uneng

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Saving is the first stage of the investment process. Someone can't invest, if he doesn't save. But saving alone isn't enough to thrive, because inflation is going to corrode purchasing power of your money along the years, so there are many people who simply save money their whole life, but aren't able to put this money in good use, because their economies are playing against themselves.

The money they save today will value much less o after some years. As I see here in my country comparing 10 years ago to now, minimum wage has been raised in 100%! That means our money saved since then must have suffered a 50% loss or so in purchasing power. However, if they had invested it in something profitable, they would see real gains and could finally use this money to have access to a better life quality.

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Quote from: Kasabus on February 23, 2023, 04:39:59 PM

Quote from: Charles-Tim on February 20, 2023, 07:25:57 AM

I do not think anyone should get the purpose of saving wrongly. People save for many reasons, like for nvestment, to tackle emergencies etc. You can even save money because you want to buy something that year or later and you do not want to go for installmental payment which will require paying more over certain period of time than buying at once.

Saving is a good thing, and anyone who try to save knows that it will be beneficial for him in the future. So I don’t believe that people may end up getting the wrong concept out from saving, as we all save for different reasons and goals. But saving alone has always its choice, either you save it and spend at the end of the year, or you save it for lifetime, it’s like saving for the bright future of your kids.

We have our own goals why we are saving for something.
Different goals, different amount of targets. Sometimes it is the people's savior in times of emergency needs.
What do you like happen - asking for a loan with high interest or using your savings when you are in dire need of funds?
I guess, it is much better if you can use your savings anytime you want without bothering anyone.

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Quote from: Charles-Tim on February 20, 2023, 07:25:57 AM

I do not think anyone should get the purpose of saving wrongly. People save for many reasons, like for nvestment, to tackle emergencies etc. You can even save money because you want to buy something that year or later and you do not want to go for installmental payment which will require paying more over certain period of time than buying at once.

Saving is a good thing, and anyone who try to save knows that it will be beneficial for him in the future. So I don’t believe that people may end up getting the wrong concept out from saving, as we all save for different reasons and goals. But saving alone has always its choice, either you save it and spend at the end of the year, or you save it for lifetime, it’s like saving for the bright future of your kids.

tjtonmoy

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Different types of savings have different types of purpose. So this should really depend on the situation and needs. And I do agree that it is for the rainy day and every situation is different. You may save for something you want. When you have enough savings, you may use it to buy that. Emergency savings are for difficult situations. If some emergency situation occurs, you have no choice but to use it. Future savings are for future and should not be touched.

So, depending on the situation, savings have many meanings.

uche6215

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Some people do not comprehend the meaning of the utterance SAVING. saving is something one must be committed to, although saving is formidable why because in the process of saving money to buy a car, another issue may materialize issues as healthcare. So this is to say saving is kinda forcefully.

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Quote from: Charles-Tim on February 20, 2023, 07:25:57 AM

I do not think anyone should get the purpose of saving wrongly. People save for many reasons, like for nvestment, to tackle emergencies etc. You can even save money because you want to buy something that year or later and you do not want to go for installmental payment which will require paying more over certain period of time than buying at once.

People save because they have their plans need to be realized in the future. Whatever it is, it won’t also become possible if people will not save. Or even saving so we can be prepared in the future whatever unforeseen events might suddenly happen, so at least we have the funds ready for it. So whatever the purpose of saving, it will always be valid as long as you save now and set long term goals.

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Quote from: ethereumhunter on February 21, 2023, 10:35:25 PM

It is very difficult to rely on taking out a loan because there is a return on the money we borrow after our affairs can be resolved. That's the point of having savings in anticipation of emergencies like that so we don't have to borrow money from other people or other places. Sometimes, borrowing money becomes a shortcut for people but they don't realize that the refund must be returned as soon as possible. There are some borrowers who provide interest for the money we borrow so that our debt becomes even greater.

If that happens, we are really in trouble to repay the money because the amount of money we owe is getting bigger and bigger. We definitely don't want to get into such difficult situations so we have to have some spare cash for those emergencies.

It is definitely true that we can't really make a big loan to pay off our debts, I did that back in the day, I am still paying off a bit of debt, not a lot, very tiny, like 50 bucks a month and it's fine, I could have paid it full as well but I wanted to keep it for something urgent and it happened and I spent it on that, and paying my debt easily.

But, if I had a lot of bitcoins, and it went up? Then I would have been rich enough to not take a loan at all and would have been able to pay it directly. This is why I am trying to save again and trying to get wealthy again, thanks to bitcoin price being so low, I can gather a lot and make a x5 profit in the near future.

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