Are people really having the wrong concept of savings? - page 6.

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

it seems people talk so much of savings as if one isn't supposed to use their saving even until death
~
What's your concept of savings?

I don't see it as a "wrong concept", but that's how they see savings.

As for me who is still in the mid-20's, I'm not focusing on savings that much because I'm investing more than saving, but on the other hand, I still save some money because I need a buffer. I need cash whenever emergency comes. I need to save so that if the worst time comes, I still have some cash to spend with. If the worst time comes and I don't have an income source anymore, at least I have savings that I will be using for around 3 months until I find a job.

Saving and not using it until death? I don't know why people are thinking like that. I mean unless they are saving for their future children, they must spend their savings if needed, and not save until death.

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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.

Therefore, they have a goal of saving, one of which can be used in urgent situations, or something like that, with various situations that we will face in the future and we don't know what will happen, in fact, one must have savings, at least for them. can control events that will occur in the future, but there are also some of them also set aside to invest while saving.

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.

In terms of saving, of course they will do it when they can set aside most of the money from their income, in order to prepare for the future and needs that will not be known in the future. Here there are several goals in saving one of us take the example of savings that are intended to be used to do business or make investments.

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People never have wrong perception over savings, but people have changed their choice from fiat to cryptocurrency and other assets. In the past users go deposit what is being earned in the banks. Now the same is being done with cryptocurrencies. Another thing, the preference over investment is found much among all levels of people compared to that of savings for the future.

This is the transition between the conventional to the technology advancement. Because in the past people doesn't have much access for investment, now everything can be done with a smartphone and in a much easier way.

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I just think of it as keeping part of the money I earn for future use. And yes I'm not referring to coins that I'm currently holding I don't take any of them as my savings. I have a dedicated account that doesn't allow withdrawal (as requested by me) until a certain amount of time, so the account is only just for deposit and no withdrawal can be made until I'm up to a certain age and each month I make sure I deposit up to a certain amount or more depending on much I was able to make that period. The reason for that account was to help me develop my saving habit I noticed that whenever I used my main account to keep money I always end up spending it so I was advised to open an account that won't have a debit card and I also won't be able to use ussd code for transaction that way I won't be spending money deposited in it, and it has really helped me a lot.

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Well, those who see savings as money kept and should be touched are probably confusing savings with investment, this are two different things, money can be invested as well as saved, money invested i think should be touched until the goal to which the money was invested for, is reached, but on the other hand, money that is saved is saved to be spent later in the near future, those who feel bad when they spend money they saved probably don't understand the meaning of saving, like I said earlier

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I don’t think people get the wrong concept of savings nor do I think there are various concepts of saving. People, out of their earned income put aside some for various purposes or probably cause they just like doing that.
Personally, I think there really is a wrong concept about savings. You mustn’t starve yourself of things you should normally get or use just cause you want to “cut costs and save money”. I know It’s somewhat like a necessity these days to have some savings. We shouldn’t let life pass us by cause we’re busy stacking up and saving for tomorrow that would never arrive. We’ve got just one life to live.

I’m not in any way implying having some savings is not important.

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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.

As much as you want to save, then most probably the reason would be to save so that you will have something to benefit in the future. Whether it’s for your plan vacation, establish your own business, or build your dream house, whatever it is saving will always be good to be used in the future. So I don’t think too anyone saves for it’s wrong concept, we all save regardless of what personal reasons we have.

alastantiger

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Saving entails putting aside some of your weekly, monthly, or other income with the intention of using it in the future. The idea is for the individual to prepare ahead of time for unforeseen situations when they happen.

Let me give you an example: an individual who receives an income of $2000, may decide to set aside $500 to $700 monthly. This money will save him on a rainy day when the need arises; therefore, at that time, he will spend his savings. Every human has had a point when it was their saving that helped them at the point of their need when they needed extra cash for a project

People who have gotten the concept of savings wrong are those who think that it is about giving up all their expenses. Saving builds financial responsibility and discipline for the future.

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Quote from: dothebeats on February 20, 2023, 03:43:45 PM

To me, savings is something that I shouldn't use until a certain point. It remains locked for some period of time until it is time to use it, say for emergencies or to buy something really useful for myself e.g. a house, a car, etc. I never thought of not using my savings at all even if I really needed it, because money is meant to be used and by not using money, you are clearly restricting yourself to get the good things that you saved for yourself. You can't bring your money to the grave anyway, so why people think that they should never use their savibgs, that I do not know.

This would be your last resort before you do touch up on getting up some loan or borrowing money and its true that this is the last option you do have and it is really intended for emergency purpose or something you do need some financial.This is why its really important to save up a portion of your salary monthly or anytime you do have some extra.

Not all years or days we would really be having no problem unless if you are a billionaire or millionaire then money wont really be that a problem but for us average joe's then it would really be that
important on saving up because you dont know on whats comes next since problems and challenges in life could come unexpectedly.

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To me, savings is something that I shouldn't use until a certain point. It remains locked for some period of time until it is time to use it, say for emergencies or to buy something really useful for myself e.g. a house, a car, etc. I never thought of not using my savings at all even if I really needed it, because money is meant to be used and by not using money, you are clearly restricting yourself to get the good things that you saved for yourself. You can't bring your money to the grave anyway, so why people think that they should never use their savibgs, that I do not know.

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

What's your concept of savings?

People should really be putting up into their minds that there would really be a time that you would really be needing money badly which means those money you had saved would really served it purpose.
There are really just dumb people who do make hold of their savings no matter what even on dangerous situation which is really that a foolish thing to be done.They would be risking out theirselves just because they wont really be using up that savings? What kind of thinking is that. I do know some of people who are really that way even if they are on a hard situation but still
they do have some savings in bank. LOL

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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.

Saving means taking out of your extra money that is intended to use for future means. It can be for future project that you dream of making it possible, or simply just to have emergency funds that will cover your unforeseen expenses or any unexpected events that will suddenly arise. So there are different reasons actually why people save, but one thing that is certain is that people save because they don’t want to experience financial struggles in the future but prefer more financial security.

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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?

For some people, saving is a luxury and a dream. If you are earning $100 a week in a cheaper country, but rent and food is costing you $95 a week - then the reality is that you have such a little amount of spare funds that you simply want to use that spare $5 for entertaining or treating yourself. You can end up with a pretty miserable lifestyle if you work hard all the time and do not reward yourself for doing so. In that situation, you'd probably look for a way to boost your income or cut your expenditures before you'd feel comfortable enough to start saving. It's definitely about finding a financial balance but also making sure that the funds you've saved are safe. In some countries banks are a bit unstable or the government can mismanage things so badly that your local currency implodes - wiping out lifetimes worth of savings but not the fault of individual savers.

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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?

For me when I am saving up money I already set up my goal for it on how much I would save, how long and where I would spend it.
There are times that the timeframe would changed due to unforseen events but that doesn't mean that I should quit.
For me when I hear that word it means that the person saving wants something that they currently can't buy so they need to save for it.
But there are also different kind of savings those who would save up for future expenses like medical bills but for me I call it emergency funds not savings.

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Quote from: bittraffic on February 20, 2023, 11:32:24 AM

There could be a time that is better to save but at this time when currencies are affected so much by inflation, it's not the best time to save. So that must make the concept of saving money be wrong.

Most people I guess, it all depends on the concept of saving, some people just save for saving sake, so that incase they find their self in a situation they have where to run to. Saving most have a purpose, either saving to invest or just saving for saving sake, so if one is saving to invest then that person is saving the right way, but when someone is just saving his or her money by putting it in the bank without any purpose them that's where I can say that person is saving the wrong way.

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Like any economically literate person, I want to save a certain amount of money every month. I will not tell you what they can be invested in - obviously these are cryptocurrencies. The most honest investment tool in the modern financial market. Unfortunately, sometimes the costs are so great that you have to get money from the deferred for later. Nevertheless, I have already managed to save and multiply a sufficient amount in my crypto portfolio. I track them in Blockfolio, I have been using the app since 2017. I also write down each of my expenses and know what every dollar I spend on. I hope my example will be useful to someone.

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Saving is synonymous with setting aside or saving money. There are many goals for saving for me, for example we save to buy things we can't buy because we don't have enough money, so we save it and collect it until we have enough money to buy the things we want. Preparing an emergency fund can also be said as a form of savings that we will take when we really need it. We will not always be in a good condition financially, sometimes we will experience difficulties and the savings we make can save us a little from that difficulty. For me, saving has a broad meaning and also broad uses, so it depends on what we think at that time.

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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?

You said it yourself. You are the only one with the authority to use whatever the hell you want your money to be used for, especially if it's something that you saved. If they want to keep it til their deaths to maybe pass on to their grandkids or relatives, why not? If they wanna use it for retirement, why stop them? It's not about when your rainy days arrive, that's where emergency savings come in, but with what you want to do with your money. Some of us are frugal and prudent enough to look forward decades into the future, when they are already building their own family for themselves. Do we have the rights to stop them from saving their money just because it doesn't match our "definition of saving?" I don't think so. Let people enjoy things, it's their money, their rules.

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

What's your concept of savings?

To have something during the rainy days. We tend to save so that we've got something to be used in times of need.
It is not at all times you've got plenty of money to buy the stuff you need and, that's why it won't be that easy for those savers to let go of it with something unimportant.
The concept of savings is all about being future-proof. Like having money for investments that will make you passive income or having another asset aside from spending it for other future purposes.

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It is definitely a good idea to have reasons to save. You should set concrete goals and save for them. Just settling for "because I’m supposed to save money" reason may not keep you as disciplined and motivated as having concrete goals. Your savings should align with your financial goals and the lifestyle you want to achieve. Here are a few examples of goals that most of us have:

- One of your first goals may be creating an emergency fund where you would save money for unexpected circumstances (like car breakdown, medical bills, getting by if you lose your job, etc). The rule of thumb is to save at least three to six months' worth of your expenses. But the sum depends on your financial situation and income security.

- Your other goal is to save for retirement when your income level will likely be much lower than it is now.

- Then you may have goals like education (your or your children), and major purchases like cars and houses.

If you know what you're working towards, and you can see the progress you're making towards your goal you are more likely to remain disciplined and committed to contributing regularly. You have to decide what is important for you and come up with a list of concrete goals and timeframes.

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