Automating your savings will help you save more

odunybiz

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Quote from: Pierre 2 on July 31, 2023, 12:35:51 AM

With one of banks I worked with there is option to buy funds if you deposit money to savings account. It automatically calculates some portion of my savings and keeps buying more funds if it increases. I think its good opportunity because I do not even look at it. Pretty sure I am making money through it but I don't even worry, cause it means I am working with professionals.. Its very hassle-free experience.

I don't really understand what you mean by funds here. Is just sound as if you are using money to buy money. Is that possible? And how does it work? And you claim to make money through it. I will like to know more about this.

rachael9385

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Auto savings with a good fiat bank is good because it will give you more interest daily, your savings will be used for investment, banks do use saved money to invest online and offline and it's one of the things that makes them get profits on daily basis, auto savings will always get your back covered even though you forget that you are making a savings, it will be more better when we auto save for a year or more, this is also the same as accumulating more BTC because you save them for future reference, savings help in future more especially when you are in an impasse condition, it's better to save now than letter Because it might be late then.

Pierre 2

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With one of banks I worked with there is option to buy funds if you deposit money to savings account. It automatically calculates some portion of my savings and keeps buying more funds if it increases. I think its good opportunity because I do not even look at it. Pretty sure I am making money through it but I don't even worry, cause it means I am working with professionals.. Its very hassle-free experience.

posi

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Quote from: Wimex on July 30, 2023, 06:50:11 PM

I see automatic saving as a smart and effective strategy to overcome the current bias and ensure regular saving without requiring continuous decisions about whether to save or spend… I believe that by implementing this technique, the temptation to spend money on daily necessities is removed, since that a part of your salary goes directly to savings before you have the opportunity to spend it on other things… As you say it is not easy to do this, it is easier said than done, but the people who have achieved this approach have obtained multiple benefits as far as long-term economic well-being is concerned... This discipline so to speak is something that we should all put into practice.

Each method has its advantages and disadvantages, automatic saving will help us better comply with saving and avoiding wasteful spending. But life is not always smooth sailing, there will come a time when we need more money and that is when we will see the inconvenience of automating savings. I still prefer manual savings over automatic because I'm in control of my finances because like I said, life won't always be the same all the time. As long as we are aware of the importance of saving, we will know how to control our spending, and saving manually will bring better results than automatically.

xSkylarx

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Quote from: Raceonsucced on July 30, 2023, 09:27:24 PM

Between shopping for needs or saving, it often happens and you have to choose. But in my opinion, if the need is very important, then just buy it, but if it's not important or just for fun, I think it's better to save or invest because it will be more profitable. And saving also requires desire and determination. Sometimes without desire it will be difficult to saving.

So are you applying this in your life right now? A lot of people including my self haven't control on this things like imean there are times that we need to reward ourselves like eating out to expensive restaurant like once in a quarter or having a drinks for a night. I know this kind of spending needs to be put into investment, but we shouldn't always chase money; we should have to relax. But again, if it goes more like you keep buying a phone when there are new releases, sure, that is really a big problem. But if you do it rarely and just to reward yourself, that is better.

Uruhara

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Quote from: TravelMug on July 21, 2023, 09:32:17 AM

Quote from: Uruhara on July 21, 2023, 02:28:15 AM

It seems that it is true as you say that humans sometimes only understand something after they experience an event that forces them to do something to avoid losses in the future and begin to understand it after forcing themselves. But what makes a person push himself sometimes is because he has a high enough motivation to achieve something he dreams of. Because when we have a clear goal and want to get it in a quicker time, we will sometimes be compelled to force ourselves to be more frugal, which is usually extravagant.

I think it's just part of humanity, I mean there are certain laws that we have to follow, and as the saying goes, experience is the best teacher. But as far as doing like automatic saving system, it really depends on the individual.

There are person that really wanted to save and look for the future, hence it's easy for them to save money without actually thinking of it. But for some, we really have to force ourselves and it's very hard. And the only to do that is to experience hardship in life and then we learn our lessons.

You are right. Because for some people who are not used to being thrifty, it will certainly be a difficult thing if they suddenly have to become a person who is not extravagant. Forcing ourselves to live frugally does feel torturous at first, but if we can survive the initial stages, then we will automatically get used to living frugally and one day we will not be forced into frugality, we will even enjoy the process. So basically it's just about living habits and trying to build these living habits is indeed not easy. But we will be grateful someday when we have gone through these difficulties and enjoy the results of our future savings.

Raceonsucced

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Between shopping for needs or saving, it often happens and you have to choose. But in my opinion, if the need is very important, then just buy it, but if it's not important or just for fun, I think it's better to save or invest because it will be more profitable. And saving also requires desire and determination. Sometimes without desire it will be difficult to saving.

Wimex

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I see automatic saving as a smart and effective strategy to overcome the current bias and ensure regular saving without requiring continuous decisions about whether to save or spend… I believe that by implementing this technique, the temptation to spend money on daily necessities is removed, since that a part of your salary goes directly to savings before you have the opportunity to spend it on other things… As you say it is not easy to do this, it is easier said than done, but the people who have achieved this approach have obtained multiple benefits as far as long-term economic well-being is concerned... This discipline so to speak is something that we should all put into practice.

romero121

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 01:21:30 PM

Quote from: WatChe on July 20, 2023, 02:20:21 PM

This is quite right that with advent in comforts like ATM cards it's now easy to withdraw money and not easy to save money. But there are other frontiers available to save your money like Bitcoin. To me Bitcoin is like an account without an ATM card since I can only accumulate bitcoin and there is no way I can spend bitcoin or convert them to fiat since crypto is ban in my country. That's right you need to do something different to save money on regular basis.

If one has a debit card in their savings account, they will likely get tempted to withdraw some money from their safe any day without realising that they are really saving the money for some goals, although sometimes they have plans to replace the money, which they don't. I agree with you that Bitcoin is another way of saving money, even if it's in a situation where it's not banned in your country. I know that it might not be so for everybody, but for myself, I can hold my Bitcoin tight without spending it, but I can't freely hold fiat cash unless maybe it's fixed deposited in the bank.

The digital transaction possibilities available in our hands have made things easier and most of the time we were spending on unwanted things. This needs to be stopped, only then saving can be made effective. As suggested we'll be having certain goals and for the same we'll be saving. All of the sudden we'll end up spending. This shouldn't happen and this can be avoided saving in terms of bitcoin. Here the prime focus should be long term and the regular amount saved gets added and assure with a better value than saving in fixed deposits or some other deposit schemes for high interest.

Dr.Bitcoin_Strange

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Quote from: WatChe on July 20, 2023, 02:20:21 PM

This is quite right that with advent in comforts like ATM cards it's now easy to withdraw money and not easy to save money. But there are other frontiers available to save your money like Bitcoin. To me Bitcoin is like an account without an ATM card since I can only accumulate bitcoin and there is no way I can spend bitcoin or convert them to fiat since crypto is ban in my country. That's right you need to do something different to save money on regular basis.

If one has a debit card in their savings account, they will likely get tempted to withdraw some money from their safe any day without realising that they are really saving the money for some goals, although sometimes they have plans to replace the money, which they don't. I agree with you that Bitcoin is another way of saving money, even if it's in a situation where it's not banned in your country. I know that it might not be so for everybody, but for myself, I can hold my Bitcoin tight without spending it, but I can't freely hold fiat cash unless maybe it's fixed deposited in the bank.

Fivestar4everMVP

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I agree with the op but then, with unrestricted access to the savings, it is still the same like nothing is saved, except the account where the savings are being sent to have some restrictive measures place on it like, the account owner can not access funds in that account until a set period of time elapses, this is the only way this can work, anything outside this, it will all be for nothing as the account holder can still go into the savings account to make withdrawals as soon as he or she goes broke.

The mentality is always like this "I cant have money saved up somewhere and be hungry for food"

TravelMug

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Quote from: Uruhara on July 21, 2023, 02:28:15 AM

Quote from: Mario Yamasaki on July 20, 2023, 10:17:28 AM

Sometimes humans have to be forced to understand and understand something, for example, sanctions are applied to traffic violators on the road, if there are no sanctions, accidents will easily occur, just like an automatic savings system, if we can't force ourselves, we will regret it in the old days.

It seems that it is true as you say that humans sometimes only understand something after they experience an event that forces them to do something to avoid losses in the future and begin to understand it after forcing themselves. But what makes a person push himself sometimes is because he has a high enough motivation to achieve something he dreams of. Because when we have a clear goal and want to get it in a quicker time, we will sometimes be compelled to force ourselves to be more frugal, which is usually extravagant.

I think it's just part of humanity, I mean there are certain laws that we have to follow, and as the saying goes, experience is the best teacher. But as far as doing like automatic saving system, it really depends on the individual.

There are person that really wanted to save and look for the future, hence it's easy for them to save money without actually thinking of it. But for some, we really have to force ourselves and it's very hard. And the only to do that is to experience hardship in life and then we learn our lessons.

Uruhara

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Quote from: Mario Yamasaki on July 20, 2023, 10:17:28 AM

Sometimes humans have to be forced to understand and understand something, for example, sanctions are applied to traffic violators on the road, if there are no sanctions, accidents will easily occur, just like an automatic savings system, if we can't force ourselves, we will regret it in the old days.

It seems that it is true as you say that humans sometimes only understand something after they experience an event that forces them to do something to avoid losses in the future and begin to understand it after forcing themselves. But what makes a person push himself sometimes is because he has a high enough motivation to achieve something he dreams of. Because when we have a clear goal and want to get it in a quicker time, we will sometimes be compelled to force ourselves to be more frugal, which is usually extravagant.

WatChe

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Quote from: KiaKia on July 20, 2023, 10:40:28 AM

Practice makes perfect they say, what you have been doing for a long time will have get into your blood, you probably can't do without it, savings is not something you just wake up one day and decide to do, even some older people still find it hard to save money, they are the type that either find someone they trust to help keep the money on their behalf or they use a bank account with no ATM card.

Some people said that not having ATM card makes it easier for them not to spend their money but many people are living on procrastination, even if they are saving money automatically, what they plan to use that money for at the end of the day won't work out because they will take the money out and use it on something else.

If you are someone who don't just talk, that whatever you say with your mouth is what you always do, there is nothing can not do, there is a difference in I can and I will.

This is quite right that with advent in comforts like ATM cards it's now easy to withdraw money and not easy to save money. But there are other frontiers available to save your money like Bitcoin. To me Bitcoin is like an account without an ATM card since I can only accumulate bitcoin and there is no way I can spend bitcoin or convert them to fiat since crypto is ban in my country. That's right you need to do something different to save money on regular basis.

Fredomago

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Quote from: axxo on July 20, 2023, 03:52:23 AM

I agree with that automating your savings will help you save more. There are banks who offers auto debit arrangement on a weekly or monthly basis or whichever is comfortable to you, they will automate and put your funds in a certain services they offer like mutual funds, investment funds even in stock market. But sometimes it is hard to save specially when your budget is just enough to cover up your daily needs, and if that is the case you need to find other source of income to be able to save money for the future.

If you can process that thru banks it will give you good way to save and have some passive income, letting your money to be invested to grow even in a little amount is better than nothing, though just like you said it's tough to save when you only earning enough or if your are earning less, then you needed to look for additional sources of income if you are really aiming to save money.

It's more about how you balance your finances and how you will focus your determination to achieve what you are aiming to have a better
financial capabilities in the near future.

Lorence.xD

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Quote from: Mario Yamasaki on July 20, 2023, 10:17:28 AM

Sometimes humans have to be forced to understand and understand something, for example, sanctions are applied to traffic violators on the road, if there are no sanctions, accidents will easily occur, just like an automatic savings system, if we can't force ourselves, we will regret it in the old days.

Well there's a force that could be a bad thing and some are good thing. Because some people might interpret your idea as a bad thing since it talks about force. But if the intention is for your own good, forcing yourself to change then that's a good thing. It's like you are scared to go out to your comfort zone and forcing yourself to explore more things in life. Saving is really for our own good, securing your future especially in case of emergency. If you start it and in the long run you will get used to it and it might be become your hobby to automatic savings plus another saving. You also need consistency that's why automatic savings exist so it wouldn't be hassle for you to be consistent. But still in my case, automatic savings plus another savings for investment would do so some of your money would work for you.

KiaKia

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Practice makes perfect they say, what you have been doing for a long time will have get into your blood, you probably can't do without it, savings is not something you just wake up one day and decide to do, even some older people still find it hard to save money, they are the type that either find someone they trust to help keep the money on their behalf or they use a bank account with no ATM card.

Some people said that not having ATM card makes it easier for them not to spend their money but many people are living on procrastination, even if they are saving money automatically, what they plan to use that money for at the end of the day won't work out because they will take the money out and use it on something else.

If you are someone who don't just talk, that whatever you say with your mouth is what you always do, there is nothing can not do, there is a difference in I can and I will.

Mario Yamasaki

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Sometimes humans have to be forced to understand and understand something, for example, sanctions are applied to traffic violators on the road, if there are no sanctions, accidents will easily occur, just like an automatic savings system, if we can't force ourselves, we will regret it in the old days.

axxo

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I agree with that automating your savings will help you save more. There are banks who offers auto debit arrangement on a weekly or monthly basis or whichever is comfortable to you, they will automate and put your funds in a certain services they offer like mutual funds, investment funds even in stock market. But sometimes it is hard to save specially when your budget is just enough to cover up your daily needs, and if that is the case you need to find other source of income to be able to save money for the future.

Uruhara

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Quote from: Joshapat on July 19, 2023, 09:12:05 AM

We have to understand that nowadays there are more and more temptations to buy or shop, even though the offline market looks quiet but the online market makes it easy for many people to be tempted to buy, even many things that are bought are not needed so that it can mess up finances, with automatic savings every time month then we can have a good future.

The biggest difficulty in the financial world today is because access to shopping is getting easier with the presence of shopping platforms (online shops). So that people sometimes find it difficult to refrain from shopping. Many have complained about this. But if we already have a good financial plan and we are used to being disciplined in managing finances, usually refraining from shopping online can be done easily.

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