Topic: Automating your savings will help you save more - page 3. (Read 1260 times)

Indeed, people who have no savings means they are killing themselves in the future even if they have a large income, there is no guarantee that their job will be stable until they die. 
saving is just as important as investing, it is even more important than investing, because investing does not guarantee that it will always bring us a return. Many people are thinking that saving money is a waste because inflation will eat away at the value of our money.  what they say is not entirely wrong but depreciating because of inflation will be even slower than we invest in high risk assets and risk losing all assets.

Usually those who have savings to support life for more than 6 months will dare to invest because it will not interfere with the investment that we are making because there is already a reserve fund that has been prepared, if later there is an urgent need of course the savings will be in use while the investment will not be disturbed by our situation, so indeed this must be matured and first create a new savings fund to continue investing..

I think there are still many people who make the mistake where they invest but don't have a reserve fund, but when there is a need, the investment is withdrawn because there are no other assets besides the one invested, so that is what must be considered where emergency funds are important.

As humans, we tend to have a need for immediate satisfaction. These needs keep increasing on dialy basis, if one decide to go by all these needs, one may end up without a saving. Most time we are faced with a decision like whether to spend our money on our daily needs or to save them. Here, we may likely to be biased toward our present selves, so we're likely to make the choice that will benefit us most at that moment which mostly will be buying our daily needs. However, we can overcome present bias by taking away the ability to choose between saving and spending altogether. This is where automating your savings comes in.

What do I mean by automatic saving? Automatic savings is a type of personal savings system in which the plan contributor automatically deposits a fixed amount of funds at specified intervals into their account. The typical structure of this type is an automatic transfer from an individual's bank account into a savings or investment account.

When you automate, you eliminate a decision – to save or not to save. Once you decide to set up auto-save and go through the initial process, that’s all. You keep saving at interval without a need to make a decision on either to save or not. With this one savings keep accumulating with time till one have a reasonable amount.

With automatic savings, ones monthly salary becomes: Salary- Automatic savings amount. With this, one will only calculate is daily needs on the remaining amount rather than calculating on all it's salary.

CONCLUSION
Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval.

Additionally, I would rather invest my money than save it in any form. I think if I put my money into better investments, it will grow, and that should be a great chance to raise more money. Even though they have separate accounts for savings, some people still find it difficult to save money because they readily tamper with it. However, after money has been invested, tampering is far less likely to occur. So I guess I might say that investing is the best approach to effectively conserve our money while avoiding temptation.but when someone don't have better place to invest the money with assurance of less risk, I will advice to get it save normally in account you can't touch unless you reach your fix time.

however other individuals prefer to invest their money in order to make more money. Saving is typically done for the short term, whereas investing is done for the long term. In the short term, it's a good idea to invest your money rather than save it. Saving is just a normal thing that you can't get anything back from, any amount you keep in a luck key that is the money you will see, but when you invest you will get a high profit back, as for me i would rather invest my money than save it.

So you became rich by investing? Or are you still losing money and looking for another way to cover your investment losses? Investing is the best way to increase our wealth, but there is no guarantee that the investment will definitely bring you a return. It's a bad idea to put all your money into investments and not have any savings because the investment will never be able to help you in emergencies or daily needs. It is quite surprising that until now, many people still do not know the importance of saving.

Exactly, if you save money, you will have more money to save when you have a source of income, however other individuals prefer to invest their money in order to make more money. Saving is typically done for the short term, whereas investing is done for the long term. In the short term, it's a good idea to invest your money rather than save it. Saving is just a normal thing that you can't get anything back from, any amount you keep in a luck key that is the money you will see, but when you invest you will get a high profit back, as for me i would rather invest my money than save it.

I like your mindset about preferring to invest the money you have instead of having to keep it in savings. Because by investing, of course you can expect your money to grow or have profits over time. But investment will only get sweet results if the investment is made for the long term. But actually we should also always have cash or money that we save that is easy to use in unexpected situations such as when we are sick or something else. So having emergency savings should still be one of the priorities that we also have to pay attention to.

Exactly, if you save money, you will have more money to save when you have a source of income, however other individuals prefer to invest their money in order to make more money. Saving is typically done for the short term, whereas investing is done for the long term. In the short term, it's a good idea to invest your money rather than save it. Saving is just a normal thing that you can't get anything back from, any amount you keep in a luck key that is the money you will see, but when you invest you will get a high profit back, as for me i would rather invest my money than save it.

As humans, we tend to have a need for immediate satisfaction. These needs keep increasing on dialy basis, if one decide to go by all these needs, one may end up without a saving. Most time we are faced with a decision like whether to spend our money on our daily needs or to save them. Here, we may likely to be biased toward our present selves, so we're likely to make the choice that will benefit us most at that moment which mostly will be buying our daily needs. However, we can overcome present bias by taking away the ability to choose between saving and spending altogether. This is where automating your savings comes in.

What do I mean by automatic saving? Automatic savings is a type of personal savings system in which the plan contributor automatically deposits a fixed amount of funds at specified intervals into their account. The typical structure of this type is an automatic transfer from an individual's bank account into a savings or investment account.

When you automate, you eliminate a decision – to save or not to save. Once you decide to set up auto-save and go through the initial process, that’s all. You keep saving at interval without a need to make a decision on either to save or not. With this one savings keep accumulating with time till one have a reasonable amount.

With automatic savings, ones monthly salary becomes: Salary- Automatic savings amount. With this, one will only calculate is daily needs on the remaining amount rather than calculating on all it's salary.

CONCLUSION
Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval.

Many ignore saving and prefer investing which is not as long as it makes a profit,
actually it all depends on each other's decisions,
but it would be nice to think about the future by saving.

Indeed, people who have no savings means they are killing themselves in the future even if they have a large income, there is no guarantee that their job will be stable until they die. 
saving is just as important as investing, it is even more important than investing, because investing does not guarantee that it will always bring us a return. Many people are thinking that saving money is a waste because inflation will eat away at the value of our money.  what they say is not entirely wrong but depreciating because of inflation will be even slower than we invest in high risk assets and risk losing all assets.

Indeed, people who have no savings means they are killing themselves in the future even if they have a large income, there is no guarantee that their job will be stable until they die. 
saving is just as important as investing, it is even more important than investing, because investing does not guarantee that it will always bring us a return. Many people are thinking that saving money is a waste because inflation will eat away at the value of our money.  what they say is not entirely wrong but depreciating because of inflation will be even slower than we invest in high risk assets and risk losing all assets.

Indeed, people who have no savings means they are killing themselves in the future even if they have a large income, there is no guarantee that their job will be stable until they die. 
saving is just as important as investing, it is even more important than investing, because investing does not guarantee that it will always bring us a return. Many people are thinking that saving money is a waste because inflation will eat away at the value of our money.  what they say is not entirely wrong but depreciating because of inflation will be even slower than we invest in high risk assets and risk losing all assets.

Many people despise the habit of saving money, they even use the money in credit cards bluff. They do this because they think they will earn more in the future.

People who live in such a mindset are very happy when they spend money, and when they owe money, they are also very calm. They are like frogs that are bathed in warm water. When the water temperature warms up a little, the frogs not only don't jump out; on the contrary, they enjoy being immersed in such warm water.

They think they are very comfortable, but in reality, danger is near. After all, those frogs are cooked to their own delight.

For automating deduction we called this Auto Debit or most likely people seeing as ADA in the finance world, another thing here is its good to deduct automatically because you don't need to mind if you paid your bills or other things manually because they are already supported the use of it, even in the e-wallets too they are using the favorites feature that you can easily pay and at the same time save your extra money.

This will let you learn how to manage your money properly because the remain funds are the once you can use for your survival daily.

it's good to make yourself aware of collecting money, if you get a salary every month, then whatever amount is better to set aside, in an automatic way like this it is indeed useful for those who are just starting to learn to manage finances, but for those who are used to managing finances I don't think so it becomes a problem to gather intentions, because they have allocated finances neatly. for me instead of collecting money like that it would be better to collect assets, because whatever money we have left over can be realized in cryptocurrency assets, and we will benefit in the future