Automating your savings will help you save more - page 4.

icalical

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Quote from: erep on July 08, 2023, 06:07:16 PM

Quote from: Tony116 on July 08, 2023, 11:17:18 AM

Quote from: icalical on July 08, 2023, 10:32:30 AM

-snip
... but then you shouldn't forget that the money on your account will be eroded by inflation.

But if I had to choose, I would still prefer to have savings in the bank even though my money is being eroded by inflation rather than use all my money for investment and also have no guarantee that investment will definitely be profitable for me. No one is forcing you to put all the money you have in the bank to save, and savings are for future emergencies. For me, it's bad if someone has no savings, and even more stupid to think they invest all their money with no other reserves.

Why don't you consider diversifying assets to maximize profits and minimize risks? Saving and investing are two things that should be balanced in life. I bet you that your life will never improve without a savings account or an investment, both are equally essential.

Agree, we need both to balance managing finances and investments, so everyone has to implement good economic management so that we don't use all of our funds to invest, because we need savings for emergencies and other related matters to use savings funds. I have determined 60% of the use of funds for investment purposes in the long term and the remainder for emergency purposes, while the daily needs of sources of salary from various other jobs, although every month I still deposit part of my salary for savings funds

Yes sure, I am not saying that I spend all my money on investment, I am talking specifically about term deposit, usually it has at least 1 year, or even more for the money to be available for withdrawal, so it's not an emergency fund either because I can't just withdraw it when I need money in emergency, and by the time I am able to withdraw the money the value is not reduced.

RockBell

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Quote from: Lorence.xD on July 08, 2023, 04:35:00 AM

This is actually good idea only if you have a stable income and financial status since you don't have to think of the deduction to your salary. Plus in case you want to use those deduction that you'll be needing but it's automatically will deduct then it might be a problem. For me, it would still be a good to have savings without even automatic but it's stil ldepends since some people want to be determined by saving that's why it's automatic and some would still prefer incase of emergency it woudln;t be a hassle since there's a fee

Furthermore, to have a steady income, I believe I saw recommendations for apps that can help you save automatically. You can set the amount to be saved, which is more convenient, but I noticed that if you want to keep paying attention to your income, you won't save. However, once the app is set, you won't even notice it, and at the end of the day, you have some savings. Alternatively, you can just go back to a piggy bank. The person should do whatever is most convenient for them, looking at it another way round the person might have a reason due to plenty challenges so his money his choice.

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Quote from: Kimonoe on July 08, 2023, 11:07:18 AM

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

Automatically might help you to save money but it's not helping you mentally, you'll have to program yourself to want to save money manually and not doing it automatically. It's like going to the gym, you will have to program yourself so you enjoy going to the gym just as you'll enjoy saving money and when you have saved enough money you put those savings into work by investing the money and that way you'll be making your money work for you.

If you have a problem saving then you can start with automatic savings but as time goes go on try to make it a part of you to do so internationally so you can reduced your expenses inorder to save up something for emergency days but still automation has its benefits.

MFahad

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Quote from: Oshosondy on April 09, 2023, 03:51:36 PM

If you check almost all countries in the world, you will noticed that there is inflation, this makes their money value in the country to decline and a persistent rise in goods and services in that country. Why saving in bank? Especially if you countries is always an inflationary country.

It is good for someone to save money, but not good to always think fiat is the way, you can buy gold, property or bitcoin instead. If it is about your salary, it is good to buy bitcoin when the price is low.

Yes true as investment will helps you when there is no other option with you to utilize your money when you need it most. In banking lots of individuals denied to put money because of inflation and it says that when inflation is on peak then your money will be at higher risk. Rather than banks utilizing your money in Bitcoin and gold as well as in buying property will be more profitable.

Bitcoin and gold both are risky because the price goes ups and downs very quickly but buying property is not risky as it will increases your money and there is a surety that it will never losses its value ever.

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Quote from: erep on July 08, 2023, 06:07:16 PM

Quote from: Tony116 on July 08, 2023, 11:17:18 AM

Quote from: icalical on July 08, 2023, 10:32:30 AM

-snip
... but then you shouldn't forget that the money on your account will be eroded by inflation.

But if I had to choose, I would still prefer to have savings in the bank even though my money is being eroded by inflation rather than use all my money for investment and also have no guarantee that investment will definitely be profitable for me. No one is forcing you to put all the money you have in the bank to save, and savings are for future emergencies. For me, it's bad if someone has no savings, and even more stupid to think they invest all their money with no other reserves.

Why don't you consider diversifying assets to maximize profits and minimize risks? Saving and investing are two things that should be balanced in life. I bet you that your life will never improve without a savings account or an investment, both are equally essential.

Agree, we need both to balance managing finances and investments, so everyone has to implement good economic management so that we don't use all of our funds to invest, because we need savings for emergencies and other related matters to use savings funds. I have determined 60% of the use of funds for investment purposes in the long term and the remainder for emergency purposes, while the daily needs of sources of salary from various other jobs, although every month I still deposit part of my salary for savings funds

On the time i have seen that i have the right amount of saved money then i would really get some portion of it and would really make out some investment out of those emergency funds. Yes, its really that risky but

once you do able to succeed or able to utilize well that savings on investment then it would really be giving out that kind of earning opportunity on which later on it would really be giving out chance for you to save up more if you wanted to. This is why it would really matter of risk taking if you do want to have that making a step on moving forward but of course you would really be needing some extra step but if you are that someone who couldnt be able to bare up such risk then youwould be taking the much safer side on which on saving up purely without doing any investment method.

Im not saying that its slow but if you do really make out some comparison then you could really be able to tell on which one would really be ideal. We know that most people would prefer on having
more income or source.

erep

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Quote from: Tony116 on July 08, 2023, 11:17:18 AM

Quote from: icalical on July 08, 2023, 10:32:30 AM

-snip
... but then you shouldn't forget that the money on your account will be eroded by inflation.

But if I had to choose, I would still prefer to have savings in the bank even though my money is being eroded by inflation rather than use all my money for investment and also have no guarantee that investment will definitely be profitable for me. No one is forcing you to put all the money you have in the bank to save, and savings are for future emergencies. For me, it's bad if someone has no savings, and even more stupid to think they invest all their money with no other reserves.

Why don't you consider diversifying assets to maximize profits and minimize risks? Saving and investing are two things that should be balanced in life. I bet you that your life will never improve without a savings account or an investment, both are equally essential.

Agree, we need both to balance managing finances and investments, so everyone has to implement good economic management so that we don't use all of our funds to invest, because we need savings for emergencies and other related matters to use savings funds. I have determined 60% of the use of funds for investment purposes in the long term and the remainder for emergency purposes, while the daily needs of sources of salary from various other jobs, although every month I still deposit part of my salary for savings funds

Uruhara

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Quote from: DanWalker on July 08, 2023, 05:42:50 AM

Quote from: Uruhara on July 08, 2023, 04:53:36 AM

So true. and indeed this method only works well with people who have a stable income or have a steady income. like an office worker or something. But for freelance daily workers. so this method is still difficult to implement. I personally have a steady income and also have additional income from side jobs as well as casual daily jobs. But I still prefer to manage my savings manually. Because I'm used to it. but maybe for those who are not used to it it will be quite difficult.

My income is also very stable, but I would also choose to save manually instead of automatically, not only because it is a habit but because it will give us better control of the savings account. Sometimes there will be months when we will spend more and save less, and there are months when we can save more. So, saving manually is sometimes more beneficial than automatically, but everyone has different preferences. Whether it is manual or automatic savings, as long as we always have savings, it is something that everyone must have.

Well that's right. that's what I also think and I mean. But I understand what the OP meant. that is, automatic savings may be necessary for those who have a stable income but are not used to saving. So it takes automatic savings to force them to save. but for those of us who are used to saving, manually feels more comfortable. because every month the needs are always different. this is what makes us sometimes rearrange the amount spent and the amount saved. and as you said, the most important thing is that we have savings. no matter what.

Tony116

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Quote from: icalical on July 08, 2023, 10:32:30 AM

-snip
... but then you shouldn't forget that the money on your account will be eroded by inflation.

But if I had to choose, I would still prefer to have savings in the bank even though my money is being eroded by inflation rather than use all my money for investment and also have no guarantee that investment will definitely be profitable for me. No one is forcing you to put all the money you have in the bank to save, and savings are for future emergencies. For me, it's bad if someone has no savings, and even more stupid to think they invest all their money with no other reserves.

Why don't you consider diversifying assets to maximize profits and minimize risks? Saving and investing are two things that should be balanced in life. I bet you that your life will never improve without a savings account or an investment, both are equally essential.

Kimonoe

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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

icalical

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I have tried this, it might be work for some people, it didn't work for me. Sure, some of my money are automatically deposited to my special saving account, but then about 3 to 5 months later, I ended up spending it. Maybe it will work better if the saving account is a term deposit, but then you shouldn't forget that the money on your account will be eroded by inflation.

el kaka22

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It is not about the saving, it's about having financial trouble due to unexpected life stuff that makes it harder. Most people do not realize this but if you are dealing with this situation then most of the time we are going to end up with a period where you will need money.

All the poor people would know, you could save as much as you want and suddenly in a single moment, you happen to live through something that is quite difficult and you end up with a payment you need to make and all of your income would be gone. It is not that nice or anything like that, but that's what happens. This is why we should be careful about what we are doing and instead we are going to end up with a better result and just hope that nothing unexpected happens.

ajiz138

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Quote from: Strongkored on July 08, 2023, 05:56:41 AM

Saving will not be enough to help us fight inflation because only the amount will increase but the value of money will be the same or even decrease so that in a few years the money we save will decrease its ability to buy something, it will be better to invest and when we say automatic savings then we can invest using the compounding method, so that the profit earned will continue to be automatically added to our investment and this will accelerate the increase in the value of our investment but in crypto what investment is suitable for our investment? I think Bitcoin by continuing to add the amount using the DCA system because saving will not provide any benefits other than just making our money fixed in number.

Yeah,, it will not be enough inflation is difficult to avoid currencies tend to be more down in value and other foodstuffs will rise so unconsciously the money we hold will decrease in value without us realizing it, maybe it's better to save only for emergencies and other purposes but for me, the investment is more important than saving.

Faster profits of course from investment because any investment for me is good as long as you think it is good not only in bitcoin or other assets with the rising competition then it will generate profits, but obviously many people in their forums believe more in bitcoin even though the risk is high but the return is greater than that, in any way investments including DCA strategies they can do as long as they are more consistent in the process.

Strongkored

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Saving will not be enough to help us fight inflation because only the amount will increase but the value of money will be the same or even decrease so that in a few years the money we save will decrease its ability to buy something, it will be better to invest and when we say automatic savings then we can invest using the compounding method, so that the profit earned will continue to be automatically added to our investment and this will accelerate the increase in the value of our investment but in crypto what investment is suitable for our investment? I think Bitcoin by continuing to add the amount using the DCA system because saving will not provide any benefits other than just making our money fixed in number.

ancafe

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Quote from: odunybiz on April 09, 2023, 01:35:35 PM

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.

Usually this is done by some people using the method of opening a child's account, the target is that the money stored in savings is not used when at any time you need money. This kind of savings system is more about targeting long-term savings for the future needs of children, both for education costs and for the cost of dividing the inheritance of the assets we have. My parents used to use this method to deal with financial problems and we will be given access to take the money when entering the final level of education in college.

Quote from: odunybiz on April 09, 2023, 01:35:35 PM

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.

If there is no balance between income and expenditure, saving is difficult to do because monthly needs are far greater than daily expenses and other monthly needs. Discipline in saving also depends on how the flow of income and expenses can be slightly balanced or at least the income is slightly greater than the expenditure needs. If not, saving is a difficult thing to do because the salary we get is far less than our daily expenses and other monthly needs.

Optimization is very much needed in living a more efficient life and prioritizing according to the necessary needs, not being forced as a non-urgent need to buy any time. In the past, we often heard a saying, that saving is the source of wealth.

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Quote from: Uruhara on July 08, 2023, 04:53:36 AM

Quote from: Lorence.xD on July 08, 2023, 04:35:00 AM

This is actually good idea only if you have a stable income and financial status since you don't have to think of the deduction to your salary. Plus in case you want to use those deduction that you'll be needing but it's automatically will deduct then it might be a problem. For me, it would still be a good to have savings without even automatic but it's stil ldepends since some people want to be determined by saving that's why it's automatic and some would still prefer incase of emergency it woudln;t be a hassle since there's a fee

So true. and indeed this method only works well with people who have a stable income or have a steady income. like an office worker or something. But for freelance daily workers. so this method is still difficult to implement. I personally have a steady income and also have additional income from side jobs as well as casual daily jobs. But I still prefer to manage my savings manually. Because I'm used to it. but maybe for those who are not used to it it will be quite difficult.

My income is also very stable, but I would also choose to save manually instead of automatically, not only because it is a habit but because it will give us better control of the savings account. Sometimes there will be months when we will spend more and save less, and there are months when we can save more. So, saving manually is sometimes more beneficial than automatically, but everyone has different preferences. Whether it is manual or automatic savings, as long as we always have savings, it is something that everyone must have.

Uruhara

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Quote from: Lorence.xD on July 08, 2023, 04:35:00 AM

This is actually good idea only if you have a stable income and financial status since you don't have to think of the deduction to your salary. Plus in case you want to use those deduction that you'll be needing but it's automatically will deduct then it might be a problem. For me, it would still be a good to have savings without even automatic but it's stil ldepends since some people want to be determined by saving that's why it's automatic and some would still prefer incase of emergency it woudln;t be a hassle since there's a fee

So true. and indeed this method only works well with people who have a stable income or have a steady income. like an office worker or something. But for freelance daily workers. so this method is still difficult to implement. I personally have a steady income and also have additional income from side jobs as well as casual daily jobs. But I still prefer to manage my savings manually. Because I'm used to it. but maybe for those who are not used to it it will be quite difficult.

Lorence.xD

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This is actually good idea only if you have a stable income and financial status since you don't have to think of the deduction to your salary. Plus in case you want to use those deduction that you'll be needing but it's automatically will deduct then it might be a problem. For me, it would still be a good to have savings without even automatic but it's stil ldepends since some people want to be determined by saving that's why it's automatic and some would still prefer incase of emergency it woudln;t be a hassle since there's a fee

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Quote from: blockman on July 08, 2023, 02:00:58 AM

AFAIK, banks do have this feature for automating your savings or even the payment of your bills. Well, sometimes it's good and sometimes it's not. With what I mean by that is when you're in need of money but then the automated feature gets in and you're no longer able to alter it. However, it's still your bank and you've got the control with everything that lies within in. It's the discipline that's helping you out using this feature and then if you're able to adopt it on your own, even without such features, it's within your head and practice.

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.

Bobrox

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Seems nice ideas with automatically saving, we know how important thing with saving money in the future and manage well urgent needed when have saving assets. But its not easy spent few percent of our money for saving because many of us have small income but higher outcome. But AUTOMATICALLY SAVING seems good ideas for us directly our money receiving from salary put on hold as saving assets in the future. Right now think the best place for holding automatically saving where difficult to use for daily day and keep hold it until urgent needed at the future or become saving for our children education.

But talking about saving, what kinds worth saving assets for the future in cryptocurrency, stock, gold or saving money directly to the bank?

blockman

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AFAIK, banks do have this feature for automating your savings or even the payment of your bills. Well, sometimes it's good and sometimes it's not. With what I mean by that is when you're in need of money but then the automated feature gets in and you're no longer able to alter it. However, it's still your bank and you've got the control with everything that lies within in. It's the discipline that's helping you out using this feature and then if you're able to adopt it on your own, even without such features, it's within your head and practice.

Topic: Automating your savings will help you save more - page 4. (Read 1214 times)