Topic: Automating your savings will help you save more - page 8. (Read 1214 times)
What you said is absolutely correct but there are other ways which i think i can easily invest my money. Now what i does is that i look for what to do (project) like whenever i received a monthly salary i take some percentage to the place and then sent for my personal needs. At this point your money are always saved, Although 10 percent goes for savings but what matters most is what would keep generating money for you at the end of the month.
I haven't automated my savings; only some of my investment is on staking; however, I don't have any specific plan or automation to save money on a monthly basis. I generally try to keep costs down and save some money from my paycheck.
Not exactly a savings measure, but Binance is offering a service that automatically purchases a specific coin or creates a portfolio consisting of the most popular coins or those of your own choice on a daily basis or as rarely as you choose. I recently received a trial Index Linked subscription, which consisted of the top 10 equal-weighted cryptocurrency assets (BTC, BNB, ETH, LTC, and a few more). I know that I sound like a Binance representative now, but I found this automation fascinating, hassle-free, and noob-friendly for acquiring some of the most popular coins on the market.
Not exactly a savings measure, but Binance is offering a service that automatically purchases a specific coin or creates a portfolio consisting of the most popular coins or those of your own choice on a daily basis or as rarely as you choose. I recently received a trial Index Linked subscription, which consisted of the top 10 equal-weighted cryptocurrency assets (BTC, BNB, ETH, LTC, and a few more). I know that I sound like a Binance representative now, but I found this automation fascinating, hassle-free, and noob-friendly for acquiring some of the most popular coins on the market.
Currently, several systems make me have to save automatically, for example, is insurance at work that I can take when I retire, with an automatic savings system, we can determine when the right time is to retire, because most people are not ready when they retire, so an automatic savings system will make retirement a pleasant thing.
Discipline and strictness are important if we want to be successful in saving, we must have a strong commitment in saving so that we don't regret it, the many temptations to spend money can make saving plans messy, it's best to make long-term contracts and never take money from the bank.
Even though we forget about the place of discipline and strictness in savings. We should also understand that there are some necessities that arise at a particular time, which would probably overwhelm your desire to save.
When one does not have an emergency fund there is always the tendency not to save.
You can only save when you have abundance to survive. No one saves when there is little or nothing to survive. The ability to save even when in need should not be called.discipline. One need to survive, live well and have a very good health welfare in order to be able to save.
Even if you save automatically as Op said, you would still need to break your automated system to take out your savings to sustain yourself.
- In my view, saving for the future should not only focus on literal money. we should also be saving for other things that can also help us in the future, such as buying land which as time goes on increases in value, secondly Bitcoin is also proven and tested, which also as time goes on The value is also increasing, or investment building for rent, whether it's a stall or an apartment, which can also produce money even if you don't take out money and gold is also possible.
These things I mentioned are ways that when we start to accumulate little by little we will surely have savings in the future although yes we will need money for them. But at least we can put the money we earn at the moment into the right investment.
These things I mentioned are ways that when we start to accumulate little by little we will surely have savings in the future although yes we will need money for them. But at least we can put the money we earn at the moment into the right investment.
High passions that always make someone's toughest challenge when they want to save, there are many temptations from various angles of desire and even needs. It takes a process, if it continues to be smooth in saving, because growing a habit is the most difficult.
I personally practice my habit, when I want to save, I always use really small money, so in effect I keep saving every day because I only save with small amounts of money, so I don't feel burdened when saving. And when over time I got used to it, that's where the amount of money began to increase, little by little.
The advice you give also seems very good for beginners who have just stepped into the world of work to practice. But in my opinion, if lust cannot be controlled, it will still be taken in the end. Because actually there is no need for a complicated way to save, we only set aside a little money from our work, and only have to save it. It's not too complicated, but what gets complicated is desire and sometimes there are needs that are beyond expectations.
I personally practice my habit, when I want to save, I always use really small money, so in effect I keep saving every day because I only save with small amounts of money, so I don't feel burdened when saving. And when over time I got used to it, that's where the amount of money began to increase, little by little.
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.
The advice you give also seems very good for beginners who have just stepped into the world of work to practice. But in my opinion, if lust cannot be controlled, it will still be taken in the end. Because actually there is no need for a complicated way to save, we only set aside a little money from our work, and only have to save it. It's not too complicated, but what gets complicated is desire and sometimes there are needs that are beyond expectations.
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.
I would suggest anyone who takes automatic deductions from their income and put it into a savings account look into transferring those funds into an investment account unless you need short term liquidity. If you're holding fiat currency, then note any and all funds that remain stagnant and outside of investment accounts are losing purchasing power every day that it sits there.
If you keep those funds around for 20-30 years, you will have lost minimum 2% year over year.
You don't necessarily need to automate this process unless you're having budget problems, though. Seems to me it'd make more sense to set aside funds month by month depending on what your expenses are for that period.
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.
That's a really informative concept and following this will definitely give fruitful results to the saver .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.
Saving is difficult in today's time where everything is so expensive and people tend to spend more on basic needs plus luxuries and showoff so they remain broke by the end of the month. This type of saving is a compulsion to save for that person and that'll be helpful.
Discipline and strictness are important if we want to be successful in saving, we must have a strong commitment in saving so that we don't regret it, the many temptations to spend money can make saving plans messy, it's best to make long-term contracts and never take money from the bank.
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.
it would really be pertaining on someones self control which we know that we do have different levels and tolerance when it comes to temptation on spending it up in no time or not
really that into those necessary situations.
This is why it is really that a tough challenge when you are trying out to battle yourself in terms of discipline. If you are really that good on handling out your finances
without needing to touch up those kept amounts for savings then you are really that on the right track.
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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.
Saving money is part of money management in this life. This is not easy, as you said, moreover with very limited money that we have monthly. However, if we are able to manage and control our financial management wisely and smartly, this can be a good way to manage money for saving, although on few amount of money. But at least, this money can help us every time we need it for urgent and emergency. 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.
Saving money can be done in several ways, one of them is saving it in the bank. But today, we can find many people are saving money into certain investment that will worth and will be able to sell it once we need it for true. But, this doesn't mean that every time we are saving our money, we will always have good condition and save. No, because this reality is actually quite difficult to conduct, for sure.
People with uncertainty might have to spend that whole $3 in paying bills without being able to split it. Those kind of people need to be more strategic with their money so they can adjust their savings plan when needed. What's the use of saving, if you are starving?. Automatic saving is nice, but not perfect for everyone.
Everyone can save according to their income but if they are in debt/loan then it is unlikely that the funds from the salary will be used for savings because 10-20% have to pay off the debt and the remaining salary is for daily needs, they must have another job for additional income for savings. But you don't have to prioritize saving if financial conditions don't support it because of low income, the important point is that your income is sufficient for all basic needs and in the future you must have a financial strategy for saving.
Saving of money is something that we all should learn and it helps in future.
In some countries, the government of the state save some money for its staff auomatically using Automating method. Regardless of the immediate needs or want of the citizen, the government sees the need of saving for future references. As an individual, or a trader, maybe at the end of every week or month, you can decide to be saving a particuler amount in a fixed acount that you won't make use of in the nearest future.
This method helps you to save me for the future.
In some countries, the government of the state save some money for its staff auomatically using Automating method. Regardless of the immediate needs or want of the citizen, the government sees the need of saving for future references. As an individual, or a trader, maybe at the end of every week or month, you can decide to be saving a particuler amount in a fixed acount that you won't make use of in the nearest future.
This method helps you to save me for the future.
It's a good idea if we can automating savings, I've come to a bank and offered automating savings that can't be taken but immediately get rewards from bags to motorbikes, I think automating savings is something that can make our future better, and I'll try for automating savings even with a small value every month.
"Automating savings" is a good thing, yeah. It's like a no-brainer way to stash some cash without even thinking about it. Who doesn't love avoiding that whole "to save or not to save" thing, right? Plus, it helps keep us disciplined, financially responsible and good spending habit. But, you got to remember that everyone's financial situation is different. For some people, automating savings might not be the best idea if they've got unpredictable incomes or tons of debt. Like one user here mentioned about the "$3 rule". People with uncertainty might have to spend that whole $3 in paying bills without being able to split it. Those kind of people need to be more strategic with their money so they can adjust their savings plan when needed. What's the use of saving, if you are starving?. Automatic saving is nice, but not perfect for everyone.
I do auto deductions on my salary that goes straight to a government-managed savings fund that also serves as an investment for me. That savings/investment fund is nearing its maturity, about 4 years left and it will give me a lot of gains just because I decided to do that 3 years ago. Skimping on myself without really selling my needs short and living below my means helped me get the financial freedom that I'm enjoying now. It's a slow and steady process, but if you're really dedicated to saving and investing and not trying to impress other people with your money, you can do it too.
Then again, automated savings are not for everyone, especially those who are still trying to build themselves up before they can get that little wiggle room for their salaries to be put into savings.
Then again, automated savings are not for everyone, especially those who are still trying to build themselves up before they can get that little wiggle room for their salaries to be put into savings.
Saving automatically is a good option as the amount of savings will grow through investment apart from investing in crypto, government bonds are good for savings as the risk is lower. Government bonds are the security of investment, so that the investment money can be returned on demand. There are not many financial products in the country that will keep the money safe and give good profit for this reason savings paper is the first choice for savings for common people.
well you have a good point we need saving for emergency fund and by doing it automatically is always better option.
But it would better if we also doing an low risk investment like saving with period of time and do invest in some mutual fund money market, government bond and mid to high risk investment program like stock and crypto
But it would better if we also doing an low risk investment like saving with period of time and do invest in some mutual fund money market, government bond and mid to high risk investment program like stock and crypto
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.
I have never used this feature, it has always annoyed me, I prefer to plan and allocate my budget on my own. Especially since the profit may be different next month, or the waste will be different, and I can save more than last month. Such a function is suitable for inattentive people who themselves cannot be constant in their habits. The principle in this is correct, you have to pay yourself first, but I prefer to do it myself. 
I do love automating stuff in my life, it makes my money work for me without me having to think about it and doing it. It's going to be like "Hey! I already have saved up this money?" What an amazing way to save up money.
I know some banks that have applications on smartphones can automate and make goals for you. That's really amazing if you think about it. Everything is easier now.
I know some banks that have applications on smartphones can automate and make goals for you. That's really amazing if you think about it. Everything is easier now.
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