Is budgeting still effective in tackling the need to constantly withdraw money?

Silberman

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Quote from: xSkylarx on October 19, 2021, 11:36:26 PM

Quote from: Silberman on October 19, 2021, 04:11:31 PM

Quote from: Kakmakr on October 17, 2021, 09:31:17 AM

I found that the more difficult I make it to "convert" my bitcoins to Fiat.... the less I want to do it. So the way I do it is the following. I divide my bitcoins into for example 0.1 btc chucks and then I transfer that to paper wallets. To get my hands on those coins... I first have to "sweep" the paper wallet and then transfer the coins to an exchange to get the Fiat currency.

If the coins was in my desktop or hardware wallet... it would simply mean that I had to transfer it to an exchange and then sell it for Fiat. The paper wallets are also more secure than the desktop and hardware wallets. Wink

I have found something similar, if we want to stop ourselves from selling our coins then we need to create an habit of making this hard for ourselves, it seems that it does not make sense as everyone wants to have complete access to their money in this day and age, but this is also why almost no one has savings now, it is so easy to spend our money in stuff that we want that we do not develop any kind of self-control and at the end people spend their fiat or their bitcoin and then find themselves with no savings after years of work.

Self-control is important, but when we open a savings account with a bank, it is a fairly difficult or lengthy process to get our money back. This is one of their security measures or methods to prevent you from easily accessing your money because it is your savings. However, having self-control allows us to save a lot of money. The problem is that when we really need the money, we don't have a choice but to sell it.

The issue with that is that you are relying on a third party to help you out with that and just as you say it is very easy to get your money into the bank, but to get that money out of the bank is going to cost you a lot of time, this is why it is a good idea to try to save in bitcoin instead, not only you are now completely responsible for your coins and you can get access to them when you truly need them but you are also invested in an asset that by itself is taking care of the purchasing power of your savings, and in this day and age that is invaluable.

Findingnemo

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Quote from: Rruchi man on October 05, 2021, 09:28:55 PM

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

IMHO, fear of losing your cryptocurrency value is one of the main reason for converting them into fiat, once you converted you have the habit of spending since its going to sit on your bank accounts.

Budgeting is always effective and that is the first step towards saving money then only you can achieve financial freedom.

I want to give a tip, just convert into stable coin or even fiat but keep the funds sit in your exchange itself and only withdraw when you need it.

electronicash

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why not withdraw only the money you got from your day job ang budget the amount til the next payday. if its not neccesary dont buy it.

there is pandemic i think your new girl will understand if you just stay home and cook your fav lasagna and watch netflix on weekends. thats budgeting. stop cigars and beers. 😀

Semar Mesem

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Budgeting is not effective for me, I work in an office and many unexpected expenses make me have to look for alternative income, if only focus on the budget then when there is no oil for motorbikes then I shouldn't buy it but this is life where we often experience many unexpected things .

Lanatsa

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Quote from: xSkylarx on October 19, 2021, 11:36:26 PM

Quote from: Silberman on October 19, 2021, 04:11:31 PM

Quote from: Kakmakr on October 17, 2021, 09:31:17 AM

I found that the more difficult I make it to "convert" my bitcoins to Fiat.... the less I want to do it. So the way I do it is the following. I divide my bitcoins into for example 0.1 btc chucks and then I transfer that to paper wallets. To get my hands on those coins... I first have to "sweep" the paper wallet and then transfer the coins to an exchange to get the Fiat currency.

If the coins was in my desktop or hardware wallet... it would simply mean that I had to transfer it to an exchange and then sell it for Fiat. The paper wallets are also more secure than the desktop and hardware wallets. Wink

I have found something similar, if we want to stop ourselves from selling our coins then we need to create an habit of making this hard for ourselves, it seems that it does not make sense as everyone wants to have complete access to their money in this day and age, but this is also why almost no one has savings now, it is so easy to spend our money in stuff that we want that we do not develop any kind of self-control and at the end people spend their fiat or their bitcoin and then find themselves with no savings after years of work.

Self-control is important, but when we open a savings account with a bank, it is a fairly difficult or lengthy process to get our money back. This is one of their security measures or methods to prevent you from easily accessing your money because it is your savings. However, having self-control allows us to save a lot of money. The problem is that when we really need the money, we don't have a choice but to sell it.

Self control is indeed important because if you do fail on doing so then you would be finding this to be problematic because things turns out to be mess when you don't organized it well or didn't really make

out some good decisions towards your funds which is a must thing when you do deal with some investment and of course you would need to save up for your future and not just spending like theres

no tomorrow.Everything should be in budget and in moderation so that you wouldn't really experience any hardship or unfortunate events later on.

pinggoki

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At some level it would still work to budget money even if you need to constantly get funds for everyday activities. However once you reach a certain threshold there is a tradeoff that must be made in order to effectively budget your money. I myself lived a vagrant's lifestyle for a couple of months while I was working on a menial position job just to be able to budget money for myself and for my savings. I know it is somethign that everyone may not be able to do but it's just the way it is.

Quote from: xSkylarx on October 19, 2021, 11:36:26 PM

Quote from: Silberman on October 19, 2021, 04:11:31 PM

Quote from: Kakmakr on October 17, 2021, 09:31:17 AM

I found that the more difficult I make it to "convert" my bitcoins to Fiat.... the less I want to do it. So the way I do it is the following. I divide my bitcoins into for example 0.1 btc chucks and then I transfer that to paper wallets. To get my hands on those coins... I first have to "sweep" the paper wallet and then transfer the coins to an exchange to get the Fiat currency.

If the coins was in my desktop or hardware wallet... it would simply mean that I had to transfer it to an exchange and then sell it for Fiat. The paper wallets are also more secure than the desktop and hardware wallets. Wink

I have found something similar, if we want to stop ourselves from selling our coins then we need to create an habit of making this hard for ourselves, it seems that it does not make sense as everyone wants to have complete access to their money in this day and age, but this is also why almost no one has savings now, it is so easy to spend our money in stuff that we want that we do not develop any kind of self-control and at the end people spend their fiat or their bitcoin and then find themselves with no savings after years of work.

Self-control is important, but when we open a savings account with a bank, it is a fairly difficult or lengthy process to get our money back. This is one of their security measures or methods to prevent you from easily accessing your money because it is your savings. However, having self-control allows us to save a lot of money. The problem is that when we really need the money, we don't have a choice but to sell it.

I would agree. You need enormous amounts of self-control in order to effectively manage your expenses and your savings. This comes before the budgeting phase because if you don't master self-control you'd just end up spending what you should've been saving up or investing. I know this because I was a repeat offender of these types of misdeeds in budgeting in the past until I made my mind and adjusted my budgeting process. Still regretful up to this day for these mistakes but happy that I was able to get out of that unhealthy lifestyle as early as possible.

xSkylarx

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Quote from: Silberman on October 19, 2021, 04:11:31 PM

Quote from: Kakmakr on October 17, 2021, 09:31:17 AM

I found that the more difficult I make it to "convert" my bitcoins to Fiat.... the less I want to do it. So the way I do it is the following. I divide my bitcoins into for example 0.1 btc chucks and then I transfer that to paper wallets. To get my hands on those coins... I first have to "sweep" the paper wallet and then transfer the coins to an exchange to get the Fiat currency.

If the coins was in my desktop or hardware wallet... it would simply mean that I had to transfer it to an exchange and then sell it for Fiat. The paper wallets are also more secure than the desktop and hardware wallets. Wink

I have found something similar, if we want to stop ourselves from selling our coins then we need to create an habit of making this hard for ourselves, it seems that it does not make sense as everyone wants to have complete access to their money in this day and age, but this is also why almost no one has savings now, it is so easy to spend our money in stuff that we want that we do not develop any kind of self-control and at the end people spend their fiat or their bitcoin and then find themselves with no savings after years of work.

Self-control is important, but when we open a savings account with a bank, it is a fairly difficult or lengthy process to get our money back. This is one of their security measures or methods to prevent you from easily accessing your money because it is your savings. However, having self-control allows us to save a lot of money. The problem is that when we really need the money, we don't have a choice but to sell it.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Rruchi man on October 05, 2021, 09:28:55 PM

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

If someone is making withdrawals too often, it means they are miscalculating in the first place about their average expenditure.

Quote from: beerlover on October 14, 2021, 04:44:03 PM

Now, I have nothing to show for it aside from a shoe and few good memories.

Good memories go a long way man, dont underestimate the power that they have over times when you feel down. Consider that as a part of your support system. You dont want to look back on life and see yourself as someone who did not make time for their friends. Some months can be bad but that should boost your mindset to make more the next month.

Oilacris

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Quote from: Rruchi man on October 05, 2021, 09:28:55 PM

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

Budgeting is a must because having that needs and wants is really totally impossible for someone to resist.We do have needs and its just normal that whenever we do have some investment and made out some profits then

its just typical that we would really be spending out those money that we do have but of course everything should be organized and well planned or else you would really be ending up on spending it all.

We are living on the world where inflation is there and several situations which we do need to save up for us to survive and its just dumb that you would be careless with your actions.

Silberman

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Quote from: Kakmakr on October 17, 2021, 09:31:17 AM

I found that the more difficult I make it to "convert" my bitcoins to Fiat.... the less I want to do it. So the way I do it is the following. I divide my bitcoins into for example 0.1 btc chucks and then I transfer that to paper wallets. To get my hands on those coins... I first have to "sweep" the paper wallet and then transfer the coins to an exchange to get the Fiat currency.

If the coins was in my desktop or hardware wallet... it would simply mean that I had to transfer it to an exchange and then sell it for Fiat. The paper wallets are also more secure than the desktop and hardware wallets. Wink

I have found something similar, if we want to stop ourselves from selling our coins then we need to create an habit of making this hard for ourselves, it seems that it does not make sense as everyone wants to have complete access to their money in this day and age, but this is also why almost no one has savings now, it is so easy to spend our money in stuff that we want that we do not develop any kind of self-control and at the end people spend their fiat or their bitcoin and then find themselves with no savings after years of work.

Kakmakr

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I found that the more difficult I make it to "convert" my bitcoins to Fiat.... the less I want to do it. So the way I do it is the following. I divide my bitcoins into for example 0.1 btc chucks and then I transfer that to paper wallets. To get my hands on those coins... I first have to "sweep" the paper wallet and then transfer the coins to an exchange to get the Fiat currency.

If the coins was in my desktop or hardware wallet... it would simply mean that I had to transfer it to an exchange and then sell it for Fiat. The paper wallets are also more secure than the desktop and hardware wallets. Wink

SacriFries11

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Quote from: Rruchi man on October 05, 2021, 09:28:55 PM

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

In order to limit myself withdrawing money, I set my budget right after I got my salary or if I earned in crypto. After everything is set, I strictly follow it no matter how hard it may be and with that i can say that it is effective. I will find way to just used the money I allot for a period of time before my next salary. Then the cycle repeats. It is kinda routinary, sometimes I find it hard and boring so if I have extra, I am awarding myself a vacation, or eat something I really like.

Silberman

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Quote from: lienfaye on October 14, 2021, 02:21:49 AM

We have our reason why we are taking profit with our investment, and I think for some of us the most common is for sustaining our daily needs. I dont see any issue if this is the case (or regardless for the reason, we should not be bother since its their own money), because we're striving to live the way we wanted.

However if you are a fortunate person yet constantly withdrawing for your wants, I think you need to control yourself and have discipline, this is, if you have a goal that wants to achieve.

As for me I only withdraw if necessary and as much as possible I refrain myself especially if there's nothing important to spend my money.

Correct, there are some people that probably have some regrets about the bitcoin they spent but if they did so in stuff they needed at the time then that is fine as they did not wasted their money, however I think there are some members that have some actual regrets as they spent their bitcoin but they did so in stuff that was not necessary and as such they are mad they did not had a strategy to hold some of the coins they earned over the years, however even if they cannot recover their coins they can accumulate way more bitcoin than what the average person is going to have around the world if they begin now.

adzino

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By constantly withdrawing money, I am assuming you mean constantly convert it to fiat and take your profits (or make a loss), right? In that case, the only way to stop yourself from doing this is to keep a profit and a loss goal. You need to develop a sort of self discipline for this case. You need to tell yourself that you can only convert it to fiat once you reach your profit or loss threshold (why would you even convert when you are on the red zone anyway?). Keep yourself distracted and stop looking at your portfolio every now and then.

Quote from: Rruchi man on October 05, 2021, 09:28:55 PM

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal?

If you have financial problems, you shouldn't be investing in crypto currencies. Invest only what you can afford to lose!

GeorgeJohn

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So relating this to your other activities you engaged in normal life, it's very obvious that what human being start at point it always be difficult abolish it, at first the question i should ask you is that what is your objectives to be making a withdrawal occasionally or subsequently, in actual bases of cryptocurrency making a withdrawal showcase that the investor has accomplish he or her target before ordering for cash out via cryptocurrency, but in the aspect of fiat, fiat can be ordered for withdrawal anytime any hour because it's use on a daily basis, so it can also reach to an extent it will turn to a habit because frequent demand of it.

Ucy

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Quote from: beerlover on October 14, 2021, 04:44:03 PM

I failed big time this month. I had some extra income thankfully from a few things like selling and so forth. September was a bad month and that is why I wanted to make some investments and get some extra money by doing garage sale type of situation. In the end I made more than 40% of my salary just from selling few things. It really worked out very good for me on that part, but I failed so miserably because I decided to buy things that I "needed".

Yes, I did need them, like a walking shoe because doctor told me to walk 30-40 minutes everyday and I paid for my visit to my moms, which I would do anyway one day, so why not pay for it now so that it would be free, and I met with a few friends since I couldn't during pandemic and we finally had a good day all together. All of that combined and few smaller things made all that extra money gone. Now, I have nothing to show for it aside from a shoe and few good memories. Make sure you do your budgeting carefully or you may end up like me.

I remember passing through similar situations and I tested my self to be sure If i really needed those things I thought I needed.... I imagined what will happen to me or things that depend on me if I end up not buying them, will there be problems, if yes how big or small will the problem be? If there will be little to no problem I will end up not buying or I'll go for cheaper alternatives. The test should fairly determine whether or not we actually need these things, so that we don't spend unnecessarily.
And it's also important to order your actual needs according to their priority. That may help you focus on top priority and leave the least ones for other times.

beerlover

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I failed big time this month. I had some extra income thankfully from a few things like selling and so forth. September was a bad month and that is why I wanted to make some investments and get some extra money by doing garage sale type of situation. In the end I made more than 40% of my salary just from selling few things. It really worked out very good for me on that part, but I failed so miserably because I decided to buy things that I "needed".

Yes, I did need them, like a walking shoe because doctor told me to walk 30-40 minutes everyday and I paid for my visit to my moms, which I would do anyway one day, so why not pay for it now so that it would be free, and I met with a few friends since I couldn't during pandemic and we finally had a good day all together. All of that combined and few smaller things made all that extra money gone. Now, I have nothing to show for it aside from a shoe and few good memories. Make sure you do your budgeting carefully or you may end up like me.

lienfaye

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We have our reason why we are taking profit with our investment, and I think for some of us the most common is for sustaining our daily needs. I dont see any issue if this is the case (or regardless for the reason, we should not be bother since its their own money), because we're striving to live the way we wanted.

However if you are a fortunate person yet constantly withdrawing for your wants, I think you need to control yourself and have discipline, this is, if you have a goal that wants to achieve.

As for me I only withdraw if necessary and as much as possible I refrain myself especially if there's nothing important to spend my money.

molsewid

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Quote from: ?? on ??

Withdrawal habit mostly happens only to people who dont have enough money, just like me before, whenever I earned money from this signature campaign and another source of my cryptocurrency I always withdraw it and convert it into fiat currency because I needed the money. So this withdrawal habit may depend on the status of the person but if you want to change it then it would be better if you do self-discipline and proper budgeting. Know your priority and list the things you need over your want.

Currently dealing with a situation where if I am needing money to pay bills I don't have any other choice than selling a portion of my crypto assets just to cover the bills and left me no debt at the end of the month. Due to pandemic crisis still struggling how to survive the monthly dues without suffering my other investments because I have no other source. Budgeting is still effective especially if you are insufficient with the funds you will be learned how to manage it properly.

Shenzou

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Quote from: Rruchi man on October 05, 2021, 09:28:55 PM

Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?

I feel like this is totally related to how you spend your money and for what you are spending it, because if you are using credit card you will find it way easier to pay for things and not worry about expenses or how many times you used it for, but if you are using hard cash or even using crypto i feel like you are actually more aware for what are you paying, i personally feel like withdrawing is a big thing so i try not to do it more often, so from my point of view you can say that making a budget is more effective.

Topic: Is budgeting still effective in tackling the need to constantly withdraw money? (Read 462 times)