Topic: Is budgeting still effective in tackling the need to constantly withdraw money? - page 4. (Read 442 times)
October 06, 2021, 02:07:13 PM
It depends, because so far the value of fiat money is not too far away and has drastically decreased due to inflation. When it comes to needs, I don't think everyone can avoid and defend what we have in crypto. Maybe for some people it can be arranged in such a way, but given the varying levels of needs, I can't deny that sudden needs will always take precedence over persisting not to let them go. It can't be helped, we who are from the middle class and below must continue to survive from day to day.
October 06, 2021, 11:28:56 AM
I think having all your funds in your savings account not controlled by you can be really risky especially in times of uncertainty.
In regards to crypto, I wish we don't have lots of characters that are so obsessed with sabotaging the market or people's wealth. That's probably where the budgeting would have been safely done without withdrawing a large chunk.
My budgeting method(which I'll probably update later) works for me. I don't think it's a good idea to share it publicly without being careful. However, I don't really depends too much on budget because I don't know what tommorow will bring. I try to spend prudently when the need arises or on necessary things.
In regards to crypto, I wish we don't have lots of characters that are so obsessed with sabotaging the market or people's wealth. That's probably where the budgeting would have been safely done without withdrawing a large chunk.
My budgeting method(which I'll probably update later) works for me. I don't think it's a good idea to share it publicly without being careful. However, I don't really depends too much on budget because I don't know what tommorow will bring. I try to spend prudently when the need arises or on necessary things.
October 06, 2021, 11:16:18 AM
Anybody who does not budget is going to suffer at the end of the day,,, unless savings is not what you want to do.
You either make a budget like a normal household so you know how much you spend (and know what to cut out),,, OR
You make a savings target and meet that every month no matter what.
This brings me to a big point in crypto fundraising. Does anybody know of any project that does budgeting? No, right? And why is everybody surprised even with a big CFO they suddenly lose money and run out of funds for operation?
You either make a budget like a normal household so you know how much you spend (and know what to cut out),,, OR
You make a savings target and meet that every month no matter what.
This brings me to a big point in crypto fundraising. Does anybody know of any project that does budgeting? No, right? And why is everybody surprised even with a big CFO they suddenly lose money and run out of funds for operation?
October 06, 2021, 11:04:51 AM
Budgeting is a poor man's recipe. Instead of thinking about how to allocate your money, think about how to earn more and more money. And about the need to constantly withdraw money or converting investment to cash, it's a sign that you aren't in the investor class yet. You should work more to get more excess cash and convert it into crypto or whatever. It's okay to spend all of your crypto payment if your life depends on it, you can always buy more later.
October 06, 2021, 10:52:41 AM
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?
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?
If you do not have have any other source of income like salary or rental etc. And if you are completely dependent on your crypto income, budgeting is must! Grab your pen and paper and clearly write down your expenses along with emergency fund for the month. There's no good or bad way to do it.
However, if you have a separate source of income, prefer not to withdraw your cryptos at all. Remember, crypto is an accumulation game. The faster you sell, the more you loose!
October 06, 2021, 08:59:10 AM
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.
Some may say that spending money is a habit, but we can also say that it is a basic necessity of life for those living in urban areas. I don't see it as a bad habit to spend fiat or crypto on things we really need, or sometimes on some things that make our lives more enjoyable - but it's definitely a bad habit to spend on gambling, too much alcohol, cigarettes, drugs, unnecessary clothes or gadgets that become uninteresting to us after a few days or weeks.
Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal?
You can't have money and not spend it at the same time, so what is the purpose of that money? Some will say for sure that they are saving for the future, but saving should not be to the detriment of the present life. Personally, I always try to buy all the expensive things at a time when there is a discount, and so I manage to save a significant amount of money - it is not always a question of how often you spend, but a strategy to buy as much as possible with as little money as possible.
October 06, 2021, 07:39:18 AM
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?
The only way to change habits like that. set money for savings. investment and daily needs and yes budgeting its also important to record your financial. and must be able to refrain from temporary desires . think about which is the main priority and only desire. if you say you always want to withdraw, it means it seems more like a desire which is not really that important either.
October 06, 2021, 02:12:46 AM
And where is the rule that you need to keep everything all the time? I see no such need. The budget is definitely an important thing, but it's very boring. Constantly saving and being afraid to spend an extra dollar leads to depression. I do not possess such stamina, I have no direct need for fiat, but I love to acquire things that are my hobby. I understand that many will not support me, but I want to fully feel life while we are young. 
October 06, 2021, 01:26:26 AM
The need for budgeting is endless and efficient to anyone who is handling money. It's always going to be a necessity whenever there is money involved and the need for living. Just living expenses and the utilities that one should have should be a priority. So if that would require you constantly withdrawing and using that to live, then there's nothing wrong with that. You have to bear the feeling of possible regret converting too early or not believing in an asset totally, but that's just a part of life. I think what you are doing for your future should be proper and correct for you.
Budgeting is a key to financial freedom and consistently tracking all your expenses and where your money goes.
Budgeting is a key to financial freedom and consistently tracking all your expenses and where your money goes.
October 06, 2021, 01:20:27 AM
You're not budgeting your money if you're constantly withdrawing that money and at the same time if you're doing that, then it only means that you don't really budget at all because you lack discipline and discipline is needed when you're budgeting.
October 06, 2021, 01:05:19 AM
Why would you constantly want to withdraw? Isn't that just getting yourself killed with the fees? It's like your donating free money to the exchanges you're using lmao. I've honestly never had the habit of what you speak of, I only put whatever money I wouldn't really use in crypto, and that's separate from the funds that I'd immediately need in case of emergencies. Really, it's just proper finance management, and you wouldn't really have these issues imo. Budgeting is always effective if you know what you're doing.
October 06, 2021, 12:32:11 AM
It's hard not to withdraw when you know you have something to spend. Just continue with your job and spend less, not giving in to your WANTS but only NEEDS so you become minimalistic. Minimalistic may mean a small house, cook what you can only eat for the meal, buy only the nesscary and so on. When you are pampered with things and spending becomes a habit it could be your normal life which is going to be hard to change unless you already have nothing.
I have not done this myself actually but I have it planned that I will buy land and cultivate it to become self-sufficient. From there I will harvest what I need. When I get older I guess and then I wouldn't be spending much.
October 05, 2021, 11:29:01 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?
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?
You might be surprised to learn that the people who have the most money in the world use a budget. So yes, budgeting is an essential tool, it's about running your financial life like a business. If you are withdrawing too much, you should stop and leave the Bitcoin as if it didn't exist. As a way to pay yourself. Although I don't know your personal situation and I don't know if you do it out of necessity, but the fact that you open this thread makes me think that those withdraws you do are not so necessary.
October 05, 2021, 11:25:08 PM
Why should one be constantly withdrawing? I guess this is not the problem itself. There must be another one, which causes you to make withdrawals all the time. If you already have a lot of fiat lying around, why should you be attracted to withdraw or convert even more? Personally, I don't see myself withdrawing or converting for the sake of doing so.
Majority of my worth is in crypto. I have a little amount of fiat for my regular expenses and for some unforeseen expenses. But I don't keep much fiat with me. It is fast depreciating. It is losing value each and every day. I'd rather take the risk and save in crypto.
I think budget-making is still effective. But what's really important is to control your personal spending habit. If you can do that, you don't even have to strictly set a budget. You could also put a stop to your withdrawal habit with that.
Majority of my worth is in crypto. I have a little amount of fiat for my regular expenses and for some unforeseen expenses. But I don't keep much fiat with me. It is fast depreciating. It is losing value each and every day. I'd rather take the risk and save in crypto.
I think budget-making is still effective. But what's really important is to control your personal spending habit. If you can do that, you don't even have to strictly set a budget. You could also put a stop to your withdrawal habit with that.
October 05, 2021, 11:10:28 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?
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?
Self discipline is the best choice you got to have in order to break that habit, and only buy for needs. Wants comes 2nd after investing in order to profit more than withdrawing some cash or fiat money to pay rent, electricty and other bills.
Indeed it's a challenge for everyone of us especially with more money because it comes with more bills. So you got to balance everything you need because the world will always constantly change as well as the prices.
October 05, 2021, 10:28:55 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?
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?
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