Topic: Save money today so money would save you tomorrow. - page 10. (Read 1596 times)

Consider exploring alternative options beyond simply saving your money in the bank or saving cash. It may be more advantageous to invest your money instead. By investing, you can avoid having your funds sit idle and instead generate additional income. This approach can also provide greater financial security in case of unexpected emergencies.

saving is not about tomorrows wealth creating . its about a temporary filling of a savings account upto a set target to rescue you from incidents. that way after reaching the target and then investing. when an incident occurs. you dont need to go to debt to rescue you, you dont need to sell assets/investments at a loss to rescue you because you have the savings there to save you.. hint is in the name

so when you reach your Xmonth bill savings total target. or X amount that covers a $X home appliance repair/replacement target.
then you can stop adding more of the unspend income into savings account. and instead put ongoing income unspent amount into investing by not needing to add more to the savings account, but put the unspent amount of income into investments

But that same cash you saved in fiat would have been better saved in a stable coin like Usdt so that you are sure inflation will not eat it up and at least you can resell it at the current price of the time you are ready for conversion. If you keep your savings in fiat, it is as good as no savings if you compare it value from the year is stocked it to when you needed to use it.

So we have to be wise to take advantage of some certain facilities like Usdt can help peg your savings for you until a time when you need it .

i would not word that advice in that way

id suggest you prepare and set budgets to categorise and split your income into different debit cards for set purposes. where if there was spare cash not used up. it can go towards savings for the emergency pot. and then investments one emergency pot target is reached, thus not spent but set aside on a card you dont touch unless it has a need

But will you keep saving when there's a better way for you to secure tomorrow which is by investing? Investing offers a better option to me than saving because in saving your money may be losing value due to inflation but when it comes to investing the money is building value against tomorrow. Do not save without investing. If you want to have things easier for you tomorrow then it is better to make sacrifices today to make good investments that will be profitable for tomorrow.

If you start investment at an early age you will be able to retire early when you're old.

As an entrepreneur, one of the key factors that could secure your way to success and save you from falling back to where you started is savings. If you are a monthly salary earner, when you receive your monthly salary, the first thing you need to do is prepare your spending and make a budget for everything to be used up. This is not a wise decision to be taken by anyone who has hope for tomorrow.
 
As a businessman, one thing that makes me stand out from whatever challenges come my way is my ability to always have stacked funds set aside that could be used to tackle some unforeseen challenges that could result in unplanned expenses. Savings is never a bad thing, provided that you can afford to save and still foot all your necessary bills for your needs. Savings should be treated as a top priority, as they play an important role in our lives.

alot of people these days are taught to get several credit cards which come with default X limit(usually more then your monthly income). and you are told by some well dressed salesman to spend to that limit and pay it off with next months income, given some smiley workspeak of how its ok to spend, you can pay it off later..

this bad advice makes/pushes people to spend beyond their means because they think if a bank gave them X credit limit, it means some smart bank guy must have valued the assessed you using some magic accounting to work out you can afford to spend X

this is wrong on so many levels..
what people should do is cut up credit cards.. as they only promote overspending..

what they should do is get 4-5 DEBIT cards. and before the month begins.. set a budget
look at the last few months of statements and make notes of your previous spending.
note what was essential and what was wasteful

start planning your money.
many supermarkets have websites that you can create a shopping list. to get a planned total grocery bill cost.
try it, then before going to checkout. look at the shopping cart and see if you can substitute any choices for cheaper brand variants
and then look at the total.
when you income arrives put only that total into a debit card for groceries. this forces you to only spend within that limit if you discipline yourself to only carry/use that card when doing grocery shopping.

look at all your essential bills and put the essential amount into a debit card for bills. and set your subscription/auto payment/regular payments to come from that card.

that way when you develop a budget where each month you are setting auto payments to just put set balances to each card. it then makes you think that those cards have limits whereby it makes you think about your spending.

this is the safe way to spend. as its not debt. its living within your means of your income limit... not some overstretched limit a credit bank profiteer decided he wants to trick you into

doing it right can leave you with a little excess thats not categorised, budgeted for particulars. set a goal for it. and set it into another of those debit cards where you only use/touch that card when goal/target/need/purpose you set is met

..
basically in short.. its telling your money where to go at start of the month, ensuring it will last atleast and hopefully more then the month... rather than your money going and not remembering where it went before the end of the month.

once you have enough savings to cover any reasonable incident likely to occur. such as any domestic appliance in the home stop working and needing a repair or replacement.. or a month of bills should you suddenly not get income and it takes a few weeks to apply for social security or get another job.. once you have that target savings amount. then stop saving and then put your excess into investing

 I wasn't really a saving type, but lately looking at the current situation of things in my country, how costly things have gotten, once money enters your account or wallet, you'll be suprised of how you won't be sure of how it vanished, not to talk of having a tangible reason of what you did with the money. So recently looking at how people cry for money and personally looking at how I needed money I decided to start splitting the little allowance I get, saving one part and using the other, I won’t really say that it has made me a billionaire or that I no longer lack money but at least I have cash somewhere that I could call my own and fall back to in cause of emergency.
    To cut the story short, I’m advising mostly the young people of our generation to save, avoid unnecessary spendings and save even if it’s so little, cause you might find yourself in a situation tomorrow and you wouldn’t want to call home or ask for help, cause you have a second choice, that means you are literally getting yourself out of a problem. So please it’s not too late to stop spending on things that doesn’t really matter, so basically the money you saved today could literally save you tomorrow.