Saving and spending habits, what do you guys think about this?

Dr.Bitcoin_Strange

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Quote from: iBaba on October 28, 2024, 01:33:08 AM

Quote from: Dr.Bitcoin_Strange on October 25, 2024, 01:47:31 PM

I have been in such a situation many times and even up till now it still occurs. If I decide to lock a particular fun for a set out goal, I don't use a bit of that fund for something else unless it's just what it was meant for. If I do, I will end up spending the money gradually on something else, not gambling though, until it finishes.

I was caught up in the same act the last time. Sincerely, since I knew about locking of funds for a while now, at least more than a year now, I have been using it effectively to save my funds on my fixed account . Only recently, which was the last time I saved money, the heat of the recession made me to liquidate it and that was my first time experiencing it.

I didn't know the bank will have to use another 24 hours to get my funds finally liquidated to my account. Locked funds are not really funds that could be taken out of emergency like I assumed earlier and in the end I ended up regretting why I had to liquidated the account when it didn't really helped me when I needed it. This is truly the kind of decipline I need.

Yea, locked savings is really a disciplinary savings plans where you wouldn't get access to your funds even during emergencies but for the plan I use, you can access the funds during emergency but you will have to wait for 12 - 24 hours before the money is finally unlocked.

iBaba

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Quote from: Dr.Bitcoin_Strange on October 25, 2024, 01:47:31 PM

I have been in such a situation many times and even up till now it still occurs. If I decide to lock a particular fun for a set out goal, I don't use a bit of that fund for something else unless it's just what it was meant for. If I do, I will end up spending the money gradually on something else, not gambling though, until it finishes.

I was caught up in the same act the last time. Sincerely, since I knew about locking of funds for a while now, at least more than a year now, I have been using it effectively to save my funds on my fixed account . Only recently, which was the last time I saved money, the heat of the recession made me to liquidate it and that was my first time experiencing it.

I didn't know the bank will have to use another 24 hours to get my funds finally liquidated to my account. Locked funds are not really funds that could be taken out of emergency like I assumed earlier and in the end I ended up regretting why I had to liquidated the account when it didn't really helped me when I needed it. This is truly the kind of decipline I need.

Dr.Bitcoin_Strange

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Quote from: Obim34 on October 25, 2024, 12:34:39 PM

Yes, absolutely logical. I am sure a lot of us here has been through a situation like that, that is why it is best to lock funds. Something happened with a friend of mine that gambled his way into making huge amount of money which i had to advise him to lock part of the profits, he did but due to several loses and his gambling account was out of funds he decided to tamper with his locked funds by liquidating partially which he kept on doing busy chasing loses until everything dried up, now he is being left with no savings and less than 50k in his account, someone who was operating on a million.

I have been in such a situation many times and even up till now it still occurs. If I decide to lock a particular fun for a set out goal, I don't use a bit of that fund for something else unless it's just what it was meant for. If I do, I will end up spending the money gradually on something else, not gambling though, until it finishes.

Obim34

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Quote from: Dr.Bitcoin_Strange on October 19, 2024, 08:44:25 AM

So, guys, there's a statement I listened to by a Nigerian economist, he said, "Any money you have planned to save, never take out a penny out of it." He went further to explaining the reason why you must not take out a penny from that amount you want to save, because when you do so for any reason (it might be that a pressing need arise) you will have no option but to still deducte some money from the savings funds any time more needs arise and before you realize what's going on, you end up saving nothing.

Here's the question, have you experience such situation where you wanted to save a specific amount of money but needs arose and you took out some money from the saving fund and starting frome that moment, you started spending the money until you didn't save it again?

Yes, absolutely logical. I am sure a lot of us here has been through a situation like that, that is why it is best to lock funds. Something happened with a friend of mine that gambled his way into making huge amount of money which i had to advise him to lock part of the profits, he did but due to several loses and his gambling account was out of funds he decided to tamper with his locked funds by liquidating partially which he kept on doing busy chasing loses until everything dried up, now he is being left with no savings and less than 50k in his account, someone who was operating on a million.

My advise is to lock funds somewhere that it can not be liquidated to avoid some situation like this.

Hewlet

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Quote from: Dr.Bitcoin_Strange on October 19, 2024, 08:44:25 AM

Here's the question, have you experience such situation where you wanted to save a specific amount of money but needs arose and you took out some money from the saving fund and starting frome that moment, you started spending the money until you didn't save it again?

na wetin de deficult pass for savings be that na. As long as you get one need when make you touch part of the money, e no go take time before another need go come and you go still touch more untill the money reduce to nothing. If you never de save money like that you no go understand how deficult e de to stay disciplined with money when you don set out as your savings. Na the same reason why when people de talk about long term Investment, e de sure me die say most of the things when dem de talk about no de easy like that for the real life.

Normally, deficulty de associated with saving money but not saving the money at all na him come worse pass because of the way when emergency de hit person back and forth. Touching part of your money while your de save na real life situation and you no fit talk say you can never fall into that trap. It happens but then you have to work on reducing how easily you touch your serving when better emergency never choke. You gat know say if you start de touch your savings when better problem never burst out eh, when e finally happen say you need money to use run one or two, you go come finally discover say you don chop all your savings finish.

Lightmanalmani

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Quote from: Dr.Bitcoin_Strange on October 19, 2024, 08:44:25 AM

So, guys, there's a statement I listened to by a Nigerian economist, he said, "Any money you have planned to save, never take out a penny out of it." He went further to explaining the reason why you must not take out a penny from that amount you want to save, because when you do so for any reason (it might be that a pressing need arise) you will have no option but to still deducte some money from the savings funds any time more needs arise and before you realize what's going on, you end up saving nothing.

Here's the question, have you experience such situation where you wanted to save a specific amount of money but needs arose and you took out some money from the saving fund and starting frome that moment, you started spending the money until you didn't save it again?

You are right, there is also a saying that you should save and use what is left, don't use and save what is left.
In this "beautiful " economy as we are experiencing it takes alot of discipline to do that.

You find out that without discipline even the money you saved ends up saving you in a short while ,thereby returning you to point zero.

Let's develop discipline in building our saving culture

Doan9269

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Quote from: Dr.Bitcoin_Strange on October 19, 2024, 08:44:25 AM

So, guys, there's a statement I listened to by a Nigerian economist, he said, "Any money you have planned to save, never take out a penny out of it." He went further to explaining the reason why you must not take out a penny from that amount you want to save, because when you do so for any reason (it might be that a pressing need arise) you will have no option but to still deducte some money from the savings funds any time more needs arise and before you realize what's going on, you end up saving nothing.

Here's the question, have you experience such situation where you wanted to save a specific amount of money but needs arose and you took out some money from the saving fund and starting frome that moment, you started spending the money until you didn't save it again?

To balance it all, we may have to do these two things and make it well done.

1. if you're planning on savings, then always include your a separate portion in which will serve your backup, don't hold money on anything you are meant to use it for because one may later regret after experiencing diversification.

2. Always have plan for budget deficit, because not all the time we may have to meet up on every demanding bills we have ahead of us, but when there is a portion assigned for miscellaneous we wont be caught into a sudden situation of no choice.

rachael9385

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Quote from: Dr.Bitcoin_Strange on October 19, 2024, 08:44:25 AM

So, guys, there's a statement I listened to by a Nigerian economist, he said, "Any money you have planned to save, never take out a penny out of it." He went further to explaining the reason why you must not take out a penny from that amount you want to save,

There is always a need to save money, and some of the reasons is because of emergency issues. With this, one can easily take some penny out of his savings and do other important things. But when you are saving to buy a specific item or to run a project you can be stricted with your savings and focus on how to achieve the money you want from your savings.
Based on your question, yes I nah also one of the person way be say if no be important thing I dey keep money for, I dey always tamper with am, but when I won save to do something important I always dey dy stricted with am.
Well, person like me, I always get more than one savings, one for emergency and the other for personal things.

CryptoHeadlineNews

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That economist is absolutely right regarding his statement about how an individual's inability to control his/her increasing number of needs may lead to not been able to effectively save a desired amount, because one thing I have noticed about personal savings is that it takes disciplined for anybody to save, most especially in this hard economy, saving is a habit, and can be learned irrespective of age or educational background, because problems both family and personal will always come our way, but our ability to distinguish what that matters most and needs an urgent needs and the ones that can be postponed will affect how well we save for our financial goals.

It's easy to save if the purpose for it is strategically outline and step by step guide on ways to achieving it.

Dr.Bitcoin_Strange

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Activity: 770

Merit: 538

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So, guys, there's a statement I listened to by a Nigerian economist, he said, "Any money you have planned to save, never take out a penny out of it." He went further to explaining the reason why you must not take out a penny from that amount you want to save, because when you do so for any reason (it might be that a pressing need arise) you will have no option but to still deducte some money from the savings funds any time more needs arise and before you realize what's going on, you end up saving nothing.

Here's the question, have you experience such situation where you wanted to save a specific amount of money but needs arose and you took out some money from the saving fund and starting frome that moment, you started spending the money until you didn't save it again?

Topic: Saving and spending habits, what do you guys think about this? (Read 89 times)