Savings during inflation | Bitcointalksearch.org

n0ne

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Quote from: dunfida on October 30, 2022, 03:05:32 PM

When you are saving some fiat money on your bank account then its not all the time it would really be a bad idea.Its true that there are really times which we do really need up fiat specially in times or emergency on which you cant really be able to assure that you could really be able to provide money on point when you dont have a savings and thats the con's if you dont consider on saving up at least on fiat.
Its true that inflation do really hits hard when you do save up fiat on your bank account but it does have its pro's on time of emergencies thats why i do always consider
on saving up money or allocating a portion of my income which is really saved up or intended for savings.

Agreed, savings in the banks were always said a bad idea. The truth, most of the time it is the one that helps in emergency. Banks have shut down and take control over the users fund, but it isn't happening with every bank. In some cases there are people who have gone to the bank with gun to steal his own money as he isn't allowed to withdraw his savings.

og kush420

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Quote from: Sir Legend on October 28, 2022, 11:30:56 PM

Of course, it is not easy to save during inflation, most people will take money from savings, even emergency funds are also forced to be taken because they want to cover needs when inflation occurs, this is what makes us have to make preparations from the start with many things such as investment.

saving and creating emergency fund is as important as having food on your table.
Not only during inflation but it is important to save during good time

og kush420

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Quote from: LastKiss on October 25, 2022, 09:24:11 PM

Quote from: odunybiz on August 29, 2022, 05:20:49 PM

~snip~
👉👉always purchase all you need on time without delay to avoid rapid increase of such commodity.

👉👉Unnecessary saving should be avoided. Savings should only be made from excess income which one doesn't need at that moment.

Lastly, investing is highly preferable to savings.

Investing our money in gold, silver or other precious metal is better rather than keeping our money in the bank, especially in times like this when inflation is really high. Just keep some money in your bank for emergency use in case you need it someday. It's true that we should purchase what we need, mostly I will choose some items that I need the most before putting some money into investing.

It is always a good idea to invest where you get good return and also it is important to have emergency fund ready all the time.
banks is a secure option. But sometime when you are unlucky - the money is bank too can be gone in a jiffy. So we should pray to God to keep us safe from the things we are unaware of.

LastKiss

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Quote from: odunybiz on August 29, 2022, 05:20:49 PM

~snip~
👉👉always purchase all you need on time without delay to avoid rapid increase of such commodity.

👉👉Unnecessary saving should be avoided. Savings should only be made from excess income which one doesn't need at that moment.

Lastly, investing is highly preferable to savings.

Investing our money in gold, silver or other precious metal is better rather than keeping our money in the bank, especially in times like this when inflation is really high. Just keep some money in your bank for emergency use in case you need it someday. It's true that we should purchase what we need, mostly I will choose some items that I need the most before putting some money into investing.

Sayakaaja

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I think it's useless to save in times of inflation like today. because, goods always go up, can't always go down. even though we save a lot, then in the future the goods soar higher than our savings. the money we save, which we think is big, becomes small.

paxmao

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Quote from: og kush420 on October 30, 2022, 02:07:49 PM

Quote from: Sir Legend on October 28, 2022, 11:30:56 PM

Of course, it is not easy to save during inflation, most people will take money from savings, even emergency funds are also forced to be taken because they want to cover needs when inflation occurs, this is what makes us have to make preparations from the start with many things such as investment.

saving and creating emergency fund is as important as having food on your table.
Not only during inflation but it is important to save during good time

Agree, but the problem during inflation is precisely that you have an emergency fund in fiat, and the price levels increase with the inflation eating up on that reserve of money. How are you going to make sure that your emergency fund is still sufficient to cover the usual eventualities such as bad health, unemployment... or if you live in Mexico, an express-kidnaping.

carlfebz2

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Quote from: Cryptmuster on November 02, 2022, 02:38:07 AM

Quote from: dunfida on October 30, 2022, 03:05:32 PM

When you are saving some fiat money on your bank account then its not all the time it would really be a bad idea.Its true that there are really times which we do really need up fiat specially in times or emergency on which you cant really be able to assure that you could really be able to provide money on point when you dont have a savings and thats the con's if you dont consider on saving up at least on fiat.
Its true that inflation do really hits hard when you do save up fiat on your bank account but it does have its pro's on time of emergencies thats why i do always consider
on saving up money or allocating a portion of my income which is really saved up or intended for savings.

Having savings in reserve is a very good idea, but keeping it in a bank account is not the best idea. These days, more and more often we hear stories when people cannot withdraw their money from the bank if necessary. I'm not saying that this applies to all countries, but this happens quite often and you need to be insured against this. It is better to keep your savings in a safe, they will be available at any time you need.

Give me some examples or news about these fund hold up or locked or been ran away by banks.How often it do happens?

It is really just on small chance for it to happen thats why people do really put up soo much trust on banks because they do really believe that it is secure which i cant really blame them considering that we've been
using these institutions on storing up our fiat money.
If you are really that wise and minding about inflation then for sure you would be considering on putting those funds into move via means on making some investment.

Cryptmuster

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Quote from: dunfida on October 30, 2022, 03:05:32 PM

When you are saving some fiat money on your bank account then its not all the time it would really be a bad idea.Its true that there are really times which we do really need up fiat specially in times or emergency on which you cant really be able to assure that you could really be able to provide money on point when you dont have a savings and thats the con's if you dont consider on saving up at least on fiat.
Its true that inflation do really hits hard when you do save up fiat on your bank account but it does have its pro's on time of emergencies thats why i do always consider
on saving up money or allocating a portion of my income which is really saved up or intended for savings.

Having savings in reserve is a very good idea, but keeping it in a bank account is not the best idea. These days, more and more often we hear stories when people cannot withdraw their money from the bank if necessary. I'm not saying that this applies to all countries, but this happens quite often and you need to be insured against this. It is better to keep your savings in a safe, they will be available at any time you need.

Jatiluhung

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Quote from: BRINIRHA on October 31, 2022, 03:26:07 AM

so high inflation alone has made it difficult for people to save. coupled with the more frightening threat of a recession.
and there is something scarier than a recession it is an economic depression.

we need to know the difference between an economic recession and an economic depression. to understand it read this quote,
Columnist Sidney J. Harris distinguished the terms this way:
"a recession is when your neighbor loses his job; depression is when you lose your job."
quote source: wikipedia

This is new knowledge for me. I just understood the meaning of the economic depression from the phrase you quoted from Columnist Sidney J. Harris.

And it seems the economic depression is really scary when it happens. because when inflation is not under control like now we have been affected quite hard. I even started to save money since this economic crisis took place. I want to keep saving. because I want to prepare myself if the economic crisis continues. but I hope the global economy can recover quickly. so that economic recession and economic depression do not occur.

Mario Yamasaki

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I think saving is not a long -term solution. To make financial conditions always healthy is to calculate fixed expenses and fixed income, if expenditure is smaller than income then the thing that must be done immediately is to find additional income and the easiest thing we can do is try cryptocurrencies.

panganib999

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Quote from: Duzter on August 29, 2022, 05:36:51 PM

Every country is experiencing the inflation at its peak. A true example is pictured in the opening post. The right approach is to invest on cryptocurrencies which assure of profit. Even with cryptocurrency one need to do things at the right time without making any delay.

Once savings served as a base for further investment needs. Now things have changed and it is completely upside down. In my country banks are at its worst and few have closed the service. So, banks are no more a place for our hard earned money.

I agree with your sentiment but supposing as if Cryptocurrency is the end-all-be-all of all assets out there is the reason why people outside the industry think of cryptocurrency as a mere speculative asset that is backed by ponzi schemes. Again, I agree with what you said, crypto is definitely a good asset to put your savings in WHEN DONE RIGHT. Merely saying that it is the right approach, especially without pointing out its cons could trick some people into believing that cryptocurrencies has no downsides. It's best to always do a little bit of your own research to find what asset is best for you to invest in based on a couple of factors.

As for banks, saving your money isn't the best place for them right from the start. I think this has been taught a lot in internet videos and even in the four corners of your classroom. They are mainly there for providing loans and helping combat inflation by controlling interest rates for said loans but if you think they are the best place to save your money, well let's just say there are better alternatives.

BRINIRHA

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Quote from: Sir Legend on October 28, 2022, 11:30:56 PM

Of course, it is not easy to save during inflation, most people will take money from savings, even emergency funds are also forced to be taken because they want to cover needs when inflation occurs, this is what makes us have to make preparations from the start with many things such as investment.

When an inflation is out of control, it is an indication of an economic crisis in a country or globally. Uncontrolled inflation is usually caused by a gap between people's purchasing power and rapidly rising prices of goods. rising prices of goods caused one of them by the decline in the value of the currency. So of course at that time even our savings can be used because we have to. that means it is difficult to save when inflation is out of control.

even higher inflation because it is not controlled will cause a recession.

so high inflation alone has made it difficult for people to save. coupled with the more frightening threat of a recession.
and there is something scarier than a recession it is an economic depression.

we need to know the difference between an economic recession and an economic depression. to understand it read this quote,
Columnist Sidney J. Harris distinguished the terms this way:
"a recession is when your neighbor loses his job; depression is when you lose your job."
quote source: wikipedia

dunfida

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Quote from: og kush420 on October 30, 2022, 02:07:49 PM

Quote from: Sir Legend on October 28, 2022, 11:30:56 PM

Of course, it is not easy to save during inflation, most people will take money from savings, even emergency funds are also forced to be taken because they want to cover needs when inflation occurs, this is what makes us have to make preparations from the start with many things such as investment.

saving and creating emergency fund is as important as having food on your table.
Not only during inflation but it is important to save during good time

When you are saving some fiat money on your bank account then its not all the time it would really be a bad idea.Its true that there are really times which we do really need up fiat specially in times or emergency on which you cant really be able to assure that you could really be able to provide money on point when you dont have a savings and thats the con's if you dont consider on saving up at least on fiat.
Its true that inflation do really hits hard when you do save up fiat on your bank account but it does have its pro's on time of emergencies thats why i do always consider
on saving up money or allocating a portion of my income which is really saved up or intended for savings.

Sir Legend

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Of course, it is not easy to save during inflation, most people will take money from savings, even emergency funds are also forced to be taken because they want to cover needs when inflation occurs, this is what makes us have to make preparations from the start with many things such as investment.

landheer

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Quote from: AicecreaME on October 28, 2022, 05:02:14 AM

Saving your fiat in the bank doesn't save you from inflation, or any advantage at all. Investing it to something that is profitable in the long run is more of like fighting against inflation. Bank is the only one who is getting the benefits in the long run because of the funds that's been saved on them by a lot of people, they lend it to other people with a high interest rate, while people only get few percentage of interest yearly.

I'd rather invest it in Bitcoin rather than letting the bank take advantage of my money.

yes, it is better that way. because if you invest in bitcoin
our money will increase, but of course we have to be able to buy bitcoins, because if we can't buy bitcoins at the right time then the risk will be loss.

lizarder

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Quote from: gabbie2010 on October 28, 2022, 08:19:10 AM

As a crypto enthusiast I ensured that my major assets are crypto particularly bitcoin stored in my wallet, I dislike saving money in my bank account when there is a better alternative in crypto this is the right time to buy bitcoin and accumulate as much as possible and wait till the rainy days ahead.

Similar to what I did, in the last year we have increased investment in bitcoin, many problems have prompted me to make bitcoin purchases gradually. Saving money in the bank can't keep its value, we only benefit from the small interest they give, while on the other hand the use of money does not run and our money continues to stay in storage, even though we can use bitcoin to get maximum profit.

Quote

inflation had been ravaging the global economy while savings in fiats has depreciated in values with banks paying low interest rate, then of values does saving in bank holds? better still I rather used my fiat to purchase physical assets or landed property whose value will appreciate in no distant future.

In addition, inflation can make the value of the currency depreciate, while bitcoin can maintain its value, even when inflation occurs bitcoin does not affect the value, the strength of Bitcoin can be interpreted as safe in storing assets.
While physical assets in the form of land are also better than saving money in a bank, because both can maintain value, actually a good investment is a way to maintain the value of the currency and be able to generate maximum profits.

gabbie2010

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Quote from: ?? on ??

Inflation is like fire and it will burn cash unless the money is invested in stocks, gold, BTC and other assets that can give very good returns in the future to come. Cost of everything will rise substantially and we must be prepared for it, one day at a time, doing our best to safeguard our hard earned money. Cheesy

As a crypto enthusiast I ensured that my major assets are crypto particularly bitcoin stored in my wallet, I dislike saving money in my bank account when there is a better alternative in crypto this is the right time to buy bitcoin and accumulate as much as possible and wait till the rainy days ahead, inflation had been ravaging the global economy while savings in fiats has depreciated in values with banks paying low interest rate, then of values does saving in bank holds? better still I rather used my fiat to purchase physical assets or landed property whose value will appreciate in no distant future.

AicecreaME

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Saving your fiat in the bank doesn't save you from inflation, or any advantage at all. Investing it to something that is profitable in the long run is more of like fighting against inflation. Bank is the only one who is getting the benefits in the long run because of the funds that's been saved on them by a lot of people, they lend it to other people with a high interest rate, while people only get few percentage of interest yearly.

I'd rather invest it in Bitcoin rather than letting the bank take advantage of my money.

348Judah

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Quote from: Cryptmuster on October 28, 2022, 02:43:54 AM

Quote from: LastKiss on October 25, 2022, 09:24:11 PM

Investing our money in gold, silver or other precious metal is better rather than keeping our money in the bank, especially in times like this when inflation is really high. Just keep some money in your bank for emergency use in case you need it someday. It's true that we should purchase what we need, mostly I will choose some items that I need the most before putting some money into investing.

If it suits you, you can keep some money in the bank for expenses, but it should be a small amount for everyday expenses, since it is not very wise to trust banks with large amounts. Bank deposits are no longer relevant, they have more risks than benefits, why create problems for yourself. Gold is a very good investment that has stood the test of time and perhaps silver can now bring even more profit than gold, because it is widely used in industry (do not take it as financial advice).

That's true, bank should be the last ans worst decision one could make to save up his money for long time, but aside gold, bitcoin is also a good means to have your asset well kept into a profitable investment, if you can set a time frame to invest on bitcoin by buying the dip and selling when the price goes high, you will realize alot of interest than when left in banks to discover your money turns a liability on you with bamks making deductions.

Cryptmuster

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Quote from: LastKiss on October 25, 2022, 09:24:11 PM

Investing our money in gold, silver or other precious metal is better rather than keeping our money in the bank, especially in times like this when inflation is really high. Just keep some money in your bank for emergency use in case you need it someday. It's true that we should purchase what we need, mostly I will choose some items that I need the most before putting some money into investing.

If it suits you, you can keep some money in the bank for expenses, but it should be a small amount for everyday expenses, since it is not very wise to trust banks with large amounts. Bank deposits are no longer relevant, they have more risks than benefits, why create problems for yourself. Gold is a very good investment that has stood the test of time and perhaps silver can now bring even more profit than gold, because it is widely used in industry (do not take it as financial advice).

Topic: Savings during inflation (Read 9947 times)