Savings during inflation - page 5. | Bitcointalksearch.org

Tony116

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Quote from: adzino on September 28, 2022, 09:09:35 PM

You will always lose money in the long run if you hold and save your money in the bank. Bank interest rates can never beat the inflation rate. The value of the money goes down, the price of the goods increases like you have shown in the picture.

You don't need to always purchase what you might need so that you don't get hit by the inflation. Better to invest and keep the money flowing. If you have money that you won't need, invest in bitcoin or other well known crypto currencies.

Today, to avoid inflation, we should all have an investment and a savings account. In my opinion, even though currency devaluation is happening on a daily basis, it is still best to save in fiat because life is not always what we expect. Also, it is not recommended to invest all the excess money in bitcoin or cryptocurrency, it is not safe because the volatility of the cryptocurrency is too great. Sometimes need money but we are in bear market like now, bitcoin value drops to 60% then we can hardly sell. Everyone should have an investment for life as well as future but always diversify, invest in bitcoin and invest in gold for financial balance.

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Quote from: erep on September 30, 2022, 06:26:21 PM

Quote from: GelatikKembar on September 30, 2022, 03:49:29 AM

It is not easy to save when the economy is in inflation and the fact is that it is.
they have to think about making ends meet so I don't think there's time to save,
but again, everyone has different economic conditions regardless of current conditions

The inflation rate is increasing so we have no money to save because consumer prices for all items have increased in this year, food prices have increased, energy prices, even fuel. All basic needs have now increased so that the middle class economy still has enough money to save and the lower economic class can only work hard to get their daily needs due to the increasingly crisis economic condition, based on economic data showing the most extreme increase for this year , many aspects experienced a significant percentage change increase that had never occurred in the previous year.

In relation to inflation, distributing income is sometimes not a bad thing for the economy, as long as the money being "given" is used to generate value. For example, expand a company, start a business.

In the case of low-income people, they will spend on essential items, but in the end they will be financing the entire chain of companies that generate food.

In the end, inflation in these cases isn't that bad.

erep

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Quote from: GelatikKembar on September 30, 2022, 03:49:29 AM

It is not easy to save when the economy is in inflation and the fact is that it is.
they have to think about making ends meet so I don't think there's time to save,
but again, everyone has different economic conditions regardless of current conditions

The inflation rate is increasing so we have no money to save because consumer prices for all items have increased in this year, food prices have increased, energy prices, even fuel. All basic needs have now increased so that the middle class economy still has enough money to save and the lower economic class can only work hard to get their daily needs due to the increasingly crisis economic condition, based on economic data showing the most extreme increase for this year , many aspects experienced a significant percentage change increase that had never occurred in the previous year.

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Quote from: og kush420 on September 29, 2022, 06:39:27 PM

Quote from: Doan9269 on September 29, 2022, 09:47:25 AM

The only method to savings i can advise during inflation is to invest on digital currency like bitcoin and have your investment work for you over time than buying liability items, businesses failed and prices got hiked during inflation and thereby the price of commodity increses and the value of money decreases within that specific period, but one of the best solution is to go with an economy that is free from inflation whereby the value of your asset has such tendencies to increase over time instead of decreasing with fiat currency over time.

saving up in inflation is a real hard job - esp in COVID - but the rich countries have give so much support and aid to the people
Some of the people who timely clamined their funds were in good situation then those who were sleeping and watching netflix all the time

It is not easy to save when the economy is in inflation and the fact is that it is.
they have to think about making ends meet so I don't think there's time to save,
but again, everyone has different economic conditions regardless of current conditions

cheezcarls

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Yes this is why I do not save much in a bank. Usually one of my closest friends have advised me that if I had some decent amount of cash I should be putting it in a time deposit. But what she didn’t realize is that once she put that money in the bank, she doesn’t fully own it. In other words, it’s not in her full custody.

No disrespect though. But on the other hand, she also invested some BTC, ETH and BNB with her extra spare funds. But she stores it in a CEX and not a hardware wallet. I saved most of my money on Bitcoin and put it in a hardware wallet to ensure that it’s really safe rather than relying on a CEX or a non-custodial wallet that was created in the internet.

Doan9269

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The only method to savings i can advise during inflation is to invest on digital currency like bitcoin and have your investment work for you over time than buying liability items, businesses failed and prices got hiked during inflation and thereby the price of commodity increses and the value of money decreases within that specific period, but one of the best solution is to go with an economy that is free from inflation whereby the value of your asset has such tendencies to increase over time instead of decreasing with fiat currency over time.

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Quote from: Charles-Tim on August 29, 2022, 05:26:43 PM

A time like this, it is good to go for asset like bitcoin as investment, going for bitcoin now would also be an hedge against inflation over years, just as it was in the past.

Bitcoin can be a speculative asset, but investing when the price is significantly low is a profitable investment strategy and also would be a hedge against inflation, that is what I mean.

Not sure I agree bitcoin (or any crypto) is a hedge against inflation--or even if there really is a good one, like precious metals. In investing or even stocking up on durable goods for the future, everything depends on what price you bought in at. And like my doubts about there being good inflation hedges, when exactly is bitcoin "significantly low"? It's not like you can look at its price/earnings and get a ballpark sense of whether it's undervalued, like you could with a stock.

I'm guessing there were people who thought bitcoin was cheap at $63k. Whoever bought at that price hasn't been hedging anything, much less making a profit.

OP, generator prices can be seasonal or fluctuate during crazy weather. Did any of that come into play in your example?

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For now saving is a difficult thing I do. When inflation of course there will be a lot of routine expenses that skyrocket, I also feel that the impact of inflation that starts from food is skyrocketing more than 10% compared to the beginning of the year, of course the thing I do is to continue to take deposits so that now the savings in banks are getting smaller.

Whoever brings the idea of saving the need to be giving some slash of canes, the concept has never been helpful even for an emergency purpose. The principles of savings and economy are inversely proportional, as one is being eaten up by inflation as the general increase in the price of goods and services, and the other is losing value day by day, that's why even the banks that encourage savings don't actually keep your money with them, they re-invest them into corporate business and loan them out to the same loyal customers with interest on them.

fullhdpixel

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Quote from: bakasabo on September 14, 2022, 03:51:39 AM

Quote from: Synchronice on September 14, 2022, 03:03:42 AM

Savings during inflation is a bad idea because take a look at this situation:
The 2020 year - I have $1000 in a hidden place at my house - inflation is 10%
The 2021 year - The purchasing power of my 2020s $1000 is $900 right now. I lost $100 out of thin air. Imagine, you didn't buy thing X to save $100 and keep our $1000 but the inflation takes that $100 out of your pocket.

That's why you need to either become a professional in a job with the best job security or always chase to create at least a small business like a restaurant or cafe or food shop that will bring you some profit.

Your given example can work in different way. Imagine you did not hide that thousand, but have bought something. In 2021 your loss will be $1000 in fiat, but you will have an item, that is already used and cant be sold for $1000 on aftermarket and depreciation has decreased its value. What is better in that case? $900 or "thing X" that does not cost $1000 ?

P.S. Do you know that small business will bring first profit after a long period of working with losses? Small business will be first to die during high inflation, because it cant compete with huge store and restaurant chain.

The thing you bought for 1000 ends up being 1100 next year after 10% inflation, which means you saved money but the question is will you be able to convince yourself that you wouldn't make more than that if you kept it? If you were going to spend on something else, or just keep it hidden in your house then it is better to buy that equipment, but if you want to buy bitcoin and hope that you could profit then you could turn your 1000 into 1500 dollars and spend that 1100 instead of 1000, and still have 400 left. That's the question people's minds.

Recently I purchased a PC and in my nation PC taxes are 100%, so I probably bought it by paying more than any of you, but it was a good deal because I am 100% sure that the price would go up a lot more than what I paid for it in a few months let alone a year.

adzino

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You will always lose money in the long run if you hold and save your money in the bank. Bank interest rates can never beat the inflation rate. The value of the money goes down, the price of the goods increases like you have shown in the picture.

You don't need to always purchase what you might need so that you don't get hit by the inflation. Better to invest and keep the money flowing. If you have money that you won't need, invest in bitcoin or other well known crypto currencies.

Finestream

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Quote from: ChiBitCTy on September 13, 2022, 01:55:36 PM

First off those generators look different and is that a marketplace site like eBay ? I’m not sure that accurately depicts the difference due to inflation. You do have a good point, savings accounts during high inflation times are essentially losing money, but that doesn’t mean you should be saving money like that. It’s still important to have cash on hand in case of emergencies. Also, if you do need to be storing money in savings, make sure you find high yield savings: example .. in the US a Chase Bank savings account rate is around .01% however if you choose an online only bank like Ally, their savings rate is 2%.

As far as saving money is concern, whatever investments you have even in this time of inflation, it’s still important to have at least good amount of savings either for emergency purposes or maybe for additional investments in the future. However, this isn’t required as you only have to save when you have extra money. Other than that, if you have small profiting investment, then think of other investment or business that will create big profits that will enable you to save even with the verge of inflation.

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Quote from: landheer on September 18, 2022, 06:32:36 PM

Quote from: batang_bitcoin on August 29, 2022, 05:57:01 PM

It's not worth it to save your money in the bank if the inflation rate is higher than the percentage it gives to the interest rates. It's better to spread it to investments that has a higher percentage than the inflation rate because it will make you deal with the high prices of commodities through it.
I rarely save to the my bank accounts these days but I still try to put as much as I can so that, I treat it as an emergency fund but at most times, I convert it to bitcoin.

yes, indeed, if there is more money, it is better to use it to buy bitcoin, because if we buy bitcoin it will be safer, as long as we buy it at a price when bitcoin is down, and so am I when I receive my salary I always set aside to save bitcoin only , because it is safer when inflation is like today.

earlier during COVID people have made subscriptions to the Netflix and that has brought so much revenue to the company
Now the people are unsubscribing to save a few bucks.
Inflation is a killing factor - physically and mentally both

batang_bitcoin

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Quote from: Vaskiy on September 26, 2022, 06:54:35 PM

Savings during inflation gives hand, but here we need to be so careful in choosing the method of saving. Earlier we've got the access to save only the fiat currencies. Now things have changed and anything is possible in the fingertips. So, good is to save in the form of inflation free assets. It can be cryptocurrency or something else that assure with long term profit.

I think that most assets are affected by inflation and that's why even if you want to save, you can't avoid that.
Looking at the chart of various currencies in the world, it is USD that's going up but living in the US is also becoming hard for the average people. But saving such as cryptocurrencies, despite it's also being affected, it's one of the assets that can go against inflation especially to the cryptos that are deflationary currencies like bitcoin. Now, it's seen to be going with the whole market and economy but soon, it'll be tied out from it.

landheer

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Quote from: batang_bitcoin on August 29, 2022, 05:57:01 PM

It's not worth it to save your money in the bank if the inflation rate is higher than the percentage it gives to the interest rates. It's better to spread it to investments that has a higher percentage than the inflation rate because it will make you deal with the high prices of commodities through it.
I rarely save to the my bank accounts these days but I still try to put as much as I can so that, I treat it as an emergency fund but at most times, I convert it to bitcoin.

yes, indeed, if there is more money, it is better to use it to buy bitcoin, because if we buy bitcoin it will be safer, as long as we buy it at a price when bitcoin is down, and so am I when I receive my salary I always set aside to save bitcoin only , because it is safer when inflation is like today.

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Quote

You can't trust fiat enough to stand as a strong hedge over inflation. Any amount cooling in the bank is never the owners because the government can decide to do what ever the wish to it when ever the chose to. Investing is Bitcoin since 2020 would have given more value to your fiat and also increased your purchasing power

Yes, those that invested in Bitcoin 2020 really achieved something good from their investments few months ago, because they decided not to save the money in the bank than to invested the money on Bitcoin against future purpose. I think, during this inflation the best place to put your money or invest your money is Bitcoin because the price has decreased to $18,000 for many that wish to buy now to embrace the opportunity to buy and hold until the price of Bitcoin increase higher before they can sell to make a passive incomes.

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Quote from: Vaskiy on September 26, 2022, 06:54:35 PM

Savings during inflation gives hand, but here we need to be so careful in choosing the method of saving. Earlier we've got the access to save only the fiat currencies. Now things have changed and anything is possible in the fingertips. So, good is to save in the form of inflation free assets. It can be cryptocurrency or something else that assure with long term profit.

We really have to be careful when we are going to save and invest during inflation, my advice is to avoid saving fiat whose value continues
to decline. I don't even really recommend investing in bank products. Which is usually not only the value of bank products continues to decline,
bank products also usually offer a small interest. That's why I prefer investing in crypto, which avoid us from inflation, and also investing in crypto
can generate huge profits. Assisted by technological advances, it is easier for us to invest in crypto. We just have a personal wallet to store crypto
in the long term, if our crypto choice is good, we can make big profits. Most importantly we only need to choose a potential cryptocurrency,
after that choose a wallet that can provide excellent security. After all, crypto is very affordable for us to buy compared to investing in real estate.

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

CONCLUSION
During inflation,
👉👉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.

I disagree with your placement. It makes sense, but if you can organize yourself before the inflation cycle, which in this case was predictable, you could do well.

Diversifying your investments into various assets could already help in gains and mitigate losses. Again, your placement makes sense, but it would be possible to avoid it.

Vaskiy

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Savings during inflation gives hand, but here we need to be so careful in choosing the method of saving. Earlier we've got the access to save only the fiat currencies. Now things have changed and anything is possible in the fingertips. So, good is to save in the form of inflation free assets. It can be cryptocurrency or something else that assure with long term profit.

Fatunad

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Quote from: og kush420 on September 26, 2022, 06:19:38 PM

Quote from: landheer on September 18, 2022, 06:32:36 PM

Quote from: batang_bitcoin on August 29, 2022, 05:57:01 PM

It's not worth it to save your money in the bank if the inflation rate is higher than the percentage it gives to the interest rates. It's better to spread it to investments that has a higher percentage than the inflation rate because it will make you deal with the high prices of commodities through it.
I rarely save to the my bank accounts these days but I still try to put as much as I can so that, I treat it as an emergency fund but at most times, I convert it to bitcoin.

yes, indeed, if there is more money, it is better to use it to buy bitcoin, because if we buy bitcoin it will be safer, as long as we buy it at a price when bitcoin is down, and so am I when I receive my salary I always set aside to save bitcoin only , because it is safer when inflation is like today.

earlier during COVID people have made subscriptions to the Netflix and that has brought so much revenue to the company
Now the people are unsubscribing to save a few bucks.
Inflation is a killing factor - physically and mentally both

There are services and products which did really fly out with colors or making much revenue into those pandemic times where people are just sitting in their own homes but now that things is going back to normal
then it would really be not surprising that everything would really back to normal as well into those companies who had made out such money and to those who havent or been wrekt up.
Speaking about savings then this would be a personal type of condition since not all would really be that keen on doing so but we know on how crucial or much preferred on having savings
despite of the inflation that we are facing on.We dont have any choice because this is something inevitable thats happening.

Alisha-k

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You can't trust fiat enough to stand as a strong hedge over inflation. Any amount cooling in the bank is never the owners because the government can decide to do what ever the wish to it when ever the chose to. Investing is Bitcoin since 2020 would have given more value to your fiat and also increased your purchasing power

Topic: Savings during inflation - page 5. (Read 9948 times)