Savings during inflation - page 8. | Bitcointalksearch.org

lucates

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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.

Lastly, investing is highly preferable to savings.

Moderate levels of inflation stimulate economic growth because it improves the business environment, which promotes capital formation, that's, investment. But high rates of inflation retards or reduce capital formation leads to decrease the savings and investment. Because real income or interest rate reduces, so capacity or willingness to save will reduce automatically.

Theones

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Quote from: Reid on September 02, 2022, 05:34:06 AM

This is the reason why I cannot buy anything right now, especially equipment things. It's just that I am keen at price checking and I know how much the difference is today than last year or a couple. It is true, it's doubled, worst some items are tripled in price. I guess my only option is to save it for later or if the equipment is badly a necessity then just swallow the expensive price and don't regret it.
It's difficult to adjust now because the salary is not even changing, it's not levelled with the new price tags in the market.

Saving is a good habit - in all the stages of ife.
I have serious trouble managing my finances. When i have money I spend like crazy and when I dont have money - I sit silent and don't spend - The balance is important which I am very bad at...

Sebas.tian

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Quote

Savings is not advisable for those who have extra money, because this can’t give you enough profit so it’s really advisable to put too much money on savings account. As suggested by many, you can save the amount of your expenses up to 6 months which this can also save as your emergency funds, beyond that amount better to put it on a market where you can at least earn 10% yearly, which I think is already enough to beat inflation. Stocks and crypto market are both risky, but the reward is great.

I agree with you, because saving money will not allow you to be part of this opportunity many traders are experiencing in the market to buy a huge amount of coins and hold for a better future to come. It will be difficult for you to invest a huge amount of money on crypto in this season of inflation and you will not have something good to achieve in future that will help you to buy whatever you want to buy in the market. It will be favourable if you can take a good step now to put 60% of your money on potential coins in this bearish season and hold for their price to increase higher in the market before you can sell to make a passive incomes from your trade.

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Quote from: wxa7115 on September 05, 2022, 10:01:54 PM

Quote from: Reid on September 02, 2022, 05:34:06 AM

This is the reason why I cannot buy anything right now, especially equipment things. It's just that I am keen at price checking and I know how much the difference is today than last year or a couple. It is true, it's doubled, worst some items are tripled in price. I guess my only option is to save it for later or if the equipment is badly a necessity then just swallow the expensive price and don't regret it.
It's difficult to adjust now because the salary is not even changing, it's not levelled with the new price tags in the market.

Some of those price increases can be justified by the supply issues and inflation that we are seeing all over the world, but we also need to be honest about what's happening, businesses are taking advantage of the situation in order to increase their profits by charging prices that are unjustified.

They want to earn way more money with each unit that they sell and it seems they are not taking into account that many people cannot pay so much money for the same product, and as such I think their profits over the long term are going to go down due to those price increases.

It's business, mate. Everyone wants to make more money all the time. I think they know what they are doing, they have taken full advantage of the supply shortage as well as production difficulties to push up the price. They won't care how people buy their expensive products, what they care about is that they are also having the opportunity to fill their pockets. As long as their product provides an important item, an essential item, they won't have to worry so much that there won't be a buyer.

wxa7115

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Quote from: Reid on September 02, 2022, 05:34:06 AM

This is the reason why I cannot buy anything right now, especially equipment things. It's just that I am keen at price checking and I know how much the difference is today than last year or a couple. It is true, it's doubled, worst some items are tripled in price. I guess my only option is to save it for later or if the equipment is badly a necessity then just swallow the expensive price and don't regret it.
It's difficult to adjust now because the salary is not even changing, it's not levelled with the new price tags in the market.

Some of those price increases can be justified by the supply issues and inflation that we are seeing all over the world, but we also need to be honest about what's happening, businesses are taking advantage of the situation in order to increase their profits by charging prices that are unjustified.

They want to earn way more money with each unit that they sell and it seems they are not taking into account that many people cannot pay so much money for the same product, and as such I think their profits over the long term are going to go down due to those price increases.

Reid

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This is the reason why I cannot buy anything right now, especially equipment things. It's just that I am keen at price checking and I know how much the difference is today than last year or a couple. It is true, it's doubled, worst some items are tripled in price. I guess my only option is to save it for later or if the equipment is badly a necessity then just swallow the expensive price and don't regret it.
It's difficult to adjust now because the salary is not even changing, it's not levelled with the new price tags in the market.

MCobian

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Quote from: Lubang Bawah on September 02, 2022, 02:27:08 AM

Economic conditions are certain to be increasingly difficult and make us must always be vigilant, the impact of war will occur for the long term and is real that many countries are bankrupt due to many problems, especially economic problems. Saving at a bank is certain to not get anything because bank interest is only 10% per year.

Many bad things happen in this world besides high inflation, especially entering the year 2022 the world situation is getting worse due to the war
between Russia and Ukraine. Causing an increase in the needs of daily living, while not accompanied by an increase in income, this led to bankruptcy
for several countries. One of the countries that was severely affected was Sri Lanka, there was chaos in Sri Lanka.

Therefore we must start learning to save our income, try to reduce buying things that are not too important. But to get a big profit, it seems like saving
in the bank should be avoided, as you said the interest rate offered is very low. We must dare to take risks to invest in crypto, actually if we invest
in top coins it is actually quite safe and the risk is not too high. We know that in the last decade cryptocurrencies provide greater returns than
investments in other assets. So I suggest that the extra money we have is bought crypto for long-term investment, so we can avoid high inflation and
also we improve our economy by investing in crypto.

EarnOnVictor

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

Saving ones money is good but could be a disadvantage during inflation. During inflation, price of goods might have increased rending your saved money valueless. In 2020, a friend bought his middle generator at #46,000. I had the same amount but decided to save mine in bank. Last week, I decided to buy the same generator, just to check a store online to see price was now around #85,000.

See the difference in price within 2 year. Bank can never put such difference as interest on the saved money.

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.

Lastly, investing is highly preferable to savings.

I'm happy to have known all these before now because I have been in the world of trading and economics for a long. I have always known that if a sufficient amount of money is at your disposal, it is better not to keep it in the bank, they will be the ones that will benefit from it most and will be giving you peanuts in the name of interest.

It is better to hold it as an asset and in the USD. You might buy gold, crypto, land and other properties. Aside from these, the value of your money will consistently depreciate in almost all the countries of the world.

Lubang Bawah

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Economic conditions are certain to be increasingly difficult and make us must always be vigilant, the impact of war will occur for the long term and is real that many countries are bankrupt due to many problems, especially economic problems. Saving at a bank is certain to not get anything because bank interest is only 10% per year.

Gozie51

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In a country where there is no assurance to reduce the rate of inflation, it is risky to save your money in the bank because in the near future such money you keep would amount to lesser value of commodities that would have been bought with it in the past. Inflation is not friendly with fiat currencies especially if there are no proper regulation from the government, then you can only purchase few products with high cost because the fiat value keeps reducing by the day.

livingfree

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Quote from: Zanab247 on August 31, 2022, 10:39:17 AM

Saving your money on an asset like Bitcoin during inflation will really help you to purchase whatever you want to purchase in the market than saving the money in the bank

Well, things that you want to purchase will depend on how much you're holding. But it's advisable to keep your wealth in the form of a growing asset than with a stagnant currency.

But these days, American dollar is becoming stronger.

Quote from: Zanab247 on August 31, 2022, 10:39:17 AM

saving the money in the bank which the interest that will be coming in Will not allow you to purchase whatever you want from the market at the moment.

You still have money if you save in the bank so, I don't understand why you're saying that it will not allow you to buy things. You still have a purchasing power but it's lesser if the inflation becomes higher.

Quote from: Zanab247 on August 31, 2022, 10:39:17 AM

Now that people are still experiencing bear season in the community, it will be favourable for you to Save the money on Bitcoin investment and wait for the price to increase higher before you can sell to make suitable money that will enable you to purchase any products from the market in this inflation season.

Aside from bitcoin, there are also other income generating assets that you can diversify. But if you've got nothing and just starting out, it's best to acquire bitcoin.

Smack That Ace

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Quote from: lienfaye on August 30, 2022, 08:48:11 PM

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

Lastly, investing is highly preferable to savings.

Indeed. Saving is good because it still wise to have money that you can count on especially in times of emergency. However we cant expect for our money to gain interest through saving, in banks they're giving very low interest annually. Thus not worth if you're into increasing your savings.

Therefore investing is better to achieve your financial goals and to secure your retirement, its possible if ever you succeed in your investing venture. Because inflation is inevitable so its better to not be contented that you have savings, the value of it might be less if you already need it, lets say years after. But when we invest, money is working for us to be financially independent. This is an option to deal with inflation.

Investing is a better way to increase financial capacity as well as fight inflation, but saving is also really indispensable because investment is not always guaranteed to bring us profits. Saving won't help us avoid inflation or increase wealth, but it can help us in emergencies.

We should not just focus on investing without saving and conversely we should not put all our money into saving without investing, as long as we know how to balance the two, our lives will be easier and better.

Cookdata

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You're right about this. Inflation is just one of the reasons you should never hold a fiat from day one, you will lose half of its value within a short period of time. While it is also possible that you may also lose a portion of investment during an economic crisis like the one we are currently facing right now but the big deal is to have them invested in something tangible because they always grow back after the shake but your fiats in your bank account are not tied to anything, and the sad part of it to a common citizen is that the CBN keeps printing worthless notes on the street while enriching the reach folks. My advice, there is no point in holding Fiat if you are not going to spend it that instant.

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Quote from: bestcoins1 on September 01, 2022, 08:18:47 PM

Quote from: Wong Gendheng on August 30, 2022, 10:37:46 PM

If we only rely on saving, we will not be able to face inflation, I prefer to put money for productive things such as business even with small grades, it's better to put money on friends who do business and the distribution of results we have agreed.

I have been doing this since a year ago and it is still running until now with the initial agreement that I have set. Indeed it is a very good option now and also benefits both parties, but it would be great if the business was a little bigger because the profit to be gained would also be a bit more hefty. Besides that, I personally also play money in my own business with different categories to help smooth my personal financial income in life.

Of course, I think everyone is well aware of that saving in banks is not a good thing as it will just sleep it there and probably banks are going to used your money too.

So investment is the right thing, in any situation. As others have said, "make more money" by investing. Although there is a caveat, if you have loans or debts then better to pay it first before you make any kind of investments whether stocks or cryptocurrencies or in a business.

bestcoins1

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Quote from: Wong Gendheng on August 30, 2022, 10:37:46 PM

If we only rely on saving, we will not be able to face inflation, I prefer to put money for productive things such as business even with small grades, it's better to put money on friends who do business and the distribution of results we have agreed.

I have been doing this since a year ago and it is still running until now with the initial agreement that I have set. Indeed it is a very good option now and also benefits both parties, but it would be great if the business was a little bigger because the profit to be gained would also be a bit more hefty. Besides that, I personally also play money in my own business with different categories to help smooth my personal financial income in life.

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Quote from: BRINIRHA on August 31, 2022, 07:59:18 PM

During inflation if you want to keep saving. then never save in the form of money / fiat. because the value of money will inevitably decrease in exchange rate during inflation. and the price of goods will also certainly increase as experienced by you Op.
The safest saving solution during inflation is to buy your money into Gold or Gold jewelry if you want physical savings. even though gold also fluctuates, in reality during a pandemic the value of gold even rises. although in 2022 it will decline again but not as bad as other assets. inflation has little effect. even now is a good time to buy gold. or if you want another option is to buy bitcoin. because now even many citizens of a country affected by inflation move some of their wealth into bitcoin. for example, are citizens of Turkey.

Not only during inflation - but during the normal life - saving up is very important.
Be it personal or professional life - it's better to take care of every penny you spend.
I have read a quote which says take care of penny and dollar will take care of you.

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Quote from: Theones on September 01, 2022, 04:33:04 PM

Quote from: BRINIRHA on August 31, 2022, 07:59:18 PM

During inflation if you want to keep saving. then never save in the form of money / fiat. because the value of money will inevitably decrease in exchange rate during inflation. and the price of goods will also certainly increase as experienced by you Op.
The safest saving solution during inflation is to buy your money into Gold or Gold jewelry if you want physical savings. even though gold also fluctuates, in reality during a pandemic the value of gold even rises. although in 2022 it will decline again but not as bad as other assets. inflation has little effect. even now is a good time to buy gold. or if you want another option is to buy bitcoin. because now even many citizens of a country affected by inflation move some of their wealth into bitcoin. for example, are citizens of Turkey.

Not only during inflation - but during the normal life - saving up is very important.
Be it personal or professional life - it's better to take care of every penny you spend.
I have read a quote which says take care of penny and dollar will take care of you.

it's like that. in any situation we must be good at managing our finances, including in terms of saving. But the concern here is the situation of saving in times of inflation where the price of goods continues to increase, which means that the value of the currency we hold has shrunk in exchange rate. so this is where we have to be good at maintaining the value of our savings so that they are not affected by inflation. one way is to save not in fiat. but save in assets that are less affected by inflation. such as Gold, property and Bitcoin. all have their own fluctuations. and has its own advantages and disadvantages. but every year fiat depreciates in value.

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Quote from: Theones on September 01, 2022, 04:33:04 PM

Quote from: BRINIRHA on August 31, 2022, 07:59:18 PM

--

Not only during inflation - but during the normal life - saving up is very important.
Be it personal or professional life - it's better to take care of every penny you spend.
I have read a quote which says take care of penny and dollar will take care of you.

Would really be just typical that we should really be making out some savings or take up some partition on our income because emergencies could happen plus it doesnt only pertains about on that part but also it

does give out the chance for you to make out some investments if you do wish on doing so.Inflation is just been part of our lives and if you do mind off about it and find ways then it would be always fall into the

category of investing on things which could really make more income because holding it on your bank on idle state wont really give out any benefits and we arent that blind on not to see on how inflation works.

BRINIRHA

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During inflation if you want to keep saving. then never save in the form of money / fiat. because the value of money will inevitably decrease in exchange rate during inflation. and the price of goods will also certainly increase as experienced by you Op.
The safest saving solution during inflation is to buy your money into Gold or Gold jewelry if you want physical savings. even though gold also fluctuates, in reality during a pandemic the value of gold even rises. although in 2022 it will decline again but not as bad as other assets. inflation has little effect. even now is a good time to buy gold. or if you want another option is to buy bitcoin. because now even many citizens of a country affected by inflation move some of their wealth into bitcoin. for example, are citizens of Turkey.

BIT-BENDER

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Yes you are correct. I live in a country that is ravaged by inflation. My local currency is Naira and the value of this currency is always plummeting, let's say you keep the value of $6k in naira in a bank during March this year that money may be worth less than $5k and it really making people have a rethink.
Well what People normally do is converting the naira to dollar on black market and keeping the dollar note (this is a crime) and then keeping the dollar for themselves but if into crypto-currency you can switch it to any safe stablecoin.
Of course since I joined crypto-currency I have always preferred to earn that way and with my local bank placing tabs on Crypto to naira conversation I mostly use p2p or just keep it in my wallet. With the inflation rate rising this just gives another solid reason of having a bank account as a big disadvantage.

Topic: Savings during inflation - page 8. (Read 9947 times)