Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
Topic: Try to save money while you still can, will you ? (Read 2660 times)
Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
I would advise your friend to try anything to find work, even do undesirable jobs if he has to. There is no shame in working, no matter what it’s doing. He could get two jobs if he has to. I would advise him to invest in bitcoin & hold long term but it sounds like he doesn’t have much money & it’s just about staying alive, not investing. Regardless I hope he is doing better now, it’s been a few months since the OP.
As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
In My mind, Supporting your friend during this difficult time is very important, both emotionally and by providing information and assistance. It's important to save money while you still can, especially given the rising cost of living and the potential for unexpected challenges in life. I understand that your friend recently lost his job, and it can be tough.
In such situations, Maybe it is important to prioritize immediate financial needs, reduce unnecessary expenses, and seek other alternative sources of income if deemed necessary.
I'm sorry to hear that. it's very sad to see things like this happen.
That's why I always save money just incase something bad will happen to me or to my family, it's always good to be prepared for anything.
I'm sure you and your friend will get out of this situation so good luck to both of you!
And about savings, I live by the 30-70 rule, I spend 30% and save 70% every time I can.
That's why I always save money just incase something bad will happen to me or to my family, it's always good to be prepared for anything.
I'm sure you and your friend will get out of this situation so good luck to both of you!
And about savings, I live by the 30-70 rule, I spend 30% and save 70% every time I can.
OMG! What kind of a rule is that? Are you living with your parents with them covering all the expenses? If that is true then you are doing the right thing saving 70% of your income, and those words in the OP are for you, "Try to save money while you still can". Indeed, you can still do it in your situation. But for most people, people living on their own, saving even as little as 10% of their income can be a problem, let alone 70% like in your case. Please share more about your case. You don't earn such a big amount that you can live for 30% out of it, do you?
If I were him, I would try to look for other sources of income, such as online freelancing or part-time jobs, while applying for new positions in my field. I would also seek support from my family, friends and community organizations that can offer financial or emotional assistance.
So true. The steps you suggest are indeed very suitable for OP's friends to do. But it seems that when the economic crisis occurs, especially when the recession haunts several countries, finding a job is not easy. And the point is for those of us who are still working and still have a good income. then we have to put it to good use by saving and investing. 
Saving is a very important aspect that we need to prepare for a better future. It is very important for us to always save what we have now so that if we have some financial difficulties. We have to save when we have and when we still don't have much to spend, this is important for the time when there will be no fund for us to spend. Saving can help us a lit even when we don't have people around us that can give us money to foot our bills. Money is a very essential that is why we need to save and long as we are earning for a better future.
Financial difficulties in life is something that inevitable on which there's no way that we could be able to avoid it out unless if you do have tons of money like you do get from your inheritance or would really be getting from lots of income sources on which there's no need for you to mind off about having savings but we know that even rich people would be mainly thinking about having savings and wont really be that just confident on having none because they've been aware on how important saving is which its a must thing to mind on in the first place.
Save money even if you are rich, how much more if you are having that average financial situation or ordinary worker or earner then it would really be something that it is really recommended.
You wouldn't know on when you would really be needing it.
Saving is a very important aspect that we need to prepare for a better future. It is very important for us to always save what we have now so that if we have some financial difficulties. We have to save when we have and when we still don't have much to spend, this is important for the time when there will be no fund for us to spend. Saving can help us a lit even when we don't have people around us that can give us money to foot our bills. Money is a very essential that is why we need to save and long as we are earning for a better future.
I agree with you. I think we have to spend as much as we need. Again we have to see that the expenditure does not exceed the income.If we have any bad addictions we need to get rid of them now. And we have to stay away from luxury. If we can live a simple life we can save a lot of money and live well. So we have to stay away from luxurious life thinking about the future and live honestly.
Saving even a little must be done consistently so that it becomes a habit for yourself, at least for an emergency fund. don't later when we need money instead we owe it here and there. Everything is an important element of balance between saving and lifestyle because the two are closely related where when we really need it and it's important it's okay to use our money, we have to get used to not buying things that are not too important.Basically Everything Going back to our own mindset, if you can save money, take care of your physical and mental health and be able to manage stress that's good. there's nothing wrong with saving, even if it's as small as it is, it's sure to be useful for ourselves, even though our monthly income is small. Live a lifestyle according to your ability, keep saving even if it's small it will be useful for you, learn to be concerned about yourself. It's just as smart as it is to manage finances, because in life it's certain that everything won't always go smoothly, if you save money there must be an emergency fund that we can't predict and we can use it if we need it suddenly.
Contemporary financial wisdom involves nurturing savings through wise investments and efficient debt management. While savings act as a cushion, investments amplify wealth for sustained financial security. Therefore, financial enlightenment should encompass wealth management, not merely saving.
The interrelation you draw between financial stability and health is indeed compelling. Increasingly, it's understood that fiscal wellbeing significantly influences overall health. Consequently, financial strategies considering health should be central to our financial literacy discussions.
Same advice to save money while it is in excess is always evergreen. It never goes out of the books of advice on how to be financially responsible to the point where it saves one from embarrassing situations and insults.
Alternative sources of earning income, came up as a favorite position to always put oneself in when a job and age and family grow bigger. Even while living as a single person/bachelor/spinster, please find other means to earn. The best form of saving for most is to invest, maybe buy some crypto assets and securities from trusted sources and HODL. Nothing also beats going freelance at ones spare time, or turning a favorite hobby into an income source.
The guy in this person has sure learnt a life lesson to be able to advice on such matter.
Alternative sources of earning income, came up as a favorite position to always put oneself in when a job and age and family grow bigger. Even while living as a single person/bachelor/spinster, please find other means to earn. The best form of saving for most is to invest, maybe buy some crypto assets and securities from trusted sources and HODL. Nothing also beats going freelance at ones spare time, or turning a favorite hobby into an income source.
The guy in this person has sure learnt a life lesson to be able to advice on such matter.
If I were him, I would try to look for other sources of income, such as online freelancing or part-time jobs, while applying for new positions in my field. I would also seek support from my family, friends and community organizations that can offer financial or emotional assistance.
I agree with you. I think we have to spend as much as we need. Again we have to see that the expenditure does not exceed the income.If we have any bad addictions we need to get rid of them now. And we have to stay away from luxury. If we can live a simple life we can save a lot of money and live well. So we have to stay away from luxurious life thinking about the future and live honestly.
Saving even a little must be done consistently so that it becomes a habit for yourself, at least for an emergency fund. don't later when we need money instead we owe it here and there. Everything is an important element of balance between saving and lifestyle because the two are closely related where when we really need it and it's important it's okay to use our money, we have to get used to not buying things that are not too important.Basically Everything Going back to our own mindset, if you can save money, take care of your physical and mental health and be able to manage stress that's good. there's nothing wrong with saving, even if it's as small as it is, it's sure to be useful for ourselves, even though our monthly income is small. Live a lifestyle according to your ability, keep saving even if it's small it will be useful for you, learn to be concerned about yourself. It's just as smart as it is to manage finances, because in life it's certain that everything won't always go smoothly, if you save money there must be an emergency fund that we can't predict and we can use it if we need it suddenly.
Yes is good to save money because it helps when you are in need, it is very important for people to learn the habit of saving because saving is very important you don't have to spend everything you earn save more than you spend, no person prays for anything bad to happen but a life without savings is risky and dangerous.
Very well said, apart from saving, we should also learn how to diversify our investments so that we can invest more rather than sticking with a single investment because what we have right now is just a temporary and not a permanent thing where we can enjoy and depend on for the rest of our lives. And just like what is mentioned/quoted above, nobody prays for a tough situation but having some investments as well as savings will literally make your life more ease even in tough times.
Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family.
ware and always procrastinate about saving, maybe that's what happened to your friend too. But on the other hand, maybe your friend only has a mediocre salary, which is enough for his daily life with his family, and makes it difficult to save. But if for example the salary is quite large and exceeds the needs of the family, maybe it's because you feel complacent with having a job, which your friend might think, you don't need to save anymore, because the job already exists and maybe your friend thinks that the job will be very long term. That's what is called being too calm to forget about the worst possibility.Quote
If you were him, how would you survive this tough time ?
If that's the case, the best thing to do is find another job. The most important thing is to be able to cover all the needs of the family first. Because when the situation changes drastically like that, capital definitely won't exist. Having skills also won't be enough if it's not accompanied by capital, so even if you want to try to open a business, you definitely won't be able to.So the only way is definitely to find a new job as soon as possible.
Quote
As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
Saving is also a good step, but maybe the risk will be eaten up by inflation. So I advise you to save as well as invest. Whether it's in crypto assets like bitcoin, or into other assets. 
It is another form of source of income that can really change your life. As others have said, no one gets rich working in offices unless you have a high salary there, but to us, we won't get rich because we need to invest in something. No matter how hard and rough you are going through, at the end of the road it will be fruitful. That is why right now people are really saving because they want to invest and take a risk on something as that is their chance to get rich.
The money that we can save must be invested so that it generates income, this is the basic rule of rich people. You can earn a lot, but you can't become free if your money doesn't work for you.The bottom line seems very simple, but most people stop at the stage of saving, when at the end of the month we save some money and that's it. Sometimes people decide to invest their money in a bank at low interest rates and believe that this can bring them income, but in fact this is not even enough to cover the inflation rate. And so it never comes to real investment, because it looks very complicated for ordinary people.
Some people cannot rely solely on their wage; they must plan ahead of time because anything can happen. They cannot stay in a permanent position in the government and must save money. Saving money is analogous to losing weight. We all understand the concept of eating less and exercising more. We understand that in order to conserve money, we must spend less and earn more. Basically, I believe we simply do not want to do it. It's more enjoyable to eat a cookie or spend $100 than to eat vegetables or put money in savings.
Yes, thrifty is not a fun thing. especially if we are used to living extravagant and luxurious. It's just that the awareness to have good preparation for the future will encourage us to be frugal and save more. Because when we have plans and goals, motivation will appear within us and sometimes there is satisfaction in itself when we almost reach our goals. and in the end we will get used to living simply and saving.Your goal will be a perfect motivation to continue making things to happen, there are people who forget about what can be possibly happen in the future, they are just simply enjoying their present life and forget about saving their fortunes, while there are practical types of people who more on thinking about how life will be when they already old and can no longer do things the same way as they can in the present time.
It's like more on trying to balance and be prepared to how you want to see yourself when time comes and you are already on your retirement age, your set goal will help you saving decently to achieved anything.
I'm sorry to hear that. it's very sad to see things like this happen.
That's why I always save money just incase something bad will happen to me or to my family, it's always good to be prepared for anything.
I'm sure you and your friend will get out of this situation so good luck to both of you!
And about savings, I live by the 30-70 rule, I spend 30% and save 70% every time I can.
That's why I always save money just incase something bad will happen to me or to my family, it's always good to be prepared for anything.
I'm sure you and your friend will get out of this situation so good luck to both of you!
And about savings, I live by the 30-70 rule, I spend 30% and save 70% every time I can.
Yes is good to save money because it helps when you are in need, it is very important for people to learn the habit of saving because saving is very important you don't have to spend everything you earn save more than you spend, no person prays for anything bad to happen but a life without savings is risky and dangerous.
Very well said, apart from saving, we should also learn how to diversify our investments so that we can invest more rather than sticking with a single investment because what we have right now is just a temporary and not a permanent thing where we can enjoy and depend on for the rest of our lives. And just like what is mentioned/quoted above, nobody prays for a tough situation but having some investments as well as savings will literally make your life more ease even in tough times.
It is another form of source of income that can really change your life. As others have said, no one gets rich working in offices unless you have a high salary there, but to us, we won't get rich because we need to invest in something. No matter how hard and rough you are going through, at the end of the road it will be fruitful. That is why right now people are really saving because they want to invest and take a risk on something as that is their chance to get rich.
Yes is good to save money because it helps when you are in need, it is very important for people to learn the habit of saving because saving is very important you don't have to spend everything you earn save more than you spend, no person prays for anything bad to happen but a life without savings is risky and dangerous.
Very well said, apart from saving, we should also learn how to diversify our investments so that we can invest more rather than sticking with a single investment because what we have right now is just a temporary and not a permanent thing where we can enjoy and depend on for the rest of our lives. And just like what is mentioned/quoted above, nobody prays for a tough situation but having some investments as well as savings will literally make your life more ease even in tough times.
that suggestable that you should really be mindful when it comes to this because there are really moments in life on which we do really be able to have that depleted wallet or bank account on which
there's no other way that we could be able to get some funds on which this is where savings would kicked in.Its not really just for the sake of having that extra money but also having that main
purpose on which these amounts would really be used for emergencies and other correlated things. You would really be able to realize and know its importance when you are already on such condition.
Yes is good to save money because it helps when you are in need, it is very important for people to learn the habit of saving because saving is very important you don't have to spend everything you earn save more than you spend, no person prays for anything bad to happen but a life without savings is risky and dangerous.
Very well said, apart from saving, we should also learn how to diversify our investments so that we can invest more rather than sticking with a single investment because what we have right now is just a temporary and not a permanent thing where we can enjoy and depend on for the rest of our lives. And just like what is mentioned/quoted above, nobody prays for a tough situation but having some investments as well as savings will literally make your life more ease even in tough times.
Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
Jump to: