Topic: Try to save money while you still can, will you ? - page 12. (Read 2662 times)
In this reality, investing is one way to survive. Inflation will not allow money to be saved simply because its purchasing power is constantly decreasing. However, it is worth considering that investing - due to the lack of stability, turns into a certain kind of lottery.
Saving out of ones earn may not be easy in some countries. Imagine someone earning #25,000 in Nigeria and he's with 3 children. How do you think savings will be easy in such country.
The same goes in my country, depending on where we live and how much minimum wage and the cost of living. There are constraints if it's about our budgets and that can't be controlled unless we find ways to increase our active and passive income. But with all of this stuff and situations, we're learning from everyone's opinion and greatly with experiences. We don't want to live in the future that we've got nothing and we can't enjoy our mature days and that's why as much as we can even if it's challenging, saving and investing should be in our lists.
Yeah, how we act now will reflects to our future, if we can save and invest we can make good financial stability, I mean a potential financial stability that can help us to have a better life, in things like this it's important how focus we are in making things to happen, as long as you the will and the courage to take all the risk we will be able to find a good success and harvest the fruit of our patience when we start saving our money and try it to invest with any form of investment.
Saving out of ones earn may not be easy in some countries. Imagine someone earning #25,000 in Nigeria and he's with 3 children. How do you think savings will be easy in such country.
Each country has a different level of income in their respective citizens and that of course has to be measured through their respective currencies so you absolutely cannot equate #25,000 in Nigeria with #25,000 in other countries because it might be #25,000 in other countries. others are much larger when compared to a country like Nigeria. And to ensure this, I think you need to ask Nigerians directly so that there is a more appropriate explanation for this because saving is the desire of every individual to improve their own finances. So it would be more appropriate if you asked Nigerians yourself, especially since this forum also has local Nigerians, which basically you can easily find Nigerians here.
Saving out of ones earn may not be easy in some countries. Imagine someone earning #25,000 in Nigeria and he's with 3 children. How do you think savings will be easy in such country.
The same goes in my country, depending on where we live and how much minimum wage and the cost of living. There are constraints if it's about our budgets and that can't be controlled unless we find ways to increase our active and passive income. But with all of this stuff and situations, we're learning from everyone's opinion and greatly with experiences. We don't want to live in the future that we've got nothing and we can't enjoy our mature days and that's why as much as we can even if it's challenging, saving and investing should be in our lists.
Saving out of ones earn may not be easy in some countries. Imagine someone earning #25,000 in Nigeria and he's with 3 children. How do you think savings will be easy in such country.
Thats good question, there are people who plan well and execute things in a better way. What you've mentioned is the reality of the common people. Every country have similar situation. If you make a poll on how people save money, you'll get to know the reality. Everyone doesn't have lots of excess money and the same being saved. Everyone try to limit their needs, cut some of the expenses and save the amount. This is how people keeps saving amidst the need. If one's need is calculated, it'll go high above his earnings. 
Saving out of ones earn may not be easy in some countries. Imagine someone earning #25,000 in Nigeria and he's with 3 children. How do you think savings will be easy in such country.
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 ?
If the inflation is currently not very high that does not mean it will stay that way forever. There have been many countries where a bad surprise has left people with not enough money to buy bread.
Saving fiat is good, saving BTC is better. Although personally, for me money is BTC.
The best middle alternative would be saving your fiat in the form of many different investments. Some can even be physical, like gold, if you do not trust things that you cannot touch or see with your own hands and eyes.
I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
With the current economic and financial situation, people should think about how they do how to save money, you are doing the right thing OP, if you think so.We see that almost all of the world's people complain about the economy, this is because the price of goods continues to rise and economic value continues to decline from year to year, for this reason, saving steps and thinking about saving is the best solution if they are thinking about the future. In life like now income and spending don't match, if we don't think about doing something about our own economy, then who thinks other people, of course not.
Planning for the future is always a smart person's job. You may be doing well now but you don't even know what is going to happen in your life in the future. So even if you think about the future, you should save money for the future.
In this present time I have seen many people who once worked as senior officers in various companies but today they have lost their jobs. And many have had their salaries halved. And such problems may increase in the future. So we must plan for the future. And one of the important things to plan for the future is to save a certain amount of money every month thinking about the future. As a result, if you have to face such danger in the future, then this saved money should work as your support.
In this present time I have seen many people who once worked as senior officers in various companies but today they have lost their jobs. And many have had their salaries halved. And such problems may increase in the future. So we must plan for the future. And one of the important things to plan for the future is to save a certain amount of money every month thinking about the future. As a result, if you have to face such danger in the future, then this saved money should work as your support.
What about you ?
I have some future plans myself. And I am trying to move step by step as I have planned my future. I divided my income amount into several parts. I will try to manage my family with one share. With one part I will try to study and the remaining part I will keep for future. with a steady job and daily income, it won't be hard even though the cost of living is very high.
As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
3) Constantly make an effort to cut costs.
I just want to elaborate on this because even I am having a hard time with this since we have a monthly salary and my mindset really is to celebrate once I receive my salary by going out to eat in a restaurant, which I thought at first was not that costly but when you track your budget you realize that it is. That is why you should avoid eating at restaurants as it is expensive. You can save more when you cook in your own house, and even having a drink is still costly.
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 ?
And unnecessary expenses are not only damaging to individuals, but sometimes they are a threat to the country. If we say Sri Lanka a few days ago, the main reason for their bankruptcy is all the unnecessary projects that were not really necessary. So I would like to say always think of savings by reducing unnecessary expenses.
with a steady job and daily income, it won't be hard even though the cost of living is very high.
As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
Not only Sri Lanka but also other countries in the world are experiencing economic downturn mainly because they made wrong decisions. Was Covid-19 a reason ? Of course but it was just like a catalyst, not a real cause of financial problems. Never living beyond your means also applies to countries and societies. Look at world history, all thriving civilizations and countries had managed finances well and their people would be accustomed to the functional economic systems.
Yes the prices of everything have gone up these days. We have to spend more money on basic needs like food and clothing. If the income is not good enough to cover the expenses first, it will be extremely hard to save any money for the future use. Being an entrepreneur is great but does not suit everyone. If having more sources of income is impossible, trying to save as much as we can is the only option available for ordinary people. Well, whether we like it or not, we have to live with it.
with a steady job and daily income, it won't be hard even though the cost of living is very high.
As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
When it comes to saving money, it's not as simple as you might believe. As you mentioned above, the standard of living is high, and the majority of people already choose to live above their means. I have some suggestions that can help you save money.As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
1)estimating your costs Recognize the importance of keeping track of your monthly and daily spending to determine where your money is going.
2) Make a budget and rank your needs and wants on a scale of preference.
3) Constantly make an effort to cut costs.
4) Have targets, and in order to accomplish them, you must be determined.
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Sri Lanka is bankrupt because of wrong decisions taken by the government. The government started many mega projects with huge loans without properly calculating the economic condition of the country. If they could have succeeded properly according to their plans they would have gone far ahead economically but the global pandemic covid-19 has worked against their plans. And as they are not able to repay their loans on time and they completely lose their ability to repay the loans, the country is finally considered insolvent.
I agree with your comment that covid-19 has worsened Sri Lanka's economic situation, but we cannot blame covid-19 as the only reason, because most of their projects have been a waste in a word, even the big projects they took. It was not possible to earn much profit from them and their corruption was another big reason. The Sri Lankan government made mistakes while planning the projects. And all these extra expenses and unregulated loans have forced them to be bankruptcy Quote
A person can never live a luxurious life by earning through a job. Because in every country the prices of goods have increased so much that everyone has to spend easily $300-$400 per month and the salary of the job is not more than that. Therefore, a person cannot save money through job. So everyone has to be an entrepreneur if they want to improve themselves and the country economically and will it also reduce the unemployment rate in the country.
Well said , The current state of the global economy and its impact on my country has made it very difficult for a middle class man to support himself and his family just by doing his job. The news goes on to say that most of them are finding it difficult to make ends meet with the money they are getting, and where will the savings come from. So I like your opinion in this case and I think victims of such situation should find different ways to earn and save. In this case, doing business with new ideas is not bad. 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 ?
And unnecessary expenses are not only damaging to individuals, but sometimes they are a threat to the country. If we say Sri Lanka a few days ago, the main reason for their bankruptcy is all the unnecessary projects that were not really necessary. So I would like to say always think of savings by reducing unnecessary expenses.
with a steady job and daily income, it won't be hard even though the cost of living is very high.
As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
A person can never live a luxurious life by earning through a job. Because in every country the prices of goods have increased so much that everyone has to spend easily $300-$400 per month and the salary of the job is not more than that. Therefore, a person cannot save money through job. So everyone has to be an entrepreneur if they want to improve themselves and the country economically and will it also reduce the unemployment rate in the country. As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
No body will be asked if interested in having a savings from his earnings that would not respond positively on showing interest to that, but there are many obstacles along the way in getting this done, some people may think of meeting up with other needs base on the demands on ground and the level of how urgency they were needed to be meant, this has always been a setback to some people from having a good saving culture because they believe it what they will still need more time to achieve.
In my case I always try to keep some of my earning percentage for savings. There are some reasons behind saving, emergency health issue, I am doing this thinking about my family members and myself. Moreover, if the situation that your friend is going through suddenly comes, some percentage is also set aside to do some business.
The bottom line is that smart people never spend all of what they earn, they always save to survive in adverse environments or to develop themselves further.
Of most of the savings goals, then I think you have said one of them. Of course, saving money is great strategy for managing finances where the goal is to have budget whenever you need it. This budget can also be intended to be invested in various assets or for business purposes but always consider having sufficient reserves so that you are not in trouble if you need funds suddenly.The bottom line is that smart people never spend all of what they earn, they always save to survive in adverse environments or to develop themselves further.
But instead of saving in fiat, I think it's a good idea to consider investing in some good performing assets like bitcoin or other physical assets. But it is also advisable to have reserve funds as I said above.
with a steady job and daily income, it won't be hard even though the cost of living is very high.
As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
As for now what is burdening us all is that all the prices of basic commodities are expensive, most people have lost their jobs, and the purchasing power of the people is lacking. it shows that the global economy is currently not good. then how to deal with it?, in my opinion, first, we don't need to spend what we don't need, saving is the solution to facing an increasingly critical economy, second, do whatever can generate money even if only a little, at least you can maintain family economic stability.
Current inflation in my country is messy one. Its possible to get low rate loans and buy things so you can protect yourself better from inflation even. But I know we are talking about global markets crisis here. Well its inevitable and %100 coming. I personally try to save money and invest in secure options. I accumulate gold and Bitcoin in general. If I had enough money I would buy flat to live but sadly I can't afford it. In long run saver/investors of today will be very relaxed economy-wise. Saving money is important.
You'll have hard time to save money while the economic situation of your country isn't doing good. It's because goods will have to be expensive and your potential savings will just be spent on goods.
And that's why if you want to save, aside from budgeting and reducing expenses. I agree to what you're saying that you need to have other source of income.
That's how the economic ways of coping up with the situation of global economic crisis. Living from paycheck to paycheck will just give you crack in the head to find more ways of getting out of that type of living.
When you are just really that relying on your day job salary and economic situations becomes even more worst specially on your country then for sure you would really be having a hard time on surviving.What more on having savings? Specially when you do have a family on which you would need to supply their needs and of course it would really be varying whether these things could be simply or not basing on how much you do earn.This is why its really that relevant that you should find another way source of income on which it would be an additional on your current earning, with this you cant really be thatAnd that's why if you want to save, aside from budgeting and reducing expenses. I agree to what you're saying that you need to have other source of income.
That's how the economic ways of coping up with the situation of global economic crisis. Living from paycheck to paycheck will just give you crack in the head to find more ways of getting out of that type of living.
having those thoughts and doubts that you could withstand for whatever crisis that might happen.
I've felt how hard life it is compared to a few years ago pre-pandemic. Life was too simple and easy to get with and I can easily save as much as I can from the salary that I've got. However with few yet huge impact into our economies, things and life became more challenging such as saving.
You are good friends with the person you are referring to, if that is the case, if you are the type of person who only knows how to earn money as an employee, it is quite difficult. But they say there is no problem we can't overcome.
So as far as I can see, your friend dude will get through it, and besides, you are also there anyway ready to support him to get back up. And so far I have overcome the difficulty of my beginning here in the bitcoin industry, now somehow I know what to do if I ever come to such a situation.
So as far as I can see, your friend dude will get through it, and besides, you are also there anyway ready to support him to get back up. And so far I have overcome the difficulty of my beginning here in the bitcoin industry, now somehow I know what to do if I ever come to such a situation.
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