Try to save money while you still can, will you ? - page 13.

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

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. What about you ?

Maybe everyone has often heard this statement "Try to save while you can, okay?", this is indeed a challenging time for many people, and it is important to be prepared for unexpected challenges.

When it comes to saving money, I believe it's a wise decision to do so, regardless of the economic situation. Saving money can provide financial security and peace of mind, especially during difficult times. However, I also understand that saving may not be accessible to everyone, especially those struggling to make ends meet. In such cases, it may be helpful to explore other options, such as finding additional sources of income or seeking financial assistance.

I personally encourage everyone to take a proactive approach to financial planning and consider the long-term benefits of saving. By doing so, we can better prepare ourselves for the challenges life may bring.

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

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 ?

Bro, it's soul-crushing to hear about your homie's struggles. Losing a job and dealing with inflation is tough AF and can mess with your head. I'd tell him to take things one day at a time and try to keep his head up. Ain't no shame in asking fam and friends for some help either. He could also try cutting back on non-essential stuff and focusing on what he really needs. Finally, reminding him to take care of his body and mind can help him push through this rough patch.

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You can save money when you don't have a much load by Your Side but when you have a much load or I'm watch thing that is going to mean your money that is no way that you can save anything from you are payment, so people who save money are people that does not have a much load on their side or much expenses, this is the two things that is involved for earning and also spending

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Quote from: leonair on April 03, 2023, 01:43:37 PM

Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

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 your country is suffering economically then you cannot overcome it by saving money alone. And if you don't have multiple sources of income, you won't be able to save money too.

You are right that saving money by alone will not a way to overcome that situation but Savings also means reducing all unnecessary expenses. And when the unnecessary expenses are reduced, then economically there will certainly be a little help. I am not talking about only one person, it should be brought to awareness among the people of the whole country when that country is in a bad economic condition.
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.

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Quote from: jossiel on April 03, 2023, 02:38:06 PM

Quote from: leonair on April 03, 2023, 01:43:37 PM

If your country is suffering economically then you cannot overcome it by saving money alone. And if you don't have multiple sources of income, you won't be able to save money too. But if you can save money by reducing unnecessary expenses, even if it does not solve the economic problems of the country, you can fight with your future poverty. So saving money is always a good thing. So you can do it. It may not improve your current standard of living but it will help fight poverty in the long run. So I think the intention of saving money is good and this thought should be awakened in everyone then the economic condition of the world can be relaxed.

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 that
having those thoughts and doubts that you could withstand for whatever crisis that might happen.

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Quote from: leonair on April 03, 2023, 01:43:37 PM

If your country is suffering economically then you cannot overcome it by saving money alone. And if you don't have multiple sources of income, you won't be able to save money too. But if you can save money by reducing unnecessary expenses, even if it does not solve the economic problems of the country, you can fight with your future poverty. So saving money is always a good thing. So you can do it. It may not improve your current standard of living but it will help fight poverty in the long run. So I think the intention of saving money is good and this thought should be awakened in everyone then the economic condition of the world can be relaxed.

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.

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

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 your country is suffering economically then you cannot overcome it by saving money alone. And if you don't have multiple sources of income, you won't be able to save money too. But if you can save money by reducing unnecessary expenses, even if it does not solve the economic problems of the country, you can fight with your future poverty. So saving money is always a good thing. So you can do it. It may not improve your current standard of living but it will help fight poverty in the long run. So I think the intention of saving money is good and this thought should be awakened in everyone then the economic condition of the world can be relaxed.

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Quote from: |MINER| on April 03, 2023, 01:26:39 PM

Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

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 ?

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.

well the step you took is indeed the right thing and indeed must be done by everyone. because thrifty and saving can anticipate emergencies in the future. well, especially health problems that we really can't predict. well, thinking about family members and yourself is the essence of motivation to be able to save more and save more in preparation for the future, be it for emergency funds or indeed to go to financial freedom. I personally also do the same. but now the comparison of the percentage of saving and investment that I have is more for investment.

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

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 ?

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.

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Quote from: Questat on April 02, 2023, 03:03:04 AM

Honestly, life now is hard without saving but of course, it is not all about saving, we must also learn how to grow it and make more money from our savings. As long as we still have the chance to do it, then we must do it as we can no longer save our money when we are old and incapable to work. I know people have a hard time doing this and I admit it was challenging when doing but that just upon the start, we can adjust over time as long as we are motivated to do thiss and putting other people's life who did this already.

If you have that mentality you can find ways to grow your money, not just for pure savings but the sole purpose of investing will help you a lot, we don't have any limitation aside from your own ways of living or things that limits you because your salary is enough with your needs, but likewise, if you have the goal in life and you are keen in making a good success, there's always a way to make it happen just continue to try to keep limiting yourself in spending money in non-sense expenses.

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Honestly, life now is hard without saving but of course, it is not all about saving, we must also learn how to grow it and make more money from our savings. As long as we still have the chance to do it, then we must do it as we can no longer save our money when we are old and incapable to work. I know people have a hard time doing this and I admit it was challenging when doing but that just upon the start, we can adjust over time as long as we are motivated to do thiss and putting other people's life who did this already.

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Quote from: nur rochid on April 01, 2023, 11:22:35 AM

Quote from: Cryptomiles1 on April 01, 2023, 07:17:27 AM

Quote from: Fredomago on April 01, 2023, 03:43:49 AM

finding side jobs or money making investment would help a lot to save a good amount of money.

This depends on the kind of investment you are making, I might invested with my savings today but would take longer time for my investment to yield because one thing about my life is that i am not being carried ROI rather i will love those investment that takes time to yield just as bitcoin is, one can save money maybe from reducing on the amount of house you are leaving. In my country this is what mostly consumed our money then followed by feeding, before making savings you need actually a good job to start making saving because i don't encourage those that feeds from hands to mouth to begin to save their little daily earnings.

it's the same as in my country where housing is our basic need that must be met, this will be felt when we already have a family, having your own home even though it's simple is a dream for a new family. after that we will be calmer to raise money and buy the next asset for saving and investing. saving every month from our income that has been set aside is a priority and later I prefer investments like bitcoin to place the money. this aims to support my old age, so that later there will be no difficulties in the family economy, no matter what I have to do it even though at this time I have to be able to live simply

The basic needs that will allow you make a good budget with your earnings, if you live as simple as it can be and you focus with your goals in finding the right investment to help you to grow your savings, future will be better especially if you are still young when you start investing.

There is always a fit way to invest and grow your investment. Just take time and make sure that you are working on the
right pattern in order to achieve your goals.

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Quote from: Cryptomiles1 on April 01, 2023, 07:17:27 AM

Quote from: Fredomago on April 01, 2023, 03:43:49 AM

finding side jobs or money making investment would help a lot to save a good amount of money.

This depends on the kind of investment you are making, I might invested with my savings today but would take longer time for my investment to yield because one thing about my life is that i am not being carried ROI rather i will love those investment that takes time to yield just as bitcoin is, one can save money maybe from reducing on the amount of house you are leaving. In my country this is what mostly consumed our money then followed by feeding, before making savings you need actually a good job to start making saving because i don't encourage those that feeds from hands to mouth to begin to save their little daily earnings.

it's the same as in my country where housing is our basic need that must be met, this will be felt when we already have a family, having your own home even though it's simple is a dream for a new family. after that we will be calmer to raise money and buy the next asset for saving and investing. saving every month from our income that has been set aside is a priority and later I prefer investments like bitcoin to place the money. this aims to support my old age, so that later there will be no difficulties in the family economy, no matter what I have to do it even though at this time I have to be able to live simply

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Some important points that I got in your statement where one of them is to save early while you have a steady job. No one knows what our future will be if everything happens suddenly because the life cycle is always changing. I mean if we are not government officials, then it is appropriate for us to manage the best possible management for our future.

Someone who has a lineage from parents who have abundant wealth certainly will not be concerned about his future, but if we are from the descendants of ordinary people or live just barely from our parents it is very obligatory for us to make the best use of our income to save for the future.

Now, looking at the current era, it is very difficult to find work because in my country many people do not have permanent jobs because it is difficult to find jobs from various companies because the level of competition is quite strong.

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Quote from: Fredomago on April 01, 2023, 03:43:49 AM

finding side jobs or money making investment would help a lot to save a good amount of money.

This depends on the kind of investment you are making, I might invested with my savings today but would take longer time for my investment to yield because one thing about my life is that i am not being carried ROI rather i will love those investment that takes time to yield just as bitcoin is, one can save money maybe from reducing on the amount of house you are leaving. In my country this is what mostly consumed our money then followed by feeding, before making savings you need actually a good job to start making saving because i don't encourage those that feeds from hands to mouth to begin to save their little daily earnings.

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Quote from: Minecache on March 31, 2023, 09:50:00 AM

Saving means limiting spending on useless things, and not being too lavish with unnecessary things, thrift does not mean fasting, fasting, or living austerely to save. Saving won't make us rich, and we can't have a better life by saving. Instead, you should find ways to increase your income and reward yourself, not be too stingy. I like your way of life, we only have one life to live, so live it to the fullest don't be too stingy with yourself.

That's right, we should be focused not on how to save as much as possible, but on how to earn more. Only in this way can we ensure a good standard of living for ourselves and this will allow us to save without any damage to ourselves.

If in order to save you infringe on your desires, then this is a bad strategy, which will eventually lead to the fact that you refuse to save. If at the moment you have a small income, then focus on increasing it. This may be overtime work, or additional work after the main job. I know that many are lazy to do this, but this is what will help improve your standard of living. Try to improve your skills and find a better paying job, nothing will change in your life if you do nothing for this.

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Quote from: Mahanton on March 30, 2023, 05:27:37 PM

Quote from: JoyMarsha on March 30, 2023, 05:13:38 PM

I often advise those around me to "don't depend entirely on your day job." Get a side hustle because the job that is supporting you and your family may fire you at any time when you least expect it.

In the society we live in, nothing is guaranteed to be by our side forever. Try to engage in other side hustles so that, should this door close, you still have access to other opportunities in whatever situation you find yourself in tomorrow.

I have already experienced such scenario on which i got fired on my day job and leaving me on disaster because there are not other sources on which i could depend on.I have learned a lesson into those days
but luckily i did able to find up some job that in short time and then later on i did make out to decide on having that side hustle or income on which it could give out more chances of profiting plus having the opportunity
for you to save up more aside from your daily job income. Savings is important because we dont know on what comes next into our lives on which it would be normal that unexpected things to happen
and this is where these things would be relevant and could help.

Limiting your expenses and practice yourself to use your money from what you need and not what you want, a very basic principles that can lead you to save some spare and be in use for emergency or for your investment, finding side jobs or money making investment would help a lot to save a good amount of money.

Though there's always difficulty when you are still starting but once you find the right path, investment might bring you decent benefits.

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Quote from: mvdheuvel1983 on March 31, 2023, 11:28:49 AM

It is too risky to wait until danger strikes before thinking of saving. Saving starts at the point of budgeting. I can also understand why savings may be difficult in this present day. A lot of economies are facing inflation, recession, and a general meltdown. Salaries are not even enough to sustain an unmarried person not to talk of a person who is married with kids.

Savings should be a lifestyle if you're aiming for future consequences. Like being practical to common things before impulsively spending your money or income. It's not only applicable for "in case of emergency" type of savings such as accidents, but for future expenses that you'll have to pay soon. As the OP mentioned, it would be hard to have savings as the economic situation worsen. Since prices go up in the market but the incomes of the people remain the same. For you to overcome this situation it would be better to have proper planning to money and be practical. OP also mentioned marriage which also involved family planning that concern the financial status of a persons if they can support to build a family. If you can't, don't

Quote from: mvdheuvel1983 on March 31, 2023, 11:28:49 AM

The income is so small that it is almost impossible to have any savings. If you can save. No matter how little save. Even if it is just 2 percent of your income or whatever money that comes into your account, save.

Save is save, any amount would count as save as long you don't planning to use that money sooner or later. Let's always think ahead for us to be motivated to keep our money save or much better invest it. But I don't recommend it since low income which you can't afford to risk more money in a volatile system.

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It is too risky to wait until danger strikes before thinking of saving. Saving starts at the point of budgeting. I can also understand why savings may be difficult in this present day. A lot of economies are facing inflation, recession, and a general meltdown. Salaries are not even enough to sustain an unmarried person not to talk of a person who is married with kids.
The income is so small that it is almost impossible to have any savings. If you can save. No matter how little save. Even if it is just 2 percent of your income or whatever money that comes into your account, save.

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Quote from: Haunebu on March 30, 2023, 08:49:45 AM

Am more of a present focused dude which matters more to me than the past or future which is why I tend to save money less often which helped me enjoy a great lifestyle without overthinking to be honest.

Saving money in any form is always a good thing, but overdoing it due to fear is a bad thing.

Saving means limiting spending on useless things, and not being too lavish with unnecessary things, thrift does not mean fasting, fasting, or living austerely to save. Saving won't make us rich, and we can't have a better life by saving. Instead, you should find ways to increase your income and reward yourself, not be too stingy. I like your way of life, we only have one life to live, so live it to the fullest don't be too stingy with yourself.

Topic: Try to save money while you still can, will you ? - page 13. (Read 2662 times)