Topic: Try to save money while you still can, will you ? - page 20. (Read 2428 times)

All of the countries experienced it. Some experienced very low inflation, some are low, some are high, and some are extremely high. People are having a hard time budgeting their daily salary because of what happened around the world.

Cost of living around the world is increasing that's why having only one source of income or even 2 might not be even enough depending on where are you living. If you live in urban areas, you might be having a hard time budgeting because prices of commodities and necessities are more expensive than if you are living in rural areas where there is lesser expenses as well.

This is the where the emergency funds comes in.

Does your friend don't have any emergency funds? Because if he only saved emergency funds then he will not experiencing what he is experiencing right now or at least in the next 3-6 months depending on how much did he saved. TBH, I don't know the reason why people don't have any emergency funds. Maybe one reason is their salary is just enough for their daily needs that's why they don't have enough money to save. Either way, not having an emergency funds will put you into trouble.

Your strategy is my strategy, and I'm pretty sure this pandemic served as a lesson for those who doesn't have any emergency funds to have one.

I hope that you're friend is fine, and help him as much as possible, but have a limit or else, you might find yourself having a hard time because of helping him. Saving money for at least 3-6 months just incase things like this will happen will save you. For sure, that's enough for a person to find a job that will support his needs unless he's lazy.

As a worker you need to settled down and  think well before you spend your money, saving of money is good in the future,if you are working you need to save money because it's will help, you are receiving salary in months you spend 80%/70% of the salary and 30%/20% should be save, when you want to do something and you are waiting for your salary on the month ending and the thing is very urgent, you use your savings, or the company you are working collapse or they drop you out of work if you don't save money you go back to square one, to feed will be a problem. Then if  you save money, when you drop out of work or the company collapse you use the money that you save  to start up something to sustain or live life.Something like this happened to my aunt husband they drop him at work, he has seven children's,he became broke I mean totally broke no way to feed,and when he was working, every month he gives her money to buy food stuffs and  the money he gives to my aunt she will spent 90% of the money for food stuffs and saves 10% she keeps the 10% to start up small business.But when he drops out of work she brings out the monies she was saving, he surprised when he saw the monies she explain everything to him and he said you are a good woman they do small business to sustain until they called him back for work.

Ten years is such a big and huge amount of years to have worked in a company.
If your friend is dismissed after 10 years, he should only not have some savings. He should also have the Investment where he would eventually fall back in case of emergency.
How much was your friend paid and I don't want to believe that after 10 years, he did not have any other source of income. Why was your friend so reliant on a company that he has worked for over 5yrs to 10yrs?

The level of inflation is too high and I might not be a fan of saving but a fan of diversification and Investment because in savings, purchasing power reduces.

You are doing the right thing by starting to save money there should always be savings for a force majeure event.You are great if you support your friend, this is a worthy deed.I had savings that helped me survive the events that began in my country and if not for them, my financial condition would have been much worse.

I think there are so many things we have no control over, such as inflation and the way the government will react to it, but we do have control over how hard we work, how much time we spend working on our business, how much risk we are willing to take, and who we listen to. Concentrate on what you can control rather than what you cannot. Easier said than done but all we have to do is to start. Do not just save money. If you can, invest it.

Financial management is important, right? so that unexpected situations at least we have a choice to survive. Exiting a regular source of income that was not anticipated in the first place will result in your friend not being able to survive. Saving is done not only when realizing things like this, but must be done from the start.

What you do to help friends will definitely be very useful. But all it needs to do is teach him an important lesson about how difficult it is to survive without income.

It should be taken into account the fact that approximately 15% of the population lives in conditions of "multidimensional poverty". And this mostly depends on the economic development of a particular country, in which this indicator reaches 95%. In such circumstances, all the tips for reducing their expenses cannot even be considered, since there is not enough money for the most necessary.

Save money is an important thing that can make life better and easier, but we should not be complacent and only rely on saving because the value of our money will be reduced, of course the cost and inflation factor is the thing that can make our money continues to decline if we save at banks , the modern era like this is certainly better if we actively invest so that it makes our finances improve.

Actually, you need to double or triple your effort if you're an employee and at the same time you've got a business to manage. Those that becomes successful are the hard and smart workers.

They always make use of their time at the best although they don't forget to have a me-time and spends it with their family.

But their grit and grind is too much compared to those that are very relaxed while them, they're making sacrifices up to the point that they've got lesser sleeping hours and more waking up in the early for them to have a longer time for both things.

That's the lifestyle you chose to pick, and it also your responsibility to sustain it. We cannot judge you or dictate what you chose as your means of living since you are the ones earning for your own keep. And yes! I also agree that no one should be starving just because you want to save money, and it may sound like a glutton to others but if you have the capability to get as much resources (money) to put food in the table then it's your job.
I remember a quote way back then saying, "Our job is not to judge people, Our job is to work to put food on the table". That's exactly how I see the situation right now.

Personally, I am the one always in charge in cooking, so I am a bit knowledgeable when it comes to family expenses regarding the ingredients and the food. In my country even if there's not that much inflation, I can still feel the changes/spikes on the food/ingredient prices. There have also been sudden spike of prices in all the basic needs and seasonings and mostly it would also affect the prices when you are out eating on the restaurant.

That alone is the reason why some of my friends are struggling to keep up with the prices, it's because some of them are also fired from a job in which they have been working in long time already, same with the OP. While most of my friends are working for just 2 years or more, that job already became their stable source of income, and now they have to go back to square one because of being jobless.

I think food is important if you are spending extra amount on food, I was a person like that, and I have overspent on food, because I like to eat in nice places and that is a problem of mine, I hate cooking, I literally hate it, I would rather starve and go to sleep hungry then cook, which is a big psychological issue I know, but that is why I ended up overspending on food. If that is the case, then I think it is important to cut back on food spending.

However, nobody should be starving to save some money of course, that part is true because that is a basic human need and even medical condition if you don't eat well enough when you are capable of doing it.

Life experiences are truly shaping who we are. I totally understand your feelings now as I have been there before. The only difference was that I quit my job at that time with no backup and I struggled for a long time to recover. You are wise to think about it twice and plan your future if you quit your current job. Bitcoin is a good option and will be more likely to profit in the long run. However, please don't get distracted by solely investing in Bitcoin because it will only act as a plus, not a focus. Focus on your main job and maximize the side hustle/source of income as much as you can.

Sometimes we have to experience the bad things ourselves, of course we often hear about many things but as long as we have never experienced them, we will not learn or take lessons, the life experiences we have gone through become teachers for us to face the future, never be pessimistic about circumstances whatever, I also feel like quitting my job but I'll wait for the right time, right now I'm investing in bitcoin and altcoins which I hope can change my life for the better.

if the situation is like that then I think we should always be prepared for things that may come unexpectedly. Apart from work, we also have to prepare money for our health. because even though we have a job in a company, if we are sick and don't come to work, of course the salary we receive will be less because it is deducted by sick leave. and even when we are sick we have to pay for medical treatment to the doctor.

 things like this should be thought about so that we can put more effort into managing our expenses. like only spending money on things we really need.

Yes, you are right, if you look at the past I also feel ashamed where when I worked a few years ago I didn't have a penny saved, and when I quit the company I really didn't have anything. But I don't regret it, because I got a very valuable lesson from that experience. Yes now I live a better life again, I save, I invest too.
It's true what many people say, that experience will make us even better and I really feel it myself. Maybe it depends on the person too, because there are people who don't learn from experience, and I think that's really stupid.

Yes indeed, if you can established a business while you have a day job you can save good amount, but in times like this where hardship due to inflations are really bringing tough days to our life, best to help by bringing ideas if he's no longer capable to go back to the same field then he needed to explore to other options and alternatives, it's a surviving era so better to find alternative options to continue and to support your family.

That is wise to follow your example and start saving more money to prepare for unexpected challenges. Building up an emergency fund can provide a valuable safety net during tough times and help alleviate some of the stress and uncertainty that comes with financial instability.
In terms of survival, there are several steps your friend could take to help ease the financial burden. Firstly, he could look for new job opportunities or consider retraining in a new field if necessary. It may also be worth exploring options for government support or financial assistance programs that could provide some temporary relief.

it's always good to have some money saved up when you are facing difficulties, at least it helps that's why I think it's always essential that someone when got money, not spending all of these even for something they considers important mainly because in the future it's almost certain that we gonna face difficulties related with money unless you're descendant of some billionaire, i'd say if you want to be sure about your life and don't want to face some kind of crisis then save up some money alongside growing your current income.
I think it should be common knowledge that if the inflation outweigh your salary you should be worried. because it means your purchasing power gonna get plummeting and eventually you're gonna be broke since lesser purchasing power means you gonna use up all your salary.

when it's difficult like that to save in cryptocurrency the main thing is you have to have good knowledge, considering the high fluctuations. I think saving in gold can be an option at least the value is not eroded in inflation. Indeed, to anticipate unexpected things like yours, we must have a reserve fund, and that can be used when we are in trouble. therefore money management in the economy is important, instead of spending one month's salary in one month

There is a wise saying that we save money, so that money can save us later.
First, it's a shameful thing to work in a company for decades without brig able to save a dime, it's really not a good way to live our lives, even a bachelor needs to have savings, before we begin talking of family men and women.

It is important to save, no matter how small our earning is, is better to save small, than not having a saving at all.