Topic: Untouchable Savings: Do you have it? (Read 1126 times)

This is the same and often happens in my country, many rich people but choose to eat cheap and limit consumption from good things because they think as wasteful, they finally die and the property left behind is only captured by the heirs and of course they regret because they do not enjoy the wealth of work Hard as healthy, live and young.

That’s crazy tweet but it has got millions of hearts already. I mean it’s such true fact that if you hold on to something too much but do not avail the benefits at the right time then it’s next to nothing in the future. It’s always better to have secured future but not over the heads so as to go useless about it. I’m having savings mostly in the investment funds. SIP and stuff.



Well everyone say they have perfect plans but no one really does in the reality. There could be horrible incidences in our lives or there could be occasions, surprises where we can not argue but to spend our money without any reasons. That way sometimes we may end up with no savings at all. Once can always plan automated payments to schemes, or may be investments into real estate etc. That could be best way to have untouchable savings.

I was never good with my finances
And I a very upset for all that I did to myself.
I wish I would have had some saving - but now I tried to save little.

Having a plan can help you prepare for unexpected expenses and achieve your long-term financial goals.
Keep always in mind that saving money is an important aspect of financial planning and can provide a safety net for unexpected expenses and emergencies. It is also possible to find a balance between saving for the future and enjoying the present. It is true that some people may be overly frugal or stingy --but it is also possible for people to save money while still being generous and living a fulfilling life. It is up to each individual to determine their own approach to money management and find a balance that works for them. So for me, it is ideal to have money left for future emergencies.

Correct. If we want to enjoy life then what you say is right. because if we think too much then our life sometimes becomes so heavy and sometimes excessive fear becomes present in our life. but I personally always take the time to plan for the long term. and after that i just executed what was planned. although sometimes unexpected things arise. but during our daily activities we really only have to focus on what was done that day. and after finishing work then we start planning for tomorrow.

but in finance we still have to plan for the future. but too focused on the future without enjoying the day being lived is the wrong thing to do. because we live to be happy. so being happy every day is a good thing. although it should be within healthy limits.

I remember a funny statement my friend will always make some years back. He will say, "Between me and my savings, I don't know who is saving who." Why? Why? Because he tried so hard to save, he ends up using the little he saves, and he even confesses that he doesn't remember he is using his savings until he has spent the money on something before he realized he has done so. But I understand one thing about his savings habit: you can be disciplined in times of savings, but definitely you will have some pressing needs that will require you to spend the savings, unless for sure that person has a steady source of income. I saved through some of my college years; even in my university days, I tried so hard to save, but I only saved to the extent that there was still a pressing need to spend the savings. All I ended up saying to myself was, I will replace the savings when I have extra cash," but that never happened.

Yes, that shouldn't have happened, I mean we have savings that we have prepared for a very urgent situation, and when that situation comes and we don't even touch it at all and prefer to borrow, that's not wise in my opinion. So what will we use the money we have set aside for? I mean what kind of urgent need to be able to use the savings. Maybe when we think very dearly when using our savings, I also often experience this because it is a form of sacrifice for us to always set aside money for emergencies that we might experience.

Well, I can relate to what you're saying here because I also experienced to not spend my money just because I want to save. Currently I have savings but I can't say it is untouchable because that's what I can count on incase emergency happened. Currently I deprive myself to buy a new phone even the one that i'm using already need a replacement. But because it is still working, I opted not to buy a new one until it is completely broken. I don't want to spend if it's not really necessary especially if you already have your own family. I want to save for rainy days since we're not certain how long we can able to work to provide for our family's needs.

Anyway, there are people who have untouchable savings that they can pass on to their next generation, and they're the well-off.

Yeah, I don't think that count as a untouchable savings as for me it's some money, a buffer that you have in your wallet that you can tap immediately if there is some emergency in your end.

And this bucket should be at least 6 months or so, and that in cases of some extremes happen in your life, you can still sustain it without having to go through a lot of and you still have some money to bring food in the table for your family.

If insurance can be classified on untouchable savings, then yeah I have that, health insurance to be more precise. That can't be spent on other emergency needs right?

One should not place too much worry on anything far away, limit it to today and the next few days. The economy will always be a matter of life at every level, people have their own problems, and in fact they'll find solutions slowly when adapting to them. That doesn't mean you don't have a financial plan either.

While I completely comprehend the essence of your statement, allow me to offer a contradictory perspective. Isn't it somewhat ironic that we devote ourselves to amassing wealth only to fret over using it when it is most needed? It's akin to hoarding the finest delicacies in your pantry, never to indulge in them out of fear that they will be exhausted. Granted, establishing a fiscal cushion is essential, but we must not disregard the significance of savoring the results of our toil intermittently. Life is fleeting, and we never know what obstacles may come our way. Therefore, I recommend living lavishly while being cautious with expenditures!

There is no point in saving if you don't spend it when an emergency arises; it is like you are just saving it for collection. I haven't encountered people who have been saving money and don't touch it. Most of us have goals like holding bitcoin and not touching it for 2 years or more, or if you have an emergency because that's the purpose of it, having something to spend when it's winter rather than having a loan or being in debt.

In spending money, must be able to distinguish between needs and wants. Everyone has a need to survive, while desire is something that one wants to have, but if it doesn't work, it won't have a big effect on survival. Every human being has characteristics and feelings that are always lacking, because of that humans tend to want to adapt to the lifestyle around their environment.
Improving the quality of life is also very influential in managing finances, the more facilities you want to have, the more needs that need to be met. To anticipate unexpected emergencies, you need to have an emergency fund as a preparation so you don't have to look for a loan when you need money suddenly.

what you do is exactly the same as the habits that I also apply in my life in managing finances. I personally refrain from spending money on things I don't really need. i only buy what i need. because if we always obey our desires, we always want to buy everything we want, then no matter how much money we have, it will run out. because desire always comes without stopping.

saving, investing and setting aside money for emergency funds is a very wise thing in financial management. because as you said that sometimes we don't know unexpected needs will come. and having an emergency will make us less worried because we already have preparations.

i'd say depriving ourselves from some luxury things aren't even a bad idea, as long as your financial circumstance are still that of something that could get drained by having luxury things getting deprived of luxury things is fine.
only when your financial situation is sustaining, like when you buy some luxury things you still have steady income to made it up then that's gonna seems like you're just wasting your fun away for the sake of saving some meaningless money otherwise if you are still in such unsustaining financial condition where if you buy luxury things you'd lost all your money and start away from scratch then that's the time you should save more.
it's quite simple, just see whether you still could make the money back in short term after you spending it for luxury.

Saving does not necessarily mean that you have to save to make it untouchable in the future, instead save so you can have something to spend in the future. And I think a lot are doing this, even preparing theirselves so they won’t have to experience financial problems in the future. However, if you only save to make it untouchable for the rest of your life, that is an absurd mindset, you can’t bring money when you are already in your grave so save now and benefit in it in the future.

I think it's a yes, I've just heard it from a known tycoon in my country but he considers that untouchable saving as his investment. It is like he'll place his money on something that he wouldn't touch for how many years and let it be there whether it will grow or not.
And that's why he thinks that it's an untouchable savings because if it grows then it's worth it for him but if it's not then, that money is what he can afford to lose even if we talk about millions in $ as he's really into investing.

People are really that different even we arent talking about savings or something like that on which there are fellas who do really love to brag about on how much they do hold or how much they do own and trying out to impress anyone who surrounds him which it is really somewhat an irritating kind or type of people which we do have in the world today.It is really much better if you are really that lowkey and
never been trying out to show on how much you do own or having.

This is why sometimes it do make people been put up into dangerous situations or conditions because it is really just on the result on what they are really that tending to share
up with anyone.

I would say there is a difference between money (if you refer to fiat currencies) and assets when it comes to hiding it under your pillow until you die. If you hold assets like art or perhaps gold, or Bitcoin for that matter , the bad part in terms of inflation doesn't have as much influence on the overall equation. At least it is not "a very bad thing" anymore, as you put it. Some just feel comfortable owning stuff without using it.

Hiding a ton of cash in your basement for decades is bad because you as an individual will suffer from devaluation through inflation and you also drain that money from circulation, making less funds available for investment, which in turn incentivizes banks to print more, thereby devaluing whatever you have in your basement.

But honestly I think that many of the older people are literate enough to understand the full consequences. But I think that will change now with the next generations. Saving cash was the first choice for many people for a very long time to build up a savings portfolio. When I just look around me and observe the younger people from today, there are so many more saving some money in the form of stocks than there were 15 or even 20 years ago.

Now fiat currencies can also make sense when you do a certain minimum of investigation and hold maybe some Swiss Francs, not just cash in your home currency for the sake of saving.

Probably, people who have untouched savings prefer to stay low key and do not brag much about their achievements. So we can’t tell exactly as who are these lucky people as they tend to look poor than to make people believe that they are rich and wealthy, with all those untouched savings reserved for their future. But tbh, people only save because they have goals in the future, and that savings are still going to be spend when the perfect amount is being reached.