Topic: Untouchable Savings: Do you have it? - page 2. (Read 1126 times)

Unless if you do have lots of source of income which your savings stash couldnt really be touched up completely or would be used since it would really replenish out.This is case to case basis only because not all would really be that having the opportunity to have the chance on getting those sources but rather we are really just basing up on our monthly earning.This is why its really that hard not to snip out with those savings
when you are in need, but wait? whats the main purpose of savings after all if you arent gonna make use of it? This would be your last resort if you dont have any sources that you could make use into.
This is why you should really obliged yourself on saving up money because we dont know on what would happen in years to come or situation or whatever.

Great idea. There’s no chance that our savings will remain untouchable for the rest of our lives. We save so we can use it in the future, so meaning we save so we can spend it in the future and not to keep it untouchable. However, it’s not that useful if we insist saving fiat for life as it’s value will only depreciate in time. Better shift to bitcoin and invest and keep it for as long as you want, at least the profits are very huge by then.

You can try to spend less all the time while the future is uncertain. But it wouldn't be right to make the money you save to be untouchable. One that you can do is sell your watch and jewelry to a pawnshop or to your rich friend as your last resort.

It's not good to hide your fiat money these days because inflation will eat up its purchasing power which in the end, you won't be able to buy anything out of it. If there is anything that you could make untouchable savings, its BTC in your private wallet.

Before there was covid, people saved for health and to continue their children's education and never thought about covid. And when there is Covid, it will be very difficult for anyone to save at that time because access to leaving the house is limited so that all items become expensive at that time. So, when you and your family have experienced how difficult the covid period was, of course there are some people who say that they are saving for covid, even though that is really not the right thing to say because everyone can save for health matters and also for a better future.

Likewise with the next generation who start using money from their family's savings for investment or the like, I think this is a very natural thing to do because when the leader in your family is getting old and can't afford to work anymore, it won't be wrong if that generation then the family uses the money for investment in order to get more profit.

yes, It applies to me very well and lot of middle class families too,
we save money for our hard times(like covid pendamic), children's education, health etc.
sometimes saved money helps but sometimes that money being invested by our next generations

What you describe is something I can relate to very well. But in my opinion you are describing something that is quite common for older people. They tend to save more than the younger generations do today. In relative terms of course to their income. A bad consequence that often occurs when older people save a lot of money or keep valuable assets like jewelry or art is that children and even grand children might end up fighting for it and not trust each other. That is particularly the case when there is no well defined last will. That doesn't mean saving is bad because people could be fighting about it. It rather means that with lots of savings still comes some responsibility.

When you watch someone saving so much and they just stay home for the sake of saving more without exploring the world or having a hobby, then I am totally with you in that they are too stingy with themselves. It is almost sad to see if someone has the possibility to live a great life but psychologically feel the urge to restrict themselves. It shouldn't be that way, but then again if it helps those people living a life without stress and feeling comfortable, I guess there isn't really anything you can blame them for.

I stumbled upon this interesting tweet days ago.


https://twitter.com/SchrodingrsBrat/status/1622320014215856128?cxt=HHwWgIC-9aPd0YMtAAAA

Many of the comments are equally interesting. They apply the idea to all kinds of things including the game Resident Evil. And then I thought perhaps this is also true in the economic aspect of life. Perhaps this aptly applies to those whose economic lives are like the desert and whose little money they have they keep tightly for the hardest of days.

When I was studying in the university far from family and relatives or even family friends, I had a difficult time. Money is extremely scarce. Early mornings are usually for hot drinks-- coffee, chocolate, milk, tea, or whatever. I realized that what made those drinks important is that they are hot. So I learned to drink only a hot cup of water which I could easily ask for free from the eatery in front of where I stayed.

Come meal time, I would also request that the serving be made in half. That's to save money. But I had the money. I always made sure I have some. Emergencies and unforeseen expenses may arise anytime. So I need to have money all the time, but I won't touch it. Ironically, it also gave me hunger, inconvenience, discomfort at times.

My story is rather uninteresting, but let me know yours. Does this idea also apply to you? You could have the money to buy a new car to replace your old and broken one but you prefer not to touch it. Do you hold yourself from spending what you have to the point of depriving yourself of what you deserve? Do you keep significant savings for occasions that might only happen in your imagination? Or at what point would you allow yourself to be drained of your last penny?

i don't have untouchable saving, by the way untouchable saving sounds really old school imo!!  My grandmother used to be known as a very stingy and thrifty person, and she rarely even gave money to her children and grandchildren. As a result, when she died, all the money she collected was taken by her children ^{(one of them was my father)}, since then i think people who save too much money ^{(untouchable saving category)}, are very stingy with themselves and others just do things in vain. 

There is a huge difference between untouched savings and untouchable savings.

Rational people will have, if they can afford it (!), some savings they will not touch unless something big and bad happens. Does this means they'll die before spending all their money? Yes, and it's fine. Having a certain peace of mind has its costs.

Untouchable savings is imho stupidly risky. They have their purpose in case of people with certain addictions, but it's something that has to be treated with extreme attention. It's more advisable to allow other (trusted!) person/entity take care of those savings than lock them and make them untouchable, since if a health issue comes up, one may need that money, but may not be able to touch it.

Unfortunately I don't have untouchable savings because every cents has their own goals and I think it would look stupid if there were people who still had savings but couldn't even enjoy life properly because they prefer to keep saving it for things that may not even happen and it will look even more stupid if the amount is big and can be used for an activity that is more profitable than just saving it.

This totally depends on person and their situations. You can use your untouchable savings funds, but you need to make sure you don't depend on it totally. There are some situations where you don't have enough and you just need a little bit. You can cover it from your savings, and it won't make that much different. So in this case, you can use it. At least that's what I think. If you are earning enough to cover up your daily life expenses and can also save for the future, then that's a different story. But if you are not making much, then you have no choice but to use it at some point.

Because I have a loose hand and a loss mind. and people get money from me and I give it to them

This totally depends on person and their situations. You can use your untouchable savings funds, but you need to make sure you don't depend on it totally. There are some situations where you don't have enough and you just need a little bit. You can cover it from your savings, and it won't make that much different. So in this case, you can use it. At least that's what I think. If you are earning enough to cover up your daily life expenses and can also save for the future, then that's a different story. But if you are not making much, then you have no choice but to use it at some point.

~snip

True words, we live only once. What we have earned and saved couldn't help in our need. Then what for is the savings and earnings. At the time of emergency the untouchable fund gets utilised. I don't know how I'm moving forward, because I don't have any savings to meet up unexpected emergency situation. Somehow things were getting managed with what I earn.

Looking upon different threads on savings and investment I prefer to allocate something aside for savings, but I wasn't able to do it. Hope I'll build my saving ability then onwards. According to me everyone should know and have something as savings.