Topic: Untouchable Savings: Do you have it? - page 5. (Read 1126 times)

I can say that I have it but it's in the form of bitcoin. I'm sure that everybody feels like that when we don't really want to spend bitcoin because we have a common goal and that's to hold long term.

But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.

Even if we don't like the selling price, it should be done.

There is a big difference between whether you have a family or not. Family is very important, but on the way to building up a good deposit, this is a huge pit. Fixed expenses that appear unexpectedly, that's what accompanies every family man. And if you try to save money and try not to touch them, then it becomes much harder if you have a family, especially children. Nevertheless, there are many ways to earn money in the script, you just need to find the strength and time. And motivation is enough for this, because what motivates you to move forward if not family?

No matter how much savings we have, eventually it will be used. But the intent of this topic may not be used to meet needs and if you read the tweet, it emphasizes more on how we manage our savings to become a business, or passive income which makes us get money that is even much bigger than the savings that we start before. but most people are afraid to use it, so that person likens "a person dies in the desert while carrying many bottles full of water".

But I always have something called untouchable saving, which means it's really special savings for emergencies. and we all have to remember that having untouchable savings is especially important for unpredictable emergencies.

I would guess that it could be considered untouchable considering there is nothing more important in life than health and death. If you do not spend it outside of that, more often than not you are going to save it for a long time, I should know because I spent nearly all of my investment money on health related stuff.

I think the understanding is more like "if you save enough, would you buy a brand new car?" type of thing, like instead of life, it is more enjoyment or more like assets and I agree that if you say yes to that, then it is not untouchable. Basically if you have a goal to spend that money on something, then it is not untouchable and you should consider keeping it for a longer time.

I think the emergency fund is part of the untouched savings which aims for possibilities that have not yet happened so that we can overcome them with the emergency fund. I think what you mentioned includes that classification.
No one knows about things in the future and is always a mystery and we can only predict for the possibility, we don't know whether there will be another pandemic or not, maybe it could even be worse than a pandemic, of course that is a worry for people who feel Future security must also be prepared today, even though it has been several years running and the emergency fund has not yet been used. We can pass it on to our descendants or our wives or whatever it costs when we are old.

When I was a kid, I didn't understand why some people say they have no money or have very little money when there are soon obvious signs that it's not true or when others claim it's not true. Eventually, as I grew up and started saving money and looking more closely at other people, I realized a thing I call "money that isn't there". It's the sort of funds a person has but never accounts for, often even in front of themselves. It's money which you have, but you say and sort of mean that you don't because that money is not something you allow yourself to use. I get this concept, I understand why people do that. Occasionally, I tried this sort of stuff myself, but in my case I usually end up using this money after all when a big moment comes. Once this big moment was a decision to buy VR, once it was to cover visa expenses to go study abroad.
I don't regret spending money that's kind of there as untouchable savings when the moment feels right. But I also feel way more comfortable having some extra without spending it at all times, just in case I ever need it. Not a lot, just maybe a month or two worth of expenses. I think that's reasonable, but not using it when there's an emergency or a really good opportunity is IMO wrong, irrational. And needless to say, I've never done what the op mentioned, such as cutting back on essential food while having money. Basic expenses come first, savings come second.

It is good to have emergency fund, such that when there is an emergency you will use the fund. But it is very bad that one will be dying of hunger and unable to pay his rent yet he has an emergency fund somewhere waiting for an emergency to happen. They will keep waiting till they die without living a comfortable life.
Some still have untouchable fund and yet go borrowing to accomplish a project. I think it is a bad idea.

Well the example about buying a new car because someone deserves it is very different from refusing to drink water risking to die. I do indeed know a couple of very healthy people who always drink sufficient amounts of water, but they are driving a crappy car because they prefer to bunker their money.

One thing you mention is true: hiding money under your pillow in times of inflation isn't the smartest thing you can do, but spending your money on stuff that leaves you without cash in an emergency is probably even dumber. Depending on the usage of a car, I assume that a dollar is devaluing slower over time than a car that is used frequently (unless it is a fancy old timer or whatever, you know what I mean).

I guess everyone of us knows somebody who could afford a lot more things than they actually do. My grandparents were the best example for that I guess. They drove a car that was 20 years old or so and they always had the money to buy another one, but they didn't. Yet they had been living a healthy life with healthy food and lots of water.

Now one argument against keeping an old car could be for security reasons. You are probably safer in a new car than in a 20 year old car.

Is it and what I only prepare for emergencies such as hospital fees or death costs is worthy of being called untouchable savings? because I have that and will only use the funds for emergencies as I said.

the pandemic that passed, gave me and my partner to allocate all the money we got to several parts, such as investments - daily necessities - paying debts - emergency savings. we will never know what other shocking events will happen in the future, what if we are happening the next pandemic that causes us to lose our jobs or something?

wise people always prepare themselves, nothing is comfortable in this world and the future is a mystery.

If you do have other sources of income which wont be able to touch up your savings then its good but if you dont have and you are on a situation on which you do really need huge funds then you cant really be having any option but to get on what you had saved.This is one of the main sole purpose on why you are saving in the first place, there are really just people who cant just afford on spending their savings no matter what the cost but in my case i wont really be letting for it to happen which you do end up on regrets in case there's something happened which you do know that you do have money to be spend on.
So it do really varies on case to case basis.

We do saving for the future, not only for emergencies but also for investments. But being a student, saving is a tough thing to do especially when our parents don't have enough money to support us and sometimes, we need to sacrifice our wants just to have some savings. If we can manage to save at least 10% of our daily budget that seems big enough.
As I do savings before, I don't think about inflation nor do I think about how much it value years from now because what is important in my mind is to make preparations for the incoming days and I have something to use when it is really in need without asking help to others or from my parents.

I never heard a story before where people died of thirst in the desert carrying full water bottles with them. Wouldn't you eventually start drinking it before you die? I can understand that you would not drink all your water at once, but wouldn't you ration it at least so you survive the longest. Another point is that due to the heat isn't the water going to vaporise eventually so, you should better drink it before? And I remember reading that people stranded on sea would drink their own urine to survive longer, for that you would need to drink the water sooner. When it comes to life and death situation there is no point in trying to save for bad times, it's all about survival. In my opinion saving money is an important part of everyday's life. We don't know what is going to happen in the future, there could always be a big disaster like the earthquake in Turkey and Syria. Without any really savings we could be in deep trouble. Also don't we want to leave some money behind for our children? We all got money from our parents and grandparents, shouldn't we do the same and leave some of the money we have for the next generations? That is why I would never drain all my money without thinking about the rest of my family.

Somehow people speak a lot about inflation when speaking of savings. Savings can be stored in gold, bitcoin and other, so inflation is relevant in the sense that if too high economy in general goes badly, but you personal finances can be made resilient or even "antifragile" respect to your local currency.

No savings are "untouchable". They are there and you have control over them so "untouchable" is more of a state of mind. My humble advice for people who save is to figure out in advance under which circumstances would they use that money (severe illness, loosing the house, long term lack of income, hunger,...) and stick to the rule and do not make 100 times the decision of not using them.

As much as I want not to touch my savings, there are really unexpected things that usually happen or necessities that I have to prioritize in case I lack the budget.
Now that everything is getting more expensive including our bills, there will be times that we have to seek help from our personal savings so instead of increasing it, it decreases in time.
What's important is we are sustaining our daily living and we are still trying our best to save which is a wise practice.

Unfortunately I don't have that kind of saving, and honestly even my small investment would be touched or spend sometimes whenever there is an emergency.
If I would ever have a chance I want it to be an untouchable investment in crypto,
I love to achieve that kind of investment when I could just hold it for a long period of time and it wouldn't matter if the price goes down or up since I am aiming for the long run.

There's no such thing as Untouchable savings because money is meant to be spent, it's just a matter of how and when you will spend.

In our society now, we are thought to save money, but IMO, we should save money for emergencies only, and other things that we find necessary to prepare for in the future. The rest of your money should go to investment, that if you want to achieve financial stability, and of course, you should not forget to reward yourself, as I said, money is meant to be spent.

I'm trying not to touch the money I save unless there is an urgent need. That's solely for the sake of my future later and I'm willing to use old things that are still good and not buy new things and that's only because I can have more savings.

But I was once in a very urgent situation where I needed money and was forced to use my savings to fulfill it. And when I have money again, I return the amount I used before and with a little extra money in my savings.

It makes no sense to me not to touch those untouchable savings if you really need them. I don't know if we have the same mentality, but as long as we start struggling, like when I lost my job, that is the time I'll use it, and if ever I do have extra money, I'll pay it back. Savings has always served a double purpose in my life: for emergencies and for things that I needed to buy because that is the purpose of money. I ain't holding myself back from touching it if I really need it.

If true, I'm the kind of person who doesn't really care about spending the few dollars I have, but usually I always see the need to buy a few things that I think are essential and never hold back from doing so. Because in reality the savings I have will still be used at certain times to buy some items that are really needed.

But you know OP, I apply standard savings in my life, even though it doesn't place me as a rich person right now, I think this is important for something that happens beyond predictions, at least I don't go into debt and take loans when one of my family goes to the hospital , buy a car and build a livable house for the family.

I do have savings that, in general, are not to be touched, but not to the extent of the example given in the OP, otherwise it's as if you don't have them.

There are savings that have a purpose: to pay the down payment on a house, to go on a trip, etc. On the other hand, it's good to have a certain amount of savings for something that you can't foresee happening, and in that case they are there to be spent, otherwise why do you have them?


You are right in what you say. If you have your savings in cash at home, that would be one thing, but to have 'untouchable' savings in the bank is very naïve and you don't understand how the financial system works.