Topic: Untouchable Savings: Do you have it? - page 8. (Read 993 times)

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?

Yes. I have untouched savings until I reach my goal, so I can finally touch it. I think it's important to keep this personal rule for your life, otherwise you are going to use funds which were supposed to be untouched for any banal reasons.

"The difference between savings and no savings is often just a few percent in..."?

A: Spending

B: Inflation



I think when it comes to untouchable savings it is also unavoidable to consider the economic environment and circumstances you are in. Argentina and Turkey had an above 80% inflation rate in October 2022 year-over-year.

The "untouchable" somehow implies that you lock it away and perhaps even refrain from managing it. I know that is my assumption about what OP wanted to express with the question, but I just wanted to point out that in certain circumstances even the untouchable savings must be managed thoroughly.

If with "untouchable" it is meant that someone earns fiat, puts it aside and strictly doesn't touch it, then those untouchable earnings might vanish over time despite any good intentions of the disciplined saver.

If with "untouchable" OP refers to a fixed amount being invested in liquid and rather safe asset classes, that makes more sense if it is to be understood as a general rule or basic principle.

When I read about an 88% inflation rate in Argentina, the bitter truth is that those who put their money aside for years with very high discipline, turned out to be the big losers anyway.

So the fact of the matter is that building wealth starts with educating yourself about financial management and not underestimate the impact you can have on your own situation by familiarizing yourself with some basic terms and rules.

I always have untouched savings even though I can take it and spend it whenever I want, but there are some things that I have to prepare money for or have savings that I can't touch for other needs, this happens because I have a plan for certain situations such as the case of savings specifically for bill payments or other urgent payments that I might have to prepare in advance. Especially in the current economic conditions, I don't know when I will get money again, therefore I keep it while I have it and don't touch it, even though I have to eat potluck food for a while.

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?

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?

OP, Your story speaks to your intelligence and maturity, even as a student. Some young people, even when away from their parents, do not know how to be independent. They regularly remind their parents that their accounts are depleted. But as a result, such people achieve little in life without experiencing all the difficulties of education and self-sufficiency.
I liked the phrase I recently heard in a comedy, but it is more relevant than ever: saved - consider earned.

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 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?

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.