Poor Saving Attitude, My Biggest Problem
Poor Saving Attitude, My Biggest Problem
Every one of us regardless of status has one thing or the other that is giving him or her a difficult moment. To date, I have never come across anyone without a problem, even the rich. If you are opportune to interact with the richest man on earth, ask him if he has a problem and you would be surprised that his answer will be YES.
It seems like the best way to make anyone level up in life is to throw a bigger challenge at them. Notice every time we overcome a problem, it makes us better than we used to be. The heat of the challenges we face forces us to go out of our comfort zone to find solutions and that is one of the beautiful things about problems. Though it has its bad sides too.
I have a problem in every aspect of my life, LOL. If I should start listing them out, it may take another post to finish. Especially now that the economy of Nigeria is shaking hehehe, mine might just be a glimpse of what someone is facing. But I believe no condition is permanent, all these things will pass away one day.
I don't usually like talking about my personal life but sometimes we need to open up so that we can get some help, the wise say "Two heads ( preferably good ones) are better than one." So,** One of the major problems I am going through right now is with savings
I won't lie, there has been a positive change in my financial life from ending last year to till year. I mean if you tell me that I will see money like this prior to this time, I'll never believe you, but you know what? I don't know what I am doing with it, sometimes when I check my monthly transactions I marvel, like, was I the one that used that kind of money? What did I do with it?
I can't give an account of what I do with money, it's not as if I spend recklessly, no, I don't. I am barely a social kind of guy, always indoors yet I don't know what's happening. Each time people talk about savings I shy away because I don't have anything to contribute, embarrassing right? I thought as much.
I tried to save but I always touch the money each time a problem comes. I know it's not bad to use what you are saving to solve a problem but as a young man, I should be able to say "This is how far I have gone with savings, this is where my money is."
Honestly, it hurts me a lot, I spoke to my friend about it and he said I should invest the money in a pig farm because the pig farm is booming down here currently. If I should invest, the money won't be there to play with even if my little problems arise.
I thought about it and it's a beautiful idea, truly, if we save our money where we can have access to it, we will surely spend it when a need arises, but I can't go into pig farming now because I don't have enough space at my house to build a pigpen.
Another person suggested using a fixed account at the bank which I am thinking of going with for now because I have been using mobile wallets to keep money and you know how easy it is to spend when your money is there, sharp you can make a transaction. I don't save in the bank because of their charges, that thing can be so annoying sometimes.
I know there are people here who are disciplined with their savings, I just want to know how you are doing it, a little tip might do so much for me. saving money is not as simple as I used to think it is.
Sometimes, I'll keep some money and say "This one is my savings," the next minute someone will come looking for help and before you know it, I will just do the transfer. I tried saying "no" to people a couple of times and I felt so bad that I couldn't interact well with them and if I gave, it would wreck my plans, you know people, some of them will never pay you back.
I know that I am missing it somewhere, so, please I would love to hear from you, how do I go about it? How do I become consistent with savings? What must I do? I look forward to your feedback.
You must be deliberate in saving. I have been a philanthropist like that when I was staying in my uncle's shop. I gave out goods free and sometimes on credit to especially the aged people.
Before the end of the year, after taking stock what was in the shop wasn't commensurate with the cash made. Hmmmm that's how the shop was finally closed....emmm i will share more in my subsequent post. Lols
To have a good saving culture;
Emmm others loading..
Hehheh, your case was serious, no matter how kind hearted I am I won't take it anywhere near where what I do for a living.
Thanks so much for the tips, I will put it into use
It is difficult to tell you how to save in times of inflation, however you should consider tithing your money every time it comes into your hands. For example, keep 10% of it at home if you really don't like banks. You should be rational with the help you give to others, in principle think that to help them you have to help yourself first. Even if we help other people without interest, some evaluate to what extent you can do it without being affected financially, if the person appreciates you, he/she will appreciate your help whether it is a lot or a little.
Thank you so much for the advice, it's not easy to save at this time, but if one will be deliberate about it, it can be achieved.
My dear friend you are even trying to save a lot. I have tried to save but it didn't work.
Just January I was introduced to a contribution done by some people. They save #10,000 per month. I decided to join them and that is the only savings that I have now.
Thanks for sharing
Atleast the monthly contribution will take you a long way when you collect it at the end of the year. It's not easy to save
I used to be like you sometimes a go, I spent every damn thing I've on me. But my brother, it's just disciplined. You need to discipline yourself and don't look there. In fact if you can get where to lock the money then it will be a good opportunity.
Good luck brother.
That's very helpful, I will apply discipline and learn how to always look away from my saving purse
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Saving is hard and the typical advice is "Pay yourself first" which means when you get whatever money you get put a percentage of it away in savings first and don't think about that money again.
Having said that there will always be emergencies that arise. Some MUST be taken care of immediately (that's why we saved the money, remember?). Other things can wait or aren't truly emergencies. For those things just let them pass when the time comes.
Personally my advice for you (being a HIVE minded kind of guy).... Utilize the HBD savings account that Hive affords. It pays 20% interest which is excellent. There is no charge to use it just transfer your HBD rewards over to HBD savings. It has a 3 day withdrawl policy which means you can get it fairly quick if you need it BUT you have to think about it for 3 days which is enough time to cool down if it was an impulse purchase.
Just my thought, but that's what I'd do.
Alternatively you could always get some GLD coin and wait for the 1% monthly interest :D
Although I noticed you used the hive-engine to cash out your GLD coins. I wish you had used tribaldex as the liquidity pool there would have given you a better exchange rate. Oh well, because of what you did I beefed up the hive-engine amounts so the next person won't get an exchange quite as bad as you did.
Sorry about that :(
and thanks for posting :)
Wow! It seems I am going to pen some points down from here. Especially the aspect of not looking the direction of the money after saving it.
I have used the hbd savings before, it helped but I still withdrew the money, I think my problem is indiscipline and am going to work on it.
I didn't know there was another alternative to withdrawing the token, I was in dire need of money that day and that was my only way out.
Thank you so much for reading and for the powerful advise. I'll put them into use
I'm glad the GLD token could be of some use for you.
the hive-engine has a "buy" and "sell" list and the depth of the market is only as deep as the number of users of the coin. For a small coin like GLD that's not very much.
the tribaldex site uses a computer generated liquidity pool which give a much better rate when selling your coin. The computer automatically places buy and sell orders based on a trading pair. Quick version: There is always a "buyer" ready to place a fair price for your coin.
in real world terms: 100 GLD gives you 0.9 Hive on hive-engine. 100 GLD gives you 1.0 Hive on tribaldex.
If you don't mind I'll use your situation as the basis of a post after I get back from an upcoming vacation.
Thanks :)
Thank you so much sir, I think this happened for good, I have learned something 🥰🥰❣️
Please you are very free to use my experience, the pleasure is mine🥰
How's your trip?
Reading this comment (plus the one you made earlier), I would love to know more about the GLD tokens. I would love to be tagged when you write the post you are considering doing after your vacation. And if there's already a post that can enlighten me more, I will be grateful. Thank you, @terganftp
Hello @ngwinndave. You can join the earn, spend, give community. Gld is a layer 2 token used to reward members of the community just as hive is rewarded in other communities. there are many ways to own it, you can earn it through posting in the earn, spend, give community or purchase it from tribaldex. He has written a few posts about the token in the community too, you can check it out. I think this is all I can say for now. He would throw more light when he comes online
Thanks for this explanation, @emreal. I was already thinking of sending you a dm, and it's like you knew ☺. Heading to the community now🏃♀️🏃♀️🏃♀️
Hehheh . You are always welcome 🤗🤗🤗
👏 Keep Up the good work on Hive ♦️ 👏
🙏 Don't forget to Support Back 🙏
Thank you❣️
I teach money management to teenagers, and I think my advice may help you as well. Strive for three "buckets" of money. Enough for your survival needs is your baseline. The second is short term savings. That's money in places that you could get to readily without financial penalty, for those life emergencies. The third is long term savings, where you build wealth for your future but also for things you shouldn't have to spend money on very often, like a house, a car, or similar. That's also a good place to save for planned-out personal rewards, like a trip. Within this this category, I would split up the investment risk.
Short term should be ~70% of excess money you take in, with 30% into long term. This may not be much, but will build, and you will be proud of your accomplishments!
Remember that you goal is to earn more than inflation and cost of living, sos that your minimum needs continue to be met while you build wealth for the future.
Good luck!
This is very, very helpful, I feel motivated to start the work right away. You are very good at teaching money management. I'll do just as you said, get three saving accounts and split my earnings like you suggested.. thanks so much for the input.
Sorry for replying late
No problem. The first and second locations can be the same, where you just keep track of which is which. With the third, you can usually earn more interest when you commit money that can be harder to access, or has penalties for accessing too soon, like losing the interest you've earned, but in turn will pay a higher interest rate.
In general, riskier investments should pay higher returns. It's up to you as to how much risk is acceptable. Generally, people take more risk earlier in life, when they'll have more time to recover over time.
An example: there were plenty of indicators that the American Stock Market was going to grow faster than normal this year. Choises: buy individual stocks, buy groups of stocks called funds, or buy a stock that returns the gain level achieved by the entire market.
The first has higher risk, but could reward the most. The second and then third are less risky of loss, but more stable. Over time, you'll learn to know what to look for, so your financial choices can become more proactive and less reactive. It's the latter, and not watching what's going on with your choices, that affects people the most.
You do you. Good luck.
I am often scared of Taking risks when it comes to investments but I'll give it a trial, I love the portion you said, " people take risk much earlier in life, when they will have more time to recover over time ".
It is tough for me to give generalized advice, because everyone's situation is different. Also, there are way too many people out there that exaggerate the wins. Find your comfort level of risk.
There are two solid truths, though, that will help anyone do better. The first is a plan that includes livable expenses, short term savings, and long term savings. The second is understanding what causes investments to rise and fall, so that you can be more proactive and less reactive.
The third is not changing how much you spend week-over-week just because your got some extra income or a raise. Keep your "needs" money as stable as possible, and grow that extra with better returns. The greatest gift you give yourself by growing wealth is choice. Choice to make life decisions on your own terms. Good luck.
Thank you so much sir, I feel like hugging you for this help. I'll go with the third, very seriously, I'll work on how I spend weekly but keep my needs available. This is very helpful.. thank you once again
Wow! This is very helpful and insightful! Glad I came across this comment, @bobbyb58 .
When it comes to savings, I also have an issue. There is always a bill to pay, or one of the children needs something... like, how does someone handle it.
I really wish I can successfully save my money, lol...I don't even mind some financial advice lol.
I came in from #dreemport.
#dreemerforlife
Hahaha, we are in this together, but I think there are more than enough suggestions here in the comment section to help us out, i have read some and they have blessed me, maybe you should do same
It's amazing what happens when we open up sometimes. I have read some valuable comments on your post which I intend to apply.
Thank you, @emreal .
The pleasure is mine ma, I pray those feedbacks will help us out