What is stopping you from saving?

btaliat

VIP Contributor
To be candid, it takes a great courage to imbibe the culture of saving. At times, we find ourselves in a situation where we don't even plan for and what we need to do to cure the mess is just to use from the money that we have been saving. Most time, government policy discourages saving. The inflation rate always reduces the value of the money saved. The value of 100 dollar in banks in 2019 is not the same as the one 2021. That means what 100 dollar can buy in 2019, it may not be able to buy it in 2021.
Why do you stop saving?
 

sincerem

VIP Contributor
To be candid, it takes a great courage to imbibe the culture of saving. At times, we find ourselves in a situation where we don't even plan for and what we need to do to cure the mess is just to use from the money that we have been saving. Most time, government policy discourages saving. The inflation rate always reduces the value of the money saved. The value of 100 dollar in banks in 2019 is not the same as the one 2021. That means what 100 dollar can buy in 2019, it may not be able to buy it in 2021.
Why do you stop saving?
I haven't stopped savings, i still push myself to save at least little. Even when my country its hit hard by inflation, high cost living, unemployment, poverty etc. I still put something that makes me not to save behind me. I don't spend even little cash for unfancied things. I cut down my spending spree and save some bucks knowing that tomorrow might not be alright. Through the savings I can earn at least some living.
 
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Olajidey

Valued Contributor
In fact, i discuss this with a friend of mine today, before Convid 19 I know how much I save per month after receiving a salary and paying necessary bills such as prepaid meter, buying foodstuff, transport money but I find it difficult to save recently before I pay prepaid which is now increased, foodstuff which is now inflated, transport which is also increased.
 
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sincerem

VIP Contributor
In fact, i discuss this with a friend of mine today, before Convid 19 I know how much I save per month after receiving a salary and paying necessary bills such as prepaid meter, buying foodstuff, transport money but I find it difficult to save recently before I pay prepaid which is now increased, foodstuff which is now inflated, transport which is also increased.
We all know the hardship posed by covid19, since its emergence i don't think their is anyone who isn't suffering from it one way to the other. It is very worrisome for everyone living on earth. Saving have been hard to make cos of the high cost of living. The prices of foodstuffs, transportation, and other bills payment is extremely high now.
 
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Olajidey

Valued Contributor
We all know the hardship posed by covid19, since its emergence i don't think their is anyone who isn't suffering from it one way to the other. It is very worrisome for everyone living on earth. Saving have been hard to make cos of the high cost of living. The prices of foodstuffs, transportation, and other bills payment is extremely high now.
If not for this PTC that am doing, at least am using the money from it to data subscription, Imagine with all the increment of goods and services the salary is it the same. Electricity now especially the prepaid meter is now increased twice as the formal price, increased in fuel also prompt the transport to increase the transport charges.
 
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btaliat

btaliat

VIP Contributor
I haven't stopped savings, i still push myself to save at least little. Even when my country its hit hard by inflation, high cost living, unemployment, poverty etc. I still put something that makes me not to save behind me. I don't spend even little cash for unfancied things. I cut down my spending spree and save some bucks knowing that tomorrow might not be alright. Through the savings I can earn at least some living.
I love your energy but truth should be told. We all hate it when we are not motivated. You won't like it when all what you save at the end of the day doesn't have the value you expect it to have. Imagine saving for like 2 months to buy a particular stuff, only for you to be told that the piece has doubled its previous price. Hiw will you feel? Will you still be motivated to save?
 
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Profwriter

Verified member
You shouldn't blame anyone that is having challenges in making savings until you are sure that they have more than enough to meet basic needs. Meeting basic need is paramount to living and many people who are struggling to meet daily needs can hardly save.

The truth is that no body can save money in the midst of starvation, if one dies of starvation someone else will definitely spend the money he refused to spend for himself.
 
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btaliat

btaliat

VIP Contributor
You shouldn't blame anyone that is having challenges in making savings until you are sure that they have more than enough to meet basic needs. Meeting basic need is paramount to living and many people who are struggling to meet daily needs can hardly save.

The truth is that no body can save money in the midst of starvation, if one dies of starvation someone else will definitely spend the money he refused to spend for himself.
That's the philosophy of my parents. They do tell me not to starve myself because I want to save. I should only save when I am done spending on basic necessities. But let me tell you, human being is insatiable, we won't stop buying things because necessities are many. I don't preach saving amidst starvation. But eat less to save more. Because if the future. Man shall not live by bread alone.
 
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Alexandoy

VIP Contributor
You are right with the value of money which is decreasing all the time. What you can buy now may be more expensive 2 years from now. However, having no cash is not easy. When you spend your money just to fight off the depreciation then you may only lose. Being liquid is still part of good life so we save as much as we can and we control the spending.
 
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Chibson

VIP Contributor
There are a lot of things stopping me from saving reasonable amount of money. one of the reasons is that I am a student and of course in school a lot of money is required to run things and also to buy a lot of books and do researches. Another thing stopping me from saving money is my personal needs and wants which are usually take care of myself.
 
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Mika

VIP Contributor
When I had a job, I used to receive regular payments and my income was greater than expenses, therefore, I managed to save at least $200 every month, however, now I am a freelancer struggling to earn a decent living and I can hardly save money. IN order to save money, your income should be substantial.
 
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uforwealth

Valued Contributor
To be candid, it takes a great courage to imbibe the culture of saving. At times, we find ourselves in a situation where we don't even plan for and what we need to do to cure the mess is just to use from the money that we have been saving. Most time, government policy discourages saving. The inflation rate always reduces the value of the money saved. The value of 100 dollar in banks in 2019 is not the same as the one 2021. That means what 100 dollar can buy in 2019, it may not be able to buy it in 2021.
Why do you stop saving?
As far as I know, the only answer to the question is insufficiency.
As salaries earners, the amount of money we receive at the end of every month, especially here in Nigeria is nothing to write home about. We can't satisfy our basic needs satisfactorily with it. As a result, saving is far away from our memories.
 
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btaliat

btaliat

VIP Contributor
I don't want to agree with people that say insufficiency is the reason why they don't want to save. I see it as not genuine excuse though it is a plausible excuse. This is because of we can not save when earning small we won't save even when we earn big money.
 
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Abigael

Valued Contributor
Right now, the thing that is stopping me from saving is the fact that I don't earn so much money. I only work online in paid to post forums and that is so small, I can only use it for a few expenses. When I start earning better income, I will start saving.
 
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Jasmine

Valued Contributor
I am not focused at saving. I don't believe in saving. Instead, I am investing, I believe only investment can save you from financial meltdowns. Well, I do leave some funds on my bank accounts for emergency use, bu most of my wealth is in the form of shares, crypto currencies and gold.
 
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Sotherefore

VIP Contributor
Nice question. We all have our own different challenges in life but personally I don't see any challenges in life that will make me to stop saving because I consider saving as the most important things I really need to take serious in life. For now there is nothing that is stopping me from saving money.
 
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Suba

Verified member
In my opinion, saving money in the bank is not profitable, because the interest rate is small and the inflation rate will reduce the value of money, therefore I tend to allocate saving money to invest.
 
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kayode10

VIP Contributor
Number one thing that is stopping me from saving his laziness. I am too lazy to save money and this is costing me a lot. The reason is that allowed to buy on impulse. I buy things that come my way anytime I have cash with me. Also I like to give out money to people I don't know how to say no when people ask me for money.
 
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