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GUIDE Savings, an important habit in handling finances.

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Niftyyem

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Everyone knows what savings is, so in the simplest form, savings is the part of your income you set apart for rainy days or to meet a particular need or even to build up capital for investments.
It has been revealed that less than 30% of employed people actually save and this is quite an unfortunate statistics.
It should be built into each individual the habit of saving right from childhood. I remember as a child, the square wooden piggy bank where I kept every dime given to me by visitors and my parents and come December, will have it broken with so much excitement to see how well I have done for the year.
These are times with technology, so instead of wooden Piggy banks, there are apps that help to save or even an automated system of deduction through the banks and the good thing is you even get interests on your savings.
I know that expenses may make this very difficult but what is needed is a bit of discipline.
Now to what percentage of your income to save, this depends entirely on each person's income and amount of financial responsibilities.
One key rule I have followed is that no matter how little, something must be set aside as savings from every income I get, be it online or offline earnings.

I hope someone has learnt something and please go ahead and comment on what you think about savings, how you go about it and what percentage of income should be saved.
 

Suba

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Saving is very important for us, both in the form of fiat money or cryptocurrency, but nowadays I prefer to save in cryptocurrency because it is not affected by inflation and deflation. Of course to save crypto we need several strategies such as Lump Sump Investing (LSI) and Dollars -Cost Averaging (DCA). Yeah, maybe someday, I need to discuss 2 savings strategies in our forum.
 
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Niftyyem

Well-known member
Verified
Aug 22, 2020
160
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808
Saving is very important for us, both in the form of fiat money or cryptocurrency, but nowadays I prefer to save in cryptocurrency because it is not affected by inflation and deflation. Of course to save crypto we need several strategies such as Lump Sump Investing (LSI) and Dollars -Cost Averaging (DCA). Yeah, maybe someday, I need to discuss 2 savings strategies in our forum.
You are very right @Suba. It is important to save in whatever form that is preferable to you. I only know a bit of those strategies you mentioned and will really appreciate if you created an avenue to discuss them on a thread sometime. I would love to save in crypto too but need more ideas on how to go about it without mistakes.
 
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