What financial goals are you saving for?

Are you saving money?

Saving is income not spent, they are set aside for a purpose over a given time.

Not everyone can save money, most times we try to do so but over time we find ourselves changing our minds and have to spend the savings again. But once the mindset of savings could be achieved, there are a lot of benefits to that.

Savings could be in any form, some people save directly to their bank account, some save with the daily or weekly thrifts collector, and some people save in the lock in their home. Whichever way or approach we take towards saving, once we realize that the money set aside is not spent but remained there for a purpose, then we call that Savings.

What financial goals are you saving for?

I remembered the last time I saved some amount was when I was serving the nation. Out of the amount paid, I was able to save 65% of my money. I had a purpose of using it to start a small business after my one-year service was completed.

So the same way many people have to save their money for a purpose, some save against their retirement, some save to buy an apartment or settle bills, while others save for emergency purposes.

The mindset in which we used to approach creating a savings account will determine how far we will go. Someone with a mindset of saving to buy a small apartment or a car will save less from their income because the goal towards which they are saving is not so big compared to someone else saving to start a large-scale business.

What is your attitude toward saving?

Most times I realized it is not always easy to save except when those funds are locked semi-permanently in a place where withdrawing them will have to take a lot of days to get it out.

There was a time I tried using my hbd/hive saving option here on hive to start saving some part of my rewards. I knew I wouldn't be able to withdraw it until after three days. I saved a small amount of hbd, but the funniest part was when I clicked withdraw and got the savings out, it wasn't up to $10 yet. But I needed the money.

Another saving method is the HP approach, this will take a part of your rewards as hp. I am finding it a little difficult to withdraw my hp not because I don't want to, but because of the long duration it will take before completion. Thirteen weeks is a long one and not something that could be fast-forwarded.

I can say our attitude towards saving depends on the type of method we use when saving and the goals for which we are saving.

Do you automate your savings or do you prefer to transfer the money yourself?

I prefer automatic savings because it won't make me put my mind much into how much I have accumulated. Immediate deduction automatically is one of the best approaches for me when it comes to savings. I will have the chance to plan more on the remaining income.
Making the transfer myself is not bad, but I will always love it to be automatically deducted.

Savings are important, and your savings goals will also give you a better understanding of your priorities and life goals.