Saving Money Can you lock your earnings more than 365 days without compromising?

[sincerem]

If any one tells you to save money for one year or more, when your earnings is very small, you won't even pay attention to such person's advise.

Savings isn't an easy thing to do, it takes courage, endurance spirit, determination and discipline with finance etc. One who loves materialistic things, expensive things when the income is at average man's level, will find it difficult to save money long time or save out meaningful amount of money.

Even the rich finds it difficult to go into planned saving, and save money periodically for a given future purpose. That's why some rich men and women crumble unexpectedly cos they failed to save additional funds as plan B to stand their lucrative business when uncertainty like covid19 shatters it.

Do you save for long? Can you save money more than one year to satisfy or accomplish your future want?

 

[Chibson]

Of course I can only do that if a problem does not arise that needs urgent attention. Saving money is a very good habit but at the same time it is also very good to invest some part of it. There are people that save money to buy cars and having this kind of mentality will definitely go a long way and helping out. I think I can do it provided a problem that does not need urgent attention arises.

 

[btaliat]

It may be difficult to save for the whole year without having the urge to use it. But it may be possible if there other means of surviving or income. But for someone that has only one source of income and live in a part of the country thay I stay, I doubt if that is possible.

 

[Good-Guy]

I may not do that because I may need money at the time of emergency. People should not do that at all. However, if I have some extra cash at hand, then I would consider locking my funds if I receive profits on daily basis and i can hope that I will become rich after one year.

 

[sincerem]

Of course I can only do that if a problem does not arise that needs urgent attention. Saving money is a very good habit but at the same time it is also very good to invest some part of it. There are people that save money to buy cars and having this kind of mentality will definitely go a long way and helping out. I think I can do it provided a problem that does not need urgent attention arises.

Yes, I agree with you dear. Saving is a good habit indeed. If we can have such appetite to save then it is worthwhile. But at least we shouldn't save all we got, its good to invest some and save some just BA's you've suggested. If we have plans to save without unbeknownst then we can meet up with our saving routine provided we are disciplined enough.

 

[Good luck]

It is possible to save money for one or more than a year.It helps a lot.It makes one to be prudent in spending and to have this learning culture.People fixed their money for one or more than one year in bank to get little interest on it.some do normal contribution which takes more than a year.It is a very good idea to save money.

 

[Setho]

So right now I do not have the phones that I can afford to login in in a safe lock account for about 365 days but if I do have I do not see a problem with it. A lot of personal finance apps promise you very good returns if you are able to do it and keep the money with them.

 

[Alexandoy]

The bank has the package called Time Deposit that you deposit your money for a choice of 6 months or 1 year term. The interest is much higher than the savings account. However, you can still withdraw your money in case you need it but the interest you earned will be adjusted way below the agreed interest rate (about 12% to 15% per year).