Saving Money Is this the best savings decision for me?

[Bookwormlux]

Sometimes last year, I opened an account with one of the banks here In my country and decided that I am going to use it for core savings.
I decided I was not going to ever request for a debit card for the account in particular, and I believe it is a very good way of avoiding the temptation to spend the money in that account.

This is becoming more interesting to me and I am optimistic that I would be able to save up to a million in my local currency it I continue the way I have started right now.

This decision came after I realized I was earning enough money, but was also spending the money earned on things that I cannot really account for.

I feel bad realizing that I have earned enough money, but did not have a reasonable savings from all that I have earned.

I want to know if this is the best decision that I have taken and whether there are any more measures I can use to make sure that I do not get to break my own Savings principles.

Have you ever tried something of this nature in the past?
Any advice for me?

 

[Kingsley]

Your plans are not bad I could understand exactly what you are saying, it is always best to look for every avenue to block leakages as that will make you to spend unnecessarily. I have experienced a similar issue a long time ago, I opened an account with one of thenew generation banks and I began to bank with them ans I loaded my account with funds. The account was a savings account and was suppose to serve an account where I was suppose to keep money alone for at least at least period of a year. But as time passes I realised that i was always going to the ATM to withdraw at every little interval when even a minor need arises and worst still thr ATM is very close to my place of residence and work aswel. So it got to the point when the ATM card got expired and I didn't bother to renew it.

I was called by the bank to for a renewal But I declined the offer and it was then and there that I could really save without disturbing my bank account. And I stayed that way for more than a year ans I saved well with any hassle.

 

[Caramelle]

Disciplining yourself to regularly save money from your earnings is always a great idea. It would be something you'd regret not doing when you reach your retirement age and have fewer opportunities to earn and save money. Keeping part of your funds safe in a bank account away from the temptation of withdrawing is a smart idea especially if you feel that you could be tempted easily to touch the money when something arises. There will always be those moments when we choose to relax and take the easy route of dipping into our savings instead of working harder for some days to earn the money we need. You have, at least, minimized that situation when you decided not to get an ATM for your savings account.

Personally, though, I wouldn't do it. I would always want an ATM for my account in case of emergencies either directly concerning me or a loved one. Imagine a scenario where you are in a life and death situation and you need the money to fund your hospitalization. You can't go to the bank to withdraw the money at night. Also, in the event of death, I would want my family to secure the money. The bank won't just release the money without documentation for your estate tax settlement and last will and testament or extra-judicial settlement by heirs. That's why I prefer having an ATM for my accounts. I can just keep it in a vault and forget about it until I actually need it.​

 

[Alexandoy]

When I was younger and was earning a good salary from the bank that I worked for the expenses were pretty high. But I have no accounting of my expenses and the only one that I remember is the big chunk of my salary that goes to my mother. To be honest, I later noticed that I had been very generous not only to my family but also to my friends. During Christmas day there were so many guests in our home that are 90% my guests. They come with their kids to receive gifts from me that usually it is in cash. Maybe I was really amiss on those days that my generosity got the better of me so that my savings were always to the minimum. When I got married nothing had changed even if my wife has a job of her own.

Later in my life came the realization that generosity should be stopped that I had been so generous for many years. This time the generosity would be for myself. I had a policy against lending money no matter the reason, sorry, I do not lend money anymore. That did it. At least I was able to save money for my retirement and I was correct in that part of my life.

 

[eldavis]

One thing we should understand when it comes to saving is that all we need to succeed is discipline. Not having a debit card might actually make it hard for you to withdraw the money, by the time you consider going to the bank, standing in a long line, just to withdraw, you probably might have lost interest. Just discipline yourself, this is the major goal.

 

[Sotherefore]

In as much as I respect your decision to save in your local currency , but personally I consider saving in the local currency as a pure waste of time. The value of our economy is depreciating .

Ok, last year the price of dollars on the Nigerian currency was just under $1 to 450 naira , but now within the period of just

five months, there has been over 20% depreciation in the price of our currency.

Things are becoming more difficult , if there is a way you can be saving your money at least in cryptocurrency or if you do not like to save your money in the volatile cryptocurrency like BTC or anyone because it might depreciate in value , you can consider investing in the usdt or any other stablecoin of your choice because the possibility of maintaining the value of your assets if you are considering to invest for a long time will be quite possible.

Is it a nice decision , it will really help you to avoid spending but what of the depreciation on the value of your assets on long-term purposes ?

Well this is what I will do , so I am just suggesting though .

 

[Ajebo25]

This actually happens to me too as I also have the habit of spending money lavishly then I decider to open a bank account and start depositing and withdrawing money inside it but I won't take the ATM card from the bank to avoid the temptation of spending the money but instead I still use my bank to purchase airtime its really becoming a problem but am trying to control my needs as I only spend money when ever I see it once the money gets exhausted Ill start regeretingbon why I spent the money in the frost places which I'd really disturbing

 

[TOZZIBLINKZ]

Personally I believe that the act of saving money is never a decision for you to choose but rather it's a must-do activity and practice that every individual must endeavour to do despite what . To be convinced how it is important to save money it is advised that an individual first of all digest and convince himself with the benefits of saving money . Merely considering the benefits of saving money you will be deeply convinced why you must engage in the act of saving money for example if you save money you will be able to handle future unforeseen occurrences and circumstances that are more likely to take place in the future , and also when you save money you will be able to invest when a risk-free or risk-less investment tends to show up in the future .

Some of the unforeseen occurrences that we are likely to occour in the future which could be solved who is the money that we have been saving include falling sick or ill , handling and sorting out unexpected visitors , plane unexpected bills like electricity bills etc . All these are on called and unforeseen circumstances and to be able to handle this you must save money for the future .

 

[Abigael]

This is a very good move that you took in order to improve your savings. Setting up a good savings account is the first important step to building a saving culture. The account keeps you responsible and accountable and so your will save better than when you don't have a definitive account for saving.

The importance of savings can never be undermined. When you save, you are guaranteed of a very good financial stability. This is because it will keep you away from borrowing money and it will find most of your financial emergencies. Saving just gives you a place to take out money instead of borrowing.

When you have decided to start saving, it is best that you really improve your self discipline. Self discipline will save you from giving in to your spending urges all the time. So whenever you are tempted to buy something out of your budget, train yourself to say no to it. The more you do this, the better you build your self discipline.

Alternatively, you can look for investment methods for that money instead of letting it just sit in the bank. There are online and offline investment methods that will help you save while earning you some profits. Just do some research on this and choose one that you like best.

 

[Ithedicious]

That is exactly what I am also doing and even if I have to withdraw , I will always be discouraged because going through all the complicated process of withdrawing really discourage me sometimes .

That is just the best way for me except I may be interested to invest in cryptocurrency in the future then I can consider withdrawing.

But if you haven't gotten the ATM definitely that is just the best , a situation that you will always forcefully paid in money into the account whenever you have extra will really help you to save money and ever since I come to understand about this idea, I have been able to save up some money without any problem.

Then at the same time , I have another bank account but that one is the bank account I save some money and the highest I saved in this account is just 5,000 naira and that is to take care of anything that may arise is, if it is below 5000 naira I have to move the extra to my saving account and this strategy has really helped me saved money and has also helped me to avoid spending money unnecessarily on things that doesn't make sense.

 

[Oluwasegun purpose]

Some people who don't have the habit of saving sometimes when I looked at them I feel sorry for them. Some people WHO used to spend money lavishly are so funny some of them don't know that money is a visitor if money come you and you don't know how to make used of it well it will run away from you...people who used to spend money lavishly why can't you make and save that money which you spend lavishly...you may be thinking on how to save your money I should Tell you my experience on saving.I was some one who used to spend money lavishly I always like to buy expensive thing not until the day I don't have money I was totally broke but one day a friend of my tell me on how to save I follow the advice so I went to open a saving bank account and I did not collect ATM card,so I start to save money in that account I save not until1year after that I went to the bank to collect my ATM card and I collect all the money I have saved in that account I calculate it with my surprise it was 70 I was so happy I used that money to help my self in my school....I will advice you not to be spending money lavishly try to be saving