Saving money at home put you at risk to spend.

[TOZZIBLINKZ]

The main reason why huge security based financial institutions which are popularly known as commercial banks was established was for the purpose of individuals to save their money , releasing them from every risk to spend money allocated for saving . Majority of individuals claim that they are saving money , but yet they are saving their money at home putting them at risk to spend , it is better to have a bank account where you can save your money and also provide security for it than to save your money at home we're security for the money is less and is prone to negative factors like stealing and spending .

Personally , I am a kind of diabolically individual and sometimes when I have the urge to spend money I may be forced to pick money from my savings , that is why I said my money in the bank not at home . Majority of you here also have his same attitude as mine , sometimes it is hard to resist the urge to spend but because we human beings love trying new things and experience we are always forced to spend . so in order to develop and nurture that habits to save money , it is advice that we own a bank account where we can save our money whenever and wherever we want .

 

[sincerem]

I always work with a cashless policy, such has enabled me to spend money with caution and not spending all I've made within some period of time, I don't want to spend it. Money is hard to get, and I'll only spend according to budget, I wouldn't like going above my budget. So, I can have an extra to save and invest too. Withdrawing all I've made and keeping it at home with me, will always trigger me to spend, since I have the funds in my house. It has returned to me severally, I withdrew money which should serve me at least one week, but unfortunately that money got finished within 48 hours. Such kind of scenario, is what I really don't want to enter anymore, saving my money in the bank have always provided with comfort and security over my funds long time. And I don't save money via offline banking system, I use an online wallet that rewards me with interest saving with their online bank, I use crypto too to use by taking my funds and locking it up via staking. Their are many ways to save in crypto and earn recurring revenue than just taking it to the bank where it will remain idle with some deductions.

 

[Mataracy]

It is very good and better to be keeping cash in the bank or some where that is not in some ones reach because one can easily spend it .
And if at all that some do not want to keep it then; one can as well invest it in to a business where it can be generating more income to somebody.
Some times also at least one still need to have small cash around jncade of emergency so that one can easily pick it up and use it .
Though money is meant for use but yet one need to minimisr the spending.

 

[Rachael]

You are not far from the truth. Saving money at home has major disadvantages more than the merits. As part of my new Year's target, I had a plan to save at least $200 in my piggy bank so I can use it to learn a skill offline or online but since this year started, I adopted the weekly savings method but I have not been able to save a dime in my piggy box. I had begun saving tow moths ago but within a twinkle of an eye, I would spent the money on my pressing needs.


It gets very hard for me to save money because my income is even beyond the needs and budget and when such cases arise, no matter how I say I would not touch the money, I still go ahead to use it and hope for better days. At least, if I saved the money by joining a team contribution, it would be a bit better because I would not have quick access to the money. Saving money in the bank is also better a bit although I can still have easy access with it because I have my ATM card and the mobile app on my devices. Saving money is more achievable when your income is enough to cater for your needs and other miscellaneous before you can think of saving.

 

[saoussen5765]

This is the major problem with an ATM card that you have the intention to purchase everything with an ATM card without control of your expenses and you end up spending more than you have predicted every time. Even you have planned that you will not spend more than this amount of money this month.

 

[blessingc]

It is good and important to save money for future purposes but saving it at home is not a good idea, it is archaic and has a lot of disadvantages. In fact, it’s not an exaggeration to say the greater the amount of cash at home, the greater the risks involved.

Anything can happen at home, there could be fire outbreak, building collapse or other unforeseen circumstances that can make the money disappear and become a waste of time and effort. When thieves break into your home, they’re looking to steal anything of value – including and especially cash.
Keeping money at home is not a good idea, it is like the unwise servant burning his talent to dig it out when the master gets back without investing it.
When you keep you money at it won't grow interest like when you keep it in a bank account or invest it in something reasonable. Inflation is a fact of life, and it eats away at the value of any investment that doesn’t earn interest.

Nevertheless, it is a good idea to have some extra in cash at home for an emergency situation where you won’t be able to spend more than a few thousands of naira.

 

[Sotherefore]

Lolz , this is true and that is what I have been trying to avoid . Anyway most of the money I am earning are always from online platform like posting and through other things . But that does not really mean that I do not make money offline , I do make money offline sometimes when I have the time .

I do not save most of my money at home and I don't even save it in the bank because I don't just see the Needs. Even if I save my money in the bank I will still have to use it if the urge is there .

I don't really know but I find it more secure to save my money in cryptocurrency , not really because I just want to earn a huge return on investment with my money but the point is that I am very much interested to invest in cryptocurrency as this will limit my spending ability.

Going through complicated withdrawal process and converting it to your bank account sometimes is always discouraging and it will only be possible to me when I need the money for something serious which I know I'm not wasting my time trying to convert it

 

[Abigael]

This is very true. Saving your money as home puts you at a high risk of spending it unnecessarily. This is because the money is easily accessible and so you can take out of it anytime you feel like buying something. You just dip your hands into that purse or wallet anytime.

It is always advised that you should have a separate savings account from your personal use account. That way, you don't get carried away and spend both your personal money and savings. When you have a urge, you will be much safer if your savings are not easily accessible.

I know that the best way to spend wisely is to learn self discipline. This is by controlling your urges strongly. But you know, urges can be so hard to control. It gets even harder when you are going through some emotional issues. So having the savings far away will help in giving you time to calm down. Once you do, you will change your mind about spending your savings.

You could also decide to save money through investment than letting the money just sit at home or in a bank. You could increase your amount by choosing a good investment plan that earns you passive income.

 

[Holicent]

Saving money at home put you at risk to spend. To combat this, try to stick to a budget and avoid impulse buying. Spending less on leisure activities, such as going out for coffee with friends or watching a movie together, will also help.

Researchers from the University of British Columbia and the University of Dusseldorf tested how people’s desire for financial security affected their spending habits. They found that people who were more financially insecure were more likely to spend on a variety of things, including food, entertainment and shopping.

The study also found that people with low incomes spent more on non-necessities than those with higher incomes — especially if they felt insecure about their financial future. Nevertheless, It's true that saving money can make your life easier, but only when it's put toward savings that are needed by the end of the year or next few months. If you're not prepared for an emergency, let alone retirement, you'll be standing in line at the bank or credit union before you know it.