Steem4nigeria Accelerator Contest Week 38: Savings and Spending
How many steem power do you think you would have had if the clubstatus initiative wasn't brought up? Basically, I doubt I would have had enough because I would have taken it to my local account and from there, it may get exhausted before you realise it. Spending and savings, how easy?
What is your definition for savings and spending? |
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Savings is the act of reserving funds or assets for use at a later time. These funds are typically kept in cash, investments, or other liquid assets and are only utilized for significant purchases, unplanned expenses, debt repayment, or long-term objectives like investing and retirement.
While
The act of using money to purchase needs or wants is referred to as spending. It covers regular expenditures like clothing and food as well as more significant ones like real estate, travel, business, or investments.
Presently with the state if inflation, have you been able to practice the action of savings? If yes, tell us how and if no tell us why. |
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My answer is NO. And I'll explain why.
As my income is not that high, I initially believed that saving money would help me get by on rainy days in light of the rising inflation and rapidly rising prices of goods. I decided to save and put money aside. Sadly, I have not been able to save consistently because I felt that, with prices rising, the money I saved might not even be worth much or be able to purchase much in the future.
Hence, no matter how much money I saved, it was disappearing due to inflation; it was like trying to fill a leaky bucket. I therefore had trouble saving money, especially because everything around me was getting more expensive.
What is the place of steemit to your savings culture? |
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I genuinely enjoy what I do on Steemit because it allows me to save money on cryptocurrency thanks to its 25%, 50%, and 100% saving perks. that with steemit, I could save money for myself even if I wanted to spend it.
Has steemit helped in your spending or savings? |
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I would say both.
Steemit, in my opinion, has aided in both my spending and saving. Why? because everything I earn on Steemit is not put to use. My money is split in half, one for spending and the other for saving, using their 50% saving rate. To keep me on track, this platform is incredibly dependable and consistent.
Thus far this year, is your financial target been achieved? How have you been going about it? |
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Everything is going well so far. However, as of four months into 2024, I would not say I have made much progress toward my financial objectives, so it is too soon to declare that I have hit any milestones. However, everything is going as planned in terms of reaching my financial objectives. Despite all of the pressure I face from school, tests, daily life, and hustle, I do set aside time each month to plan out how I want to reach my financial goal.
Pexel
I make sure to break it down into manageable steps, and then I further break it down into tasks so that I can consistently complete it without putting it off. Right now, I feel like I am headed in the right direction toward reaching my 2024 financial goals.
Nevertheless, I am confident that if this question is posed to me once more in the third quarter of 2024, I will be able to respond with greater clarity regarding the state of my financial objectives.
I invite @hahdie, @vickyson and @inspiricion
Cc,
@steem4nigeria
With the state of inflation currently now, trust me it is getting difficult day by day to save but nevertheless we must still Cultivate the habit of saving no matter what
https://twitter.com/PreshLm40908/status/1783180542805942640?t=AZi1TNv6Kl1N86Jd1bYV4w&s=19