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What are the Disadvantages of Saving Money?

Suba

Suba

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Saving money is always considered beneficial for the future, however, according to some financial experts, saving money not only provides benefits but also has disadvantages, such as we must also be able to resist the urge to shop, or try to live more frugally. So in your opinion, what are the disadvantages of saving money?.
 
Suba said:
Saving money is always considered beneficial for the future, however, according to some financial experts, saving money not only provides benefits but also has disadvantages, such as we must also be able to resist the urge to shop, or try to live more frugally. So in your opinion, what are the disadvantages of saving money?.
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I don't find any disadvantage in saving. We save money to use it when there's any crisis. Even for lump sum expenditures we should save money.
 
aninditasen said:
I don't find any disadvantage in saving. We save money to use it when there's any crisis. Even for lump sum expenditures we should save money.
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Even though your money increases with interest, you will not feel that the value of the money you have will be eroded by inflation, so money with a nominal value of 1000 INR will have a different value in five years. In addition, saving in a bank also has a daily withdrawal limit.
 
In some countries, migrants and citizens from poorer communities who have some savings are falsely labelled a security threat without any legally valid proof, and their retirement savings are robbed by government agencies without a legally valid reason or court order.
 
Springtime said:
I do not see any disadvantages of saving money, other than the interest you earned is very low. Saving money is for reserve purpose. If you spend all the money you earn and do not save, you will not have money to invest and grow your wealth.
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There are some disadvantages of saving money besides what I have mentioned above, such as we are charged an admin fee when we start saving, and we will also be charged a withdrawal fee. The issue of advantages and disadvantages of saving is often discussed in various forums.
 
Suba said:
There are some disadvantages of saving money besides what I have mentioned above, such as we are charged an admin fee when we start saving, and we will also be charged a withdrawal fee. The issue of advantages and disadvantages of saving is often discussed in various forums.
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In my city, banks do not charge admin fee when we open a Saving account, and there is no withdrawal fee.
 
Saving money is essential for financial security, it’s important to spend some reasonable amount on your self and on your family because money consumption gives you a kind of satisfaction but saving is also important.
 
I have learned that saving indeed is good for the people in the formal sector whereby there are guaranteed with regular monthly pay cheques .
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The most common challenges is the business continuing making losses yet the businessman spent immensely on the marketing and promotion for the business.
 
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Springtime said:
In my city, banks do not charge admin fee when we open a Saving account, and there is no withdrawal fee.
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Even though in your city there are no admin fees and no withdrawal fees, but every advantage certainly also has disadvantages, which is clear that globally the value of money will decrease, etc.
 
Starmix said:
How could there be disadvantages of saving money? I was able to start my offline and online businesses through me savings. I cannot withdraw my invested money any time the way I do to my savings in the bank. .
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Anything that has pros will certainly have cons, so in financial literacy it is also mentioned that there are disadvantages of saving, you can learn it from various articles about finance both online and offline. As a lecturer you can also ask your fellow lecturers from the faculty of economics.
 
Suba said:
Even though in your city there are no admin fees and no withdrawal fees, but every advantage certainly also has disadvantages, which is clear that globally the value of money will decrease, etc.
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I agree we should not put all money into a savings account. Some should be used for investment so that your wealth can grow.
 
I have not noticed any cons in my savings, because I have only started saving money a couple of years ago. It was during the peak of pandemic when I started it. I am currently loving the rewards of my efforts and enjoying the benefits of saving. My selected method of saving invsolves depositing my money in digital banks, which allows me to accumulate interest on a daily basis. I am happy to see the interest I earn every day, although it is not significant because my savings are not that big.
 
I won't say that there are any real disadvantages of saving money. However, the fact of the matter remains that saving money requires you to sacrifice a lot. This means you have to give up things that require you to spend money. So, yoh can say that this might count as a disadvantage.
 
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