Welcome back,
Today I am here to answer a question about how I save money. This is a contest that is once again running on the India United community, and I am going to participate in it.
As usual, if you want to go through the contest, you can check the link shared at the bottom of this post, or you can directly visit the India United community and check the post that is shared there.
For me, saving money works in a very different way. I do not save money in cash or in digital national currency form because inflation takes place, and the value of the money I have today is going to be less next year.
I am also not someone who is very comfortable with the idea of earning interest, because interest mostly just copes with inflation.
So for me, the best way to save money is to invest it. That is how you can actually save your money in the long run.
For example, last year I started saving in gold. You can do SIPs, or you can manually do DCA in gold on different platforms. If you are from India, there are many authorized platforms where you can buy a small amount of gold on a daily basis. That is one way of saving for the future.
You can also do the same thing with cryptocurrencies. I know a friend who used to do this for Bitcoin, and it worked very well for him.
Another friend of mine also did DCA in Bitcoin when it was trading around $20,000 to $23,000, and that strategy worked because his average buying price was quite good when Bitcoin started moving up. That is how I personally look at saving money as well.
At the moment, I am not investing in Bitcoin on a daily basis, but it is something I want to do in the future. Right now, I am low on budget, and that is the main reason I am not doing it actively.
But through this contest, I have once again realized that this is one of the things I want to start doing very soon when the time feels right.
That said, if you are someone who is saving money for the future, the time is always right. You do not have to wait for an asset to fall or rise. When you look at the bigger picture, you just need to invest a small amount on a regular basis, and that is how the strategy works.
To be honest, when I was a teenager, I used to save money in a piggy bank. My aunt gave me a piggy bank where I used to collect coins.
That was the time when I did not know about concepts like inflation, asset appreciation, asset depreciation, or the disadvantages of keeping money only in cash or digital form.
So this is my way of saving money, and I hope I was able to explain it clearly. If you want to participate in this contest as well, you can click on the link below and check it out.
@indiaunited/indiaunited-new-contest-and-last-88df8c4d4f3a7
Thank you and happy trading everyone.