Not delayed that long after all
As I wrote two days ago, I needed a little bit of time to write a new question for the silver gold stackers community. Although I'm not 100% yet, I've been doing everything I should be doing again and trying to pick up on work now too because there's plenty things to do. On top of that, it's almost weekend and I treated myself by buying another silver round yesterday. Let's hope it arrives next week.
Week 8 question
Today marks week 8 of the Silver Gold stackers engagement initiative and this week I'm asking:
My own answer
I know that when people put fiat into savings, often they put savings in first before spendings so there's always a set amount of money that will be set aside. I love this approach and it's a little with how I work with our fiat money too, during tighter months it just means I make sure to set aside bi-monthly/quarterly and yearly payments but work my way to the payments every month rather than having huge bills when the bills are due. This gives us a little bit of personal banking opportunity to lend from our vaults when we have unforeseen costs.
I have not done something similar with silver yet because the time is not there yet for me to do so. First, I need to make sure that there are more savings, including upping them due to inflation, which I was not doing yet. I learned the hard way earlier last week that our car insurance went up 25% by not including that in my plan, ouch!
Thankfully, I'm quick to adapt and learn from these things so I can do better from now on and I'm seriously considering to start reserving a set amount of money for silver every month at some point, but other things have priority first. Right now I'm buying when I find a nice deal or have a bit of money leftover from something, a bill that turned out lower or because I sold some second hand items. Which feels like a nice trade-off in the end.
Your answers
I'm hoping that you can share your personal approach, not necessarily the approach you have now, I'm even more curious about the approach you had at the start of your journey and looking back, if you'd do it differently if you had the chance to do it over?
You can answer by leaving a comment or write a post if you like. Whatever you prefer.. Just make sure to source the picture if you use the one in my post as it's not mine and created with Canva Pro :)
I will give away at least 5 HSBI shares amongst the people answering the question in a comment or post, maybe more, but 5 is guaranteed.. If you decided to write your own post, please leave a link in the comments so I won't overlook it when I'm picking the winners next week.
Thanks everyone for joining!