Failure on Saving Money

[i_am_prettyroan]

I was a failure on saving my money but for a big reason. I helped a lot of friends in their monetary problems so my savings now is near to ZERO As a human of course i felt so sad ... very very sad... But I dont want to regret anything since it is for the good of my friend. Now I wanted to ask for your wonderful advices on how to secure my savings. I am thinking of Bank Time Deposit as I dont have any choice and I dont have any right also to withdraw any until the time recorded in the bank. I dont care now of the interest. I am focusing now on the security. It hurts to work very very hard for a long year seeing your savings in ZERO balance. So care to help and inspire me.

[CozyFinance]

I hear you i_am_prettyroan. I started working at a relatively young age and founded my own business a few years after. Because of that, alot of my friends viewed me as an ATM and borrowed quite a bit of money from me. Not one returned, but anyhow I realise that if you lend money to someone and that they never return it, it was money well spent

Anyway, back to your question. You are looking for a regular savings account and your main concern is Security, you dont mind low interest rates and you dont want your money to be withdrawed easily?

[abelarcher]

I also feel this way...
Everyone borrowed money and disappear. May it be food or anything at all they look at me..
Now No savings at all.

[orangeyjellybeany]

Me too. I know how it feel. It's hard to turn away from friends asking for your help desperately.

However, there was this one time that I lend my friend money and I end up squeezing every budget I have to survive the month until my next pay. It was so bad that I need to ask help from my sister because I really cannot make it with the money I have left. I learned that I need to think of myself too. How can you help others if you cannot help yourself right?

Anyway, I think that if you are really serious about doing Time deposit, choose the bank that you trust the most. Do a little research first and ask opinions to your friends maybe they have a similar experience about it.

Sorry for the dramatic post. Just need to let it out.

[traceylee]

i think eventually u need to realise if you lend someone money, you are not actually helping them. u are letting them continue with a lifestyle where they spend too much, instead of forcing them to evaluate what they can cut back on to make things balance out.

so, of course, they will keep doing it... there's not such thing really as someone being "short on cash" out of the blue. "short on cash" is a euphemism for "i spend more than i earn", and lending money does not solve that problem for them. so don't do it, especially not at the expense of your own savings goals.

and if u must "help" such people, be realistic - consider it a donation, not a loan. write off the money, and tell your friend if they feel indebted and they want to pay it back, pay it to a charity. that way, u won't go "loaning" money that you can't afford to not get back.

[CozyFinance]

Anyone up for a self help group 'lending money Anonymous'

[i_am_prettyroan]

I hear you i_am_prettyroan. I started working at a relatively young age and founded my own business a few years after. Because of that, alot of my friends viewed me as an ATM and borrowed quite a bit of money from me. Not one returned, but anyhow I realise that if you lend money to someone and that they never return it, it was money well spent

Anyway, back to your question. You are looking for a regular savings account and your main concern is Security, you dont mind low interest rates and you dont want your money to be withdrawed easily?

Hi CozyCot Finance,

Yeah you understand my needs well. I need security for my savings that even I cannot withdraw a $ from it. I've already have insurance plan that's maturing so I think this investments is worth the effort.

Its true that its always a money well spent when you helped somebody. There's just times that you feel tired because your future plans is ruined. But right now I am still choosing to help than to be worried about my money.

Thanks anyway for your wonderful sharing!

[i_am_prettyroan]

i think eventually u need to realise if you lend someone money, you are not actually helping them. u are letting them continue with a lifestyle where they spend too much, instead of forcing them to evaluate what they can cut back on to make things balance out.

so, of course, they will keep doing it... there's not such thing really as someone being "short on cash" out of the blue. "short on cash" is a euphemism for "i spend more than i earn", and lending money does not solve that problem for them. so don't do it, especially not at the expense of your own savings goals.

and if u must "help" such people, be realistic - consider it a donation, not a loan. write off the money, and tell your friend if they feel indebted and they want to pay it back, pay it to a charity. that way, u won't go "loaning" money that you can't afford to not get back.

Ei Tracey,

This was a good point you shared. I never think of this. Well there are some friends of mine that I can say to be like that who cannot manage their expenses well that is why there is a need for them to borrow. But there are some that is really in need of help and they do not have anything to get from their own resources. Even other friends to ask for help.

Charity is a different aspect for me.

[i_am_prettyroan]

Me too. I know how it feel. It's hard to turn away from friends asking for your help desperately.

However, there was this one time that I lend my friend money and I end up squeezing every budget I have to survive the month until my next pay. It was so bad that I need to ask help from my sister because I really cannot make it with the money I have left. I learned that I need to think of myself too. How can you help others if you cannot help yourself right?

Anyway, I think that if you are really serious about doing Time deposit, choose the bank that you trust the most. Do a little research first and ask opinions to your friends maybe they have a similar experience about it.

Sorry for the dramatic post. Just need to let it out.

Thanks a lot for your advice orange!
I actually keep hearing that same advice from a very close friend of mine.
Confusions always come but hope to always decide right.

Well, started asking around and will do also a good research online.

[i_am_prettyroan]

I also feel this way...
Everyone borrowed money and disappear. May it be food or anything at all they look at me..
Now No savings at all.

Hi abelarcher,

Helping is not bad but yeah as other ladies said in this thread helping is not bad but you also need to help yourself first before you can help others. Good luck for the two of us..

[spicemeup]

so, of course, they will keep doing it... there's not such thing really as someone being "short on cash" out of the blue. "short on cash" is a euphemism for "i spend more than i earn", and lending money does not solve that problem for them. so don't do it, especially not at the expense of your own savings goals.

and if u must "help" such people, be realistic - consider it a donation, not a loan. write off the money, and tell your friend if they feel indebted and they want to pay it back, pay it to a charity. that way, u won't go "loaning" money that you can't afford to not get back.

Agree. Choose the people you want to help. I mean for those "i spend more than i earn" people, don't let lend money to them. They will only take you for granted and later on they'll see you as bank.

[what_we_want_we_get]

I can relate into your posts but I am really serious on saving money so I am looking for a good bank to save my money. A cotter advice me to seek CIMB but I think the initial deposit is too high. So if anybody also have suggestions lets help each other out. Thanks for the help ladies.

[belvodka]

I can relate into your posts but I am really serious on saving money so I am looking for a good bank to save my money. A cotter advice me to seek CIMB but I think the initial deposit is too high. So if anybody also have suggestions lets help each other out. Thanks for the help ladies.

Try standard chartered bank.. rates is not bad imho.. and no minimum no fall below fees.. e-saver.. check it out

[belvodka]

Hi pretty...

Do what's within your means..
Analysis is very impt when friends come asking for monetary assistance..

Next time can try offer them bank loans brochure s here...

Another options is to disseminate your money into diff bank accounts so you will just be left with a sum of money just for yourself to spend n eat for the month..

Another way is learn to say no.

Good luck to u..

[what_we_want_we_get]

Hi belvodka, thanks for your advice. Looks like a nice deal. I will try to inquire and will also ask around for the safety of this bank. You think they are stable? Sorry for the stupid question just started being concern with these financial related issues. Thanks again!