Nowadays the young people are not having any saving plans. They don't bother much about tomorrow and savings for tomorrow. But it is always advisable to have some savings for the retired life. We all will get accustomed to a type of life. Many employees don't have pension schemes. So to have a happy retired life they should have some money in their accounts. So everybody should plan savings. As mentioned by author we should start our savings on day to day basis and at least a few coins a day should be saved. So saved money will become big with our our notice even. So always have the habit of savings.
Another saving technique we love is FinoZen. Saving is very important because it serves you during emergencies time.
I mostly save 30 % of my earning rest I invest or expense because life is going on so you need to live better if you thing only saving then you can not enjoy your life so enjoy your life with money .
Santosh Kumar Singh
(Sr. Microsoft Dynamics Axapta Technical,Mumbai)
Let me explain. I have a monthly budget, and I withdraw a fixed sum of money, to meet my monthly expenses. Why should I begin saving from this amount? If I really want to save, I would cut down my monthly expenses, and withdraw less money. The money that I do not withdraw stays in the bank, earning me interest. Saving money every day earns me no interest. I believe that a penny saved is a penny earned, but this does not mean putting aside pennies, it means saving on expenses.
In any case, whether or not you put aside a few rupees a day, at the month's end you'll have the same amount left. If you don't spend it, the money is still there with you.
What I like to do instead is, to spend wisely, so at the end of the month, I have some amount saved. I shop wisely and buy only what is needed.
Children are given piggy banks to inculcate in them, the habit of saving. Children do not earn money; they either receive pocket money or receive it as gifts. Piggy banks are given to them so they learn to spend wisely and to save.
It is good to save, but this is not the way to do it.
"A love affair with knowledge will never end in heartbreak" - Michael Garrett Marino
I am always for saving habit. The reasonable comfort in my life today is the result of my savings habit. I started saving even from a very young age of say nine or ten. I started saving by 'savings stamps' from post office. Today, of course I do not make any daily saving by specifically earmarking some money everyday. But I save by 'control and conserve' method. May be sometimes I am able to put some money that was saved and accumulated over a period as a small fixed deposit.
But I am not a stingy miser also. I do not curtail any of my normal needs and essentials. I also enjoy in splurging once in a while from the savings made.
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
Saving not only prepares us for a rainy day but also helps us understanding the value of money.
Children can be taught to save on daily basis through coins saved from their pocket money. Once they learn to save on a regular basis they will understand what is meant by cumulative growth and it will be immensely helpful in their future.
Knowledge is power.
Service to mankind is service to God.
The savings might be in form of cash, properties,shares,mutual funds, bank deposits, and yes it is not possible for every one because of the income and expenditure difference.
But I do save everyday my change money ( whether it is Rs 2 or 20) in my pigi bank, and after every year I found a good money and use that money for either depositing in savings or purchase some mutual funds.
This method can be taught to every child by their parents only, then only their future will be secured for any accident or emergency required.