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  • Category: Miscellaneous

    Do you have the habit of saving money on daily basis ?

    Well saving has become important and necessary to every one and some are having the fixed deposit , recurring deposit , post office savings banks or investing money in private chit. What I firmly believe that no matter it may be small amount, if we start saving even few rupees either through coins or smaller denominations, over the passage of time, the amount turns big and it will be useful for many urgent purpose. So creating a saving habit at home is good. Are you saving coins or rupees for future ?
  • #605373
    Saving is very important for all. In our childhood days there were kiddy banks. Andhra Bank was opening accounts on the name of kids and giving one kiddy bank to each account holder. The kids used to put coins in that. Once it is full the children used to carry these kiddy banks to bank .the bank staff used to open the kiddy bank,count the coins and credited in to their accounts. This is helping kids to get the habit of savings.
    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.

    drrao
    always confident

  • #605377
    Saving is very important. We have a Piggy Bank (Small Charity Box) where we save coins, notes on occasional basis. On the top of this, I have a PPF account. The profit/ interest is less but it pays per anum at the percentage of 11.5.

    Another saving technique we love is FinoZen. Saving is very important because it serves you during emergencies time.

    Be the Hero of the zero hour!

  • #605381
    Yes Saving is required but you can save it by investment option also . If you invest more then in future it will come as return with good amount of money. If you only save then it will be limited .

    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)

  • #605388
    No, I don't save money on a daily basis, not in the way suggested by the author. I think it is rather silly to put aside a few coins and rupees, every day.

    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

  • #605478
    The' save a penny every day' method is to make savings habit. That is needed to teach children savings habit by attracting them to piggy banks etc. But once the saving mentality is properly implanted and imprinted in our routine and habit, then we have to customise it to suit our income,needs and life style.

    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.

  • #605484
    Suppose on a single day when you end of with having so many coins of change, save them in a box and that will help you in emergency.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #605552
    Saving is a good habit whether it is on daily basis or monthly basis or annual basis that is only the mode in which it is done.

    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.

  • #605597
    Yes,saving is a good habit.But saving daily some coins are difficult for us.We can save some money in month.Sometimes ,daily saved coins are very useful for us.In Patna it was raining heavy.There was water logging,it was difficult to go to ATM.The saved money was used by me at the time of need.We should develop habit to save money daily.It is very beneficial for us.
    Service to mankind is service to God.

  • #605652
    Yes saving is a good habit. Saving habit starts from our childhood. We started saving from our childhood. We starts from piggy bank. Saving is saving while it be coins or rupees or any thing like save fuel, save electricity, save water etc. Saved money is used in our bad times when we urgently need. Saved money is like the money earned. Saving can be done on daily basis, weekly basis, monthly or yearly basis.Saving money can be done in the form of Recurring deposit, saving account, NSC schemes or in any investment schemes like mutual market, share market etc.Saving can be in the form of the fixed deposit , recurring deposit , post office savings banks or investing money in private chit. It depends upon you to invest in which of them. fixed deposit , recurring deposit , post office savings are secure investment while mutual fund and share market are risky investments.

  • #605661
    In Tamil there is a phrase,'Siru Thuli Peru Vellam' which means a drop become ocean. Many of us are believing the daily savings yield well rather than anything. Those who are doing like this can realize the benefit. One of my friend used to keep all his coins,on returning from the office, from his packet into a open big plastic box on the refrigerator. LIke wise all the house members do like this every day. On the next day they took only needy coins for bus and left the remaining in the box. At the end of the month they used to deposit the total coins in the bank account after converting into rupee. Because of this habit they attained two benefits, one they get coins for next day to avoid conflict with the bus conductor and two the savings indirectly increasing besides regular planned savings.

  • #605669
    Saving for future is always highly appreciable and necessary. Because when our age increases our income capacity decreases due to weak health, so we should always be prepared for future expenses.
    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.


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