If one has family welath, backup and a decent sum parked away for future use or if someone is working or employed for reasons other than earning a living, then these are the individuals who are likely to withdraw it fully.
Coming from a middle class, I can't dream of withdrawing the entire lot. The fear of EMIs, term fees for children, household expenses are stark but true reminders for tightening the purse and keep some for the rainy day.
Spend after you save and NOT Save after you spend.. Warren Buffet.
Additionally if kept as cash in hand, unexpected expenditure will also occur. Above all now one has to keep a minimum balance in the account.
Gold Member ISC
Why I don't keep money in my salary account is, when I have money I will have the tendency to take it and will end up with no savings. So I always feel it is better to send some money to my savings account so that I can convert it into a FD once it becomes a lump-sum amount, so that I will not spend my money lavishly.
"Do not give up, things might not favour you always"
Depending on the shift I was in, at the immediately available time slot, I used to go to the post office first to send Money Order to my father, and then to the bank to put some money in my savings bank account. (Both offices were located in the same building.) The rest of money was used to take advance coupons for canteen food, and for buying other necessities in due course. This used to be my habit and routine until I got job in bank. In bank the salary was credited to my account.
But I made it a point NOT TO withdraw my salary on the salary day. It was sentimental for me to see my salary remain in full at least for one day. Next day or later,I used to withdraw the money needed for the first two weeks. Depending on the balance in hand I used to withdraw the further money needed.
Gradually when salary and financial position became better and reasonably comfortable, I could have some relaxation and cushion period to withdraw from my salary. Many payments could be made by cheque also.
But all through I saw to it that I paid milkman, paperboy, and other similar service providers on the first or second day of the month.
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
Some people say that it is not possible to manage with that amount. My opinion in this regard is if you can not manage within that amount then you cannot manage with any amount.
Money is a thing which once you start spending goes out of your hands and does not comeback so easily from sources of your income. Discipline in money management is the foremost requirement in our life.
If we want to live lavishly with a modern lifestyle we have to generate more income otherwise we will be under debt to card companies and banks and will have miserable life. So the basic Mantra is to manage within our means and save a significant part of our income for a rainy day.
Knowledge is power.
No life without Sun