I am not agree with your relative. Saving is must. It is good that he took policy for health and family. But what happen if for any reason not able to earn. What he will do in emergeny.

People are always different. They are created with different attitudes and character. There are some people who save money for their future purposes because they have no guarantee that whether their children and relatives would look after them when they fall in diseases or when they become old. Some people save money for their children because they are worrying too much about their children's future. Here the parents are worrying because  if their children will not a get a good job, they will fall in financial crisis. These are the main two reasons why people save money without spending too much. Such people cannot lead a luxurious life and their life will be simple. At the same-time, there are other kinds of people who give prime importance to enjoyment. They have no tensions about their future and children and they spend lots of money for enjoyment. 

@ anil, I guess he has taken everything into account and made provisions and feels that if he saves and curtails every month, he may not be able to enjoy the fruits of his hard work...

@ Jincy, I agree that people have different take on life and some would rather save and not spend thereby not having enjoyed life to the fullest , nor traveled and so on...But again it is their choice and some prefer to live for today and let the future take care of itself !

As a matter of policy I always saved 30% of my earning in safe mode. You never know when you have to remain dependent on your savings besides the rainy days.

I save to spend and spend whatever I save will be utilized with care and caution.I have immovable property. I have Health policies.  I and my wife are very healthy.Additionally, my children are well off. .My children who are in India come to see me regularly to see my welfare and to see if I need any help, monetary  or otherwise.I accept my life as it comes. No regrets. No complaints.

Rather a reckless way of thinking , I would say. To some extent I do agree that saving quite a nice nest for the children may not motivate them to do better in life for themselves, but not saving at all is rather a tall tale. True, he has insurance policies and all that, but money is needed for other kinds of emergencies too where such policies may not come handy.

Jincy Aby wrote:

People are always different. They are created with different attitudes and character. There are some people who save money for their future purposes because they have no guarantee that whether their children and relatives would look after them when they fall in diseases or when they become old. Some people save money for their children because they are worrying too much about their children's future. Here the parents are worrying because  if their children will not a get a good job, they will fall in financial crisis. These are the main two reasons why people save money without spending too much. Such people cannot lead a luxurious life and their life will be simple. At the same-time, there are other kinds of people who give prime importance to enjoyment. They have no tensions about their future and children and they spend lots of money for enjoyment. 

You are right it depends on person attitude for life. But in general and in ref. of India saving is necessary. Here social welfare system is not much good like some West countries.

usha manohar wrote:

@ anil, I guess he has taken everything into account and made provisions and feels that if he saves and curtails every month, he may not be able to enjoy the fruits of his hard work...

@ Jincy, I agree that people have different take on life and some would rather save and not spend thereby not having enjoyed life to the fullest , nor traveled and so on...But again it is their choice and some prefer to live for today and let the future take care of itself !

Elders and scholars also said that we live for today and don't worry about future. But in practical life it is not possible. Future is uncertain. So we must be do to meet any type of emergency.

@Kalyani,  I agree that one has to save at least a small part of one's income for emergencies or else what is the point in earning if you are unable to use it for your needs ?

@ anil, many people tend to think that there is no need to worry about the future since they are earning today, healthy and are having fun spending what they are earning but of course  as they grow older and become weaker and children grow up etc , they realise the importance of saving ..

Nowadays, medical expenditure is very high so it's better to save more and more for medical purpose as well as no one knows about one's future. So, it's better to remain prepared for a strong future to face any kind of emergency. It is okay to enjoy the present but without thinking about the future is a sign of ignorance. Who will think about our children more than us? So, if possible then one must try to save for their children because any untoward incident may ruin their lives. By saying this, I am not in favour of savings only and forsaking all our monetary expenses but one has to be very logical.