Why do people save all their lives?

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.

Why only Medical expenses ? Everything ranging from daily necessities to electricity to property taxes are fluctuating. To handle All these ever fluctuating costs one has to think and make necessary plans. This can be achieved only through simple living. Only through expending  on most necessary things and avoiding unnecessary luxuries.  This attitude injects the quality of saving in our children. And they in turn pass on  to their children.

Having the Best of of two worlds with the resources in your hand is advisable.

Personally speaking, I feel that parents have a responsibility towards their children until they are able to look after themselves and become economically independent and this requires money which also means one has to save.  But after that it is only fair that parents think of themselves and enjoy life depending on ones financial status. Saving has to be an ongoing process all your life, since it is essential for personal self during an emergency since noone  can predict the future 

Actually, we all know that savings is essential but in that regard I want to add that sometimes we get so engrossed in saving for the future that we miss the best opportunities to enjoy the present moment. The painful part is the lost opportunity is usually lost forever and in the drive for savings the peak time of our lives just go wasted. We need to learn how to tackle such a dicey situation that while saving for the future we can also enjoy the present because if its not done then these savings get used for treatment, various other daily maintenance and thereafter remaining amount is enjoyed by the next generation but not used for personal enjoyment. Balance between expenditure and savings is very important.

I also viewed for most part of life that saving is unnecessary. While in govt. service, I felt that day to day needs are met by salary, medical expenses are also reimbursed/ met by government and in old age, there will be pension. so why save?  

Now I am getting pension and also earning some money from tax consultancy. Still I don't feel necessity for saving. I have enough for day to day needs as well as ordinary medical expenses. 

In general, I feel that everyone should have mediclaim and accident insurance policies. Besides this, he should save about 10% of income to meet future needs for children education and marriage expenses. Excessive saving may lead to curtail necessary current expenses. Also this depends on personal circumstances. Business people need to save more for expanding business unlike salaried people.  

I too am not for saving by penny inching to the extent where daily life is lead in the most frugal manner inspite of earning well. There was an old film called Grihpravesh starring Sharmila Tagore and Sanjeev Kumar , made by Basu Bhattacharya , with the same subject where the wife is constantly cribbing about expenditure since she wants to make a house and too late she realises that her home is being invaded by another woman because her husband wants to have a carefree life ..

I am sure I watched that movie but I fail to recollect it very clearly. I am in favour of savings but not at the cost of my present living. I would not favour an exorbitant expenditure for my present life which I won't be able to maintain throughout my life when my earning gets limited. but would definitely love to have such a life which is easily affordable and not out of reach for me. There I won't compromise and would not like to lead a very simple life only to save for the future.

Gulshan Kumar Ajmani wrote:

I also viewed for most part of life that saving is unnecessary. While in govt. service, I felt that day to day needs are met by salary, medical expenses are also reimbursed/ met by government and in old age, there will be pension. so why save?  

Now I am getting pension and also earning some money from tax consultancy. Still I don't feel necessity for saving. I have enough for day to day needs as well as ordinary medical expenses. 

In general, I feel that everyone should have mediclaim and accident insurance policies. Besides this, he should save about 10% of income to meet future needs for children education and marriage expenses. Excessive saving may lead to curtail necessary current expenses. Also this depends on personal circumstances. Business people need to save more for expanding business unlike salaried people.  

 

I agree people with a government job can afford to do that but people like me in private sector have to save for rainy days as well for old age. I always saved enough of my earning for future when I will not be able to work.  

suni51 wrote:

Gulshan Kumar Ajmani wrote:

I also viewed for most part of life that saving is unnecessary. While in govt. service, I felt that day to day needs are met by salary, medical expenses are also reimbursed/ met by government and in old age, there will be pension. so why save?  

Now I am getting pension and also earning some money from tax consultancy. Still I don't feel necessity for saving. I have enough for day to day needs as well as ordinary medical expenses. 

In general, I feel that everyone should have mediclaim and accident insurance policies. Besides this, he should save about 10% of income to meet future needs for children education and marriage expenses. Excessive saving may lead to curtail necessary current expenses. Also this depends on personal circumstances. Business people need to save more for expanding business unlike salaried people.  

 

I agree people with a government job can afford to do that but people like me in private sector have to save for rainy days as well for old age. I always saved enough of my earning for future when I will not be able to work.  

For anybody, irrespective of their nature of job, savings are always helpful during  hard times.

Savings are a must.Those who think savings are not necessary must be ready for surprises, especially health related. In these days of atmospheric pollution, there is every likelihood of getting hazardous ailments. Medical Bills are soaring up day by day.If the diseases are not serious, its OK. What about life threatening ailments which involve huge costs ?

rambabu wrote:

suni51 wrote:

Gulshan Kumar Ajmani wrote:

I also viewed for most part of life that saving is unnecessary. While in govt. service, I felt that day to day needs are met by salary, medical expenses are also reimbursed/ met by government and in old age, there will be pension. so why save?  

Now I am getting pension and also earning some money from tax consultancy. Still I don't feel necessity for saving. I have enough for day to day needs as well as ordinary medical expenses. 

In general, I feel that everyone should have mediclaim and accident insurance policies. Besides this, he should save about 10% of income to meet future needs for children education and marriage expenses. Excessive saving may lead to curtail necessary current expenses. Also this depends on personal circumstances. Business people need to save more for expanding business unlike salaried people.  

 

I agree people with a government job can afford to do that but people like me in private sector have to save for rainy days as well for old age. I always saved enough of my earning for future when I will not be able to work.  

For anybody, irrespective of their nature of job, savings are always helpful during  hard times.

Savings are a must.Those who think savings are not necessary must be ready for surprises, especially health related. In these days of atmospheric pollution, there is every likelihood of getting hazardous ailments. Medical Bills are soaring up day by day.If the diseases are not serious, its OK. What about life threatening ailments which involve huge costs ?

 

You must read what you wrote in your previous comments. 

 

suni51 wrote:

rambabu wrote:

suni51 wrote:

Gulshan Kumar Ajmani wrote:

I also viewed for most part of life that saving is unnecessary. While in govt. service, I felt that day to day needs are met by salary, medical expenses are also reimbursed/ met by government and in old age, there will be pension. so why save?  

Now I am getting pension and also earning some money from tax consultancy. Still I don't feel necessity for saving. I have enough for day to day needs as well as ordinary medical expenses. 

In general, I feel that everyone should have mediclaim and accident insurance policies. Besides this, he should save about 10% of income to meet future needs for children education and marriage expenses. Excessive saving may lead to curtail necessary current expenses. Also this depends on personal circumstances. Business people need to save more for expanding business unlike salaried people.  

 

I agree people with a government job can afford to do that but people like me in private sector have to save for rainy days as well for old age. I always saved enough of my earning for future when I will not be able to work.  

For anybody, irrespective of their nature of job, savings are always helpful during  hard times.

Savings are a must.Those who think savings are not necessary must be ready for surprises, especially health related. In these days of atmospheric pollution, there is every likelihood of getting hazardous ailments. Medical Bills are soaring up day by day.If the diseases are not serious, its OK. What about life threatening ailments which involve huge costs ?

 

You must read what you wrote in your previous comments. 

In all my previous comments I stressed on saving. I never ruled out the importance of Saving.