pramalkumarsamanta By pramalkumarsamanta, 23rd May 2015 | Follow this author | RSS Feed
Posted in Wikinut>Money>Saving

Saving is the most important habit to save money at a time when it is utilized to tide over the crisis in life. Without saving, it is very difficult to approach any lender or any financial institution for advancing loan for the purpose. Every body does not grow such habit in good times but most of them encourage to do so.


Saving is a good habit to be cultivated within self. The elders keep money either in the banks or in the post office as savings for every month. The salaried class of people save money in their Provident Fund account. The elders keep their money in the Recurring Deposit account either in the banks or in the post office. The elders open a savings bank account either in the banks or in the post office.The elders purchase either Kishan Vikas Patra or National Savings Certificate from the post offices as the instrument of savings. As a saving measure the elders purchase a piece of land or a flat. The elders save the surplus money in a month in a savings bank account .Sometimes the elders purchase gold ornaments out of their surplus money for future use. They purchase life and health insurance policies for self, family and sons and daughters to save the untoward situation. They open a Demat account in the bank so that they may invest in earn more money..
All the members of the family should be encouraged to cultivate the saving habit so as to enable them to be self-independent economically. The youngsters should be given due attention to cultivate the saving habit. It is needless to mention that to save a coin per day is enough for a youngster. They should learn that they should not waste their money on a flimsy ground.There is a proverb saying that ' A stich in time saves nine' should be our motto.

Importance of saving

Saving is important in life. Those who do not care for saving invites trouble in life. They may be trapped in debt. Once trapped , it is very difficult to come out of the loan. The loan disturbs the mind and damages the self confidence. It is also fact that nobody willingly takes loan unless compelled to do so. Generally the court cases and serious health hazards may invite financial trouble in the family. During that period huge financial expenditure takes place, thereby all the accumulated savings are depleted so far. and turn towards loan to save the family. Once recovered from the most unpleasant situation, it is first and foremost duty to repay the loan at any cost. Once repaid the loan with interests. the habit of saving should be started in right earnest. .


Saving saves the life in times of crisis. Nobody thinks of expenditure without saving.In spite of saving money there comes the time when the loan is essentially required to meet up the cost of purchasing a flat or a house for future saving,failing which it may create a big hole in the pocket of expenditure. Through out the whole life the habit of saving is a must for the middle class and poor families.


Debt, Expenbiture, Provident Fund Account, Recurring Deposit Account, Saving, Savings Bank Account

Meet the author

author avatar pramalkumarsamanta
I am a retired government officer.I am a postgraduate in life sciences, I have a passion for writing on any topic.

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author avatar Sivaramakrishnan A
14th Jun 2015 (#)

Needed reminder, Pramalkumarsamanta.

Our generation gave top priority to saving but now times are changing. We could not get loan from banks easily and now they are liberal. And people take it that salary will keep increasing but things are never that certain.

I managed to save every year of my working life and I look back to that with great satisfaction - siva

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author avatar pramalkumarsamanta
14th Jun 2015 (#)

Thanks for excellent comment.It is a fact that we cannot lead the life peacefully without saving.

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author avatar Helen Thomas
18th Jun 2015 (#)

'Once trapped , it is very difficult to come out of the loan. The loan disturbs the mind and damages the self confidence.' YES ~ that is certainly true and very unfortunate.

Thanks for sharing.

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author avatar pramalkumarsamanta
18th Jun 2015 (#)

Thanks for encouraging remarks.

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