Why We Need to Save Money?

24 August 2016 | 1523 Views | By Mint2Save

There is a saying “Why bequeath wealth to an unworthy son/ Why bequeath wealth to a worthy son”. It means for whom you want to save; if your son is cable enough to earn the livelihood. You should not worry about his future and need not care to save for his future and, if he is not, rather a brat n spoilt one, he will certainly lose everything you save for him or make accordingly provisions. Similarly, you do never know your fate and even can not predict for sure about your life for even for the next minute. Then endeavor for saving for the future. In a nutshell, an obvious question arises why go for savings at all.

The answer lies in the very uncertainty / unpredictability of the life & future and, the fact that, a son only is not your dependent, liability and a ray of hope, as there others too, to be looked after and taken care of. To meet with the needs of your own and other members of your family, including your parents, you have to pay heed in understanding the need and decide the way of savings for near and far future.

Moreover, just imagine and think about the fact that who brought you into this world, how have you survived and who is the mentor of your life so far; whose deeds you are enjoying indeed and shall keep on enjoying onto the last.

Therefore, to repay the debts of your past (for whom you are their future) you have to save; to hand over debts to your future (generation, and so on) you have to save and to ensure a comfortable future life along with family members you have to save, if survive per the destiny.

You have to save to meet with essential and unavoidable liabilities like education, marriage, health issues and so on… of your children. Other unanticipated and/or anticipated expenses that are to be met with for self and others for near and further future (including provisions for old age expenses) of self and all other dependants. Your savings should be such as suffice and supportive to the other earning member and ensure a better and better life with least possible pains and grudges.

An old story of a peasant who narrated about the way he used to make expenses out of his earnings as “25% of the earnings be spent to repay debts of his parents, 25% being spent on passing on the debts to his children so he is taken care of self when due to old age he is incapable of earning, 25% to pay the king as tax for the benefit of the society and 25% thrown into the well i.e. Giving as donations to the shrine/ temple for needy and, for which he does not expect any returns.” the story may appear at first instance, as ridiculous or baffling way of life, but, if given deep thoughts, it would prove to worthy enough to be paid sincere heed. It will certainly help in deciding the ways to be adopted for effective savings judiciously and successfully as an answer to the question “ why go for savings?”