living on daily basis or you have things saved to meet your expenses...

October 27, 2009 9:00am CST
hey it just occured to me is it true that in the western way of living people live in the present more.they enjoy life and take care of expenses on as and when basis and are not so keen on saving for future. while it was a popular theory that indians weren't that effected with recession because they have this saving attitude.they are very frugal and keep their savings more for this true
1 response
27 Oct 09
I'm not really sure of the answer, but I can give my personal view, I think people save what they feel they can afford to save. For example I pay into a pension scheme via my employer which ensures I will have money to live on when I retire. I have money put by in investments for my children when they reach 18 so they can get a deposit on a house or pay university fees. So I save for the important things that I feel is something we all have to do, but this money is automatically deducted from my income on a monthly basis. But putting money aside each month out of my disposable income I don't do. When I get my monthly earnings what I don't spend on bills goes on stuff my kids need like new shoes and clothes. I have 14 nieces and nephews so I am constantly buying birthday presents etc. I don't feel I have enough each month to put some aside. Plus I like to treat my children occasionally. They are only young once and I want to ensure they have some lovely childhood memories
• India
27 Oct 09
thanks for the insightful response.thats good in a way that money for important things gets deducted right away from your Indian set up hardly ever the employer bothers for any such things for the employee.thats keep you all from the worries of social security for yourself and your family later on in life.its commendable as we have life just once for enjoying each and every moment..all the best.have a great time ahead..