What are you saving for?
By scheng1
@scheng1 (24650)
Singapore
October 6, 2015 12:39am CST
I think many of us are saving our money for something we want in the future.
It can be as simple as a good meal in the restaurant.
It can be for an annual event such as Christmas.
What are you saving money for? Do you need to save for a very long time?
10 people like this
13 responses
@scheng1 (24650)
• Singapore
6 Oct 15
Your country is such a beautiful country. I think you can just take a coach tour that goes round the country.
Many of us here in Singapore love to travel to New Zealand.
The exchange rate helps too.
New Zealand is more affordable now than ever.
1 person likes this
@scheng1 (24650)
• Singapore
6 Oct 15
I think you can consider renting out the house after you have fixed it up.
You probably can add more rooms, and turn the house into a dual-key apartments.
In this case, you can rent to two different families who have their own entrance to the house.
1 person likes this
@scheng1 (24650)
• Singapore
9 Oct 15
Since you are saving hard to fulfill your dream, you can make use of this time to study the existing businesses.
You can learn about their good points, and weaknesses.
When you start your own business, all of them are your competitors.
You have to be better than them, so you might as well start to observe those businesses more carefully.
1 person likes this
@katsmeow1213 (28717)
• United States
6 Oct 15
Right now I'm saving for a house.
1 person likes this
@scheng1 (24650)
• Singapore
6 Oct 15
Good to hear that. It is a very tough challenge, but nothing beats home ownership.
I hope that you have the money to buy the house that you like soon.
It will take many more years to fully paid off the house, but there is nothing more satisfactory than to go home every night.
@AbbyGreenhill (45496)
• United States
6 Oct 15
I guess I'm lucky as I don't have to save money to do the things I want to do.
1 person likes this
@scheng1 (24650)
• Singapore
9 Oct 15
You must have worked very hard when you were younger.
Nobody can get ahead in life without the habit of saving.
It is a matter of timing and sequence.
Those who work and save hard in their younger days can ensure a more financially secured future.
Those who spend freely during their youth may have to work hard at their old age.
@AbbyGreenhill (45496)
• United States
9 Oct 15
@scheng1 I worked 35 years and had good jobs that paid well. That's a big part of it.
@Kchitij2007 (445)
• Pune, India
7 Oct 15
DC Avanti! India's first mid-size engine supercar! Designed, Developed and Constructed wholly in India it costs a third of usual sports car and looks banging! It still does cost a lil bit of fortune but nothing I can't save for 
1 person likes this
@scheng1 (24650)
• Singapore
9 Oct 15
haha, by the time you save up for it, they will have new model.
Bear in mind that cars are not assets that increase in value.
It is better to buy assets that increase in value first, and then use the profit to buy sports car.
In this case, you still have your capital, and you have your dream car.
1 person likes this
@Kchitij2007 (445)
• Pune, India
9 Oct 15
@scheng1 Well that's the exact reason why i wanna buy it ASAP and i don't need to save for it, in the next 5 years i'll be earning enough to get a loan and get my ride 
but yeah, ur advice makes sense, i will try to keep that in mind 
but yeah, ur advice makes sense, i will try to keep that in mind 
@celticeagle (159023)
• Boise, Idaho
6 Oct 15
I'm like a squirrel. I like to have some money set aside for a rainy day. I get nervous when my account gets too low. I have been at zero and I don't care for it. So I will add a little here and a little there so I have some when it is needed.
1 person likes this
@scheng1 (24650)
• Singapore
8 Oct 15
Yes, I know how it feels to be poor.
The fear is always in the air, but nobody likes to talk about it.
Nobody wants to admit that poverty is very painful.
It is always good to have money, and when we can work, and earn money, we must always save some of it.
@marguicha (215428)
• Chile
6 Oct 15
Fortunatly, I have enough money to live well if I stay within some limits. I have a house that I can sell should I need a lot of money for health reasons and my chidren as well off. I save pennies and dollars little by little for vacations ince every year. It is my only luxury.
@vandana7 (98827)
• India
6 Oct 15
Right now I have debts. About 12,00,000 INR. Home loans and overdraft. No, my home loan is nearly over, the 8,00,000 was borrowed by dad for a couple of his friends who are delaying repayment. Naturally I am tense because if the amount does not return, I would have to work to repay. Sad and bad proposition. But well...things happen. Right? I am crossing my fingers that they pay.
1 person likes this
@scheng1 (24650)
• Singapore
8 Oct 15
I hope that you will learn a lesson from this.
Never lend money to anyone.
If they are really poor, and in danger of losing their home or they will have to go without food, you give them just enough to pay one month mortgage or a few days of food, but never lend money to them.
The money will not return, and the relationship will be affected.
I'd have to be totally debt free with no obligations to even consider saving anything, like so many I live paycheck to paycheck and I know exactly who to pay how much each month hoping the utlities won't rise.@scheng1 (24650)
• Singapore
10 Oct 15
I think once you have paid off your debt, you can save up the amount that you used to pay off debt.
it is painful but necessary.
Nobody can live happily and carefree when there is debt to service.
Once your debt is cleared, you will experience freedom.
1 person likes this
@scheng1 (24650)
• Singapore
6 Oct 15
Yes, the money will come in handy for the future.
I think having a goal increases the urgency of saving money, especially if the goal is to fulfill a life-long wish of someone we love.
I am thinking of saving up to get another insurance policy at the moment.
It will be an expense for the next 20 years if I buy the insurance.
1 person likes this
@scheng1 (24650)
• Singapore
6 Oct 15
If the foundation of the house is strong, it might be cheaper for the family to rebuild into a bigger house.
At least you do not have to pay for land.
It means a lot of discomfort while they add a level more to the house, but it will allow the whole family to stay under one roof.
1 person likes this
@moffittjc (118442)
• Gainesville, Florida
6 Oct 15
I'm saving up for a down payment on a house. But mostly I am using any extra revenue I earn to put toward paying down my debt.
1 person likes this
@scheng1 (24650)
• Singapore
9 Oct 15
How did you get into debt in the first place?
Perhaps you can analyze the real reason and the emotion behind it.
I think debt is mainly due to emotional reason, and not about economic reason.
It is good to clear off all debt, and then get your own house, and pay it off.
Perhaps that will be your 20 years project.
