Importance of saving money

@scheng1 (24748)
Singapore
February 29, 2016 7:34am CST
Everyone knows that saving money is a good habit. Most people wish that they can save money. When you ask them about the importance of saving money, they can give all the right answers. They know how important it is to have a sum of money for emergency and retirement. The problem is that their knowledge does not translate into action. They still spend every single cent they earn. It is as if they cannot bear to see a thousand dollars in the bank. They must spend until they have just a few dollars left. They do not realize that the years after retirement mean a lot of money. They do not see the aged and the sick forking out so much money for medication and health checkups. They do not think that they will lack of money, even though they do not have saving when they are young and healthy. Most people realize the painful truth of not able to live comfortably after retirement when they are near that age. It is the time when reality sinks in. Never forget the importance of saving money. Always takes a look at those old people who cannot afford to stop working.
9 people like this
11 responses
• Philippines
29 Feb 16
now that i have bought a laptop and able to compromise my exercise habits i can now fully save my money for the rest of the year.
3 people like this
@Marty1 (35555)
• Pittsburgh, Pennsylvania
1 Mar 16
@Letranknight2015 I am happy you are able the rest of the year to save! Good for you!
• Philippines
1 Mar 16
@Marty1 yeah buts just the start anyway
1 person likes this
@scheng1 (24748)
• Singapore
1 Mar 16
Good to hear that, hope you have a concrete amount to save every month. If not, you will spend the money.
@Corbin5 (113506)
• United States
29 Feb 16
We are retired now and are pretty well set. My pension from being a teacher and my husband's pension from the federal government works out well for us. I am a big saver of all. I like to have money on hand to handle any emergencies that arise so that I can pay cash. I am awfully frugal and we live below our means.
3 people like this
@scheng1 (24748)
• Singapore
2 Mar 16
That is good to hear. I bet you can find many great deals that are available to senior citizens! Over here, senior citizens get to pay less for public transport and medical expenses. Sometimes I wish that I age faster.
1 person likes this
• United States
29 Feb 16
It is number one issue in the world today. People are spending large amounts but saving nothing.
2 people like this
@scheng1 (24748)
• Singapore
2 Mar 16
The problem is not just in spending large amounts. They are spending future money too. That is what happens when they get into credit card debt.
1 person likes this
• United States
2 Mar 16
@scheng1 Yes I know myself.
@dazzledlady (1619)
• Philippines
29 Feb 16
Yes, it is important to save as much money for emergency purposes but also we must learn to enjoy what we earn .
2 people like this
@Marty1 (35555)
• Pittsburgh, Pennsylvania
2 Mar 16
@dazzledlady I believe we should save for important occasions too more money because a person might get into a lot of trouble if they need more than they saved. But I also believe like you we should enjoy some of our earnings! Just not so many earnings like on Corvettes when a person can just afford to feed their family and then certainly can't feed a family with the corvette payments
1 person likes this
@scheng1 (24748)
• Singapore
2 Mar 16
It is more important to save for retirement. We can always enjoy when we have retired, and have a lot of time. Now that we are working, it is hard to enjoy because we do not get much time to travel, and many perks are available for retirees only.
@rina110383 (24070)
3 Mar 16
Aside from retirement purposes, our savings play an important role in case of emergencies, unforeseen expenses, and loss of job. Bottomline: For one to have a good life (today or in the future), he must save money.
1 person likes this
@scheng1 (24748)
• Singapore
3 Mar 16
For a person to live confidently, he must have money in the bank. With money, there is no fear, and he can live a peaceful and confident life. It is better to know that you can afford, but you do not want it, than to find that you need something, and you cannot afford.
1 person likes this
@rina110383 (24070)
3 Mar 16
@scheng1 You just said it perfectly!
@youless (93196)
• Guangzhou, China
29 Feb 16
Saving money is a habit for most Chinese. We will feel insecurity when we don't have some money in the bank. But today it seems that we tend to invest to it more than save it. The money will not worth as well as in the past because of the inflation. So we have to think out more ways to grow more money.
1 person likes this
@scheng1 (24748)
• Singapore
2 Mar 16
I think the lack of social security and a distrust of government are two main reasons for Chinese to save so much money. The ancient Chinese used to buy land, because land lasted forever, but now, the apartments are all sold in lease hold of a certain number of years. Not much point in buying so many apartments unless you can rent them out.
1 person likes this
@youless (93196)
• Guangzhou, China
2 Mar 16
@scheng1 Even though, people still tend to buy more houses. It is the best investment so far.
@PainsOnSlate (20423)
• Canada
1 Mar 16
There are all kinds of investment opportunities through our banks and even our government. We were ready for Retirement and I'm certainly glad we were.
1 person likes this
@scheng1 (24748)
• Singapore
2 Mar 16
Yes, there are always more investment opportunities than the amount of our savings. I think it is good to have some bonds, and great stocks in our portfolio. In this case, we do not even have to worry about early retirement.
1 person likes this
@AkoPinay (10088)
• Philippines
2 Mar 16
I am guilty! :-D
1 person likes this
@Lucky15 (33718)
• Philippines
2 Mar 16
Save some while we were young. And..i am trying really
1 person likes this
29 Feb 16
I agree you people give out pocket money to their children but never says them to save money
1 person likes this
@marlina (76837)
• Canada
29 Feb 16
Extremely important to start saving when young.
1 person likes this