Do you save on a regular basis?
By kiran8
@kiran8 (15348)
Mangalore, India
November 18, 2008 7:38am CST
I was going through an article in one of the finance magazines.This was a well written article where the writer wrote at length about the wisdom and usefulness of saving regularly.It made sense to really follow his advise.He had given an in depth information about how much it compounds over a length of time..
Are you all saving on a regular basis, if so please share your mathods of saving..is it through bank deposits, shares or mutual funds?
3 people like this
5 responses
@sweetlady10 (3611)
• United States
28 Dec 08
Right it is very important to save something for our future. Lots of people are learning that atleast now, when economy turned very bad. We save regularly whatever we can. Some of our savings we put in CD, that way you can get little more interest than regular savings account. We don't put all of our savings, because if we need it immediately then we would not have any problem to access it.
@kiran8 (15348)
• Mangalore, India
20 Sep 09
Thanks for understanding yugasini 
Just to add a little more about saving. I read an interesting news item the other day about an old teacher who had retired at 55 and out of the meager pension he received he had asked the bank to deposit an amount of Rs 50 to his post office account each month. This was done for nearly 32 years. The teacher was very old and had forgotten all about it.He was pleasantly surprised when the post office while doing an audit became aware that the account had not been touched for more than 3 decades and a substantial sum ( well over Rs 3 lakhs) had been collected with compound interest, informed him about it . So any amount of money saved regularly goes a long way..
Just to add a little more about saving. I read an interesting news item the other day about an old teacher who had retired at 55 and out of the meager pension he received he had asked the bank to deposit an amount of Rs 50 to his post office account each month. This was done for nearly 32 years. The teacher was very old and had forgotten all about it.He was pleasantly surprised when the post office while doing an audit became aware that the account had not been touched for more than 3 decades and a substantial sum ( well over Rs 3 lakhs) had been collected with compound interest, informed him about it . So any amount of money saved regularly goes a long way..@kiran8 (15348)
• Mangalore, India
22 Aug 09
Hi sweetlady, I am sorry , I see to to have overlooked your response ! Yes i agree that it is very essential to save at least a small part of your income. It always comes in handy, one can never be sure about life - all the best and enjoy your weekend
@JamesKYTan (1605)
• Malaysia
29 Sep 09
My monthly expenses is higher than my income.
To top that..I am retiring soon. My retirement
fund that I have withdrawn earlier has been invested
on land banking. Looking back, I think I take a high
risk in this long term investment. I agree with you,
we should save a regular amount every month.
@kiran8 (15348)
• Mangalore, India
30 Sep 09
Hi James, what is land banking? please to enlighten me with some details...I agree that many investments are risky. One can never be sure about bank investments too. Post office accounts seem quite safe as of now since they are government run. But one can only do the best one can. I feel that investing in land is good since the appreciation is greater than other investments...All the best
@poohgal (6845)
• Singapore
25 Nov 08
Yup. I did write a review on Ciao about savings. Saving is important but how you save is very important too.
Bank deposits is safe but it gives too low an interest rate. The rate they give is usually lower than inflation and this means that money in deposits are depreciating.
Shares can give potentially higher returns but it's risky. You need to diversify the portfolio and never get involved in contra-trading.
Another way is through insurance savings plan. These plans give more returns than banks but penalizes you if you terminate early.
For more information, you can read here: http://www.ciao.com/Savings__Review_10089585
Hope it helps.
@kiran8 (15348)
• Mangalore, India
25 Nov 08
That is very true.i believe in the phrase dont put all your eggs in one basket.it is better and wiser to diversify one's money .shares are very risky.I had some shares which had gone up ten times and i held on, and now with the crash in the stock market the shares are almost the same price as when i bought them and may go down further- so one has to book profits keeping a decent profit margin.
thanks a lot for the link, will definitely go through it :)
@Iriene88 (5343)
• Malaysia
28 Sep 09
Hi Kiran,
Mutual fund is a very good method to save on a regular
basis. This way we will be more disciplined. However, we
must look and search for a reliable one that can secure
our initial capital and have good return as dividends. Do
you still remember the Lehman Brothers case? Many unit trust
was affected. Many senior citizens savings was wiped out in
Singapore due to this.
I personally will go for diversification ie. certain portion
in saving account at the bank, retirement plan via insurance
policy and some fixed portion ia unit trust/mutual fund!
When I am still working, I kept certain amount of my salary
in the saving account at the bank. I also have some retirement
plan via insurance policy. However I have not buy into unit trust
but I do invest some via unit trust linek by bank with guaranteed
capital repayment...
Since I am not working now, no income therefore no fixed monthly
saving..
@kiran8 (15348)
• Mangalore, India
29 Sep 09
Hi Irene, thanks a lot for all the inputs and details. It is necessary to save while one is earning no matter how little the amount is. Over a period of time it does grow and comes in handy when there are financial constraints in the future...all the best
