Monday, June 14, 2021
HomeOpinionDiaryA penny saved is a penny earned

A penny saved is a penny earned

Right from our childhood days, our parents teach us that a penny saved is a penny earned. The phrase highlights the importance of savings. Nowadays, it can be said that thrift education in developed countries, where most people save money, was a success since there are practically no people who do not yet own a bank account. If we want to see your nest egg grow, we need to encourage a savings habit. Setting money aside needs to become a way of life, instead of some sort of burden. Saving money is a good habit and should be practiced from young age because it is very important for everybody. Wealth begins with the first coin inserted in the piggy bank. Saving is the path towards success. The money saved can be used during tough times such as any emergency medical situation. There are many ways through which one can save in life, start by controlling your expenses. Saving money is worth the effort. It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings.

With a busy life and many obligations, forgetting to protect one’s self against the unexpected misfortunes in life such as injury, illness, or job loss, can lead to negative financial decisions. The habit of saving should be cultivated from a young age and as we grow older we will have the firm resolve to set apart a certain amount for deposit in a bank or in a post office. Financial crisis can happen anytime. Hence, saving for any emergency can give the much needed and required help to overcome such crisis. Most importantly, we need not depend or search for some other support, which may at times not turn up when you require the most. A student who saves out of his pocket money learns to plan his life even from a young age. Liberal spending and saving nothing is most unwise and this is the cause of a person’s economic crisis sometimes. With the economy on the rise, now is the perfect time to start being smart about money and create a savings plan. The golden dictum is that a family should learn to live with the income it has. Going on borrowing and finding oneself in an economic crisis is mismanagement of money.

Saving money is vital for funding child’s education. Education is not the only area that parents should save for, in regard to their children. In terms of emergencies, it is so important to be saving money. While no one likes to think about the possibility that they will lose their job, become disabled, or have some other sort of disastrous financial crisis, the fact of the matter is that it happens to people all of the time. The more money we save, the more we control our own destiny. Most of us put in hundreds of hours of work each year to earn most of our money. But when you have savings and stash your funds in the right places, your money starts to work for you. Without money, many things will not succeed and we will have face several hardships in our lives. People think that money is important for them; all of us work hard with an objective to earn more money. Saving money brings several benefits to us. So, we should save money to let us have money to use when we need. One must remember that most people who are wealthy got there through a combination of their own hard work and smart savings and investment decisions only.

Vinod Chandrashekhar Dixit

(The views expressed by the author in the article are his/her own.)

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