This refers to your article “Cultivate Savings Habit” (March 8). Like so many things in life, setting money aside as savings is a habit that needs to be developed. 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 to everybody. With a busy life and many obligations, forgetting to protect one’s self against the unexpected misfortunes in life such as injury, illness, or loss of a job, 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. 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.
Vinod C. Dixit
(The views expressed by the author in the article are his/her own.)