The collection of coins in a small piggy bank was inculcated in me when I was young and I followed the same practice when I became a father. I have strongly advocated the "recurring deposit" system for all my clients during my early days of professional practice as "Chartered Accountant" in Chennai. I have always followed the "Recurring Deposit" scheme and I used to include the monthly deposit as part of my expenses. When the Recurring Deposit matures after the term (whether it is 12 months or 24 months) we will find that there is a substantial amount in our hands for meeting crucial and lumpsum payments.
The earnings are substantially higher nowadays and so are the expenses. The expenses are increasing day by day and technological advancement has only led to much higher level of costs. It is hence extremely important for all of us to get into savings habit and ensure that we do not spend all the money that we earn as we need to create a reserve for ourselves to meet major expenditure like Buying a House, Children's Education, Holidays, Rainy Days, Retirement, etc.
If we are used to a certain life style and standard of living it is extremely important to ensure that we are able to maintain the same till the end. Savings is the only habit which will help us maintain the same lifestyle and standard of living.
Women are very good in Savings and I remember an old tamil song in which the lines that attracted me the most are "sertha panatha sikkana selavu seyya pakkuvama amma kayile koduthu podu chellakannu. Avunga aara nooru aakuvanga chinna kannu". This means give the money that you have earned to your mother as she knows how to make six into hundred.
Earn well and Save well to enjoy your life for ever.
T.P.Anand
Dubai, U.A.E.
30th October 2012
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