Indians and Indian Families are masters of savings. Our ancestors always focused on savings and generating wealth for the forth coming generations. But now a days this habit of savings is gradually diminishing among the younger generations.
As our culture is proceeding towards the western culture, the back bone of our economy is facing decrements. The mindset of young people is focused on earning and spending as they define “we earn to enjoy, not to keep it safe”. The reason is quite true and people have to enjoy and spend some quality time in relaxing, but they should also remember that earning capacity and life will not be the same all the time. There should be some amount of money allocated for savings which always helps us in emergency situation. Economists claim that main reason for the stability of our economy despite of the 2009 recession is “savings” which persists in every family. Compared to economic status of our country which is weak and unstable, the ultimate thing is “savings” of the families which saved India.
I also thought spending and enjoying the life as important but i realized this at the time when my mother used her personal savings (money) for my brother’s higher studies, when our family was in a needy situation. Now I have also started saving some money from the pocket money I get and i strongly believe that it will be useful when a needy situation arises. Also if you dream to be an entrepreneur, start saving from this minute which will make your dream come true quickly with the money in your hand as an investment.
Savings will be helpful when we grow old because at that time there will be no source of income or we won’t be able to earn after certain age. So, youngsters start saving the money which you earn, it will help you or your kids in future.