Savings for the Future

  •   Fri, Apr 11 2025
  •   By Roshan D'Souza

April 11, 2025 

“We come to the earth with nothing, and when we die, we take nothing.” But in order to live a stable and happy life, we must be financially strong. It is well understood that to survive and earn our daily bread, we need to work for money. However, most of the time, we spend our whole lives earning and not saving. Hence, along with earning, saving plays a very important role in our lives.

“It is not our salary that makes us rich, but our spending habits.” So whatever we earn, whether a large or small amount, saving plays an important role. Let us look at some simple tips on how we can save from our earnings.

There is a formula called the 50-30-20 Money Saving Rule, which we can implement to save from our income. Out of your total earnings, divide it into 50%, 30%, and 20%.

Our fixed expenses should fall within the 50% category. These are mandatory expenses that we cannot avoid, like food, groceries, rent, utility bills, EMIs, etc.

Our flexible spending should fall within the 30% category, such as dining out, clothes, entertainment, travel, charity, etc. We can reduce this spending from 30% to even 20%, depending on our choices. Also, it is wise to avoid bad habits like drinking and smoking, as they are unnecessary expenses with no real benefit.

The final 20% should go towards savings for our future, either in the form of Recurring Deposits (RD), insurance, or Fixed Deposits (FD). This 20% savings portion can be increased to 30%, depending on our saving habits. 

“Do not save what is left after spending, but spend what is left after saving.” Hence, saving plays a crucial role in our life. There are many ways to save:

Bank – We can save through a Savings Bank (SB) account, Fixed Deposit (FD), Recurring Deposit (RD), or mutual funds.

Gold – Investing in gold for future use; it acts as an asset.

Property – Investing in a house, shop, or land as a long-term asset.

“Save money, and money will save you.” Before it’s too late, we must think about saving. There are many benefits to saving, as listed below:

Freedom from financial stress, freedom of choice, and the ability to take risks without fear.

Freedom to make independent decisions.

Long-term happiness comes from achieving long-term goals, not from momentary pleasures.

A sense of safety and security – less stress and more confidence.

A longer and healthier life.

Fulfillment of dreams.

It is also important that a portion of our total earnings should be used for charity/humanity, as a form of surrender to God, which can be taken from our 30% budget. We should use money to help others, respect money, and money will help us grow in life. Also, note that money should be earned honestly, without hurting or harming anyone. Only patience makes us rich – money comes with patience.

“A penny saved is a penny earned.” Finally, we conclude that if you haven't started saving yet, you should start now. It will definitely help during emergencies and in old age, without having to depend on others. Spend wherever necessary and save as much as you can – and you will enjoy your journey on this earth.

 

 

 
By Roshan D'Souza
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Comment on this article

  • Roshan Dsouza, Kinnigoli Mangalore

    Sat, Apr 12 2025

    Thank you Stevan for your beautiful comment.

  • Steven, Kalasa

    Fri, Apr 11 2025

    Thank you, Roshan Dsouza, for writing about the importance of savings. It's a very relevant topic for every corporate employee. Nowadays, due to lower pay, many young professionals rely on credit cards to manage their expenses — which often becomes a trap. That’s why it’s so important to manage finances with strong discipline from the very beginning.

  • Roshan Dsouza, Kinnigoli Mangalore

    Fri, Apr 11 2025

    Thank you Ronald and Rita for the beautiful comments. Its really an inspiration for me to write more articles

  • Ronald Nazareth, Mumbai

    Fri, Apr 11 2025

    Roshan made an effort to highlight important aspects of financial wellness. Thankful to him. I don't want to contradict any of his statements. Nevertheless, Just saving will not make you rich or wealthy per se and it will not beat retail inflation. The only mantra is to save and invest... So, Why Invest ? 1. Grow Your Wealth Over Time 2. Beat Inflation 3. Achieve Financial Goals 4. Create Passive Income 5. Take Advantage of Compound Interest 6. Plan for Retirement 7. Achieve Financial Independence

  • Rita, Germany

    Fri, Apr 11 2025

    Dear Roshan ,saving a pfenny everyday too brings at the end of money something .Bit less but you try to do it consequent ,and year goes how many pfennys you have saved ?That makes you very proud.One learns it not only by pfenny but one has to think when you earn four pfennys not to give out 5 out.Parents should teach children from beginning itself whats the worth of money .Dont give handful money to children when they ask but let them write down for what they have given out.That brings children to think the value of money .Parents self must try to live and give out money carefully .A good article.Wish you good luck in future with money .Money money ,a rich mans world ,a song heard long back.


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