Do you have savings?
By fortknox75
@fortknox75 (842)
Philippines
June 16, 2008 7:24am CST
I just read an article from a newspaper this morning regarding savings and some excuses people make for not saving. The author has a discussion with his group his article to encourage people to save early to take advantage of the power of compounding interest.
He states from his article that more than 90% of Filipinos have too little or no savings at all, and the number includes people who have the capacity to save. The inability to save can be attributed to certain obstacles. Although these obstacles are formidable, he says people should strive to overcome them and stop using those obstacles as an excuse for not saving.
Some reasons the author stated in the article includes lack of income, poor spending habits where people tend to live beyond their means, and procrastination where many put off savings for another day reasoning out that there are way too many things to enjoy right now.
For those who save, what motivates you to save?
And for those who has small or no savings at all, what's your excuse for not saving?
4 people like this
29 responses
@fortknox75 (842)
• Philippines
18 Jun 08
That's great. You have a lot of investment. I guess you are financially independent now. 
1 person likes this
@ltmoon (1008)
• United States
18 Jun 08
Independent - YES!
But like most people I scrape out a living.
There is an old adage that says "pay yourself first" which I follow by taking out some of my earnings every paycheck and putting the money in savings and investments. I also utilize the 401k and maximize both my contribution and that of my employer. Over time this allows you to build a nest egg for your future.
1 person likes this
@posham (1236)
• Philippines
22 Jun 08
i don't have any savings at all.. tsk tsk for me... i've been working for over 18months now and still my bank acct is zero... well, i used to have savings.. i used to save about 20%-30% of my salary in the bank... but then my dad started to get sick and me and my brothers needed to help around wih the bills and stuff... that's okay, he's a good provider and he raised us well. now, it's our time to give. but still, the bills are overwhelming... right now, i'm trying to start to save again.. just after paying some loans i have.. haha.. that's life.. 
2 people like this
@fortknox75 (842)
• Philippines
22 Jun 08
That's okay posham. At least you know the value of savings. Yup, that's a great act from you and your brothers helping your father pay for the bills. Good luck!
1 person likes this
@Elixiress (3878)
•
23 Jun 08
I have savings, they are being held until I am at University when I will have to pay for the course, my housing, my food and daily living things. At the moment I have £7000 in savings and I have about £200 in my current account. I just recently put £800 in my savings as it will get more interest there and it means I am less tempted to touch it than I would if it was in my current account.
1 person likes this
@Elixiress (3878)
•
24 Jun 08
Wow that is a lot lol. How much does that amount of money buy you over there. Here it could by you a second hand car.
@fortknox75 (842)
• Philippines
24 Jun 08
Wow, that's quite a large amount of money if converted in our currency here in the Philippines. That more than half a million pesos already. You're a very good at saving your money elixiress. I congratulate you for having the discipline of saving your money while you're at the university. I know you'll reap the benefits of savings soon and keep it up. Thanks for sharing your thoughts on saving money.
@salonga (27775)
• Philippines
17 Jun 08
It is easy to save if you have the money to save. Problems is if your money is just enough for your day to day subsistence. Such is the case of so many people!
However, there are also people who are One Day Millionaire and this is not good! Life after all is not just for one day and going hungry the next day is something we should all avoid.
As for me I have some savings for the rainy days, but can't really do big savings for now as I have a number of relatives who need my help. I thank God for this, because at least I am the one extending help and not the one in need.
@fortknox75 (842)
• Philippines
17 Jun 08
I agree salonga, that is really the number 1 reason why most do not have savings. People's earnings are just enough for day to day needs especially now that prices of commodities are soaring. However, maybe we could still find some things or think of creative ways to save at least a day. At least, we have to live within our means.
However small your savings, it would still grow with as long as you consistently save. Don't underestimate the power of compounded interest if you put you savings in the bank, better on time deposit where you get more interest than the regular savings.
And I agree, it's better to extend help than be the one in need. You're in a better financial condition than others.
Have a great day!
@fortknox75 (842)
• Philippines
21 Jun 08
Yup, that's completely true veejay. We must be self sufficient and have savings so we won't rely on help from other people or from the government. It doesn't matter where you save or invest your money, what's important is that you have savings, and you know you have spare amount to use when you need them.
Thanks for sharing your thoughts and have a great day! Keep on posting and have fun! 
1 person likes this
@goldflower (156)
• Indonesia
18 Jun 08
i dont have any saving last year. Yep, two and a half year working and have no saving at all. My boyfriend was at rage when he found out about this. So he demand me to give him some money every month in which he will put it in a bank account. I guess he knows that i cant be discipline if i'm doing it myself.
Where all the money goes? To tell you the truth, i dont know myself hahha...
I do understand the importance of saving. But i guess it's the lack of discipline that prevent me from saving properly.
Now, i can proudly say that i have saving and have started to invest too :)
1 person likes this
@fortknox75 (842)
• Philippines
18 Jun 08
Now you can proudly say that you have started to invest...that's great goldflower. You should be thankful to have a boyfriend who by all means forced you to have your savings...hehehe. Now, you are seeing the benefit of it. Keep it up and have a great day!
1 person likes this
@goldflower (156)
• Indonesia
19 Jun 08
Hahha.. yes, i guess i should be grateful to have him as my financial inspector;)
Have a nice day to you too, fortknox!!!
1 person likes this
@danishcanadian (28953)
• Canada
22 Jun 08
I am absolutely neurotic about saving money. My husband's excuse for not having savings was that everyone else neded money. I told him to get of of it, and do someting for himself and for us. We're not responsible for the rest o the world. If I, on my low income can have saings, there's no reason why he shouldn't hae savings.
Now we both have a savings account.
1 person likes this
@fortknox75 (842)
• Philippines
23 Jun 08
Thanks for sharing your experience on 'savings'. It's good that you were able to convince your husband to put savings for yourselves. Yup, it's very true that you are not responsible for the rest of the world, as others might not care about it too. We really have to set aside some amount for ourselves in times of emergencies.
Have a great day!
@fortknox75 (842)
• Philippines
17 Jun 08
hi subha, that's still good no matter how small or little you save. At least you have some amount you could use for emergencies, or for other things you might need someday. Just continue saving. Have a great day!
@kellys3ps (3723)
• United States
17 Jun 08
I have a very small bit of savings because our bills usually exceed our income and there is very little left over to save! We do try to put away a little bit each month, but something always happens - like a flat tire - and we end up having to pull it all out.
1 person likes this
@fortknox75 (842)
• Philippines
18 Jun 08
And that's the benefit of putting at least even a small amount each month. Even if it's a bit as you say. At least you have some amount to use for emergencies. Have a great day and thanks for sharing your view and experience on this topic.
@marababe (2503)
• Philippines
17 Jun 08
HI fortknox! Although I am guilty of all the reasons in the article, I try to save even a little amount every day or every time I get my allowance. What motivates me is thinking about the possibility that I might need it some day or that I might reward myself with something expensive.
Anyway, I don't have a bank account right now though. I'm thinking of opening one tomorrow or after my birthday cos I'll be spending a little much. What I want to do is that I'll be opening a bank account with passbook and ATM but I won't be withdrawing unless it's something really really important. I will be dividing my money in two. One in cash on hand and the other in my savings, so there's no reason that my savings will get deducted unless important. Cheers!
Anyway, I don't have a bank account right now though. I'm thinking of opening one tomorrow or after my birthday cos I'll be spending a little much. What I want to do is that I'll be opening a bank account with passbook and ATM but I won't be withdrawing unless it's something really really important. I will be dividing my money in two. One in cash on hand and the other in my savings, so there's no reason that my savings will get deducted unless important. Cheers!@fortknox75 (842)
• Philippines
17 Jun 08
Hello marababe, that's a very good motivation for saving. To reward you with something expensive one day....hehehe . I just hope you won't spend all your savings for that expensive gift you will give to yourself.
I hope you would really open a bank account for yourself. If nit tomorrow, just make it before your birthday. Make it a birthday present for yourself. That could help you someday.
Have a great day and thanks for sharing your story.
. I just hope you won't spend all your savings for that expensive gift you will give to yourself.
I hope you would really open a bank account for yourself. If nit tomorrow, just make it before your birthday. Make it a birthday present for yourself. That could help you someday.
Have a great day and thanks for sharing your story. 
@PearlGrace (3171)
• United States
23 Jun 08
I am motivated to save money by the fact that I do not want to live on a severely limited income as I grow older. I mean, if I don't save it, where on earth do I expect it to come from when I can't work anymore?
In my opinion, saving money must be done regardless of one's earnings. I was taught several years ago by someone I really respected to "Pay yourself first". I began with a very small amount that I put aside every week. I raised the amount every time that I could.
Saving money has nothing to do with the amount you make, but everything to do with the goals you set.
PearlGrace
1 person likes this
@fortknox75 (842)
• Philippines
24 Jun 08
Hello pearlgrace, that's one very good reason for saving money. To use it when we grow older or when we retire from work. Yes, saving regularly is 'paying yourself first'. And it's very true that no matter how meager your pay is, you could still save some amount if you understand the benefit of saving. Although as I mentioned that this is one of the excuses by most people for not saving.
Thanks for sharing your thoughts and good luck!
@Carolxu (50)
• China
17 Jun 08
I really love to save money because I can do lots of things with much more money including shopping,traveling...
But I haven't much earning from my job,so it's too difficult to save money because I have to support my house and car with the salary...:)
1 person likes this
@fortknox75 (842)
• Philippines
17 Jun 08
Nice explanation carolxu about your situation and your opinion on savings. Yes, when you save, you have some money to shop and to travel. I just hope that you don't spend all your savings, and still continue to save even just a small amount everyday. Have a great day!
@fortknox75 (842)
• Philippines
17 Jun 08
Keep it up patzel, just continue saving however small the amount may be. Have a great day!
@baileycows (3665)
• United States
24 Jun 08
Yes, although we just started one. We wish to keep 6months salary in there in case of emergencies. I mean if one of us got fired or laid off right now we would be screwed. I think it is important to have a savings I don't know why we have not done it before.
1 person likes this
@fortknox75 (842)
• Philippines
24 Jun 08
Thanks baileycows for sharing your idea. Yup, I guess I also need to keep at least 6 months of my salary so I wouldn't worry if in case I decide to resign from work. I would have some money while kooking for another job.
You said you just started, that's good that you realize now the importance of savings. Better now than when you're too old and won't save enough for retirement.
Thanks for sharing your thoughts and have a great day!
@Adelida2233 (1005)
• United States
17 Jun 08
Yes, I save, in fact, I'm rather fanatical about it. I am much better at long term saving, like investments and securities, where my boyfriend is much better with just putting money away in a savings account. We work together to make it work the best for us. We plan on being together forever, however we still keep our money seperate until we are legally married.
As far as money goes, I tend to invest in higher risk funds and stocks than he does, but the payoff(as well as the risk) is higher. We both put away more than average(about 30% each of our paycheck into savings each month, but we are saving for a house, and most likely a wedding).
For motivation, one of the things that I do is put a picture of whatever I am saving for on my dresser. I am also saving for another car, so I have a picture of it on my mirror in the bathroom, so I see it every morning.
1 person likes this
@fortknox75 (842)
• Philippines
17 Jun 08
Hello Adelida, that's great that you and your boyfriend believe in savings. He is much more conservative though in your savings for putting his money in the bank. Like you, I also put my money on investment and securities. It's a lot more risky, most especially now with what is happening in our stock market but I hope we could still recover. Consistently saving 30% of your paycheck is very good. I guess 10% is enough, but it's better that you could afford to save more.
And I completely agree with your motivation and making your goal into reality. Having a picture of the car you want is the first step to make that a reality.
@ramyashreesk (1021)
• India
17 Jun 08
Hi! I do have savings, because i can realise the rate of inflation in our country. We must have to be ready for tough situations which might come tommorrow is'nt it?
Dear , mylotters if you are not saving it would be problematic for you in future. If you need money nobody will give you. If not major savings, atleast try to save how much ever little possible. It would be of help to you only.
So don't back out, try to do your savings for your own sake!
Have a great day!
@fortknox75 (842)
• Philippines
17 Jun 08
That's true ramyashreesk. We cannot depend our needs (especially monetary) from others. We have to work and earn for a living, and save some for our future needs. Especially during hard times. Whom do you think you could turn to for help if your friends or relatives also experience financial hardships.
Thanks for sharing your views and encouragement.
Have a great day!
Have a great day! 
@iskayz (5420)
• Philippines
16 Jun 08
Hi forthknox!
I'm a very lucky person for I really know how to save money. Even when I was young, I can already buy things that I want by saving my pocket money for school. I'm not an impulsive buyer so maybe thats one reason why I am able to save. But I'm not a thrifty person either when it comes to spending money.
I guess my main reason why I save is of course for future use. Not just for myself and my family. But for everything that I might be needing or for emergency use of the money. It's also my satisfaction to be able to buy things that I want. Not thinking of the price and not having a hard time budgeting.
When it comes to money, I think like an ant. Always saving for the rainy days.
@fortknox75 (842)
• Philippines
17 Jun 08
Hi iskayz, that's a very good attitude towards achieving financial freedom. I admire you for having the discipline to save at a young age, saving your pocket money for school so you could buy the things that you wanted to buy. And I agree, we don't need to be that very frugal, because we also need to treat ourselves to the good things that we want because we also deserve them.
I like your last sentence - always save for the rainy days. I cannot disagree with that. That's really very true.
Have a great day!
@ebookyoung (184)
• Nigeria
16 Jun 08
sure it is good to have savings, any man who doesn't have savings or any woman for that matter who doesn't have savings, is one who is planning to fail
1 person likes this
@fortknox75 (842)
• Philippines
17 Jun 08
hello ebookyoung, you get it exactly. Unless a person was born with a lot of fortune, we really need to save for our future especially during hard times like what we have now where prices of every thing is soaring. Have a great day!
@wahm805 (76)
• United States
16 Jun 08
We have a modest savings account. Well actually we have 3. My fiance has 1, I have one and we have a joint savings. The joint savings is money for our daughter who is due at the end of the month. It's not much but we started by just placing $20 each time one of us got paid into it. It has added up somewhat. I've actually gone ahead and also opened up a WaytoSave account with my Wachovia bank that places $1 from each debit card transaction, into a high % savings account. This makes my life a little easier also, since I don't have to consciously put the money in the savings account and I think of it as not even being there. It does add up rather quickly and the high % on it is nice. I'd definately also recommend opening up a high% online savings acct (Citibank has a good one). If we are going to save in this rough economy, at least get some money back from it.
1 person likes this
@fortknox75 (842)
• Philippines
17 Jun 08
That's great to know wahm. An arrangement to automatically save you an amount to your account vevery time you purchase, or before you get your pay is a very good idea. It's like you are not aware of that money you automatically save. Keep it up and have a great day! Thanks for sharing your idea on another way of saving money.
@fafinette79 (943)
• United States
17 Jun 08
My husband and I just started savings, but only because it was required by the military. If you are a new family and live on base, they basically make you save. We just married a little over a year ago and it's nice to see the savings grow, but it would be nice to have that extra money now. It's hard to save on one income. Military doesn't pay that well.
@fortknox75 (842)
• Philippines
17 Jun 08
hello fafinette, I understand that it's not easy to save on one income but at least you still survive no matter how low the payment in the military as you said. You see your money grow in your savings, and someday, the interests that you earn from your savings will let you afford some things you've wanted to buy for yourself and your husband. Just don't give up saving. Have a great day!
