Can you do forced saving?

Every year I have to pay 20% of my salary towards Income Tax. There is a provision to save the part of the Tax for which you are forced to save the money in the various Govt. schemes. To save the tax to the tune of my 1/3rd of salary I have invest it in some mutual funds insurance policies. In this way a regular saving is made for use at a later stage

We can't afford to save anything right now. We need every penny we can get.

Good day... Savings should be forced whether one like or not. I mean we need to save up because no one knows when circumstances might force us to break our purse and it would make sense if there is money in it right? It's better to save up when we still don't need to than we we needed to.

That's a good idea. That would work for me as I'm not really a spendthrift. If I have the cash, why save? I might die tomorrow LOL), so I spend it. I know this is not a good practice and I admit this is one of my "defects", so I should try to save even a little amount of money for the rainy days. Thanks for reminding me., Starting this payday , I will save 10 % of what I earn...All the best.

hey i think i can ,becouse if i have a plan i try to build my my wall around it,making sure tat i achieve what i'm to achieve,so determination is all you need.

We are trying to save money,but it so sad that our income is r daily needs and other payment of utility bills.i want to save money also for the future of my children.Good Evening Des! -

Um...not alot of choice for me. I have a little (A VERY little) amount in my back account, but I don't trust banks, so I save at home. I'm just a kid, but lately, Mom's been needing my money so that we can pay the bills and buy groceries. It's no big deal, really, she will pay me back...but when my family's low on money, saving's not really much of an option. It's not even like I spend my money wantonly or anything either. In fact I hate to spend money and really drag my feet to do it. But I kinda have to help my family.

Since I still don't have a salary cos I don't have a job yet, i'd call my monthly income as allowance cos that's what it really is. I save up at least 50% of it and hide it somewhere in my closet. It works that way for me. I pay my bills once I get my allowance and go have my nails done then the rest, I keep. My saving is really going great so far, that was supposed to be for my new phone (cos my old one's not working already) but now that I saved up half I'm not really sure anymore. It feels good knowing my saving is getting higher and higher and just thinking of spending it breaks my heart already!

My husband has a certain amout of his paycheck that he deposits directly into our savings account. He also puts a sum into out RRSPs so that it'll be there when we retire. The RRSPs we don't touch, but the savings are there for Christmas or vacations so that we don't go into debt.

I don't really have a preference, I can save it in a vault or a bank and it will depend on my need if I still have to touch the savings or not. I also don't set a certain percentage. I just spend my money wisely and then whatever remains will be my savings. It is hard to set a certain percentage if later you will also get and spend. It's better for me to just avoid unncessary expenses as much as possible then whatever remaining amount I have on hand is always set aside as savings in my bank or in my vault whichever is applicable.

Over here, the rule is that 9-10 percent of our salaries goes into a national fund. The employers have to contribute 11-12 percent of our salaries into this fund too. So each month we have about 20% of our salaries saved. We can withdraw from this fund for buying houses, paying medical or education bills, and on retirement. This is good for me - forced savings, as I am not disciplined enough to put aside some money for rainy days! I try to apportion another 10% to a saving accounts, but end up drawing out for one reason or other.

Yeah!I was thinking about that too.I mean,we never know what will happen.It would be nice to have something that we could get just in case we needed in the future.I think i will just have a savings account and would try to control myself not to touch it until its needed.

I do really need to save money but it cant be possible because i have to pay first my debt before saving every single cent. Is it very important for me to be debt free before saving.

I prefer save money in a bank. When I got my first baby, immediatelly I feel my responsibility to bring her up. The cost of daily life and education is much higher than 10 years before. I study all the way to save money, such as all kinds of commercial insurance plans and ect. Finally, I find out that if I have a good habit of saving money in a bank, it will not be a problem. It will be more convience if you put money in your saving account compares with in all insurance company and the income of both is approximately the same. The key point is whether you have a willpower or not.

I am going to get a job at this ice cream place to make some extra money that Im gonna put in the bank. The guy might even pay cash so that's all the more better for me. After this place closes in November then I should have at least a couple hundred saved and then I can either use it to pay off debt or keep saving it.

I think it's a good idea but for me putting it in an untouchable savings account could be risky. It is ok to save up but of course there are times like emergencies where we need a lot of money. If we can;t touch our savings it would be really very hard for us to cope with this kind of situation. Maybe a better option is to allot an amount for both savings and untouchable savings.

I dont coz I used to think that what is important is the present situation. But now that I lost my job, I was really in so much regret that I didnt save much money for us to be able to survive in this time of crisis... So, I learned another important thing in my life, SAVING is important, like what ants do.

yes in my country every month when you get your salary 20% will be kept with the government. it's a way to save up for you for your retirement, pretty thoughtful of the government huh?

well I can't really save my own money since I dont have money to save. Just kidding.

If I'm not saving my money, and making money on that money, I'm going backwards.