Mandatory saving or you prefer to do your own?

This is just the trouble i met. The minute the money reaches in my hand, i will find i need to buy something. Now i have worked for three years, but i have no savings. To me, i think the best way to save money is a compulsory saving scheme. This way can help me, i think. I hope i can earn a amount of found in 3 years.

I probably would choose to have both, though I would need to have the mandatory savings first. Saving can be a very complicated task especially with emotions involved. When I get stressed, I tend to have the urge to spend, whether it is shopping or eating, either way, it is still minus to my budget for the week. The mandatory savings scheme would be my assurance that I will still be able to save despite my lapse of discipline in spending from time to time. During the times when I am more determined to save, I can channel some of my funds to personal investing.

hello ronnyb, Ever since I am working, I joined the coperative of the company, wherein every member can enjoy a lot of priviledges. Aside from having a savings we can also avail loans in a lower rate. And at the end of the year, we're receiving dividends. So as a member of the cooperative, they're deducting my savings automatically from my salary twice a month. I prefer it that way, so I am force to save my money for our future. In certain cases, I'm withdrawing my savings to invest outside if there is a higher return of investments. Till such time that there is no good offer, I'm just letting my savings in the cooperative. I believe mandatory saving is very effective for me.

I don't have a problem with both. I think the mandatory savings would be less helpful for me because I like to make decisions all the time. But in the long term it will also help if the returns are steady. I'm not one of those people who tend to spend a lot of money anway. I save a lot then spend a lot and save a lot again. :)

i prefer to domandatory saving than saving on my own because on mandatory you will to give wether you like it or not its compulsory i think than in my own there are times that i cant save its up to myself if i will save or not put it on a piggy bank or just spent it to the other...lol

In order to preserve our freedoms I believe personal investing is the smartest thing to do. There will always be the genetically stupid people who cannot hold on their own money for their life. Since they choose to spend spend spend, they have the proper repercussions. We should not have to spoon feed such individuals.

There are the other people that after paying bills that hardly have money for the things that they have to have. If money was taken out of their check for mandatory savings they wouldnt have enough for bills/and or items they must have. There are times I cant even pay all of a bill as we have to buy some staples too, so if they took it right out of the check Id end up with things being shut-off or not being able to buy milk or something else that is needed.

That might be a good idea. I do have problems about "mandatory" though. It seems to me that my mind has a problem with that and would like to try and make savings myself. Cheers!!

Hello,Ronny! When I was in service we were contributing to provident fund 10% of our salary.But after my retirement I am contributing 30% of my pension to time deposit scheme of the post office which I will get back with interest after five years and then I will reinvest the total money in a fixed deposit scheme for another ten years so that the total deposited money will fetch double the amount.Savings money is a good habit as it ensures better future.thanx.

I would say do both. I have some money kept in mandatory savings due to the government regulations that part of my salary goes to that account and I can only use it once I have reach the age of 55. That would mean that by the time I am no longer working, I do have some money for me to pay for my expenses and that should be enough if I were to manage it well. Then at the same time, any money left over after the end of the month, I would then deposit it to an account where it would only be utilize in case of emergency or when there is really a need to touch it. By separating it from my normal account, I have made sure that I do not over spend my money and in the end would not have anything saved for the rainy days... It takes some discipline to make sure that some money are set apart as the temptation of using it us very strong at times... Cheers!

I personally prefer saving myself as I always find I can be very organised and have set up numerous different savings account so as soon as my wages are paid in within a couple of days the money is transferred anyway. I can see why some people would like this mandatory system a good example of this is my sisters boyfriends who never seems to have any money and regularly sponges off her. For inidividuals like this it would be very usual but for people who have more understanding of interest rates and getting the best deals...well i'd rather take control of that myself.

I prefer personal investing, because I want the freedom to make my own decisions. Some months I spend most of my money and some months I manage to save up quite a lot of money. Mandatory saving might work for some people, but it wouldn't give me the kind of flexibily that I want and need. My financial situation hasn't been been particulary stable, as I have had many different kinds of jobs. Sometimes I have one job, sometimes I have two jobs and in some periods of my life I have been unemployed.I have learned to save up money in the good periods and I am able to control myself and prevent myself from spending losts of money when I have two jobs or more.

It might be a good idea if a cetain amount was saved for you from your salary once a month if if suited but most people I know saving is a dream as we need all our money just to survive.If we did not have to pay so much tax and insurance in our country so I suppose we do save for our health care, the government do it for us.

I prefer personal investing, but I strongly suggest mandatory savings for those who struggle to save. Even if it's just a couple hundred bucks here and there, it's crucial to save!

I would have to say that I would pick what you call personal investing. I used to like to shop a bit more then I may have should, but it's funny because at the same time I never bought anything that really burnt a hole in my pocket... it was always something I needed or could use, and / or something that my old friend's needed or could use. Now that I met my fiance though, we save on our own, and only spend money when we really need to, a few wants is okay but we keep them minimal.