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Human beings are either born with specific habits or inculcate them during life’s process. Some habits are individualistic and others are common. While habits define the persona of the individual, there is a popular notion that some habits die hard. In the life of a human being, numerous habits of various natures are thrown into doldrums while others are picked up for their benefit. In progressive times, we are privileged to live in an epoch of history where technology rules our lives and dictates our actions. Our lives have become so convenient with technology yet we question the hazards and risks of it. One aspect where two schools of thoughts are often at loggerheads is –


A common theme of conversation among today’s generation is –How Much Have You Saved Till Date? While the question can be countered in many ways given the tangible reality, it does strike an immediate response in the minds of the individual in question. For a person who has not tied the knot yet, the question may ignite a casual response, but for a person who is married, the question sheds light on what should be done to lead a more comfortable and convenient life.

In the integrated financial world of today, savings can be done via numerous ways. The popular method to save money is to open a savings account in a financial institution. In simple words, a savings account is a type of deposit where the account holder saves money for future purposes. The objective of a savings account also is to earn interest on the amount of money deposited in the bank. While interest rates among banks and financial institutions (BFIs) are low, this method is arguably the most convenient one. On the other hand, if the depositor wants to earn higher interest on deposited money, he can also select a fixed deposit account where the interest rate is higher than the savings account. But the catch here is that the amount of money will be blocked for a pre-determined period of time and the individual cannot withdraw the money before the stated date.

Now days, people have also resorted to investing in shares and other financial instruments for savings in the longer term. The significance of investment is that due to the appreciating value of the instruments for a specified period of time, the holder can sell the instruments and withdraw the stated amount of money as and when required. Apart from these methods, an individual can also invest in the real estate market. Land rates, especially in and around Kathmandu Valley, have appreciated by manifolds with the passage of time. Hence, an individual with a significant amount of idle money can invest in land or property and wait and hold the investment for a period of time and then sell it when the value inclines.

For someone not well versed with finance or with limited financial resources, one can save a small percentage of money whenever feasible and then invest in an asset which will appreciate in value in time.

College: Receiving the best of education incurs a cost of significant magnitude. With the quality of education improving in recent years, the amount of money required to complete a particular degree has also inclined significantly. The strain of this humongous amount of money required at the time of applying for colleges can be negated while saving on a continuous basis.

Vacation: Re-energising the soul and body is instrumental while working on tight working schedules. Nothing is better than to switch off from work and take a vacation for a couple of days. However, a relevant destination will inevitably incur some cost. These days, travel and tours companies are creatively structuring vacation packages where travelers can pay after the trip is completed in stated installments. But while the vacation is over in few days, the misery of paying extends for a couple of years. Instead, a planned vacation in a few years time can be more fun if the individual can calculate the required money and save in predefined time durations. This will remove the financial hangover.

Retirement: In the life of an individual, retirement is an inevitable phase. During the phase, the requirement of money is paramount as normal source of income will be cut off. Savings from an early age may not be feasible as the priority list is in motion, but as one enters the 40s, the time for savings for retirement should begin. The stated amount of money is sacred and should never, in normal circumstances, be touched.

Rainy Day: Life is uncertain and one cannot forecast with significant accuracy where money may be required in ensuing days. During contingency, the immediateness of cash availability from other sources may pose a problem. Hence, during rainy days it is imperative to have some savings to meet contingent expenses.

Savings is an important aspect of life. Saving money is a habit best enjoyed by those that understand the significance of it. The rule of thumb suggests that it is imperative to save early to enjoy the perks later. After all savings is the ultimate saving grace.