A penny saved, we are told, is a penny earned. Many parents encourage their children to save something from their allowances while others supply them with small savings banks with an opening in the top so that children will learn that it is wise to save in good times for possible bad times in future. Some will immediately say that this is a useless activity but it is not: it puts into the child’s mind the possibility of saving money instead of squandering whatever comes into his hand. The aim is to make individuals feel the importance of saving in childhood in order to be prepared for the financial responsibilities of adulthood and marriage.
Western governments in general encourage their citizens to save and even provide them with facilities for doing so. Some governments use the savings of citizens in their fiscal plans. These savings have value not only for individuals but also for companies and governments who are attempting to progress, prosper and compete in world markets.
In these days, many people leave their own countries to work in others. There are many reasons for this phenomenon but the most common is to make more money. Perhaps the individual is attempting to accumulate sufficient capital and start his own business and because of this, he puts himself on a strict budget — sometimes even denying himself what he wants because his eye is on the future. Some will call these people misers but in fact, they are not; they are forward-looking individuals who are working to secure their future and that of their families. And in doing so, they are also assisting their countries.
Countries which spend wisely and save wisely have a strong currency that is trusted at home and abroad. If there are no savings and the country is forced to borrow, the economy suffers; businesses and investors are wary, the currency grows weak and the country is left at the mercy of the financially strong and powerful. It is no secret that strong currencies control weak ones; rather it is a reality — right or wrong — that must be considered and planned for. The road to strength and prosperity lies through savings and not consumption. Because of the amount of savings, countries attract investments and compete in the international arena where debt is a nightmare to be feared and avoided at all times and in all situations.
Our own society is not one that puts great value on savings. We are consumer-oriented, addicted to appearance and too quick to acquire unnecessary articles, goods, materials and services. This is especially true if the acquisitions are new and not yet in widespread use. Our financial institutions have devised many plans and schemes to convince the public to borrow. Where, on the other hand, are the plans and schemes to convince the public to save? Our institutions collaborate with the devil in ruining individuals and companies by extending loans which they know full well are likely never to be repaid. This is manifested in the number of borrowers who are reprimanded by authorities for failure to make payments and by those who are humiliated every day because of their inability to pay their debts. The banks should do themselves and society a service by encouraging savings and by building a sound base for savings programs.
We are responsible and accountable to God, the law and society to assist all citizens and make them aware of the importance and the virtue of saving. There is nothing wrong in budgeting income wisely without spending it all. Pay no attention to those who say you are a miser because you refuse to spend all your money and prefer to save it. You are helping yourself, your country and your family — to say nothing of saving yourself from the horrors of debt.
