Savings habit is a sign of thrift.It encourages one to be economical. It can also have some adverse effects. A man who has saved a large sum may become stingy or too conscious of his money. This may lead to loss of his mental peace. It may also lead to hoarding of black money which is illegal. But fortunately, such possibilities are minimum these days. People who deposit their large savings in banks and other Government departments have no fear of losing them. It goes on accumulating and thus the habit of savings also come in handy to the man who saves.
We can, therefore, conclude that saving is a good habit not only because it benefits the country itself but also because it saves the man from many crises of his life. When one receives principal along with interest, one has the satisfaction of having earned the money well. It uplifts a person morally and ethically. So saving should be encouraged in children too, so that the habit makes them realise the value of money at an early stage of their life.
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