16:37 Gulf News: People who earn less have a clear goal of saving enough to meet the needs of their families.
16:40 Amitabh Saxena: I disagree as people who earn less are more focused on meeting the immediate needs of their families, whereas people who earn more can afford to focus on both immediate and long term needs of their families.
16:40 Lodhi Azmatullah: I agree. The more you earn, the more choices of spending and the less you earn, the more choices of saving.
16:40 Sandeep Gadhoke: I agree, as they have a clear vision of their numbers even though they may be on the lower orbit of the financial strata.
16:41 Farwa Shahid: I agree, people who earn less have more value for money. However, the core idea of conditional budgeting is to structure income and expenditures according to probabilities and priorities.
16:45 Amitabh Saxena: Financial status does not really determine the ability to save, in fact, those who earn more, actually save more simply because they can.
16:47 Lodhi Azmatullah: Different income groups have different priorities. The higher the income, the higher are the priorities and living standards. Those with low income think of better ways for spending and saving for the future.
16:48 Farwa Shahid: The reason that money comes and goes is that we focus too much on getting money and using money instead of creating and getting value.
16:49 Gulf News: The more you have, the more you want.
16:50 Amitabh Saxena: I agree. It is human nature to want more and can therefore never be satisfied, and this is something that everyone aspires, irrespective of income group.
16:53 Sandeep Gadhoke: According to Maslow’s theory on the heirarchy of needs, once you fulfill your needs, you move up towards luxury and in that process if you are not calculative, the probability is to exceed what you have.
16:54 Lodhi Azmatullah: Needs are never fulfilled as a human being can never be satisfied with what he or she has.
16:55 Farwa Shahid: Greed never ends. Most businessmen belong to low status and middle class fammilies.
16:55 Amitabh Saxena: I would not call it greedy, but yes all humans crave material comforts regardless of their income levels.
16:57 Lodhi Azmatullah: Needs and wishes never end and last till death.
16:57 Amitabh Saxena: The human need knows few boundaries and all of us whether earning more or less, seek various comforts and upgrades in our daily life.
16:58 Farwa Shahid: There is a fine line between ‘want’ and ‘need’. The main reason for this is the ‘high spending culture’ we are living in, which results in going into competition with others.
17:01 Amitabh Saxena: There is ample financial awareness amongst people of all income levels. You spend and save as per your income with little influence from a high spending culture.
17:03 Lodhi Azmatullah: It is not that we are living in a so called ‘high spending culture’. If a person with low income wishes to go to a restaurant, he will not go as he knows his boundaries and responsibilities. However, if a person with high income wants to, he will go despite having boundaries and responsibilities, as he or she must maintain a social status and living standards.
17:03 Farwa Shahid: Most of the time, we spend our time working on things that generate money, instead of enduring the actual value.
17:05 Gulf News: The more you earn, the more you spend.
17:07 Amitabh Saxena: I agree as the more I earn, the more I am able to spend and save.
17:07 Farwa Shahid: We all dream of buying various things. However, it is mainly those who earn more, who can afford to spend more.
17:08 Amitabh Saxena: I agree, by cutting a few corners from our daily lives, we can all save money.
17:11 Lodhi Azmatullah: I disagree because more earning doesn’t necessarily mean that you have to spend more. We are aware of our needs and we spend according to it. However, there are a lot of people in society who want to maintain the standard of living.
17:12 Sandeep Gadhoke: As the income increases, the avenues for expenses increase multifold as the person starts fullfilling his or her dreams along with family needs. However, a prudent person allocates a certain percentage increase on his or her expenses and the remaining goes to savings. So, in the end the focus should be on your vision and goal. Once you have set your priorities, you should not be influenced by peers, friends or relatives by trying to achieve what they have as everyone has their own target.
17:13 Amitabh Saxena: Instead of dining out every weekend, we can limit ourselves to every alternate weekend and that way we can save over a period of time.
17:14 Sandeep Gadhoke: In terms of numbers it varies a lot, as one person’s salary amount is another person’s savings.
17:15 Farwa Shahid: Exactly, in most cases, the salary of an average person is another person’s savings or even spending.
17:16 Amitabh Saxena: Nowadays, the younger generation take for granted that their parents have got their backs, and therefore, don’t think about saving. With that in mind, saving as a concept is more age related and also to an extent related to one’s ethnicity.
17:17 Lodhi Azmatullah: Today’s saving is yesterday’s future.
17:17 Farwa Shahid: Money, or the lack of it, is a constant source of stress for a lot of people. Once the salary is withdrawn and the rent, credit card bills and utilities are paid for, there is always very little left to save or spend on luxury. As a result, many families end up borrowing money after pay day. And for some, there’s no other choice but to tighten the belt and make some sacrifices, just to be able to set aside for unexpected expenses. The inability to save is affecting households around the world. In fact, most people are able to set aside only 10 per cent of their monthly income for saving and investment purposes.
17:17 Sandeep Gadhoke: In today’s society, social media is playing a big role in our daily life. People try too hard to portray the best to their friends and end up spending more than required, and thus creating a big hole in their budget
17:17 Farwa Shahid: I disagree with Amitabh. Not all youngsters think along the same lines.
Facebook comments
Yusuf Fareed
It depends on the person, if he or she is someone who spends a lot then he or she will not save more. However, if he or she is someone who saves a lot, then he or she will earn more in the end and the same goes in case of people who earn more.
Emerson Reyes Galang
I agree but it depends on the person and how he or she handle savings. Most often, the lesser the salary, the more savings can be achieved. This is due to that mentally and money-wise because of the mindset of having less salary, I must hold tight and value every cent of my earnings.
Sam Joseph
I agree, but it’s difficult for those who are living with their family. However, being single, I can manage to save... And for those who get Dh700, of course he or she will find the best in what is cheapest...
Ahmed Albaidhani
I highly doubt that as nothing is left from the salary 10 days before the month has even ended and now it’s even worse.
Ziaul Hoque Rabbany
It’s natural as we cannot just go and buy things with less earning. Therefore, if our earning is less, we need to save more.
— Compiled by Donia Jenabzadeh/
