On ‘Saving for a Rainy Day’

Growing up in India, saving is second nature to me. It was so ingrained that I brought this to the States as my immigrant inheritance. It is reflected in everything I do. I judge people who don’t ‘save for a rainy day’. I am fiscally conservative and I vote on this basis. I will totally jump entire oceans between political parties on this criteria alone. My political angst stems from mismanagement of state coffers rather than social issues. I am risk averse and this too reflects in every aspect of my life..not just money. Although I can’t be accused of being ‘penny wise pound foolish’, I will walk away from adrenaline rush hooks. So I almost wear it like a badge of merit. Like it’s a secret I brought to this country and that I share with other immigrants. Until it just struck me today..perhaps Americans ‘live pay check to pay check’ because they never had to save. Saving is an off shoot from uncertainty and instability. India when I was growing up was not a bed of political and economic stability. Even though we were comfortably middle class, the national anxiety seeps into homes. We also saw this here recently during the great covid toilet paper scarcity and hoarding phenomena. Citizens of wealthy nations don’t save because they don’t have to as there is sufficient trust in the government. Saving is a reaction to scarcity. I stopped saving a while ago, but now watching the interest rate goat rodeo, I have started thinking about it again. Curious about other saving philosophies and how the latest bank shenanigans will influence ingrained stances about money at every level.