3 Good ways personal savings better the economy

[Augusta]

When it comes to personal savings it has a triple effects as you doesn't only better a person but even the economy as well. This is why sometimes doing good things isn't just about it for yourself. it can also benefits others. So how those you saving money benefits an economy

It will help an economy not to fall into downturns: This means that the economy will still be vibrant even in recession as the saved money will be pump back into the economy through financial interactions and transactions

The living standard of the people will still be high. This will help a collapsing economy to be boosted almost immediately. Your saved money will still help you to live better because that was the whole essence of the savings in the first place

Your personal savings especially with the bank will help businesses to boom. Banks used saved money to give credit to established business owners to boost their businesses especially for collateral loan

What is thought?

 

[Holicent]

I do agree with you. Saving money is a good thing, and it's even better when you're doing it because you really need the money. But what about all that other stuff? What if you could make your savings even better by spending them in ways that actually help others?

The good news is that there are plenty of ways to do that. For example, if you have an extra $20 and want to give it to someone who needs it, try donating your money directly to a nonprofit organization — the best ones often have programs specifically designed to help people who are struggling with poverty or homelessness. If you want something more personal, consider donating a portion of your earnings from freelance work to charity. And if saving money isn't enough for you and you want to take things up a notch, consider investing in social enterprises that support disadvantaged communities around the world.

It's true: Saving money is good for your own finances, but it also has huge benefits for society as a whole.

 

[Augusta]

Yeah that was the whole idea when you saved money for the future, you are trying to get the economy, yourself and others to live better. it doesn't matter that it is youroney but the good thing is that you are also trying to save your economy from dying which is the most important thing.

So like you rightly stated when the economy is going down and other people are suffering by donating your money to them. means that you are trying also to raise their standard of living even in a bar economy. Sometimes the government can't do it alone, the citizens that are capable cannalso come in to assist . When the economy is good it is for the betterment of everyone, Jo one is exempted from getting the best out of life

So save your money today you might just be saving yourself and the economy tomorrow. it is possible.

 

[Mika]

Saving can help you improve your financial health, however, saving alone cannot make your economy better. In my home county, you get about 5 percent interest in a normal saving account. Now tell me when I am receiving just a 5 percent annual return, how can I improve my financial health when the cost of living is becoming higher day by day? I can get better interest rates on fixed deposits (about $10), however, this return on my money is also small compared to what I could get by investing my money. Saving is good for investing is better. You can improve your financial health only through investment. When you invest, you also need to diversify your investment in order to minimize your risk. When you are investing, risk prevention is very important. If you cannot do that your investment will not give you a good return, it can even become a loss.