Saving Money Importance of savings.

Phabbyfundz

Valued Contributor
Savings is like a brother to investment but savings is not investment. Saving is a conscious act of certain aside funds or a stipulated amount of money to be kept in a bank or whatever means you prefer that would serve in future times, savings doesn't always lead to an increase of funds but it helps you keep fund that would be maybe needed in future times.
The term savings only explain that you are certain aside this funds for future use and you can still take out of this funds I in future times.
Saving is among the laws of money. Savings or retention as you may choose to call it helps you against unnecessary spending or expenditure and gives you control over your income, funds or money that is available to you.
 

Inspirator1

Verified member
Savings is good but I will not advice anybody to do so with banks in my climes. For example, you will save an equivalent of $200 with a bank, before the year runs out, your account balance instead of increasing will have a debit alerts from transactions like system alert, card maintenance, service charge, tax charge etc thereby reducing your $200 to $189. No increase at all.

My advice is use banks just for transactions, because there is no safe keeping with them.
 
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ckbarnabas

New member
Savings is crucial for everyone, regardless of their earnings, spending, and life stage. Here are some reasons why you need to start saving. Knowing that you have a certain amount accumulated for times of your need, gives you peace of mind. You can lead a stress-free life with the knowledge that you will not have to struggle if things take an unexpected route.
 
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Mika

VIP Contributor
You can save only when you earn more than why you require for your monthly bills. If you are earning well, and still you cannot save then this has to do with mindset. The best way to start saving is to save 10 percent of what you receive and use the remaining 90 percent for your personal needs
 
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Phabbyfundz

Phabbyfundz

Valued Contributor
Savings is good but I will not advice anybody to do so with banks in my climes. For example, you will save an equivalent of $200 with a bank, before the year runs out, your account balance instead of increasing will have a debit alerts from transactions like system alert, card maintenance, service charge, tax charge etc thereby reducing your $200 to $189. No increase at all.

My advice is use banks just for transactions, because there is no safe keeping with them.
This is so true dear friend, that is why I took out time to clearly state in the article that you can save in the bank or any other means that is suitable or convenient for you. There are also available ways by opening a savings account where you are paid an incentive or bonus at the end of every day , week or month depending on the banks policies.
 
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Good luck

Valued Contributor
Savings is very important for every business person,you save for you to know if you really making any profit from the business or trade you are involved or engaged in.A good business must have saving incase of unforseen circumstances that may arise in business that one is doing.You don't expect profit all the time.You can always fall back on your saving for survival
 
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btaliat

VIP Contributor
There are major three reasons for saving. It is done at times to execute some projects in the future. Aside from this, there is reason to save for day to day running of things. We need money daily and if we don't have good saving, it may be of difficult.
 
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Alexandoy

VIP Contributor
I have a substantial amount in the bank that represents my lifetime savings. It is not exactly the amount that matters but the fact that I have money in the bank gives me the financial confidence. When something happens I have money to spend. And i can only have that confidence because I was able to save enough for my future.
 
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Sotherefore

VIP Contributor
The importance of saving cannot be underestimated and they are too numerous to mention, I save money for future purpose and it will be easier for you to plan out your life on how you will succeed in whatever you are interested in doing. But without money you may not be able to plan out anything beneficial for yourself.
 
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