What is the purpose of your savings?

Kingsley

Valued Contributor
When you are saving money then what is the intention to spend the money on? When I was younger we save money for travelling purposes , having a vacation is one luxury that we desired. But now our savings are in the bank which we intend to use them for buying a lot of other stuffs that seem more important to us, like we later want to build an apartment.

again we want to drive in a fancy car and take our kids to the best schools in the community, again we want to participate in community developmental projects that can help to make the community more conducive for all to stay and have a better.

Some other time we also save to start up a business to generate further wealth.

In your case do you have a long term plan for your savings of just a short term like our travel plans before?
 

funmi

Verified member
We actually save for different purposes, some of the reasons why we save are: we save for raining days, we save in order for us to spend or use the things we save wisely, we save to help others, we save prevent loss of the things we are saving or wants to save.
 

arunima25

Verified member
Our purposes can be different depending on our choice and our situation. Some might be saving for paying loans while others for paying their bills etc. I can say that I save from the offline income of mine and my husband for our retirement, buying another property soon, travel and vacation, our children's education and for rainy days. I save my online earnings to treat myself with a gift or a gift for my family. I generally spend them on home decor items or gardening stuff as I love to keep a beautiful house and garden.
 

Bookwormlux

Valued Contributor
I have plans of meeting some high end needs, so this serve as a motivation for me to save money because I know that it is the money that I save Today that would help me when I am in need tomorrow. Thus, I save money always to meet high demands that I can't meet using my day to day earninngs.
 

A K Rao

Active member
When you are saving money then what is the intention to spend the money on? When I was younger we save money for travelling purposes , having a vacation is one luxury that we desired. But now our savings are in the bank which we intend to use them for buying a lot of other stuffs that seem more important to us, like we later want to build an apartment.

again we want to drive in a fancy car and take our kids to the best schools in the community, again we want to participate in community developmental projects that can help to make the community more conducive for all to stay and have a better.

Some other time we also save to start up a business to generate further wealth.

In your case do you have a long term plan for your savings of just a short term like our travel plans before?
For me saving the money is to have a secured life without taking any risk. Like I may like to save for my later age where I will become old and unable to take risk in the market. So To have a peaceful life rest assured income which may be quite small when compared to the money earned by investing in business the savings are quite satisfied way of keeping money with me. Now a days Government is also providing good interest on our savings!
 

Alexandoy

VIP Contributor
I learned how to save money when I was in grade school. From the 5 cents in a day I would have 25 cents by the weekend. That amount is big money for a kid and the benefit I got from saving is to have some luxuries in life at that young age. Now that is still my style. I save to have convenience and comfort.
 

Cinderella

Member
I am saving primarily for retirement. But I am doing it slowly as I don't want to compromise my current life just to be able to save more. As of now, my time is devoted for my work and we seldom have time to travel especially now that we have this pandemic. But whenever possible, I would like to spend my savings for some outdoor recreation such as visiting nearby places or resorts. I am also saving so that I could start a new business.
 

Abigael

Valued Contributor
I am currently saving money for the purpose of starting a business soon. Though it is so hard to save right now with all these expenses. But saving in a fixed account has really helped. I don't access the money until it reaches the exact number of months I saved for. I hope I reach my target this time.
 

Setho

VIP Contributor
I have different saving goals as at now and they are mostly divided into my long-term goals or short-term goals. The major reason for me starting my short-term goal is to be able to buy a laptop so that I will be able to kick start my freelancing career and make some money online.
 
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