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Why is saving money for speculative motives important
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[QUOTE="King bell, post: 266513, member: 75687"] Saving money for speculative motives, or saving money just in case something happens instead of saving it for a definite future goal is a pattern that can be debilitating in the long run. It's important to have goals and objectives when saving money, because without them you are simply sending your money into limbo without any purpose. One advantage to saving money for speculative reasons is the fact that whenever you do want to purchase the item, you'll automatically know how much you need to save. If you're a person who does not like math, this is a definite plus because you'll know exactly how much extra each month you need to save up in order to reach your goal. Most people tend to use their savings accounts as a way to store their extra money, but unlike savings accounts and certificates of deposits (CDs), they don't have any set time limit in which that money needs to be accessed. This is risky because if the bank fails or something happens where they take your money, it's gone forever and there's no way of getting it back. [/QUOTE]
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