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Importance of Saving

Savings is money put aside by an individual or household for use in the future.

A key to good money management, savings help individuals and households manage risk, deal with emergencies, smooth income, build assets, and meet financial goals. People save by putting money aside when it comes in and by spending less when it goes out.

 

Savings are:

  • Money that is put away in the present for use in the future;
  • Investments in jewelry, animals or land that can be sold when cash is needed;
  • A way of building assets;
  • A fundamental part of money management.

 

Why Save?

You can use savings to meet both expected and unexpected needs. They help to smooth cash flow, allow for optional expenditures, and invest in assets and businesses. In case of emergencies and crises, savings enable you to respond immediately and, over time, recover from related loss of income or property.

 

Savings play a key role in meeting financial goals. These can include short-term goals (weeks or months) such as buying stock for a business or paying school fees; medium-term goals (1–3 years) such as home improvement expenses or a visit to the family; or long-term goals (over three years), such as to buy a house or save for retirement.