It is a must for all because of many reasons. Additionally, saving money can help you pay for large purchases, avoid debt, reduce your financial stress, leave a financial legacy, and provide you with a greater sense of financial freedom. I’m not a doctor, but I’m pretty sure the $20,000 option would be less stressful. No matter how hard I try, I can’t predict the future; and neither can you. God forbid if anything happens to you your family members or legal heirs can use the money to meet their basic needs or continue the same investments. Savings and its importance in life are immense. Try it. importance of savings Essay Examples. But why is saving money important? We save money for some life-changing goals. Any financial planning cannot start without the required input of “Savings.” Saving your valuable earnings for a better tomorrow is thus immensely desired. We must save sufficiently so that we can lead a happy life. The power of compound return will work in our favour for a longer period. Big purchases are fun, and at times, necessary. If you lose your job, will you be able to pay your bills? It, in turn, helps our sound and sufficient sleep along with our deep sleep. Is this true? If we earn daily/weekly/monthly save daily /weekly/monthly. Our savings potentiality is our excess net income after our expenses. Thanks to this habit, she's been able to save more for her future goals. I. It varies from time to time, bank to bank or bank to post –office. 1  Therefore, the importance of savings is clear to us. In all honesty, we need at least a few months’ salaries in our savings account if we lose our job all on a sudden. Net is that income which we get in hand after deducting taxes if any. Welcome, Guest. Although no wealth is created by banks, their essential activities facilitate the process of production, exchange and distribution of wealth. The most central reason it is important to save for college is that it makes it easier for a student to make a decision to go to college if he already has the money. Life is full of events, but there are a few big ones that can get particularly expensive. In this video we had try to explain about the importance of the savings in life in 21 st centuryhttps://www.instagram.com/lear.neverything?r=nametag If you have the insight for why saving plays a crucial role in our life, you will start saving willingly. Page 1 of 50 - About 500 essays. The importance of saving money is simple: It allows you to enjoy greater security in your life. Hopefully you’ll never need to use it, but if you do, you’ll be beyond grateful it’s there. So, if you want to be financially independent and unshackled, you need to beef up your savings. Being independent financially is basically having a freedom of choice for your financial life without depending on your earnings. Hence, HDFC Life describes the importance of savings & investments in one’s life. Through savings you can change your life to live like a king or a queen. You need a car so that you can drive to work. From a family emergency that requires you to fly across the country, to less emotional emergencies like a broken down car, having a decent amount of money saved up keeps you from adding financial stress to the pile. What do we mean by Savings and its importance in life? Without savings, our life is worse than animals. It’s one of the best ways to honor your family and friends. ASK THESE QUESTIONS BEFORE START OF OUR SAVINGS: If we take a loan and repay in 7-8years, then we have to pay almost 2-3times more. Our income should be saved to meet short-term (1-3 years); mid-term (3-7 years) and long term (more than 7 years) expenditures. Saving money for future is of prime importance as virtually there is nothing tangible that you can have without the exchange of currency. Early savings may be kept for more time. Spend your money on the things that make you happy. Financial emergency may arise at any time. (Also read factual reasons to save money). As it happens, the bank is certainly not breaking a sweat paying you to keep your money in their vault. To maintain short-term and mid-term purposes you have to save at least (30-50) % of your income. The Importance of Saving Money We save, basically, because we can't predict the future. Saving is so important, especially for the things you listed above. So, for goodness sake, get out of debt, trim your expenses, and place a priority on saving and investing your money. and they got damaged very rapidly. Hence all you can do is save money, yes savings are extremely important. Click here to learn more about an Axos High Yield Savings Account. The answer is simple: They spend more money than they earn and have trouble living below their means. Firstly we need a savings account. Without savings, our life is worse than animals. To maintain long-term and mid-term purposes you have to save at least (20-30) % of your income. Then, when the dust settles and the monthly payments kick in, that thing that cost so much money, transforms into an annoying roommate named, Buyer’s Remorse. Just sayin…. The onus is on you to put your money at work. For that reason, we recommend the Axos High Yield Savings Account. Added to these there are some more monthly recurring expenses like mobile recharge, tv recharge, tuition fees, the salary of servants, monthly entertainment, going to cinemas, parks, malls, restaurants, special meal or dinner, regular medicines, health insurance, child insurance etc. I mean, my wife is pregnant with our first baby, and we’re already discussing 529 plans and funding our child’s college education. Very good article on the importance of savings for leading a better future. Do you know what happens when you save money wisely, and invest intelligently? Truthfully, you should always set a little money aside for enjoyment. It is required to meet the charges of the doctor and cost of medicinal manufacturing. Moreover, it helps us to stay motivated. Additionally, some parents make enough money that it is difficult for their kids to get school fully paid for by financial aid. The more money you have, the less risky your financial situation will become. environmental problems english frederick douglass jane eyre solution synthesis volunteer fountainhead american revolution diagnostic a rose for emily response gay marriage women's rights the things they carried. It’s important to save for these life-changing and wonderful experiences. This is when the importance of saving for the future really sinks home. That way, you don’t have to feel guilty pulling money from savings when you need to fix or update something. I don’t think it’s a big secret that money problems are one of the leading causes of divorce. 1. Above all, it will better our happiness level. It is of utmost important if you want to lead a quality life. Money Fights In Marriage (5 Radical Steps To Stop Arguing), How To Save 50% Of Your Income (25 Simple Tips), Why You Can’t Save Money: 10 Money-Sucking Reasons, 10 Proven Ways To Aggressively Save Money, 10 Effective Strategies To Save More Money, How To Open A Bank Account Online (5 Easy Steps), Moving Out Before Your Lease Is Up: 5 Simple Tips. You know what’s expensive? It’s as simple as that. Cokoye . If for any reason we do not earn the next day we will have to beg for a living. (Though, to be honest, elementary, middle and high school are pricey little endeavors these days as well). to. Mid-term are those which will/may come once or twice within the next 3-7 years. Moreover, we have to retire after a certain age. So do your future-self a favor and save up an emergency fund. How can we reduce or delay or cancel our expenses? Do not “think that to save money means to sacrifice the pleasure of life”. Seriously, money is the last thing you need to be worrying about in an emergency. Here’s a couple guidelines to get you started. (Within the confines of the law, of course). But I can also tell you from experience that the more money you save, the less frequent those arguments occur. Added to this, we have some recurring expenditure for skincare products to maintain flawless skin and avoid hair loss. For instance, the two that instantly come to mind are: newborn babies, and weddings. Investing is how you take charge of your financial security. Would your story be one of debt and financial burden for your family? I hope it provided some kind of value for you. Side Note: Here at Be The Budget, we strongly believe that you should put your money into a savings account that earns more than a measly few cents of interest each month. College. You don’t even need to be earning too much. Thanks for sharing the importance of money savings. We live in a world where we always have to expect the unexpected. However, we need to know how to grow our savings for a better future. Below-mentioned are a few other reasons as to why savings and investments are important in your life: Only saving money and not making investment can be detrimental to your finances. It allows you to grow your wealth but also … Here we will see some of the examples to understand the importance of savings and investment in the life. Most of us are conditioned to earn as much money as we possibly could depending on our capability and once we do earn it we spend it all and enjoy the fruits of our labor. To meet education expenses particularly higher or technical. We save, because, we can’t forecast the future and so our saving may protect us monetarily and will safeguard us in crisis. A lot of suffering in the later years because they did not give too much importance to saving money. Your email address will not be published. From cars, to boats, to furniture, to big screen tvs, big purchases have a way of wiggling into the lives of the financially unprepared. Emergency Funding – One of the most important reasons to create a savings fund is to have ready access to money that can be used in emergencies. Saving money is a beneficial habit that helps us for lifetime. However, we need to know how to grow our savings for a better future. So we have to make old-age provision. We have to set our goals for this at first. The time you spend your money you may forget your limits but you got to plan first and be rational before you just give your money to something that is just as good as a scrap. And, if you have savings set aside for discretionary expenses, you may be able to take risks or try new things. If we think to protect interests of life, we must have to save our future first and for that we need savings and we have to save sufficiently to maintain our social position and relations and esteem. even send people to our residence and open an account. And when you have savings, you can do this guilt-free, and without any worry that you are harming your financial future. Spend your money on things that you care about. If we analyze our expenses, we will see that savings are a very important aspect of our lives. Mutual funds return more if invested for 8-10 years or more. This type of explicit education on saving is a most detailed account I have read so far. Once again, saving money gives you the freedom to do what you want to do. With rising costs the value of savings will reduce. We are not responsible for any actions taken by users of this site. Additionally, we require money to celebrate various occasions and days along with enjoying some weekends with our love and relation. It is very important for one to financially plan their lives and save money as it matters and is the most important thing for survival. Save enough money for the purpose. Money Saving Essay 826 Words | 4 Pages . Plain and simple. And while there are countless reasons to save, you just need to find a reason that resonates with you. Definitely, you wouldn’t like to … If you have cash set aside for emergencies, you have a fallback should something unexpected happen. Techie Tushita Singhel thinks the other way around when it comes to saving - save first, spend later! Savings is a basic personal finance concept but something that many of us overlook. The main factors are to start to save as early and save as much as possible. You won’t just invest one day and see amazing results the next. Importance of Saving Money. Consider this: if you give 10% of every dollar you earn to charity, or your local church, and you don’t have any savings or investments, your ability to give is limited by your annual salary. You can offer a better life to your family – If you want your family to be happy, money is something that you will need the most. It may be marriage also self or child or someone else in the family. Let me put it this way, would you rather pay your bills and have $20,000 in savings? Teaching money-saving habit to kids at a … Additionally, saving money can help you pay for large purchases, avoid debt, reduce your financial stress, leave a financial legacy, and provide you with a greater sense of financial freedom. Whether it’s helping others, improving your marital finances, leaving a positive financial legacy, or just having a little more fun, you owe it to yourself to prioritize saving. The best theory is to write down all our purposes (short, middle and long) and then keep aside some money i.e. (adsbygoogle = window.adsbygoogle || []).push({}); Savings refer to the unspent amount from our income. 1  In fact, nearly 40% would need to borrow money to cover a $1,000 emergency. Generally, we the people open a Savings Account in the bank to save our money. If we analyze our expenses, we will see that savings are a very important aspect of our lives. Plus, when you only invest 6% of your net worth, it’s pretty likely you will make up for that in interest, alone, over the next year. But going into debt for a big purchase is worse. Which is the best scheme to save and get maximum benefits? We have to repair or purchase a new one. Around 22k in hand per month. Money Saving Specific purpose: to inform why saving money is important and the benefits it brings to one. Here, the habit to save plays a huge role. Weddings aren’t cheap. If we can save sufficient money, then we can live in a stress-free way. Government bonds give a little more. Ipso facto, saving money so you can pay for education is important. If you want to build any kind of wealth, you are going to need to utilize the power of compound interest. Have you ever known somebody that was stuck in a job they hate, because they didn’t have the financial freedom to quit and pursue something they enjoy? The savings and investments are important basically to meet following goals or needs. I have a bunch of different savings accounts for my savings so that I can always do a quick inventory of how much I have saved towards each goal. It’s inevitable that throughout life, there will be some emergencies. The Importance of Saving. Here are a few reasons why we save: Save according to our income after keeping some money for day-to-day expenses. Whether they’re big expenses like kitchen remodels, or small expenses, like buying filters for your furnace, they add up. It is the nature of money that if liquid cash is in our hand it will force us to spend it legally or illegally. Secondly, we have some monthly fixed expenditures like house rent, electric bill payment, monthly grocery, shopping, etc. The inflation rate in India is between (7-8) % p.a. You might be thinking, “Umm…duh!”, but it’s the truth. My favorite reason to save money is to travel and explore this world! Don’t believe me? There will be no difference between a beggar and us. A lump sum amount is also needed to buy some golden/diamond ornaments etc. We also have to expend to fulfil some purposes such as buy land/flat/house, purchase car and jewellery-gold/diamond, marriage of self/brother/sister/child, throw anniversary and birthday parties, travel and tour, major repair/colour and paint/addition and alteration/electrical wiring of our residence, may undergo expensive medical treatment (generally operation). To become financially independent . You can check for any practical example – the cost of a pack of biscuit a decade ago, and the cost of the same now, can be significantly more. We must remember, that we need to maintain healthy eating habits. Savings is one of the most important aspects of everyone’s life. First and foremost, saving money is important because it helps protect you in the event of a financial emergency. Things you want to buy. Can I Transfer Money From Savings To Checking? Rather, saving money so that you can pay for them outright is the way to go. First and foremost, saving money is important because it helps protect you in the event of a financial emergency. We earn money and spend them for various reasons. Savings helps you to provide the cushion for that point in life when you won’t be earning any more. Our foods must contain sufficient protein as well as antioxidants. 10 Creative Ways To Make Saving Money Fun. Education is important–whether it’s your own, or your children’s. How To Save For a Vacation In 6 Months: Take 2 Trips A Year! Some private banks say Kotak Mahindra etc. But we can ensure -starting saving at the earliest and the maximum. Think about it — without savings, how will you weather any financial storms? The importance of saving money cannot be understated. Click here to learn more about an Axos High Yield Savings Account. Most importantly, here we will indicate our savings. Well, if they had enough savings, I’m willing to bet that wouldn’t be the case. Save For Better Education Your email address will not be published. Apart from these essential daily expenses, we have to do some recurring expenditures such as life insurance premium, tax of the house, doctor fees and medicines, various maintenance work, garments marketing, purchase of gifts to celebrate occasions or to attend invitation and party, yearly session charges, course fees and so on. Too many people underestimate the importance of having a savings account. Importance of Savings and Investment: Relationship between savings and investment helps to meet your personal finance goals. And for that reason, saving up a safety net is a really good idea. If we can invest in shares with proper knowledge and guidance, it pays the maximum. (If you’ve ever experienced it, you know how unsettling that feeling can be.). We need money if we want to buy a house/flat/land or build/repair/renovate. And let me tell you, they are no fun. Hi Banani, I found this article very much interesting and helpful also. Saving and investing your money minimizes your financial risk. Pretty good reasons to save money, right? Or, would you prefer to pay your bills and with $0 in savings? Our income should be saved to meet short-term (1-3 years); mid-term (3-7 years) and long term (more than 7 years) expenditures. If they do not have money, they can only dream of going to the doctor and get medicinal treatment. So why doesn't everyone have an emergency savings fund? So, if you’re in need of a little money-saving motivation, or just want a further explanation as to why saving money is so important, you are in the right spot. Please login or register ... more than 96% Americans agreed that early monetary savings would help one achieve a fruitful and stable life. But the less you save, and the more debt you accrue, the less independence you will have. The short term is those where money requires regularly in a span of … Experiences you want to do. You do need to prepare for such occurrences and have the resources you need to fall back on in the way of savings. Unforeseen … Nowadays, almost every family use electronic gadgets like android phones, computer or laptop, TV, air-conditioner, fridge, washing machine, water purifier, chimney, etc. And if you’re married, you’ve probably experienced a money fight or two. MOTIVATION A Powerful Emotion To Do Any Work. In other words, a big pile of savings gives you freedom to quit a job you hate, and pursue your dream career. You see, everybody wants more money, yet very few people work hard to save it up. If you died tomorrow, what kind of financial legacy would you be leaving behind? But life goes on and the expenditures also. Gross is the total income. BESIDES, WE HAVE TO BEAT THE EVIL OF INFLATION. Importance of Saving Money. Save More Money! In this post, I’m going to take a deeper dive into the importance of saving money, and cover the top 15 reasons to start saving today. Be The Budget may have financial relationships with the merchants and companies mentioned or seen on this site. The first and foremost of them is day-to-day expenditure i.e. BESIDES, WE HAVE TO BEAT THE EVIL OF INFLATION, how to grow our savings for a better future. Then, when your daughter first starts dreaming about her wedding day, start saving for it. In case anything goes wrong and you are in desperate need of money you can withdraw your money from the market and use it for the emergency. Once you embrace savings you automatically kick out dependency on loans to meet your needs. Our positive attitude will help us a great, Mutual Fund-The Best Long Term Investment Plan. We may save money to purchase a flat or a car. They are short-term and interest-bearing and lays with a bank (financial institutions). And, unless you win the lottery–which is beyond unlikely–the only way to have more money is to save it over time. We have to make a budget to distribute our income logically and judicially (not emotionally) among various purposes. I'll be the first to admit that it was never high on my priority list, but we all eventually learn from our mistakes. Don’t plan to think about your retirement when you are old. It provides financial security and ensure a prosperous future. Another one I can think of is not going into debt when you want to buy something. Required fields are marked *. But if you wait years to start saving, you won’t see any results at all. And while you might be able to cash flow the majority of them, it’s in your best interest to prepare for them in advance. The Importance of Saving Money – Final Thoughts, How To Save Money And Not Spend It (10 Simple Tips), How To Fix Your Financial Problems (And Finally Get Ahead), Can’t Afford To Move Out? Related Post: Money Fights In Marriage (5 Radical Steps To Stop Arguing). Search Pages. When you have ample cash sitting in your savings account, and a pile of investments earning interest, there’s absolutely no reason to endure a situation you hate. According to world-famous, Nobel Prize winner economist Mr Amartya Sen, we have to expend 10 times more in every 20 years to maintain the same lifestyle. To live happily and stress-free at that time, you need to start saving today. Education is important t… And when your money grows, your opportunity to help others financially grows with it. Saving money can help you become financially secure and provide a safety net in case of an emergency. We have to consider various things as we are going to save for the future. Medical facilities: People get quality medical care only when they are able to pay for the services in terms of credit card or cash. Watching football on a 12-inch tv with rabbit ears is not ideal. However, our sufficient savings will help to increase our self-esteem in our known circles. Is this savings sufficient for my future? For stress-free retirement. Everyone wants to retire at some age in life. Your money grows. Apart from the basic requirements of food and clothes, you need to pay the fee of your children, take them to new places, buy computers etc. In the banking sector, savings refer to our savings accounts. Our income may be gross or net. As long as you have a plan in place, your savings will be your savior. Additionally, the more time you waste, the less opportunity you have. And if your goal is to help others as much as possible, you need to be saving and investing your money consistently. Importance Of Saving In Life Essays. All this is only possible if you have money and by fulfilling the needs of your family you can bring a smile on their face. Investing is important, if not critical, to make your money work for you. And short of growing a money tree–you know, the kind dads always talk about–the only way we will be able to afford it, is if we start saving now. This might further imply having savings that you can depend on when need arises. With an interest rate much higher than the national average, no monthly maintenance fees, no minimum balance requirements, and a whole suite of digital money management tools, this savings account is hard to beat. Truthfully, there are countless reasons to save money. Saving is a way of insulating oneself from the many symptoms of health and natural adversity. Whether you’re 20 years old, or 90 years old, the way you handle your money will leave lasting effects—positive or negative–on your loved ones. And sometimes that means having a little fun. But if we have not yet any, we will go to any suitable bank as per our choice and open an account. Our positive attitude will help us a great deal. to. In this podcast, we remind you of the importance of saving and provide some tips for how to make it a bigger priority. But, if you spend all your money, and never learn to save, you will miss out on this valuable financial opportunity. Take These 5 Steps. Or, would you leave a legacy of financial fortitude, wisdom and honor. Search Categories . After many years of working, you may want to go on a vacation and tour the world. But, if saving money doesn’t come easy to you, or you just don’t see the point, it’s natural to ask yourself, why is saving money important? Saving money is important because it provides security, stress relief, and freedom. Money in our pocket or hand cannot be saved. Two young boys Arjun and Krishna got job at the same time with a package of 3 lakhs per annum . But save first. We argue and … How much may be our income, without savings it is a big zero the next day as our earnings and expenditures are the same. It's important to have an emergency fund set aside to cover unexpected expenses. In fact, I recommend setting up a specific savings account just for your home expenses. We have to expend or save from this net income. As a result, we get motivation to do our works. In fact, with so many proven benefits, saving money is one of the best financial habits you can adopt. Very crucial and practical tips for new generation. Your future wealth called: it asked you to start saving. Can you imagine all the people you could help with the interest earned on $10 million? Save my name, email, and website in this browser for the next time I comment. Essay on importance of savings in life >>> CLICK HERE Short essay of beowulf The full text of the declaration of independence is presented here, followed by that they should declare the causes which impel them to the separation as to them shall seem most likely to effect their safety and happiness. Whatever the case, saving is important and this is why. You work hard for your money and your money should work hard for you. One of the best parts of being an adult is the independence and freedom to do what you want, when you want. In fact, fun is a critical part of personal finance, and it is essential for your financial and physical well-being. That’s better than many other nations, but it still suggests there’s substantial room for improvement. They all together need a huge fund. The good news is that there’s a great way to eliminate financial stress… just have more money. A recent survey by McGraw Hill financial found that only 57% of American adults are financially literate, with a clear understanding of basic concepts of how to manage and invest their money. Attention Getter: “A penny saved is a penny earned” or “When you don’t work, savings will work for you”, but, why? In India, the savings account rate is the lowest. various fares, tiffin, daily necessary food item marketing, etc. Saving money is important, because it provides you with financial security. Remember, money is just a tool you can use to accomplish your goals. Compound interest is extremely powerful, but you need to give it enough time to work it’s magic. Whether parents participate or the student saves his own money, knowing there is money set aside for educational pursuits is helpful. Subscribe to Be The Budget today, and, as a bonus, we’ll send you a FREE copy of our eBook: Thus, we all need to understand the importance of saving water as an invaluable resource for sustaining human life. In short, saving money is good for your marriage. Banks and post office term deposit is slightly more than savings. One of the most important reasons to save, is to provide yourself with the freedom to pursue a career you love. According to a 2019 Bankrate survey, only 18% of Americans said they could live off their savings for six months. This is for a generation existing right now. For more information see our disclosure page. There’s nothing like financial stress to keep you up at night; or worse, wake you up in a cold sweat. Interest, bonus, profit will be accrued for a longer period. If you own a home, you’ve undoubtedly experienced the many expenses that come with it. Your financial legacy is important to the people around you. The importance of savings is to have the ability to do what you love. How can we eliminate and save our expenses? Without investments, how do you plan to make money when you’re too old to work? Water conservation is a job not only for water technicians, farmers, ranchers, hydrologists, foresters, city planners, and park managers; it is the responsibility of every human being. In the first place, savings are either unspent money from our income or deferred part or amount of our consumption. (Also read stress management technique). Top Tag’s. In contrast, if you save and invest your money, your ability to give will grow exponentially with compound interest. Introduction A. Following are seven reasons that you might consider to start saving money: The Importance of Saving Money for Your Future 1. It will be wise if we down pay the total amount instead of taking a loan from a bank or other financial institutes. 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On the things that you can use to accomplish your goals after our?! Work hard for you put it this way, would you be behind! ’ m pretty sure the $ 20,000 in savings financial institutions ) life depending! Savings will be your savior with the interest earned on $ 10 million are saving, may. In case of an emergency fund setting up a safety net in case of emergency! A $ 1,000 emergency dependency on loans to meet your needs age in life are countless reasons to save wisely.
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