What really is saving?

[Maks25]

In its most basic form, the entire purpose of saving is to preserve your money for future use. While there are different places you can save your money, banks are still the most popular options in today’s world.

Now, if your only intention is to save money so that you can use it in the future, then, saving in the bank is exactly what you want to do. The best part is that unlike the local “kolo,” banks would even give you interests if you save with them.

While this might seem like a good thing, things aren’t that simple. In fact, they become a whole lot more complicated when you factor in the country’s economy. In a country where inflation levels are constantly increasing, the value of your money would become lower and lower with every passing year.

What does saving means for you??

 

[Deleted member 28873]

Savings comprise the amount of money left over
after spending. For example, Sasha’s monthly
paycheck is $5,000. Her expenses include a $1,300
rent payment, a $450 car payment, a $500 student
loan payment, a $300 credit card payment, $250 for
groceries, $75 for utilities, $75 for her cellphone and
$100 for gas. Since her monthly income is $5,000
and her monthly expenses are $3,050, Sasha has
$1,950 left over. If Sasha saves her excess income
and faces an emergency, she has money to live on
while resolving the issue. If Sasha does not save her
extra money and her expenses exceed her income,
she is living paycheck to paycheck . If she has an
emergency, she does not have money to live on and
must secure payments for her bills.

 

[Mataracy]

The word saving means keeping un-used money for future purposes.
After one might have deducted all necessary expensesthe next thing to do is to save the rest of the money to cater for unforeseen needs that may arise at any time.
Saving money can still help many people that one money will not be steel by thief.

 

[marcusfe]

Saving is keeping some of your income or earning for future use. There is a clear difference between saving and the budget excess or spending leftover. Sometimes you might have financial deficit, or some leftover, this doesn't mean that you really wasn't to save it but the money is still with you because you've not found what to do with it. Saving is money you remove completely or set aside and keep for future use.

 

[Ralphjoe]

Saving is like keeping some of your income for a project because if you are to be keeping your money just for safekeeping, there are some factors that will affect your saving value over time and you will end up losing a substantial part of your savings so therefore the best way to save money is to save for investment purposes. This is what I have discovered about saving that has been helping me for quite sometimes now. Since I discovered this, savings has changed meaning for me.

 

[btaliat]

Saving is keeping aside of some particular money for a specific purpose. Saving is a disciplinary act that must be imbibed by majority of the people.
There are various reasons for saving. The following are the reasons for saving. Precautionary reasons, when we save for precautionary motive, it means we are saving to avoid some situations or circumstances. Transitionary motive is used for day to day activities. We need money to buy miscellaneous things. And the last, speculative motive is when we save for some specific purposes. It may be for specific projects. In all manners, we need saving.

 

[Bookwormlux]

Savings to me is a means to an end. I do not have any reliable source of income where I make so much money that would enable me to carry out some reasonable project, but I know that it is only when I save for months or more that I would be able to achieve the said project that I have got in mind to carry out.
This then serve as a motivation to me and a driving force so that I do not get distracted, but always put in more effort to save as much money as I can, with the hope that after some time I can now use the money for the particular purpose I have been planning about.

 

[Alexandoy]

I have this habit of saving money since I was in grade school. Aside from having money saved the value of saving to me is the peace of mind that I have some savings that I can use in case I need money for spending or for any other reason. Now I have big money in the bank and that always makes me smile whenever I would realize it.