The Importance of Savings
If you save your money you will have money to buy what you personally like or want. You will have more money for fun things like vactions. Saving your money will allow you to pay for other things other than taxes becasue they are ver expensive.
When something happens that will cost you a lot of money, having money saved in the bank can fix that problem. For example, if your car gets a flat tire and your budget doesnt have room for that your svaings can easily fix that as long as you have enough. Learning how to save money now can help you a lot in the future when you have to pay for your house, car, kids, food, etc...
Savings Benefit You
Saving your money will provide you finacial security whichcan feep your money safe. Also, savings is very liqude which means how quickly you can converst an assest to cash. Since savings is very liqude, you can esily increase you wealth quickly as long as you continue to safe and not spend your money on things you dont need or dont fit in your budget.
How people should Save
- Pay yourself first
- deposit a certain percent of you paychck into the savings account each time you are paid
- Only use this money for emergencies or for more expensive items if you have enough
- Continue saving so you have money for things that happen in the future