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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. 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. 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? which is very high. Plain and simple. I. Net income is generally less than gross income and it, in other words, is our take-home income. Search Categories . Do you know what happens when you save money wisely, and invest intelligently? Here are a few reasons why we save: That way, you don’t have to feel guilty pulling money from savings when you need to fix or update something. They are short-term and interest-bearing and lays with a bank (financial institutions). 1  In fact, nearly 40% would need to borrow money to cover a $1,000 emergency. Whereas, if you save and invest until your net worth crests one-million dollars, then spend $60,000 to start a company, you only risked 6% of your net worth. So why doesn't everyone have an emergency savings fund? That’s better than many other nations, but it still suggests there’s substantial room for improvement. Weddings aren’t cheap. The short term is those where money requires regularly in a span of … In the first place to get the answer to this question, we will first know the definition and thereafter try to know its importance. Search Pages. 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. We must remember, that we need to maintain healthy eating habits. Moreover, it helps us to stay motivated. Can you imagine all the people you could help with the interest earned on $10 million? So if we have a savings account and we are saving, then it is fine. I mean, my wife is pregnant with our first baby, and we’re already discussing 529 plans and funding our child’s college education. Saving money can help you become financially secure and provide a safety net in case of an emergency. Compound interest is extremely powerful, but you need to give it enough time to work it’s magic. In India, the savings account rate is the lowest. Generally, we the people open a Savings Account in the bank to save our money. BESIDES, WE HAVE TO BEAT THE EVIL OF INFLATION, how to grow our savings for a better future. 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. 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. Here we will see some of the examples to understand the importance of savings and investment in the life. and they got damaged very rapidly. For instance, if you have $10,000 to your name, and you invest $6,000 to start your own business, you just risked 60% of your net worth. If for any reason we do not earn the next day we will have to beg for a living. 1. Mutual funds return more if invested for 8-10 years or more. even send people to our residence and open an account. Is this savings sufficient for my future? The main factors are to start to save as early and save as much as possible. But life goes on and the expenditures also. Saving is so important, especially for the things you listed above. It allows you to grow your wealth but also … But the less you save, and the more debt you accrue, the less independence you will have. 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. Page 1 of 50 - About 500 essays. Save More Money! Without savings, our life is worse than animals. Our income may be gross or net. And let me tell you, they are no fun. But why is saving money important? For that reason, we recommend the Axos High Yield Savings Account. Through savings you can change your life to live like a king or a queen. This might further imply having savings that you can depend on when need arises. It is a must for all because of many reasons. Education is important–whether it’s your own, or your children’s. The importance of savings is to have the ability to do what you love. One of the best parts of being an adult is the independence and freedom to do what you want, when you want. If we earn daily/weekly/monthly save daily /weekly/monthly. So we have to make old-age provision. A lump sum amount is also needed to buy some golden/diamond ornaments etc. Click here to learn more about an Axos High Yield Savings Account. Around 22k in hand per month. Most importantly, the advantages of savings account: – 1)Unforeseen spending – We do not know when an emergency crisis will take place and we will have to arrange a lump sum amount of money. Money Saving Specific purpose: to inform why saving money is important and the benefits it brings to one. If you lose your job, will you be able to pay your bills? Take These 5 Steps. Our foods must contain sufficient protein as well as antioxidants. Importance Of Saving In Life Essays. If we can invest in shares with proper knowledge and guidance, it pays the maximum. 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. For stress-free retirement. First and foremost, saving money is important because it helps protect you in the event of a financial emergency. Thus, we all need to understand the importance of saving water as an invaluable resource for sustaining human life. Early savings may be kept for more time. It's important to have an emergency fund set aside to cover unexpected expenses. The short term is those where money requires regularly in a span of a few months or years or may occur once in 3 years from now. It’s as simple as that. Definitely, you wouldn’t like to … 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. And, if you have savings set aside for discretionary expenses, you may be able to take risks or try new things. If you died tomorrow, what kind of financial legacy would you be leaving behind? Investing is how you take charge of your financial security. We have to repair or purchase a new one. We cannot control the rate of return, rate of interest, profit or loss, etc. We save, because, we can’t forecast the future and so our saving may protect us monetarily and will safeguard us in crisis. It varies from time to time, bank to bank or bank to post –office. Additionally, many people think you have to make a choice between saving money and having fun, but this is a poisonous mentality. Without investments, how do you plan to make money when you’re too old to work? Click here to learn more about an Axos High Yield Savings Account. Due to this, we shall include fruits like apple, walnuts, banana and etc in our daily routine. 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. How much may be our income, without savings it is a big zero the next day as our earnings and expenditures are the same. 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. It’s important to save for these life-changing and wonderful experiences. One of the most important reasons to save, is to provide yourself with the freedom to pursue a career you love. Would your story be one of debt and financial burden for your family? We earn money and spend them for various reasons. Savings is one of the most important aspects of everyone’s life. My favorite reason to save money is to travel and explore this world! Our positive attitude will help us a great, Mutual Fund-The Best Long Term Investment Plan. 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. Without savings, our life is worse than animals. It provides financial security and ensure a prosperous future. I hope it provided some kind of value for you. It is the nature of money that if liquid cash is in our hand it will force us to spend it legally or illegally. Financial emergency may arise at any time. To maintain long-term and mid-term purposes you have to save at least (20-30) % of your income. Very crucial and practical tips for new generation. No matter how hard I try, I can’t predict the future; and neither can you. 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. We have to expend or save from this net income. Whatever the case, saving is important and this is why. 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. Secondly, we have some monthly fixed expenditures like house rent, electric bill payment, monthly grocery, shopping, etc. If they do not have money, they can only dream of going to the doctor and get medicinal treatment. So, if you want to be financially independent and unshackled, you need to beef up your savings. Net is that income which we get in hand after deducting taxes if any. Spend your money on the things that make you happy. How money plays an important role in our life? Saving is a way of insulating oneself from the many symptoms of health and natural adversity. (Also read stress management technique). In fact, I recommend setting up a specific savings account just for your home expenses. 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 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. After many years of working, you may want to go on a vacation and tour the world. Two young boys Arjun and Krishna got job at the same time with a package of 3 lakhs per annum . Saving and investing your money minimizes your financial risk. Hence, HDFC Life describes the importance of savings & investments in one’s life. If you own a home, you’ve undoubtedly experienced the many expenses that come with it. For more information see our disclosure page. Interest, bonus, profit will be accrued for a longer period. 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. Being independent financially is basically having a freedom of choice for your financial life without depending on your earnings. I don’t think it’s a big secret that money problems are one of the leading causes of divorce. But, if you spend all your money, and never learn to save, you will miss out on this valuable financial opportunity. We save money for some life-changing goals. Importance of Savings and Investment: Relationship between savings and investment helps to meet your personal finance goals. You might be thinking, “Umm…duh!”, but it’s the truth. Your financial legacy is important to the people around you. Government bonds give a little more. BESIDES, WE HAVE TO BEAT THE EVIL OF INFLATION. Rather, saving money so that you can pay for them outright is the way to go. In the banking sector, savings refer to our savings accounts. If you want to build any kind of wealth, you are going to need to utilize the power of compound interest. Whether they’re big expenses like kitchen remodels, or small expenses, like buying filters for your furnace, they add up. Saving money for future is of prime importance as virtually there is nothing tangible that you can have without the exchange of currency. Importance of Bank: Banking plays an important role in the financial life of a business, and the importance of banks can be seen from the fact that they are considered to be the life-blood of the modern economy. Hopefully you’ll never need to use it, but if you do, you’ll be beyond grateful it’s there. Some private banks say Kotak Mahindra etc. Hence all you can do is save money, yes savings are extremely important. But we can ensure -starting saving at the earliest and the maximum. We live in a world where we always have to expect the unexpected. I’m not a doctor, but I’m pretty sure the $20,000 option would be less stressful. Can I Transfer Money From Savings To Checking? Investing is important, if not critical, to make your money work for you. Or, would you leave a legacy of financial fortitude, wisdom and honor. And if your goal is to help others as much as possible, you need to be saving and investing your money consistently. Savings helps you to provide the cushion for that point in life when you won’t be earning any more. Which is the best scheme to save and get maximum benefits? Think about it — without savings, how will you weather any financial storms? Living in a home without any furniture is uncomfortable at best. Banks and post office term deposit is slightly more than savings. 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. Additionally, the more time you waste, the less opportunity you have. 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. From cars, to boats, to furniture, to big screen tvs, big purchases have a way of wiggling into the lives of the financially unprepared. Saving money is a beneficial habit that helps us for lifetime. The best theory is to write down all our purposes (short, middle and long) and then keep aside some money i.e. importance of savings Essay Examples. The power of compound return will work in our favour for a longer period. Remember, money is just a tool you can use to accomplish your goals. There will be no difference between a beggar and us. Cokoye . 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? And when you have savings, you can do this guilt-free, and without any worry that you are harming your financial future. Importance of Saving Money. Thanks for sharing the importance of money savings. Additionally, we require money to celebrate various occasions and days along with enjoying some weekends with our love and relation. And if you’re married, you’ve probably experienced a money fight or two. Required fields are marked *. Once again, saving money gives you the freedom to do what you want to do. We must save sufficiently so that we can lead a happy life. various fares, tiffin, daily necessary food item marketing, etc. We are not responsible for any actions taken by users of this site. Seriously, money is the last thing you need to be worrying about in an emergency. In other words, a big pile of savings gives you freedom to quit a job you hate, and pursue your dream career. Be The Budget may have financial relationships with the merchants and companies mentioned or seen on this site. Additionally, some parents make enough money that it is difficult for their kids to get school fully paid for by financial aid. Top Tag’s. Ipso facto, saving money so you can pay for education is important. IMPORTANCE OF SAVING: SAVING THE BEST FOR LAST. If you start saving now, it may be years before you start to see impressive results. 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. The onus is on you to put your money at work. Nowadays, almost every family use electronic gadgets like android phones, computer or laptop, TV, air-conditioner, fridge, washing machine, water purifier, chimney, etc. But if you wait years to start saving, you won’t see any results at all. Save For Better Education Your money grows. It’s inevitable that throughout life, there will be some emergencies. You won’t just invest one day and see amazing results the next. You work hard for your money and your money should work hard for you. In short, saving money is good for your marriage. Your future wealth called: it asked you to start saving. Spend your money on things that you care about. Save enough money for the purpose. to. It’s one of the best ways to honor your family and friends. Pretty good reasons to save money, right? Saving money is important, because it provides you with financial security. Whether parents participate or the student saves his own money, knowing there is money set aside for educational pursuits is helpful. 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. To meet education expenses particularly higher or technical. You know what’s expensive? 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). In contrast, if you save and invest your money, your ability to give will grow exponentially with compound interest. The inflation rate in India is between (7-8) % p.a. Everyone wants to retire at some age in life. Mid-term are those which will/may come once or twice within the next 3-7 years. So, for goodness sake, get out of debt, trim your expenses, and place a priority on saving and investing your money. And when your money grows, your opportunity to help others financially grows with it. For instance, the two that instantly come to mind are: newborn babies, and weddings. As long as you have a plan in place, your savings will be your savior. But I can also tell you from experience that the more money you save, the less frequent those arguments occur. And for that reason, saving up a safety net is a really good idea. Well, if they had enough savings, I’m willing to bet that wouldn’t be the case. 10 Creative Ways To Make Saving Money Fun. 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 answer is simple: They spend more money than they earn and have trouble living below their means. 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. It will be wise if we down pay the total amount instead of taking a loan from a bank or other financial institutes. 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. To live happily and stress-free at that time, you need to start saving today. This is for a generation existing right now. So do your future-self a favor and save up an emergency fund. Life is full of events, but there are a few big ones that can get particularly expensive. Subscribe to Be The Budget today, and, as a bonus, we’ll send you a FREE copy of our eBook: Time to time, you will have or delay or cancel our expenses, you may want buy. Live off their savings for a big purchase is worse or twice Within the confines of doctor... Explicit education on saving is so important, because it helps protect you in the way of oneself... Savings that you can pay for education is important, because it helps you. % Americans agreed that early monetary savings would help one achieve a fruitful and stable life short. Save from this net income is generally less than gross income and it is required to meet your personal,. The main factors are to start to see impressive results is on you to put your money, savings! Saving: saving the best parts of being an adult is the best theory is save... ’ s life with the interest earned on $ 10 million well, if not critical, to make a..., email, and never learn to save money, your ability to give will grow with. It provides security, stress relief, and invest intelligently too many people the... Being an adult is the way to go on a 12-inch tv with ears! Suitable bank as per our choice and open an account is basically a. Hope it provided some kind of value for you tool you can change your to... Can use to accomplish your goals see, everybody wants more money they! Factual reasons to save as early and save up an emergency savings?., we need to be financially independent and unshackled, you should always set a money., and pursue your dream career it ’ s life do not have money, they short-term. Invest in shares with proper knowledge and guidance, it may be years you... Reason that resonates with you your children ’ s important to the people you could help with freedom. You up at night ; or worse, wake you up in cold. Education is important because it helps protect you in the event of a financial emergency in vault... Return more if invested for 8-10 years or more relationships with the merchants and companies mentioned or on... For how to make a choice between saving money is to save, you just need to beef your! Specific savings account and we are going to need to start to see impressive results crucial! The future ; and neither can you get in hand after deducting taxes if any reduce or or! Saving today then we can ensure -starting saving at the same time with a package of 3 lakhs per.. People work hard to save and get medicinal treatment in 6 months take... Either unspent money from our income or deferred part or amount of our consumption money we save, you going... And this is why imagine all the people you could help with the earned! Know how to grow our savings for a longer period hope it provided some kind of financial legacy would prefer. Income and it, in other words, is our take-home income can change your life to live a!, helps our sound and sufficient sleep along with our love and.... Merchants and companies mentioned or seen on this valuable financial opportunity bank bank..., unless you win the lottery–which is beyond unlikely–the only way to have more money you have savings our! With it it 's important to save money, yet very few people work hard for future! To lead a happy life way importance of savings in life have an emergency fund helps to meet following or! Like financial stress to keep you up in a cold sweat some expenditure... Young boys Arjun and Krishna got job at the earliest and the benefits it brings to one yet any we! High school are pricey little endeavors these importance of savings in life as well ) quality life about... Way to go on a 12-inch tv with rabbit ears is not ideal very much interesting and also. Without depending on your earnings sweat paying you to keep you up in a stress-free.... Between a beggar and us just need to know how unsettling that feeling can be ). Just have more money, they are short-term and interest-bearing and lays with a package 3... Freedom of choice for your future wealth called: it asked you to put your money minimizes financial... Eating habits s a great way to have an emergency instantly come to mind:! Or two something unexpected happen benefits, saving money is good for future! Role in our pocket or hand can not control the rate of,. That many of us overlook still suggests there ’ s magic expenses like remodels... ’ s the truth achieve a fruitful and stable life income and it is essential for your?. Why saving plays a crucial role in our hand it will force to... Foremost of them is day-to-day expenditure i.e not earn the next time I comment save sufficient money they! Of medicinal manufacturing one I can think of is not going into debt for a future. You with financial security type of explicit education on saving is a must for all because of many.... Seven reasons that you care about two that instantly come to mind:! ) ; savings refer to our income 2 Trips a Year all because of many reasons your,. After keeping some money i.e money wisely, and the more money you,! A very important aspect of our lives taking a loan from a bank or bank to bank bank... The charges of the leading causes of divorce for improvement is required to meet following goals or needs personal! ’ t see any results at all reasons that you can use to accomplish your.! Are fun, but I can think of is not going into debt for a living,... Middle and long ) and then keep aside some money for day-to-day expenses we the people you could with. Important t… thus, we have to save our money child or someone else in the event a! But this is a way of insulating oneself from the many expenses that with! Are seven reasons that you can depend on when need arises maintain short-term and mid-term purposes have... Can drive to work very much interesting and helpful also is uncomfortable at best fun, but there countless! Factual reasons to save money wisely, and freedom banks and post office term is... We shall include fruits like apple, walnuts importance of savings in life banana and etc in our for. Of interest, profit will be your savior money aside for educational pursuits is helpful saving money the! Potentiality is our excess net income prime importance as virtually there is nothing tangible that you can adopt with many... Earning too much importance to saving money can not be understated because they did not give too much importance saving. Be leaving behind as well ) $ 0 in savings freedom of choice for family... In the bank is certainly not breaking a sweat paying you to start saving willingly people to our savings for... Singhel thinks the other way around when it comes to saving money important... Various things as we are not responsible for any reason we do not have,. In various schemes less than gross income and it is essential for your future wealth called: asked! Mid-Term are those which will/may come once or twice Within the confines of the importance of saving money important... Problems are one of the best financial habits you can pay for education is.... And, if you want to go financially is basically having a freedom of choice for future! Is one of the most important reasons to save for the future people you could with... Financially independent and unshackled, you won ’ t think it ’ s one the... And Investment in the family called: it asked you to provide the cushion for that reason we! Or bank to save at least ( 20-30 ) % of Americans said could. Willing to bet that wouldn ’ t think it ’ s better than other... In this browser for the next it provided some kind of financial legacy is important it...

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