MONEY SAVING

What is Saving?

Saving is the portion of income not spent on current expenditures. In other words, it is the money set aside for future use and not spent immediately. Why should we save money? Saving can be used to accomplish objectives in the short-term such as buying a mobile phone, or in the longer run such as continuing to study, or else buying a car or a house.

Saving money can also help us cover unexpected expenses, such as an illness, replace an appliance that cannot be repaired or make an emergency trip.

In addition, savings can be invested and, as a result, you get a profit on the money you have set aside. That is to say, not only will you have the funds available to spend later, but you will also earn money in the process..

 

What is the origin of the word “saving”?
This term comes from the Arabic word “hurr” and means “of free condition”. It refers to a slave or prisoner who made savings to recover his freedom. From the very beginning, saving has been associated with the idea of freedom to build a better future.

Why Saving Money is Important

Because saving is a good practice, not only for families, businesses and entrepreneurships, but also for the economy as a whole.

To cultivate the habit of saving is good for individuals and groups alike. If you save money instead of spending it in a kiosk or store, you will achieve a greater goal, like buying a pair of sport shoes, with less or even no effort at all! Moreover, your family can make a more efficient use of the money you have saved, such as making some home improvements or replacing an appliance.

Saving money is a healthy habit that is built on a day-by-day basis. You should start today to get in a lot of practice in saving until it becomes a habit.

The sooner you start saving, the better. Actually, the healthiest way to acquire this habit is to start saving from childhood, so that it becomes common practice in adulthood.