Saving money is worth the effort. Saving money for future is of prime importance as virtually there is nothing tangible that you can have without the exchange of currency. Savings gives you a way out from the uncertainties of life and provides you an opportunity to enjoy a quality life. Saving may take the form of increases in bank deposits, purchases of securities, or increased cash holdings.
Retirement – If you intend to retire someday, you will probably need savings and/or investments to take the place of the income you'll no longer get from your job. It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings. Average Life Expectancy – With more advances in medicine and public health, people are now living longer and needing more money to get by. One of the easiest ways to establish a savings habit is to participate in your employer's 401(k) plan.
It is the fundamental requisite for a middle class person to meet his ends and for the higher class to get his luxurious demands fulfilled. Funds are withheld from each paycheck and deposited into your account. food,shelter and clothing. Establish a Consistent Saving Habit. A savings account may enable you to attain your financial targets without employing the use of credit or a loan. Money by far is the most necessary thing required after basic necessities i.e. Saving, process of setting aside a portion of current income for future use, or the flow of resources accumulated in this way over a given period of time.
Saving Money – Need and Importance Need of Saving Money. In addition, if your employer matches part of your contribution, you accumulate even more. When you purchase something on credit, you are paying for the freedom of being able to get the item right away, although you don’t actually have the money on hand to purchase it.