article on the necessity of savings

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. One of the easiest ways to establish a savings habit is to participate in your employer's 401(k) plan. 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. Saving Money – Need and Importance Need of Saving Money.


Saving money is worth the effort. 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.
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. Average Life Expectancy – With more advances in medicine and public health, people are now living longer and needing more money to get by. 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. Money by far is the most necessary thing required after basic necessities i.e. It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings. 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. Saving may take the form of increases in bank deposits, purchases of securities, or increased cash holdings. Funds are withheld from each paycheck and deposited into your account.


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