Savings - Page 8

Savings refer to the portion of income that is not spent on current consumption and is set aside for future use. This can include money put aside in savings accounts, investment accounts, or other financial instruments. Savings can serve various purposes, such as providing a financial safety net for emergencies, funding specific goals (like buying a home or retirement), or growing wealth over time through interest or investment returns. The concept emphasizes the importance of financial planning and discipline in managing one’s finances effectively, allowing individuals to prepare for unforeseen expenses and achieve long-term financial security.