Savings

Meaning :

Savings refer to the part of your income that you keep aside instead of spending it all. It is money saved for future needs, emergencies, or long-term goals.

Savings help build financial security and create a safety net for unexpected expenses.

Example : 

For instance, setting aside ₹2,000 every month in a bank savings account for  future use is a way to save money.

How to Understand : 

Think of savings as money you pay to your future self.

Instead of spending everything today, you keep some money safe for later use.

This saved money can help you with bigger goals like travel, education, or buying important things.

Importance :

Savings build financial security and stability for the future.

They help you during emergencies when unexpected expenses arise.

Savings support both short-term and long-term financial goals.

They reduce the need to rely on loans for purchases.

Savings form the foundation for future investments.