ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To meet long term and short term goals
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To build wealth
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To protect against unexpected crisis (emergency, loss of job)
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All of the above
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Detailed explanation-1: -The importance of saving money is simple: It allows you to enjoy greater security in your life. If you have cash set aside for emergencies, you have a fallback should something unexpected happen. And, if you have savings set aside for discretionary expenses, you may be able to take risks or try new things.
Detailed explanation-2: -Saving provides a financial “backstop” for life’s uncertainties and increases feelings of security and peace of mind. Once an adequate emergency fund is established, savings can also provide the “seed money” for higher-yielding investments such as stocks, bonds, and mutual funds.
Detailed explanation-3: -It gives you a better future: Your savings can be the answer to a number of your goals. You can buy a house, accumulate funds for your retirement, or purchase a vehicle.
Detailed explanation-4: -Eliminate Your Debt. Set Savings Goals. Pay Yourself First. Stop Smoking. Take a “Staycation” Spend to Save. Utility Savings. Pack Your Lunch. More items