ECONOMICS
MONEY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Money earned by working.
|
|
|
Putting money away for later.
|
|
|
Taking a risk with your money.
|
|
|
Buying now and paying later.
|
Detailed explanation-1: -Saving is an essential part of personal finance that involves setting aside money for future use. Think of it as putting your money in a piggy bank, but instead of an actual piggy bank, you can use a savings account or a certificate of deposit (CD) that earns interest over time.
Detailed explanation-2: -Saving-putting money aside gradually, typically into a bank account. People generally save for a particular goal, like paying for a car, a down payment on a house, or any emergencies that might come up. Saving can also mean putting your money into products such as a bank time account (CD).
Detailed explanation-3: -Reasons why saving money is important You can lead a stress-free life with the knowledge that you will not have to struggle if things take an unexpected route. It gives you a better future: Your savings can be the answer to a number of your goals.
Detailed explanation-4: -Bottom line: savings accounts are meant to save money, not to spend it. However, in the event of an emergency, they provide that accessibility. Having a savings account with a bank offers a multitude of benefits: physical security for your excess cash, insurance on your cash, and more.
Detailed explanation-5: -Eliminate Your Debt. Set Savings Goals. Pay Yourself First. Stop Smoking. Take a “Staycation” Spend to Save. Utility Savings. Pack Your Lunch. More items