ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -"On the first day of every week, each of you is to put something aside and store it up, as he may prosper, so that there will be no collecting when I come."

Detailed explanation-2: -Live on Less Than You Make and Save That means living on less than you make-so you’ll have money left over to save. The Bible talks about the importance of saving in Proverbs 21:20 (NIV84), which says, “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.”

Detailed explanation-3: -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-4: -Saving Honors God and Serves Others Yet the Bible actually encourages us to set aside for expected, future needs. Proverbs 21:5 says, “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty” (ESV). Saving honors God because it values money as a gift that He has given to us.

Detailed explanation-5: -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.