What is the purpose of your savings?

[Kelly5]

The purpose why people save are as many as the problems there are in this world. People might save for just a particular project such as housing project. Some for business purposes. Some for the purpose of getting the self a car and all

 

[Prettyjanie]

Savings generally, seeks to achieve a purpose. When you intend on fund a project, you need to save, when you intend to raise money to build, you need to save, when your children are in school, you need to save to enable you pay their fees. The importance of savings cannot be overemphasized.

 

[Shahzad Ahmad]

Saving has advantages according to you're needs of goods. If you want to established new business in future, you can saving and make investment when need it. You can survive after failure in any business by saving. You can give your amount to other people as a loan, in this way other people can get benefits from your saving.

 

[Kingsley]

Saving actually promotes one of the major motives of holding money which is speculative, we save for some speculative reasons, or do i say unforseen reasons. But in any case savings can also be done to help raise the fund for investments in other to create further wealth. So when we save we will have enough cash to satisfy our speculative reason.

 

[Briangsam]

Saving is good. It helps you to avoid being caught off guard financially. There is this confidence it breeds when you know that you are covered financially from emergencies. So you won't have to be set aback. The more you save, the more you will want to save.

 

[Abu4exel]

What is the purpose of my savings? Everyone has one or two reasons why he or she saves. Most people do save for future purposes and for unforseen circumstances.

 

[Kingsley]

Purpose of savings include
1. To increase your spare money
2. To emback on a project.
3. To invest on a business
4. To prepare for some unforseen circumstances

 

[Veetos12]

If you are saving money then what is the intention to spend the money on? When I was younger we save money for purposes of travel. Having a vacation is one luxury that we desired. But now our savings are in the bank which we intend to use for buying a lot that later on we can build an apartment. In your case do you have a long term plan for your savings of just a short term like our travel plans before?

The purpose of saving to the best of my own understanding is to gather something when it is surplus because of an emergency or any day there won't be opportunity to gather again. In the context of money, we save to fulfil a target plan we have or to prepare for an unforseen circumstances.

 

[Presh1503]

I save money for different purpose but to be more specific I save money for future speculations/expectations because one may not be able to tell when the need for money arises
Emergency situations such as health issues among family or relatives are unforseen contingency amd will surely require money
Also I save to be able to invest whenever the opportunity arises

 

[Deebabs123]

Saving money is a good idea,,the main purpose is for emergencies just like the recent covid-19 pandemic, we were asked to stay home which means there is no work. I was able to manage myself through my savings.

 

[Doradorwa]

My purpose of saving is because I wanna have money when it's not expected of me to have money... I want to be able to eat when it's raining too much and when it's the dry days.... To have money when emergencies arise and to have money for future investment.

 

[Lawal]

The purpose of saving is deference for each other,like me when am saving money it either I want to you the money to get something important to my life or am saving for future purpose and other people have that the are saving money for it maybe for naming ceremony,it maybe be weddings etc.

 

[Blessingedidiong]

I save money for emergency purpose. Savings is also some personal expenses and for future plans like starting a business or other projects. Savings is also to have money available to assist people around you.

 

[Ogbest]

If you are saving money then what is the intention to spend the money on? When I was younger we save money for purposes of travel. Having a vacation is one luxury that we desired. But now our savings are in the bank which we intend to use for buying a lot that later on we can build an apartment. In your case do you have a long term plan for your savings of just a short term like our travel plans before?

There are many reasons for saving money, bit the main reason is in case of emergency. Honestly, one needs to save money for many purposes, you never can tell what tomorrow holds, so you get to save up to enable you prepare and wait for what tomorrow brings.

 

[Youngdee]

Savings is usually for future emergencies such as getting things tangible when needed. Also savings is to meet some needs you probably don’t think of but come out needed on the long run. My savings is to help me build a desirable future I think of outside the four walls of my country and to help me pursue a good career.

 

[Niolaxx]

The purpose of saving is to have assets in which you can rely on.
Starting a business is just a good study case , because you as a seller gets capital either from love money( free gifts) or from your very own assets which is your savings.
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The purpose of saving is to have assets in which you can rely on.
Starting a business is just a good study case , because you as a seller gets capital either from love money( free gifts) or from your very own assets which is your savings.

 

[Adventurer]

If you are saving money then what is the intention to spend the money on? When I was younger we save money for purposes of travel. Having a vacation is one luxury that we desired. But now our savings are in the bank which we intend to use for buying a lot that later on we can build an apartment. In your case do you have a long term plan for your savings of just a short term like our travel plans before?

For me the purpose of savings is for financial security and contingency planning, sometimes unexpected expenses come up when you're a family person. So you'll always have cash readily available when there is an emergency.

 

[Folaham]

The basic purpose of my saving is to accumulate enough capital, because I am going to start a business that I want to invest in. And I have met the half of the target. I am also fond of tourism so that I spent my savings on it also.

You've identified a need to save and that will be your motivation as savings without purpose don't actually have a good ending. The commitment to the course to which you established the needs to save is all the push you need.
As for me, I commit to different saving plans amongst which are
(1) education insurance for kids
(2) monthly fixed contribution with some group of friends targeted to face my housing projects
(2) side savings to meet personal emergency needs and that of immediate family and friends and accessibility to this is just a click away

 

[Victor001]

If you fail to

If you are saving money then what is the intention to spend the money on? When I was younger we save money for purposes of travel. Having a vacation is one luxury that we desired. But now our savings are in the bank which we intend to use for buying a lot that later on we can build an apartment. In your case do you have a long term plan for your savings of just a short term like our travel plans before?

If you fail to plan,you will definitely plan to fail. Anybody with future prospects will concern more on saving to meet the set goals. Have made saving part of me not because I have intended plans,but because of any incasity that may need funds.
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If you fail to

If you are saving money then what is the intention to spend the money on? When I was younger we save money for purposes of travel. Having a vacation is one luxury that we desired. But now our savings are in the bank which we intend to use for buying a lot that later on we can build an apartment. In your case do you have a long term plan for your savings of just a short term like our travel plans before?

If you fail to plan,you will definitely plan to fail. Anybody with future prospects will concern more on saving to meet the set goals. Have made saving part of me not because I have intended plans,but because of any incasity that may need funds.

 

[Damismiling]

Concerning the purpose of savings. Well, there are a lot of reason to saving money. It could be saving up to make enough money as a capital for a business you plan on doing or it could be for emergency reasons which i feel this is the most reason why people save, to have some a fallback fund on any emergency. One can save also to acquire his needs or wants.

Yes you are right we have many reasons for saving, all the aforementioned here are all reasons for saving your money in bank, interest from your bank is also part of it, it's just to be prepared for the d day