The Importance of Saving In a Dwindling Economy || By @chima09 || 11-11-2021

2개월 전

Hello friends, it is nice joining the host of others in participating in Financial Security content writing, and my humble pleasure to share this short piece with us. For my very first topic in this community, I will be writing on the Importance of savings or rather the Utmost need to save in a dwindling economy.

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The Importance of savings can not be over-emphasized each time we want to talk about its importance at any given time bearing the mind the cost of its failure and eventualities or rather embarrassing this might cause us. Saving money or any form of asset is one beneficial attribute everyone needs to imbibe for a better lifestyle.

We must have noticed that saving money gives us the following under-listed;

  • Saves us from events of financial emergencies
  • To Make informed purchases
  • Stay out of Debts
  • Reduce unnecessary financial stress
  • Leave a stable financial legacy for our wards
  • Have befitting financial freedom

There may be also other well-meaning reasons why we should save aside the above-listed points but the main reason is the same.

Key Importance of Saving

  • It enables the freedom for one to pursue their dream career rather obligated in ventures that does not bring satisfaction therein.
  • It serves a means of Long Term Security which builds the confidence to rise up to the occasion when needed.
  • Saving s can be also be done for Leisure or for Fun. These are scenarios where we want to explore or get relief from the everyday worries of life. This can be related as a means geared towards Stress reduction.
  • It is a sure module for and recipe to handle emergencies when need arises
  • Also as a means of Helping others and reaching out to family and friends in need
  • To resolve Personal Obligations like planing for ceremonies, Building Projects & Purchases, as well as Educational purposes.
  • It is a means to reduce Financial risk and unnecessary interest rates from borrowings
  • Savings greatly reduce financial Independence, hence promotes sufficiency amongst participants
  • Saving also promotes HODL which is another form of savings and spending when process are Low and High respectively.
  • Savings can as well be done in the Cryptocurrency space which forms another stream of income. Users are observed to take advantage of buying into the tokens when the prices are low and possibly sell off when prices are up

Thank you everyone for Reading through my article.

cc: @xkool24
@financesecurity

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