• Privacy Policy
  • Refund and Returns Policy
  • Term Conditions
  • My Account
Sunday, February 5, 2023
Money Blog
  • Login
  • Register
  • Home
  • Investments
  • Personal Finance
  • Stock Market
Blog
Subscribe
  • Home
  • Investments
  • Personal Finance
  • Stock Market
Money Blog
Home Blog

Savings

The Complete Guide to Save Money

by Skills.Money
in Blog, Personal Finance
Reading Time: 4 mins read
A A

Savings is the portion of income not spent on current expenditures. Because a person does not know what will happen in the future, money should be saved to pay for unexpected events or emergencies. For example, an individual’s car may break down, their dishwasher could begin to leak, or a medical emergency could occur. Without savings, unexpected events can become enormous financial burdens. Therefore, savings helps an individual or family become financially secure.

The saved money could also be used to purchase expensive items that are too costly to buy with monthly income. For example, buying a new electronic device, purchasing an automobile, or paying for a vacation can all be accomplished by saving a portion of your income.

How much saving should be done?

Considering an unexpected time may come at any time, a person must be financially secured. A desired amount of saving could be one to two years of expenses. For example, a home with Rs 50,000 per month in expenditures should have at least Rs 6 Lakhs in savings (Rs 50,000*24 months). Further, some additional amount should be saved for unexpected medical emergencies. This desired saving should be adjusted per the running inflation rate and changing life situations,

This is a Premium Content

Login if you have purchased

Membership

Get Access to all the Premium Content.
More than 100+ Articles, Mini Courses, Quizzes and Contests.
Subscribe Now
Previous Post

Options Trading

Next Post

Tax Saving Schemes

Next Post

Tax Saving Schemes

Skills.Money

We Offer Premium Content in Financial Literacy through blogs, interactive micro courses, quizzes. Membership offers access to premium content and chance to win quiz contests.

Site Links

  • Privacy Policy
  • Refund and Returns Policy
  • Term Conditions
  • My Account

Our Social Media

Newsletter

© 2022 Skills.Money A Financial Literacy Initiative.

No Result
View All Result
  • Home
  • Mini Courses
    • Personal Finance
    • Investments
    • Stock Market
  • Blog
    • Economy
    • Insurance
    • Investing
    • Personal Finance
    • Taxation
  • Membership
  • My Account

© 2022 Skills.Money A Financial Literacy Initiative.

Welcome Back!

OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?