Savings

Savings refers to the portion of income or resources that is not spent or consumed but set aside for future use. This can involve putting money into a savings account at a bank, investing in various financial instruments, or simply holding cash for future needs. The primary purpose of savings is to provide a financial cushion for emergencies, to fund future purchases, or to achieve long-term financial goals such as buying a home, education, or retirement. Savings can accumulate over time through regular contributions and can also earn interest or returns depending on where the savings are held or invested. Emphasizing the importance of financial security, savings are a fundamental aspect of personal finance and economic stability.