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Questions
State two reasons for saving.
State the reasons for saving.
Answer in Brief
Solution
- Emergency Fund: Saving helps to create a financial cushion to handle unforeseen expenses such as medical emergencies, job losses, or essential repairs, ensuring financial security during difficult times.
- Future Goals: Savings can be amassed to attain specific goals, such as home ownership, education funding, or retirement preparation, allowing individuals to meet long-term financial objectives.
- Financial Security: Ensuring long-term financial stability and independence.
- Debt Reduction: The goal is to pay off debts faster, which reduces interest payments and financial hardship.
- Investment Opportunities: Having cash available for investment allows money to grow and provide more revenue.
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Concept of Saving
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