Topic: Saving of Money
Content:
- Meaning of savings
- Reasons for savings
- Ways of saving in the past
- Modern ways of savings
Meaning of Savings
Savings is defined as the avoidance of excess expenditure. It is the portion of a person’s income that is not spent on consumption but kept to be used later. It is part of income that is not spent.[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][membership]
Money is anything that is generally acceptable as a medium of exchange.
The following are the reasons for savings
- People save money for the purpose of having money for future use.
- Another reason for saving money is to have money for investment
- For the purpose of solving unexpected problems
- People save money for the purpose of acquiring asset
- For the purpose of furthering Education
- People save money for the purpose of doing business
- To acquire asset
Ways of saving money in the past (Traditional ways of saving money)
[membership]This is the traditional means of saving money. The following are the ways by which money is saved in the past
- Money is kept in the pots; people in the olden days keep their money in a precious pot because they believe it is safe and so that they don’t spend it.
- Money is kept in the ground; this is a means where people dig the ground and keep there money in the ground and they put something to identify the particular place where the money is kept.
- Keeping money with relations; people of the past keep their money with their relatives so that they don’t spend it.
- Under the bed, inside the pillow are the other ways money are kept in the past.
Read more below
https://passnownow.com/lesson/29251/[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
