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”]
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)
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]
