Today (30th October) is World Savings Day, A Special Day which re-emphasizes the importance of savings in our day to day life. Right from our childhood, We have been taught that "A Penny Saved is A Penny Earned'. The Phrase highlights the importance of savings which is an proven way for Financial Success.
Here are few reasons why savings is necessary for everyone.
Wealth Creation: When you save and invest your money, you are putting your money at work to create more money. This is a proven way for wealth creation.
Protection Against Emergencies: In today's world nobody can predict what lies ahead. But by saving money anyone can be prepared for the future. When you save money, you are creating a contingency plan for unforeseen Financial or Medical issues.
Retirement Planning: Retirement Planning is not a short term goal. It requires regular and disciplined savings for long term. By saving your money, you can ensure a hassle-free retirement without worrying about money.
Achieving Financial Goals: When you save regularly, you need not compromise on your financial goals and can achieve them easily without falling for the trap of loans at higher interest rates.