Savings should form an important part of the lives of all.

As much as spending is necessary for maintaining a life, I believe, so too are savings. Their worth can neither be overlooked nor underestimated.

That life is unpredictable is the key reason for savings. We have no idea what is going to happen next. We have to have a backup for sustenance to reduce the possibilities of mishappenings or bad events. At times of need, savings act as a cushion for us. Imagine raising Rs 25,000 and spending all of it a month from now. Now, if you have an accident and need to undergo surgery, what are you going to do? You have no saved money, you can only ask for support. That nut is not feasible at all times, right?

The best thing we can do, therefore is to create protections by saving money for us and our families. You should set savings goals every month if you really want to save properly.

Another thing I would say here is that savings should not mean that money is put aside for use at home only in the future. In the true meaning of the term, money is literally saved by depositing it in banks. Monthly or annually, the invested money receives interest, which further makes your money grow. It also stays safe when you deposit it in banks.

Savings, therefore, are a must to overcome all life’s challenges and help you build wealth over the years.