Savings refers to the act of preserving money for future use (especially after retirement) by an individual. The main motive behind saving money is to make arrangements for managing expenses when an individual is not earning money.
There are several methods in which money can be saved. Some of these methods are discussed below.
In the present era of globalization and privatization, the pension scheme prevalent in government jobs is no longer applicable everywhere. Besides, the society is increasingly becoming consumerist. Hence, in order to ensure a steady stream of living and a life of dignity in later stages of life, adopting one or more saving instruments play a vital role.
Hence, this concludes the definition of Savings Methods along with its overview.
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