Could create table version :No database selected 3 types of savings everyone need to start practicing - The Clip
Home LifeStyle 3 types of savings everyone need to start practicing

3 types of savings everyone need to start practicing

785
0

Savings is so important to our lives but many of us seem to ignore it perhaps because we don’t know how far savings can go to save us from unforeseen issues.

Your saving habit says a lot about you and if your saving habit is a very poor one, when people talk about the relationship between lack of money and stress, you should be able to relate.

See Also: THE NEED TO SAVE PART OF YOUR INCOME

Here are 3 types of savings you need to start putting into practice if you are not doing so already.

1. Emergency Savings

Have you ever thought of saving because of unexpected issues? This form of saving is a fantastic backup plan. Instead of plunging yourself into debt or selling your properties due to unexpected financial issues such as long-term illness and job loss, emergency savings helps you to take care of these and prevent you from being in debt.

2. Retirement savings

If you want to retire at the age of 50 and live a comfortable life  afterwards, you should dedicate an account for your retirement days even now that you are probably in your 20s.

3. Personal Savings

Personal savings is the money you put aside for your near future, after taking out your monthly expense.

To be prudent in your financial life, this 3 forms of savings should be effectively put into practice.

See Also: SAVINGS & INVESTMENT; ANY DIFFERENCE?