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Otude Moses
Mar 3

why do people save?

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Mar 3
People save money for a variety of reasons, including:

1. Emergency fund: Saving money for unexpected expenses such as medical emergencies, car repairs, or job loss can provide financial security and peace of mind.

2. Future goals: People save money to achieve specific financial goals, such as buying a house, starting a business, or funding their children's education.

3. Retirement: Saving for retirement is important to ensure financial stability in old age and maintain a comfortable standard of living.

4. Financial independence: Saving money can help people achieve financial independence and freedom from debt and financial stress.

5. Investments: Saving money allows people to invest in assets such as stocks, bonds, real estate, or retirement accounts to grow their wealth over time.

6. Unexpected expenses: Saving money can help people cover unexpected expenses or financial setbacks without having to rely on credit cards or loans.

Overall, saving money is an important financial habit that can provide security, stability, and opportunities for the future.

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