Successful saving methods are considered one of the important things in the science of economics, and it means saving part of the money for a later time, so that it can be used when it is needed, especially since saving money is very important for every family, every institution, and every country.
Define savings
The concept of saving is to save a part of the money until it is used at a later time, as there is great importance to saving in paying the standard of living later in the family, institution or state.
The saving in its academic concept is defined as a part designated for not disposing of it, and it is preferable to leave it as a bank deposit far from Daily action with the aim of saving for the time of need.
Types of financial savings
There are two basic types of savings:
Voluntary saving
It is considered free saving, in which people provide part of their financial income freely without restrictions, of their own free will and without interference from anyone.especially since this type is customary in order for the individual to advance his economic level and the level of prisoners, so that it is linked to school expenses or For his future or the future of his children.
Compulsory saving
It is obligatory, where governments or the concerned authorities are responsible for the decision to save, and this is in accordance with legal requirements, or according to bank indebtedness, and it differs completely from the definition of investment and its types.
The importance of saving and its benefits
There are many advantages of saving, as saving part of the money has great dimensions and importance in the lives of individuals, which are
A sense of security, where there is no fear of the future while saving part of the money, as people feel that they are able to challenge situations and overcome difficulties, as long as they know how to manage their financial affairs, obtain part of the money saved, and not need anyone around them.
The possibility of living in peace and security while losing a job, as all jobs are not guaranteed, permanent, or safe, so the availability of part of the money makes people able to overcome difficult circumstances until another job is available, so the money saved is the bulwark against collapse during crises, especially financial crises.
Getting the best deals, money is always able to catch excellent deals, there are many opportunities that can be obtained, the availability of part of the money makes the person able to act and buy at the time of need, without putting himself in trouble and financial distress.
Buying all the necessities that make life easier and easier, so people can buy all their needs at intervals when their price is available, as many housewives start with a simple house and with the passage of time, it becomes filled with the latest appliances and decorations, by saving money.
Possibility of covering private expenses in the event of passing through, God forbid, any health crisis, or in the event of retirement from work.
Feeling reassured about children, children and protection in the future, as money is provided for a day that children need, and this helps them achieve their dreams and obtain the requirements they want.
The possibility of dealing with emergencies, as a person often faces emergency circumstances that do not exist in the account, which is represented in the fact that the person needs a sudden car repair or a computer repair, or he wants one of his children to go to the doctor, all of these things require good behavior, and the availability of money, it may be The person is completely unprepared for any of these circumstances.
Saving helps individual people to obtain good job opportunities, where a person can, while facing unemployment or retirement from work, open his own project, and even employ a workforce.
Saving helps to improve the standard of living of individuals, and to make society in it more popular, as saving is sometimes and often through banks, where individuals put their money in the bank, which helps to advance investment and make large projects.
Saving contributes to raising children to conserve money, knowing what things money can be spent on, and teaches them how to save and its benefits.
Executing God Almighty's commands not to be wasteful, and not to spend on what does not benefit one.
Saving helps to discipline oneself and not to act arbitrarily and unconsciously.
Savings methods
Saving is a goal for many people, but there are many people who do not know the methods of successful saving, and often do not know the difference between saving and investment,
As the definition of investment is capital that is used to provide more services or produce goods, and investment is always bonds or shares It is the property assets that belong to individuals, and it is a source of income in itself, and it is a sum of money that is invested in a business or a trade, and it has goals different from savings goals.
As for savings methods, they are represented in:
Change in the habits followed daily
That is, the change in the habits followed daily, as the daily purchasing habits and the wrong economic habits directly cause a waste of money, so care must be taken with great care on the daily habits, which are represented in
Complete care in the consumption of water, electricity, gas, generators and electrical appliances, and this does not mean prohibition, abstraction or renunciation, for example, but what is meant by rationalization, and sufficient attention and awareness of what a person behaves.
Trying to get discounts, buying during the discounts period is very important as it saves a lot of money, especially in consumer goods, as this saves a large part of the money.
Take care not to eat meals from outside permanently, and pay attention to health and the money that might be spent on buying ready-made meals.
Buying cheaper alternatives than you are used to. Buying expensive products may not be rewarding. There are many commodities that serve the same purpose, but with a simpler price.
Reducing expenses in personal care products
As many personal care products are expensive, as women spend a lot of money on toiletries and cosmetics, nail polish, hair care products, hair removal methods, and care and moisturizing creams often Hundreds of pounds are spent on them, so act wisely, even though these products are tough Attractiveness for women However, saving is very important, and great care must be taken with money, as there are important places and places to spend it.
Savings in the use of means of transportation
Many people do not use public transportation, and it is preferable to take a private car or cars, which increases and doubles expenses.
Adjusting the home budget
These are the first steps to saving, by determining the total income and deducting all basic expenses, then trying to reduce expenses as much as possible, and then saving the remaining part.