Monday, 25 October 2021 01:51

SSF points out the importance of saving to reach your goals

Written by Evelyn Alas

The Superintendencia del Sistema Financiero (SSF), through its Financial Education platform, indicates why it is important for people to know how to save.

Why is it important to save?

Saving is a great tool to achieve your goals. Having money for the moment you need it, will always put you one step closer to reaching that clear objective you have set for yourself.

In addition, being prepared will always help you to get ahead in those difficult situations, because having an emergency fund will help you to get ahead in unforeseen situations that can unbalance your economy.

Saving will allow you to build a fund that will ensure and contribute to provide you with a sufficient income for your future basic needs. By saving an amount, you will be able to maintain your consumption level in your old age.

Everyday people concentrate too much on meeting short term expenses and stop worrying about having a backup to face future needs that may arise in their lives.

Saving" can be defined as accumulating an amount of money over time, which will serve to meet a goal or cover an emergency or unforeseen event. Saving is the action of setting aside a part of the income obtained in order to save it for the future.

How can you save?

Everyone should develop a budget, prioritize their expenses, make the best use of resources and beware of spending ants.

Where will you keep your savings?

Users should have a demand savings account, current savings account, savings accounts with simplified requirements and a time deposit.

The benefits that each person has by saving are, improve your money management, and you can get the most out of your financial resources. It will allow you to carry out many plans and reach your goals in an easier way. It gives you the possibility of having a healthy and peaceful financial future.