Saving has always been a challenge for me, but of late I just made a commitment to myself that no matter what I’m going to save at least 10% of my earnings. And I must say that it’s going pretty well as I’m getting into the habit of saving now which is good. I’ve also been reading a lot of books and articles on the subject of money and managing your personal finances. I thought that it’s about time I shared some of my insights with my readers concerning the law of saving.
In common usage, saving generally means putting money aside, for example, by putting money in the bank or investing in a pension plan. In a broader sense, saving is typically used to refer to economizing, cutting costs, or to rescuing someone or something. In terms of personal finance, saving refers to preserving money for future use – typically by putting it on deposit – this is distinct from investment where there is an element of risk.
Financial freedom comes to the person who saves at least ten percent or more of his income throughout his lifetime. One of the smartest things that you can ever do for yourself is to develop the habit of saving part of your salary, every single month. Individuals, families and even societies are stable and prosperous to the degree to which they have high savings rates. Savings today are what guarantee the security and the possibilities of tomorrow.
