Why save money is important
The importance of saving for the family

The importance of saving for the family

We use the money to meet the needs of the family on all sides, but it is good to set limits on spending to save some money for other purposes.

Saving is a process that has many benefits. The most important of these are(1):

  • The money saved is used to face unexpected situations, such as emergency home repairs.
  • It helps with the cost of living in case the head of the household leaves work or dispenses with his services until he gets another job.
  • The money saved helps to increase family comfort during retirement.
  • Savings can be made to buy a house, pay house installments, or buy home furniture(2).
  • It is possible to save for luxury and have fun during the holidays, and this does not prevent saving and saving during these holidays as well.
  • It helps in reducing the financial burden of educating children and ensuring better education for them.

Do not save what is left after spending, but spend what is left after saving. – Warren Buffett

Ways to save money

Saving money affects the family well, especially families with limited income.

There are many ways and methods that are used to help save money, including the following(3):

  • Eat at home and reduce prepared foods.
  • Use cash instead of credit cards.
  • Not to over-purchase gifts for events and birthdays.
  • Trying to buy clothes during the discount period
  • Buy only as much as you need.
  • Directing children to a trusted person when you go shopping to know the selection of prices and compare between them.
  • Select a budget for shopping.
  • Regular purchases of food supplies must be sufficient to complete the previous period of food in the home.
  • Reduce electricity and energy consumption.
  • Reduce water consumption.
Why save money is important
Ways to save money

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Ways to manage the financial exchange.

The family’s financial management plays an important role;

To ensure savings and at the same time meet the needs of the family while not feeling inferior,

here are some methods of managing financial expenditure (4) :

  • Determine the future family’s priorities.
  • Constant monitoring of the bank account.
  • Reducing the financial provisions for recreation and holidays.
  • Deducting a monthly sum for emergencies.
  • Obtaining a good agreement that is not financially stressful to pay in the event of family debts.
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