Savings is money not spent but kept for later use. Money should be saved to pay for unexpected events or emergencies.
For example, a person’s car could break down, a home appliance might need repairs, or a person could fall sick or get in an accident.
Without savings, unexpected events like these can be very difficult to manage. Savings help an individual, family or organization become financially secure.
Money can also be saved to buy items that are too expensive to pay for at once .
Where can money be saved? Some people save their money in jars or in a piggy bank. People usually save small amounts of money this way, and for short periods of time.
A bank is a kind of depository institution. Banks offer financial services, which include providing savings and checking accounts. Unlike money stored at home, which can be lost to a fire. Money saved in the bank is protected from loss.
Questions : 1. What is savings? ———————
2. Savings help an individual, family organization become financially ———————-
( a.loss b.secure c.destroyed)
3. Where we save money at home is called ——————-
4. We save money to pay for unexpected events or emergencies ( True / False)
5. Lists three things we can buy with money. a.————————— b. ————————- c. ————————–