Hyderabad Nov 19: Currently many people suffer during a financial emergency because they don't have adequate financial savings. many experts suggest how savings would help the people
Savings of people would help them when needed for emergency medical care . The liquid cash may help but investing some amount in medical insurance premium is also a saving and it would help for better treatment
The savings of people would help in unforeseen circumstances such as a job loss or payments delayed in business etc would be a much relief .
Achievement of goals
Savings in small amounts for would help in acheiving goals, many people think loan given by banks would be sufficient but this may not be true all the times and savings would help to repay the EMI during emergency situations.
Peaceful life after retirement
The savings from a young age would earn higher interest rate compared to later ages as the return would higher for a higher time period and people can live a respectable life after retirement.