“Budgeting is the first step in money management.” In this context – InterviewSolution

InterviewSolution

1.

“Budgeting is the first step in money management.” In this context explain the Reasons for saving.

Answer»

Reasons for saving:

• Reduces economic insecurity especially in old age after retirement.

• During illness or physical inability.

• During emergency – Loss of job/accident.

• Useful for children’s education, marriage.

• Useful in making big purchases like house, car, etc

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