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WEEK SEVEN
TOPIC: NATIONAL ECONOMY – SAVING AND WAYS OF SAVING
CONTENT:
MEANING OF SAVINGS:
Saving refer to the process of keeping part of income earned and valuable such as jewellery and certificate for future use.
REASONS FOR SAVINGS
People save for following reasons:
1.TO PREPARE FOR OLD AGE: Many people that are inactive service now save for the time of old age, when they will not be strong enough to work or even or even earn income.
- FOR FUTURE INVESTMENT: Those people who have intention of setting up small scale business in future can be setting aside money from their present income.
- TO ACCUMULATE WEALTH: Some people save for the sake of keeping their money and increase their wealth.
- FOR EMERGENCIES: People may save to meet unseen event or circumstances.
- FOR SECURITY PURPOSE: Many people save money or keep their valuable in the bank due to insecurity in their house and offices.
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