Types of saving ? best way to save money !

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Saving is everyone desire . everybody wants to save money for future security but if you know the best way of saving then you can save lots of money with high interest rate. 

Saving depends on your future goals , what is your plan in future? 

There are three types of saving .

1. Short term savings

2. Long term savings

3. Mid  term savings

                                                   


 Let’s discuss each of the following.                                            

Short term saving

Short term goals are your immediate expanses. Although timelines vary, these are the things you will spend money on generally within a few months or years.

Example:-


1.     Emergency fund
2.     Rent, insurance or student loans.
3.     Credit card debt payments.
4.     Personal goods
5.     Travel
6.     Wedding
7.     Minor repair and home improvements

Long term savings

Long term goals are usually your big picture costs. These goals may take several years or even decades to reach. Your distant goals typically involve more money and regular attention then short term goals.

Example:-

1.     Retirement fund

2.     Starting a business

3.     Saving for home

4.     Child’s college fee

5.     Marriage etc.

Mid term savings

It is the gray area between short term and long term. It tend to take a few years.

Example:-

1.     Buying a car

2.     Saving for down payment

                                        

Green area represent mid term goals

If  this is useful then please keep support and share with your friends and family.

  To know basics about saving read another article click on link given below. 

 https://csviewers.blogspot.com/2022/07/how-to-earn-money-how-to-make-money.html



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