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Name five purposes of savings

Answer in short one sentences

1 answer

  1. Emergency Fund: To cover unexpected expenses like medical emergencies or car repairs.
  2. Future Goals: To save for significant purchases such as a home, education, or vacation.
  3. Retirement: To ensure financial security during retirement years.
  4. Debt Management: To pay off existing debts and avoid high-interest charges.
  5. Investments: To accumulate capital for future investment opportunities.