The Importance of Savings!

I am sure a lot of you planned a lot of things for the year 2020 however for many of us this year has turned out to be quiet different than what we expected it to be. The real reason? Of course the Coronavirus crisis.

Covid-19 has proven itself more to be just than a virus, until now nearly 3 million people have been affected and the death toll has almost reached the half million mark. It has led to a huge global financial crisis leaving millions of people unemployed and causing the shutdown of many small businesses.

The damage isn’t only limited to the small businesses only; the virus has also led to the downfall of some of the bigger giants in the industry for example the very famous Thai Airways recently filed for bankruptcy.

covid impact

The term crisis is labelled crisis because it is usually something that is unforeseen and not planned for. Some crisis like for example a family crisis, the power crisis and personal relationship crisis are some minor forms of crisis that human beings have in mind and can do some sort of planning for.

However, crisis such as this coronavirus crisis or the global financial crisis of 2008 are sort of incidents that come as a surprise package that not a lot of people plan for. These kind of crisis are the worst because it leads to mental and economic detrition for majority of the population causing a lot of people to drown below the poverty line.

businessman

They say that hard times are the best times to learn a new lesson. In these hard times majority of us for sure would have learned one lesson by now and that is that one should for sure save some spare for unforeseen circumstances such as the corona crisis. People who had savings were clearly less affected by this whole situation as compared to those who were hand to mouth and relied on their weekly wages for survival.

The importance of savings can be seen for the fact that people who spend wisely and save money for their retirement live a much happier and composed post retirement life as compared to those who fail to save enough for the last innings of their lives.

savings

Some people don’t save out of habit while others fail to save because they simply do not know how to. For the former part we can’t change much since bad habits’ die hard but for the latter there are surely solutions available.

To help you know how, where and when you can save money, you can simply log on to the calculator.me website. This website is a complete guide for all people who are willing to save money. This website has a comprehensive list of calculator options that allows you to input the money you want to start saving each month. It further tells you how much interest rate you can get on different amounts invested and the future value of the savings you will make for a certain period of time.

savings calculator

Interesting, isn’t it? All you have to do is enter the basic details of how much you can save each month and you will have the result of your accumulated savings at the end of your desired time period.

The savings calculator further tells you different options for managing your savings as of weather you would want to save with company a, b or c. It also tells you how much compounded interest you will earn daily, weekly, monthly and yearly. The knowledge stream doesn’t end here as it further guides investors on what options are better as of weather to save in bonds, debentures or stocks etc.

savings

The calculators at this website are not only limited to saving plans only. They also guide on different investment options and portfolios that an investor can manage over time. One of the very interesting features of the website are its budget calculators. These budget calculators allow one to calculate how much money one should spend from their net income on themselves and how much should they save. One of the stand out features is that it gives options of how to manage a frugal monthly budget and how to save on basic necessities such as food and grocery items etc.

The options are endless on calculator.me website and its certainly the right website for you to log on to if you haven’t yet. Plan ahead for the future with us!

The post The Importance of Savings! appeared first on ELMENS.



source https://www.elmens.com/business/the-importance-of-savings/

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