Savings is an amount of money saved for the purpose of meeting basic needs. A person or entity can save when fulfilling a series of economic obligations, so this amount is a result of savings.
It is an economic concept that receives significant value from experts. In fact, the ability of families to save, as a key economic indicator, serves to understand a certain social and economic situation . If this index is not high enough, household consumption will suffer, as without savings there is no consumption. It is observed, therefore, an essential concept for the capitalist economy, both globally and individually, and that technically uses concepts such as macroeconomics and microeconomics.
From a banking point of view, there are a number of financial products aimed at stimulating the economy
This strategy improves the liquidity of an organization and, at the same time, rewards those who deposit their money through interest . For example, in Spain there are entities that are not banks, but whose function is to promote the economy among their customers, they are called savings banks, financial entities that are not focused on profit and benefit, as their orientation is social.
The economy is a custom of our culture, even children deposit money in their piggy banks
The phenomenon of economics usually has an implicit idea or a specific project. We keep money in an account or safe because we have a goal and for that we must always inject a certain amount to increase the initial value. When credit payment appeared, the idea of savings changed considerably, as it was no longer necessary to buy something with money saved, but you could acquire an object or a good with money that you didn’t have before.
Even without having the objective of acquiring a product or service in the long term, experts recommend allocating part of our income to the economy
Although the idea of economy has a clear economic sense, it should be noted that it emphasizes an attitude towards life. This shows the story of the cicada and the ant. The cicada enjoyed the present without thinking about tomorrow and kept nothing. The ant’s attitude was different, it preferred to deprive itself of some pleasures and think about the future. The moral of the story is clear: the cicada had financial problems and the ant did not because it was economic.