savings. Once families realize that saving is a process of creating a shield instead of creating big amounts at once they start to realize that even a small deposit would be relevant.

Life is unpredictable, and monetary wonders are inevitable. Health care bills, sick leaves, car repairs, house repairs, and school fees tend to emerge unannounced. To deal with such cases, credit cards, loans, or borrowing are typically used by families who are not saved. Although borrowing will address the immediate issue, it will create a long-term strain in terms of payment of interest and continued commitment. Savings serve as a buffer which is able to absorb finance shocks. Families who are not savings deficient can make better decisions because they can react to the situation calmly instead of panicking. Such a feeling of readiness eliminates anxiety and establishes emotional relief.

The main pillar of family saving is having an emergency fund. Emergency fund refers to cash that is saved to meet unforeseen needs which are urgent in nature. It is never intended to be used in shopping, entertainment or intentioned purchasing. Its purpose is protection. A lot of families are discouraged due to perceptions that emergency fund needs to be big before it can be applied. As a matter of fact, even a little emergency fund will be helpful. It saves both the need to be in debt and provides time to the families to consider alternatives. It is much more efficient to build this fund by periodic contributions rather than wait to find the right time to begin.

It is easier to save when it is viewed as a family burden than an individual issue. When every member of the family is aware of the reasons as to why saving is important, then they will be willing to contribute towards the expenditure choices that would be consistent with their long-term security. Parents can engage children in the basic talk about saving whereby saving today will make the family safe tomorrow. These discussions have a good money education and instill a culture of responsibility in the house.

Saving with goals enhances the motivation. It is more meaningful when we are saving towards particular goals like education, housing, medical security or large family purchases. ATSs provide a sense to the struggle and temporal sacrifices meaningful. Those families who save without having specific goals may get demotivated whereas those who are aware of what they are aiming to achieve keep their track.

Saving is not deprivation and denial of pleasure. It concerns preparation, protection and choice. Saving families always build up a solid financial base that helps them to be stable now and have an opportunity in the future.