What is the importance of saving money?

MORE and more people think that saving is overrated: inflation “eats away” at it, and quality of life suffers because of the need to save.

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However, the importance of saving is always high, regardless of your income level, plans, and expectations for the future.

This article collects and arranges the main reasons to save money. And they are not so obvious: you can face any of them without even realising it will happen. So, if you don't already save money, here are 10 compelling reasons to start doing it now - with an explanation why it is essential.

What is saving and how is it different from investing?

Saving money involves setting aside a certain amount from your regular income, primarily as a way of funding future expenses, investments, or in case of an emergency. Saving is typically considered a low-risk activity as the money usually sits in an account with a well-reputed financial institution or, in some rare cases, in a safe deposit box.