In the past, financial literacy was limited to a small proportion of people who were the most academic students. Today, however, many more young people understand how to manage their finances correctly, and I believe that saving money is an integral part of financial competence that can also help people to feel more confident in the future.
Firstly, there is a rule of great significance, a working person has to have a financial safety net to ensure a safer life. We can see that the events in the world are unpredictable, therefore, this safety net should not be less than the amount of your triple income. It is essential to have some funds in reserve for the situations of unemployment or going into debt, and the financial safety net is a sure way to cope with such situations.
Furthermore, the Russian government has set a goal to increase the birth rate. However, the majority of parents want to provide their children with the best of everything, and I hold the view that money could help them to provide the kid financially. That’s why I think saving money is a considerable thing.
In contrast, some people adore life in the moment and spend money accordingly. Undoubtedly, on the one hand, spending is also important, of course, you have to spend money on your desires, otherwise you can lose the taste of life. But on the other hand, I feel this shortsighted and unwise viewpoint, especially considering recent global events.
To conclude, I believe that financial literacy plays an integral role in the life of modern people and saving money is not an exception. Sensible saving is an invaluable skill and a buffer against uncertainty.