CONTENT STATEMENT
Savings can serve as a buffer against economic hardship.
CONTENT ELABORATION
Unexpected expenses occur due to loss of job, accidents, health issues or automobile and home repairs. Setting money aside for such emergencies can ease the stress of uncertainty until additional income is available.
Economists and financial advisors offer many strategies for saving. Opening a savings account enables deposits to earn interest.
There are many simple ways to start saving such as putting aside each day any loose change for deposit in a savings account or having a set amount automatically withdrawn from each paycheck for direct deposit into a saving or checking account.
Paying yourself first is one successful strategy to accumulate savings and build personal wealth.
EXPECTATIONS FOR LEARNING
Explain how savings can serve as a buffer against economic hardship.