What is the definition of savings?

Beginners

For a beginner, 'savings' is the amount of money that is set aside or kept aside for future use rather than spending it at the moment. Think of it as money that you save for emergencies, big purchases, or long-term goals like retirement. Savings help you to have financial security and provide a cushion for unexpected expenses.

Intermediate

Savings refer to the money that someone has saved through budgeting or not spending money on things they don't need. It could also refer to the amount of money that is saved in a bank account, investment account, or retirement account. Saving is an important financial habit that enables people to achieve their financial goals and provides security for emergencies.

Advanced

For advanced learners, the term "savings" refers to the amount of money that is not spent but instead kept for future use, usually in a bank account or investment account. "Savings" can also refer to financial resources that are set aside for specific purposes, such as emergency funds, retirement savings, or college savings. In economics, savings refers to the amount of income that is not spent on consumption and is instead used for investment or capital accumulation.