3.1 Savings basics

In this section:


A couple discusses what kind of vacation they can afford.

Most of what we do takes money. You may be able to cover day-to-day expenses each month, but can you set aside some savings to pay for anything extra, like unexpected home repairs, a vacation trip, or becoming unable to work for a month? Saving is an essential part of managing your finances. If you're just covering day-to-day expenses, you'll have a hard time paying for anything that takes more money.

In this section, you will learn:

  • why people save—and why they don't
  • the benefits of starting your savings early
  • guidelines for a savings plan that works for you.
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