Money Saving Essay

826 Words4 Pages
Money Saving Specific purpose: to inform why saving money is important and the benefits it brings to one. I. Introduction A. Attention Getter: “A penny saved is a penny earned” or “When you don’t work, savings will work for you”, but, why? Is this true? Is saving money important? We can’t predict the future. If we could, we would know precisely how much money we would need and want, but obviously this is not possible. B. Thesis Statement: Saving money brings significant benefit to the financial status of a person, and it is helpful to reduce personal economic risk in the future. C. Preview Main Points: saving money brings many benefits to someone’s economic life and there are several reasons why people should save money. I will spend the next few minutes explaining to you 1. Different reasons why saving money is important 2. Benefits that saving money brings to one’s financial status and economic life II. Main Points [Transition to Importance: First let me begin with the importance of saving money.] A. Different reasons why saving money is important 1. Save for emergency funds: cover unexpected expenses such as a. sudden job or income loss b. medical emergency c. financial crisis d. You all know that the main cause of the 2008 financial crisis was the increase in the default of loan mortgages made to borrowers with poor credit ratings, but according to a study followed by The University of Harvard, called The State of the Nation’s Housing, “if there would have been a bigger saving money culture and usage, the crisis could have been two times smaller.” 2. Save for retirement: put money to work for you, whenever you retire, you will have funds to cover your expenses. 3 Save for sinking funds: money set aside for a. future repairs b. Improvements on your possessions 4. Save for education: a. to earn your masters
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