//////Eleventh Record//// 

This particular lesson was centered on the need for a saving plan. 

plan :noun /plan/

a detailed proposal for doing or achieving something.

T h e  G i s t 

Saving is placing money aside that will not be put into use now but later in the future. It is the opposity of consuming. Saving is a good habit to improve on and possess as it will come in handy for unexpected occurences, such as costs. A savings plan is a systematic, regular method of placing money aside in order to reach financial success. People save because of emergency needs (unexpected events such as job loss, an accident, robbery, serious illness, fires etc.), for short and long-term goals and for security and future events (ie. retirement). Alright, then how exactly do you learn money? A common rule of thumb is to save 10% of your income each month. Pay yourself first by placing 10% of your income away in savings before paying any of your prerequisite expenses. (ie. if you earn $1 500, save $150). The benfits of savings plans include the instiutions offering many benefits, such as earning your interest on your money, keeeping your money safe and ensuring your money against loss. There is also the earnings and yield portion. When you deposit your money in a financial institution, you're actually lending your money. In return, the financial institution will pay you interest in your deposit. They do so so that they can lend money to other customers who want to borrow it. 

end .