My preferred savings Method.

Hello Steemians, how are you today? I hope you are all fine as I am. I want to take this moment to appreciate @okere-blessing for organising this contest titled "My preferred savings Method." I hope everyone will appreciate my submission to this topic. Thank you all for visiting my blog.

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Explain Saving in your own words.
Savings is the act of keeping part of your earnings without spending it. This involves reducing ones expenses no matter how small the income is to enable it to be gathered for a specific purpose, future use or unforeseen. Savings can be made daily, weekly or monthly, depending on ones source of income.
Savings are very important because one can access them easily when there is a need. It also gives individuals peace of mind and financial security.

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What is your preferred savings method, give your likes and dislikes about the method that you choose.
My preferred saving method is the Village Savings and Loan Association, organised by a Non-governmental organisation called Aid, Care Education and Training (ACET). Here, I save every week and have the opportunity to access soft loans on request. All my savings, together with interest, are given to me at the end of the year.
What I like about this saving method is that:

• The money is not kept by me so I can not withdraw it at any time.
• The money is in a safe hand.
• I can access loans with low interest rates on request.
• There is a good interest rate at the end of the year.
• No hiding charges.
  What I dislike about the method that I chose are:
• Money can only be saved during meeting days and times.
• Loans are only accessed once a month which is the end of the month
• Money can only be accessed on meeting days and times, no matter how urgent your needs are.

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Which saving method would you advise someone to go for?
I would advise someone to save with the Village Savings and Loan Association (VSLA) of ACET. This is because:

• Your money is saved, and you can not just withdraw it any day and any moment you want. It will also help someone to be disciplined not to touch his savings anyhow.
• Someone can access more than his savings in the form of a loan and return it as agreed with as little as 5% interest.

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Do you believe in savings? Or eat as you earn.
I believe in savings. Savings are like hiding part of your income and then using it shortly. I so much believe in it because of the following reasons:

• It helps someone to be far from financial debt
• It helps someone to avoid unnecessary spending.
• It gives financial security.
• It gives interest at the end of the year.

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Do you have any bad experiences of saving share with us.
I once had a bad experience in savings with the Village Savings and Loan Association of ACET. It happened that someone I know needed a loan and he rushed to me to serve as his guarantor. Without hesitation, I signed for him, and a loan was given to him. Unfortunately for me, he was unable to pay back the loan he collected and his savings and part of mine were used to clear his loan. It was a bad experience for me because my reason for saving that year was not made.

Conclusion
Savings is the act of keeping part of your earnings without spending it for future use. Everyone is expected to save because of its importance. Thank you, friends, for visiting my blog and for your support. I hereby invite @lirvic, @uzma4882 and @vickyson to also participate.

Cc
@okere-blessing

10% beneficiary support to @hive-183369

Thank You All