Saving defers consumption from the present to a time in the future. Therefore, when thinking about the reasons for households to save, we’re really thinking about why households are deferring consumption rather than consuming now.
One important reason for saving is known as the ‘precautionary motive’ – perhaps more commonly known as ‘saving for a rainy day’. This involves building up savings to provide for unexpected events and bills. If you have no savings and an unexpected event with financial consequences occurs (such as a car being damaged or someone becoming too ill to work and losing their income), then there are only three alternatives:.
Mid First Business Bank Keeps your finances organized and up to date.
We work with several sectors, and always have promotions and special offers for you.
Our tailored customer service that listens to your needs and provides you with the best experience possible.
Our 7th generation super hybrid AL allows for quick transaction processing
