Savings refer to the money that you set aside for future use instead of spending it right away. This can be done by keeping cash in a savings account at a bank or by investing in other financial products. The goal of saving is to build a financial cushion for emergencies, big purchases, or future goals like buying a house or going on a vacation. Having savings is important because it provides security and peace of mind. When unexpected expenses arise, such as a car repair or medical bill, having savings can help you manage these costs without going into debt. By regularly saving a portion of your income, you can work towards achieving your financial dreams.