Personal savings refer to the money that individuals set aside for future use, rather than spending it immediately. This can include cash in a bank account, investments, or other assets that can be easily converted to cash. People save for various reasons, such as emergencies, retirement, or specific goals like buying a home or funding education. Building personal savings is an important financial practice that helps individuals manage unexpected expenses and achieve long-term objectives. Many people use savings accounts, which typically offer interest, to grow their funds over time. Establishing a budget can also aid in increasing personal savings by identifying areas where spending can be reduced.