Savings refer to the portion of income that is not spent on immediate expenses. Instead of using all their money for daily needs, individuals set aside a part for future use. This can help in emergencies, large purchases, or achieving financial goals. Common places to keep savings include bank accounts, where they can earn interest over time. Building savings is an important financial habit. It allows people to prepare for unexpected events, such as medical emergencies or job loss. Additionally, having savings can provide peace of mind and financial security, making it easier to plan for future expenses like education or retirement.