The differences between keeping money and saving money

[Starmix]

Somebody here was confused about my post on keeping money. She said that keeping money and saving money is the same which is wrong. Keeping money simply means having it on hand, whether it's in your wallet, checking account, or even under your mattress. It's ready and available for spending.

Saving money, on the other hand, involves setting aside funds with the intention of using them later. It is about putting money away for a specific goal such as:

1. Short-term goals like paying off debts, making a large purchase or covering unexpected expenses like car repair.
2. Long term goals like like retirement, buying a house, or funding your children's education.

 

[Suba]

Keeping money and saving money have different goals, we can keep money under pillows, mattresses, safes/cash boxes etc., with the aim that it will be easy to use, especially for the short term. Meanwhile, saving has different meanings and goals, saving means saving little by little. a small amount or a certain amount of money periodically or every month with the aim of future needs, especially urgent needs, pension funds, marriage funds, etc.

 

[Starmix]

Keeping money and saving money have different goals, we can keep money under pillows, mattresses, safes/cash boxes etc., with the aim that it will be easy to use, especially for the short term. Meanwhile, saving has different meanings and goals, saving means saving little by little. a small amount or a certain amount of money periodically or every month with the aim of future needs, especially urgent needs, pension funds, marriage funds, etc.

You are so right in that. I hope this will be read by a member here to clarify her mind that keeping money and saving money are not the same thing.

 

[Hate2Wait]

That is very well explained and this is why we should save money as keeping money won't help us in the long run and by keeping money we won't be able to get any benefit

 

[Starmix]

It's simply because the money we keep is intended for a sudden or immediate need unlike saving it suggests many reasons and they are all about plans in the near future.

 

[Stardom22]

Of course yes there is difference in keeping of money and saving on money for that purpose.

 

[eLdavis]

I think why most people get confused when it comes to this is because both keeping money and saving money is usually for a purpose.

 

[Starmix]

Yeah but it's obvious about their differences. While saving is intended for a future purpose keeping the money on the other hand is ready to use.

 

[kerryjoy]

very true they are completely different goals indeed, saving money for something.

 

[Starmix]

Yes the two terms mean differently and it is up to us on what to do with what we keep and save. For me, I save for a business capital.

 

[riberet19]

Saving throughout your life for your retirement or large future purchases is the best way to save from my point of view, that is the main reason for my savings.

 

[King Belieal]

I would have to agree that people keep money but don't necessarily save it. Savings always seems to have a specific futuristic goal.

 

[SHAHID987]

We keep money especially for certain emergency while we save money with intention as I will save it for future usage. Keeping money we utilize quickly but when we start saving money we remain willing to sacrifice and to save.

 

[Starmix]

When you keep some amount of money your reason might be to spend it for electric bill and for the saving , it's for the future use.

 

[Fidelia]

So savings always has futuristic goals. Some savings can also be for short term goals like I am saving to buy a bag within a month.

When you keep some amount of money your reason might be to spend it for electric bill and for the saving , it's for the future use.

 

[oldbuddy]

This is Semantics, who cares what you call it? If I have money that is not needed for immediate needs, it goes in an account that pays daily compound interest and grows oveer time. Even my daily checking account pays interest, just not as high. Even my Crypto account pays different rated depending on how long you commit to leaving it there. I just had one mature yesterday, so I rolled it into a larger ball and put it right back to work for me.

 

[Starmix]

This is Semantics, who cares what you call it? If I have money that is not needed for immediate needs, it goes in an account that pays daily compound interest and grows oveer time. Even my daily checking account pays interest, just not as high. Even my Crypto account pays different rated depending on how long you commit to leaving it there. I just had one mature yesterday, so I rolled it into a larger ball and put it right back to work for me.

Hi Buddy? We missed you here. Long time, no hear from each other I am glad that your business is going through the right investments.

 

[AruneBend]

Maybe keeping money is just putting money in cases of trouble, but for me, it is hard to find the difference.

 

[Starmix]

It is easy to analyze the difference between keeping money versus saving money Keeping means it could be at-home money to keep in your wallet ready to be spent when a need arises, whereas saving money is saved in the bank for future use like capital for an investment.

 

[Augusta]

Keeping money is just setting money aside for immediate use while saving money is keeping money away for a long term use