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Saving and borrowing

QuestionAnswer
What is saving It’s the act of keeping money for future goals or emergency. E.g saving for a big event
What is investing Investing is the act of spending money on someone or someone expecting money to return back higher leading to a profit
What is borrowing Borrowing is the act of asking for money and paying it back in an agreed time. Interest is the price of borrowing money
Name the time range and adhere them to an optimal time Short term (>1 year) source: bank overdraft, credit card, money lender Medium term(1-5 years) source: personal loan, hire purchase , renting Long term (5 years +) long term loans
Why should you save with a financial institution Safety and recovery from losses, interest and convenience
Why do you borrow For emergencies, kickstart a business ,fulfill your needs ,fulfill your wants, help you through long periods like college.
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Created by: O15iny
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