Give reasons or explain. 2) Saving may be used in future for unforeseen contingencies.

Give reasons or explain.

2) Saving may be used in future for unforeseen contingencies.

Answer: Savings are that part of the income which are not consumed and are kept aside to be used in the future. For any financial contingencies, savings can act as a helpful source of finance. Savings also act as a vital source of funds at the time of future emergencies.

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