Since the future is not predictable, habit of saving ensures the financial security of the future. If we study in detail on why we should have savings, here are some reasons,
Financial independency
Keeping money saved allows people to make their choices in their lives without depending on monthly pay cheque. People would be able to take vacations, switch to their studies etc without worrying about the money if they maintain a decent amount of saving.
Free from debt
Keeping some money saved helps people to be free from debts. Maintaining a reserve fund to use at an unexpected incident would make people more financially secure and would be able to face any unexpected situation with confident rather than paying from credit card or through borrowings that makes them financially vulnerable.
Emergencies
Rather than becoming a victim of emergencies such as health issue, house being damaged by natural disaster, emergency trip to another country etc, it is always safer to be prepared for unseen emergencies. Therefore maintaining a saving would be a life savior on such occurrences.
Loss of job
Even though we think our job is secure, uncertainty is applicable to that as well. People could become unemployed or drop their businesses due to many reasons such as economic crisis, becoming sick or injured etc. A saving makes the life easier as it enables to fulfill the necessities without being dependent on the monthly salary.
Even though saving should be a habit of everyone to lead a financially secure life there are some drawbacks in the traditional way of savings. One of the issues is that opening saving accounts requires many verification processes, documentations etc which is a lengthy process that waste time. Even after opening an account clients have to visit the bank whenever they want to deposit money to the saving account which consumes more time and cost. Most of all, the biggest threat is that most of the savings being maintained at banks and other financial institutions there is a possibility to be theft or occurrence of any other manipulation or fraud.
Due to the draw backs of the traditional savings, expertise looked for some other ways on how the savings could be maintained effectively, efficiently and more secure manner. As a result of that, revolutionary block chain platform was started to use as a mode of savings.
PCCL is a social responsible micro finance company which focuses on ways to upscale the living standards of its clients. Savings are compulsory components of micro finance which is looked into when one applies for a loan through which encourage our clients to maintain a saving .PCCL believes that this would lead its clients to have a financially secure future.
The change that PCCL is going to make in the near future facilitates to its clients more convenient method of savings through its app where by one can also deposit savings at a banks. This app makes the process of saving faster and clients can check the balance amount of their savings using this app. This works on the block chain platform that ensures the security and transparency of the savings while reducing cost and time consumption on the saving process. Therefore be ready for the big change of PCCL that ensures your financial security.
By Sayuri Willorage
