Back to: Social Studies Primary 2
SAVINGS
Back to: SOCIAL STUDIES PRIMARY 2
Welcome to class!
In today’s class, we will be talking about farm structures and buildings. Enjoy the class!
SAVINGS
Savings is money not spent but kept aside for later use. Money should be saved to pay for unexpected events or emergencies. For example, a person’s car could breakdown, a home appliance might need repairs, or a person could fall sick or get in an accident. Without savings, unexpected events like these can be very difficult to manage. Savings help an individual, family organization become financially secure.
Money can also be saved to buy items that are too expensive to pay for at once. For example, one can save over a period of time to buy a new camera, car or to pay for a vacation.
Where money can be saved?
In the olden days people save money in the pots, under the pillow or bed, money can be kept with money- keeper, it can be kept in clay boxes or wooden boxes, it can also be kept in the roof of the house.
Nowadays, people save things money in jars or in a piggy bank. People usually save small amounts of money this way, and for short periods of time.
For long term, and for larger amounts of money, it is best to save money at a depository institution. A depository institution is a business that is allowed to collect money or deposits from the public.
A bank is a kind of depository institution. Banks offer financial services, which include providing savings and checking accounts. Unlike money stored at home, which can be lost to a fire, burglary and so on, money stored at a depository institution is protected from loss.
Examples of bank around us are: First Bank, Guaranty Trust Bank, United Bank of Africa, Access Bank, Fidelity Bank, Stanbic IBTC etc.
Piggy bank
Banking hall
Reasons why people save
- To avoid waste
- To keep valuables for future use
- Solve unexpected problems
- Make future investments
- Buy something with the hope of making profit in future: e.g investment in shares.
- To make provision for difficult times in future
- To avoid things being stolen.
EVALUATION
- Mention some of the banks in your area.
- What do you understand by savings?
- Mention any 3 ways how we save in the olden days.
In our next class, we will be talking about Transportation. We hope you enjoyed the class?
Should you have any further question, feel free to ask in the comment section below and trust us to respond as soon as possible.
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