Savings
In short
Money that is not spent on current needs but kept for future use.
In plain words
It is the portion of your income you set aside instead of using it immediately. This money is usually kept in a safe place like a bank account to be used later.
A simple example
If you earn £100 and spend only £80 on food and bills, the remaining £20 is your savings.
Why it matters
It provides a safety net for unexpected emergencies and helps people buy expensive items in the future. It also allows money to grow through interest over time.
Easy to mix up
Do not confuse savings with wealth, which refers to the total value of everything a person owns.