Saving ones money is good but could be a disadvantage during inflation. During inflation, price of goods might have increased rending your saved money valueless. In 2020, a friend bought his middle generator at #46,000. I had the same amount but decided to save mine in bank. Last week, I decided to buy the same generator, just to check a store online to see price was now around #85,000.
See the difference in price within 2 year. Bank can never put such difference as interest on the saved money.
CONCLUSION
During inflation,
👉👉always purchase all you need on time without delay to avoid rapid increase of such commodity.
👉👉Unnecessary saving should be avoided. Savings should only be made from excess income which one doesn't need at that moment.
Lastly, investing is highly preferable to savings.
See the difference in price within 2 year. Bank can never put such difference as interest on the saved money.
CONCLUSION
During inflation,
👉👉always purchase all you need on time without delay to avoid rapid increase of such commodity.
👉👉Unnecessary saving should be avoided. Savings should only be made from excess income which one doesn't need at that moment.
Lastly, investing is highly preferable to savings.