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life savings
| Usually when people say 'life savings' they mean their retirement fun. It could also mean their emergency fund or something.
| Time. People save money to buy time. Figure out the minimum you need to live for a month. From there you can figure out anything from budget a year to a day.
The funny thing is, time is sold (by working) for above it's value. Time is also cheap to buy, but most people just sell.
Soup: https://youtu.be/idCFV0KF4uo
| Also life savings are kind of a thing of the past in the bold new plutocrat run economy. You'll be lucky if you aren't living paycheck to paycheck now adays.
| Do you ever plan to stop working at some point in your life? Unless you plan to work until the day you fall over and die, you'll need to find some way to pay for the things you need to live. At the very least you'll need food and you'll pay property taxes on your home, assuming you own your own home and aren't paying to live on someone else's land. Ideally you'd save up and invest so you can make passive income.
| It's hard to say how to budget without knowing anything about your situation. I save for multiple reasons: 1. To be able to buy off calamity (e.g. car or washmachine breaks down). 2. To be able to work less or retire earlier. 3. For freedom (buy a bigger house or go on that trip) 4. Fun things I want (new pc, video games etc.)
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| what do people usually save money for? i'm torn between saving and just spending all of my earnings towards things that i "want". i mean, if i ever have to make a huge purchase that requires a ton of money, chances are it would be a periodic payment like rent or mortgage. another reason i can think of is to prepare for accidents, though i can't really put it into perspective as someone who lives relatively safely. if you were me, how much would you save per month and why?