That statement can be a putt that breaks 15 times before it drops in the cup. Savings can also be a base from which to accumulate wealth. Savings can also be an emergency fund and create peace of mind. Savings can be passed on the future generations. Savings can be collateral for leveraging in your business or personal accounts. The amount of savings you have can literally determine HOW MUCH you spend on any given thing.
Technically, you are correct. But in the real world savings are used for many things.
Savings can also be a base from which to accumulate wealth.Wealth that's only value is in what it can buy when spent.
Savings can also be an emergency fund and create peace of mind.I assume this emergency fund would be spent in case of an emergency. Correct?
Savings can be passed on the future generations.And they might as well be Confederate dollars if they aren't spent.
Savings can be collateral for leveraging in your business or personal accounts.Acquiring debt is considered "negative" savings. You are effectively spending your savings.