Correct spelling, explanation: the base form of saving is the verb save, which has its origin in the Latin form salvus, which could be translated as safe. In late Latin, the word changed to salvare, and then it entered Old French in the form sauver. When it comes to English, save appeared in the language in the times of Middle English and later it became saving too. In modern English saving functions as a noun or as a present participle.

Definition of saving:
1. suffix – added to a word to show that you can use less of something,
You don’t have to spend long hours in the kitchen, I will show you some fantastic, time-saving recipes.
2. noun – an amount of something, e.g. money, time, etc., which you don’t use or spend,
If you leave your car at home and use a bus instead, you can make a considerable savings every month.
3. noun – the activity of collecting money so that you can use it in your future,
It’s really worth teaching a child the importance of regular saving.

Collocations with saving:
A few popular collocations with saving are: energy saving, estimated saving, and with a saving.
There are plenty of energy-saving solutions available today so, with a little effort, we can all live more ecological lifestyles.
If we manage to sell the property this year, the estimated saving will be around 5%.
We sold the car with a saving of 10%, which is something we didn’t expect for a pre-own vehicle.

Incorrect spelling, explanation: saving is a popular English word, but it is often misspelled. The reason for that is the fact that the verb save, which belongs to the same word family, ends with an -e letter. Therefore, a number of English users spell saving as saveing, forgetting about the rule which says that we need to remove the -e letter which is preceded by a consonant when we add the -ing ending. That’s why the only correct spelling is saving.