Correct spelling, explanation: saving is a noun form that comes from the verb save. Both forms actually come from the Latin words salvus and salvare, which meant safe. Before saving appeared in English in the Middle Ages it was also influenced by a French form sauver. Today, saving is commonly used in both formal and informal contexts.

Definition of saving:
1. noun – something which is not used or spent or which helps to use less of something;
Money saving is a truly useful ability today when prices are rising so quickly.
For many people, it is only a fancy gadget, but I treat it as a time-saving device.

Expressions and phrases with saving:
A few common expressions and phrases with saving are as follows: energy-saving bulb, cost-saving, and saving grace.
A lot of people recommend using energy-saving bulbs, but they aren’t aware that it’s not so easy to get rid of them.
In times of inflation the primary goal of our company is cost saving so forget about the bonuses this year.
She is such a mean person and the fact that she’s pretty is actually her saving grace.

Incorrect spelling, explanation: English users tend to forget that when an -ing ending is added to a verb that ends with an -e letter, this letter is reduced when there is a consonant before it. This happens in the word saving. However, as a result of this confusion, a common mistake is to write saving as saveing, which is incorrect.